Features of the development of the russian insurance market at the present stage

2016 ◽  
Vol 5 (2) ◽  
pp. 75-80
Author(s):  
Мироненко ◽  
A. Mironenko
Keyword(s):  
Management System ◽  
Business Processes ◽  
Insurance Market ◽  
Insurance Companies ◽  
Present Stage

The article describes the features of the development of market of insurance compa-nies; specifics of positioning in modern conditions arehighlighted. The author marked the most ac-tive administrative business processes in management system of insurance companies: manufacturing, marketing and informational.

scholarly journals INNOVATIVE MANAGEMENT STRATEGIES BY ACTIVITIES OF INSURANCE COMPANIES: INTERNATIONAL AND NATIONAL CONTEXT

2021 ◽  
pp. 65-70
Author(s):  
Vilenchuk O.
Keyword(s):  
Business Processes ◽  
Insurance Coverage ◽  
Management Strategies ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Investment Activity ◽  
Innovative Strategies ◽  
Innovative Management

This review article is devoted to the study of innovative strategies for managing the activities of insurance companies. In the condi-tions of risky environment, rather high probability occurrence of threats of natural and technogenic character, problems concerning the necessity of a scientific substantiation of the process of the insurance market stakeholders’ interaction aggravate. It is established that insurance in the world economic space is an indispensable financial and economic tool for neutralizing a variety of risks, especially given today’s the socio-economic, financial, epidemiological dangers. It is proved that despite the key parameters’ positive dynamics of the Ukrainian insurance market development for 2009-2019, there is a need to intensify business and investment activity of its participants. The competitive environment of the insurance market requires insurance companies to implement innovative management strategies focused primarily on solving two interrelated problems: firstly, the expansion of property risks’ insurance coverage, as well as risks related to citizens’ life, health and ability to work, secondly, the formation of the insurers’ solvency and ensuring an acceptable level of insurance operations’ profitability in terms of certain types of insurance. It is determined that one of the primary tasks of the insurance company’s management is the management of its business processes aimed at forming a model of customer-oriented behaviour in relation to potential customers. The article emphasizes the need to use a variety of innovative management strategies to achieve medium-term and long-term goals of the company in the insurance market. In particular, the expediency of diversification and the use of alternative pricing strategies for insurance services for long-term and general types of insurance is argued. Proposals aimed at digitalization of the insurance market and wide application of FinTech technologies in the field of insurance services are formulated: automated underwriting, IOT-technologies; blockchain in insurance. Summarizing the results of the study, the author’s vision of the further insurance relations’ functioning of in society is specified. Keywords: risks, insurance company, insurers, insurance protection, insurance market stakeholders, management. Статтю присвячено дослідженню інноваційних стратегій управління діяльністю страхових компаній. В умовах ризикогенного середовища, досить високої ймовірності виникнення загроз природного та техногенного характеру загострюються проблеми щодо необхідності наукового обґрунтування процесу взаємодії стейкхолдерів страхового ринку. Аргументовано, що страхування у світовому економічному просторі є незамінним фінансово-економічним інструментом нейтралізації найрізноманітніших ризиків, особливо зважаючи на соціально-економічні, фінансові та епідеміологічні небезпеки сучасності. Визначено, що одним із першочергових завдань менеджменту страхової компанії є управління її бізнес-процесами, спрямованими на формування мо-делі клієнтоорієнтованості відносно потенційних клієнтів. Наголошено на необхідності використання різноманітних інноваційних стратегій управління для досягнення середньострокових та довгострокових цілей компанії на страховому ринку. Зокрема, аргу-ментовано доцільність здійснення диверсифікації та використання альтернативних стратегій ціноутворення на страхові послуги з довгострокових та загальних видів страхування. Сформульовано пропозиції, спрямовані на цифровізацію страхового ринку та широке застосування FinTech-технологій у сфері страхових послуг: автоматизований андерайтинг, ІОТ-технології; блокчейн у страхуванні. Узагальнюючи результати проведеного дослідження, конкретизовано авторські підходи до подальшого функціонування страхових відносин у суспільстві.Ключові слова: ризики, страхова компанія, страхувальники, страховий захист, стейкхолдери страхового ринку, управління.

