THE IMPACT OF FINANCIAL TECHNOLOGY (FINTECH) ON ENHANCING FINANCIAL PERFORMANCE: AN APPLIED STUDY IN THE NATIONAL INSURANCE COMPANY

Abstract

The enhancement of financial performance within insurance companies fundamentally relies on achieving a balance between premium income and the compensatory disbursements made in response to policyholder claims. This study investigates the extent to which financial technology (FinTech) contributes to the improved financial performance of the Iraqi National Insurance Company. To address this objective, the research outlines the core problem and integrates findings from existing literature concerning both FinTech adoption and strategies for financial enhancement. A conceptual framework was established to examine the relationship between FinTech utilisation and financial performance improvements. To empirically validate the research hypothesis, a structured questionnaire was designed and distributed to a purposive sample of 150 employees drawn from the information systems, finance, and sales/customer service departments of the Iraqi National Insurance Company. The data were analysed using the Statistical Package for the Social Sciences (SPSS), with a Likert-scale instrument applied to measure relevant constructs. The results revealed a significant positive correlation (R = 0.621) between FinTech implementation and financial performance, with technological factors accounting for 38.6% of the variance in performance outcomes. These findings support the hypothesis that FinTech exerts a direct and measurable impact on the financial efficiency of the company. The study concludes that there exists a strong and direct association between the integration of FinTech solutions and the enhancement of financial performance within the Iraqi National Insurance Company.