INNOVATIVE SOLUTIONS FOR FINANCING INSURANCE PROJECTS IN THE DIGITAL ECONOMY: PEER-TO-PEER INSURANCE AND MICROINSURANCE PLATFORMS

Abstract

Not far off, digital tools began shifting how finance works - insurance included. Old-style systems often struggled with uneven knowledge, costly paperwork, plus limited reach among poorer groups; now tech-powered options press against those limits. Instead of top-down designs, new paths emerge through shared risk networks and bite-sized policies online. Evidence from five nations - the U.S., China, Germany, Kenya, India - shows patterns between 2020 and 2025: claims payouts dropped from about 61% to near 50% in peer-led setups during that window. At once, worldwide protection for small-scale earners nearly doubled, rising from 290 million to more than 540 million covered lives. Behind these shifts sit ideas borrowed from cooperation theory, cost-efficiency thinking, distributed ledgers like blockchain, smart automation methods. Alongside gains come hurdles - not every rule fits what runs outside traditional firms. Looking closely at how these platforms might work in developing nations like Uzbekistan reveals complex hurdles alongside real potential, given minimal insurance access and widespread financial exclusion. While limited coverage remains an issue, expanding digital tools could open new paths forward - especially when regulation blends government oversight with private initiative. Evidence points to combined approaches in policy and collaboration between sectors as key drivers behind broader adoption of tech-based insurance solutions.