scholarly journals The methodology of the business processes management in the agricultural insurance market

2016 ◽  
Vol 38 (2) ◽  
pp. 155-167
Author(s):  
Oleksandr Vilenchuk
Keyword(s):  
Process Management ◽  
Business Processes ◽  
Insurance Market ◽  
Insurance Companies ◽  
Agricultural Insurance ◽  
Economic Interests ◽  
Investment Environment ◽  
Organization And Management ◽  
Rational Allocation ◽  
Process Methodology

Formation of a favorable investment environment in the market of agricultural insurance is possible with the organization and use of the business processes by insurance companies to provide insurance protection for farmers. The problem of research is the need to increase the motivation of insurers and policyholders to the implementation of the existing interests of their insurance through the mechanism of activation of business processes in the market of agricultural insurance .The objective of research is to justify modern methods of business process management of the insurer for the rational allocation of risks and responsibilities among all the participants of the insurance process. Methodology of research is based on generally accepted methods and techniques of organization and management, interrelated business processes of the insurer from its design till implementation, based on equivalent financial and economic interests of participants of the insurance market. The research results confirm the need for differentiation of concepts "value" and "utility" in the system of insurance relations, as well as the adaptation of the proposed simulation model for managing business processes for all agricultural insurance entities.

scholarly journals Trends and risks of modern insurance

2019 ◽  
Author(s):  
Nadiia SOLOVEI ◽  
Yana SUKHOPER
Keyword(s):  
Risk Factors ◽  
Insurance Industry ◽  
Insurance Market ◽  
Insurance Companies ◽  
Modern World ◽  
Present Stage ◽  
Business Partners ◽  
Management Measures ◽  
Systematic Risks ◽  
Insurance Business

The article is devoted to the analysis of trends in the development of the insurance market and the risks that accompany it. The factors of influence are investigated, the classification of risks of insurers on development of appropriate management measures is given. The specific nature of the risks associated with the digitalization of information in the insurance industry and the various options for protection against them are considered. Any activity of enterprises in the domestic market can be characterized by an increased degree of state or systematic risks, the influence of which in the modern world is compounded by the new risks for business of translating information into digital form. The functional purpose of an insurance business is to protect other entities from the possible risks, but the insurance business itself is also exposed to certain risk factors that may impede the performance of insurance activities. The functioning of the insurance market at the present stage is accompanied by new risks that may affect the effectiveness of insurers. It is this that raises the relevance and importance of this issue on the systematization of insurance business risks and the recommendations for managing them. The purpose of this article is to review the trend of development of the modern insurance market, to systematize risk factors and to develop recommendations for risk management of the insurance market at the present stage. The main reasons for which risk situations arise in the operation of insurance companies are external factors, namely the actions of competitors, insurers, business partners. Exacerbation of competition increases the dependence of performance indicators of the insurer on the level of competitiveness of the institution or its services.

scholarly journals Transformation of insurance technologies in the context of a pandemic

2021 ◽  
Vol 12 (1) ◽  
pp. 1-13
Author(s):  
Svitlana Volosovych ◽  
Iryna Zelenitsa ◽  
Diana Kondratenko ◽  
Wojciech Szymla ◽  
Ruslana Mamchur
Keyword(s):  
Business Processes ◽  
Institutional Environment ◽  
Predictive Analytics ◽  
Risk Identification ◽  
Insurance Market ◽  
Insurance Companies ◽  
Competitive Advantages ◽  
Technological Infrastructure ◽  
Market Participants ◽  
The Internet Of Things

