The world is at the threshold of the Industrial Revolution 4.0, which, judging by its capabilities and effects on humanity, has more profound effect compared to three previous revolutions altogether. The transition from the old business models to the new ones is accompanied by conflicts between the old staff and the methods of their business operation, and new staff and the modern instruments and methods that require modern business operation based on technological development. The Industrial Revolution 4.0 inevitably brings about changes that affect all spheres of economic life, and insurance sector will be among the first that has to be adjusted. This paper deals with the analysis of the impact of the Industrial Revolution 4.0 on insurance, primarily through consideration of the effects that digital technologies have on the existing business models of insurers. The aim of the paper is to provide the answer to the research question on how insurance will adapt to the impact of the Industrial Revolution 4.0. Bearing in mind that this is a big challenge, the key factor is the speed at which insurers will be able to take advantage of technological innovations while avoiding their negative implications. Particular attention will be given to the changes in the distribution channels and business processes in the insurance, which are the result of digitalization.

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