The COVID-19 pandemic has affected different sectors of the economy, including insurance, and has become a problem and a clear catalyst for innovation. The pandemic has highlighted some inefficiencies of the traditional model of interaction between insurers and their customers and focused on insurance companies’ efforts on innovations and investments in the digital future. That is why the article aims to generalize the transformations of the institutional environment in the InsurTech ecosystem in the context of the COVID-19 pandemic and identify prospects for its development in the post-pandemic period.The analysis of the functioning of InsurTech as an ecosystem necessitated the identification of challenges for the insurance market in the context of COVID-19. The peculiarities of the insurance market development have been identified: the blurring of boundaries between insurers, BigTech firms, and technological partners; expanding interaction with policyholders based on the principle of support and the use of social networks; changes in the structure of the implemented insurance services; an increase in insurance fraud cases; the growing demand for parametric insurance products; introduction of a digital approach to the interaction with customers and employees, modernization of technological infrastructure and expansion of data processing capabilities; remote risk identification; acceleration in the use of financial technologies by insurance market participants. There is a transformation of the insurance market under the influence of business processes digitalization because insurers are aware of the importance of InsurTech in the formation of competitive advantages. For many companies, the crisis has strengthened their innovative development strategies and accelerated the implementation of financial technology tools in their business processes against the background of modernization of technological infrastructure. Chatbots, telematics, the Internet of Things, machine learning, artificial intelligence, predictive analytics, etc., are widely used. In the future, InsurTech will also play an important role in introducing digital innovations in the insurance market.

scholarly journals ANTI-CRISIS MANAGEMENT OF INSURANCE COMPANIES: ESSENTIAL COMPONENT AND CURRENT STATE OF THE INSURANCE MARKET OF UKRAINE

2021 ◽  
Author(s):  
Karyna Diadiura ◽  
Valerii Yankovskyi
Keyword(s):  
Crisis Management ◽  
Management System ◽  
Financial Stability ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Premiums ◽  
Essential Component ◽  
Current State ◽  
Long Run ◽  
The Impact

The article considers the current state of the insurance market of Ukraine. The definitions of scientists on the concept of "crisis management" were systematized. The definition of the concept is given, namely crisis management of the company (enterprise) is a multifaceted management system which consists of specific methods and tools by means of which identification, analysis and minimization or neutralization of influence of risks of exogenous and endogenous environments on enterprise activity is provided. in order to improve its financial stability and increase the level of development in the long run. An analysis of the structure of the insurance market of Ukraine and the main indicators that characterize its condition for 2017-2019. It was determined that there is a decrease in the number of insurers operating in the insurance market of Ukraine, so as of 9 months of 2020 their number is 215, which is 18 companies or 7.7% less than in 2019. The main reasons for the closure are not conducting insurance business for more than 6 months in accordance with current legislation and the decision to hand over (cancel) licenses (due to low demand from the population for insurance services). The system of anti-crisis management of insurance companies is presented, which includes a mechanism that reveals the goals, functions and methods to ensure the financial stability of insurance companies. Thus, the object of the crisis management system is financial and economic risks (failure to receive insurance premiums, inability to pay insurance premiums to customers in the long run, capital and asset issues, etc.). The article presents the methods and their essential component, which are included in the system of crisis management of insurance companies: rehabilitation; downsizing; liquidation; merger; modernization; restructuring; regularization; diversification; reengineering. The existing shortcomings that worsen the level of competitiveness of the insurance market of Ukraine are identified, further steps are proposed to minimize them. The introduction of a crisis management system will enable insurance companies to respond more flexibly to the impact of risks and improve their financial stability and increase the level of development of the entire insurance market in the long run.

scholarly journals MODERN TRENDS IN THE DEVELOPMENT OF THE INSURANCE SERVICES MARKET

2021 ◽  
Vol 04 (02) ◽  
pp. 47-53
Author(s):  
Zhytar Maksym Zhytar Maksym ◽  
Andrushchenko Dmytro Andrushchenko Dmytro ◽  
Yasentiuk Anastasia Yasentiuk Anastasia
Keyword(s):  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Present Stage ◽  
Service Strategy ◽  
The Past ◽  
Market Insurance ◽  
Strategy Innovation

The article considers the state of the insurance services market of Ukraine at the present stage in the conditions of the worldwide pandemic of COVID-19 and the introduction of the quarantine regime. The dynamics of changes in the number of operating insurance companies (non-life, life) in Ukraine over the past five years has been analyzed. The main indicators of the activity of insurance companies of Ukraine as a whole were investigated and the TOP-10 of insurance companies on gross premiums and payments were presented. The main problems impeding the development of the insurance services market are highlighted. The authors described and showed the main trends in the development of the insurance services market in quarantine conditions. It is determined that the decrease in the number of insurance companies is the result of the regulator's efforts to strengthen the market by eliminating players who do not meet the requirements of solvency and reliability. Keywords: insurance market, insurance service, strategy, innovation, premium.

Digitalization of Competition in the Insurance Market

2018 ◽  
Vol 11 (2) ◽  
pp. 121-128
Author(s):  
D. V. Bryzgalov
Keyword(s):  
Digital Technologies ◽  
Insurance Market ◽  
Insurance Companies ◽  
Sales Channels ◽  
Channel Competition ◽  
Research Findings ◽  
The Subject

The subject of the research is the influence of the insurance market digitalization on competition forms in insurance. The purpose of the research was to study the forms of competition and factors of competitiveness in the process of digitalization of insurance activities. The research findings revealed the specifics of competition between insurance companies in digital sales channels of insurance services, and identified groups of new factors in the competitiveness of insurance programs. The paper describes two models of the policyholder behavior typical for traditional and digital sales channels in the insurance market — classical and digital. It is concluded that the digitalization of the insurance market influences the competition between insurance companies making a shift towards the channel competition and contributing to the emergence of new competition factors for insurance programs developed with digital technologies.

Effective outsourcing

2020 ◽  
Author(s):  
Nadezhda Rodinova ◽  
Vladimir Ostrouhov ◽  
Vladimir Bereznyakovsky ◽  
Irina Petrova
Keyword(s):  
Management System ◽  
Business Processes ◽  
Management Decisions ◽  
Economic Mechanism ◽  
Use Of Resources ◽  
Operational Management

The tutorial is aimed at the problems of using outsourcing as a factor of the reorganization of business processes of an enterprise to achieve efficient use of resources and competitiveness of the enterprise. The article reveals the organizational and economic mechanism for making management decisions on the transfer of individual business processes of enterprises to outsourcing, which contributes to their operational management in the management system.

The Usefulness of Readability Formulas in the Insurance Industry

2015 ◽  
Vol 10 (4) ◽  
pp. 339-351
Author(s):  
Katarzyna Barczuk
Keyword(s):  
Final Section ◽  
Insurance Industry ◽  
Insurance Market ◽  
Insurance Companies ◽  
Text Readability ◽  
The Given ◽  
Readability Formulas

The aim of this paper is to characterize the most important methods which are used to determine the level of text readability. The author presents practical examples of the usage of chosen methods by foreign insurance companies. The final section of the study is completed with general conclusions relating to the application of the given solutions to the Polish insurance market. 

Indian Life Insurance Market and Corporate Performances: A Study of Selected Firms

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Joy Chakraborty ◽  
Partha Pratim Sengupta
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurers ◽  
Company Limited

In the pre-reform era, Life Insurance Corporation of India (LICI) dominated the Indian life insurance market with a market share close to 100 percent. But the situation drastically changed since the enactment of the IRDA Act in 1999. At the end of the FY 2012-13, the market share of LICI stood at around 73 percent with the number of players having risen to 24 in the countrys life insurance sector. One of the reasons for such a decline in the market share of LICI during the post-reform period could be attributed to the increasing competition prevailing in the countrys life insurance sector. At the same time, the liberalization of the life insurance sector for private participation has eventually raised issues about ensuring sound financial performance and solvency of the life insurance companies besides protection of the interest of policyholders. The present study is an attempt to evaluate and compare the financial performances, solvency, and the market concentration of the four leading life insurers in India namely the Life Insurance Corporation of India (LICI), ICICI Prudential Life Insurance Company Limited (ICICI PruLife), HDFC Standard Life Insurance Company Limited (HDFC Standard), and SBI Life Insurance Company Limited (SBI Life), over a span of five successive FYs 2008-09 to 2012-13. In this regard, the CARAMELS model has been used to evaluate the performances of the selected life insurers, based on the Financial Soundness Indicators (FSIs) as published by IMF. In addition to this, the Solvency and the Market Concentration Analyses were also presented for the selected life insurers for the given period. The present study revealed the preexisting dominance of LICI even after 15 years since the privatization of the countrys life insurance sector.

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