scholarly journals Risks of the insurance company: classification and methods of analysis

2018 ◽  
Keyword(s):  
Financial Risk ◽  
Business Processes ◽  
Risk Identification ◽  
Insurance Companies ◽  
Modern Concept ◽  
Insurance Company ◽  
Strategic Risk ◽  
Insurance Contracts ◽  
Definition Of

The purpose of the article was to develop a risk classification of the insurance company, identify the shortcomings and advantages of existing methods of risk analysis and measures to reduce the risks of insurance companies. Group presented risk assessment methods is, according to the author, rather conditional, because risk identification can be carried out using techniques and technologies analysis and evaluation of all types of risks, and vice versa. An analysis of the studies of Ukrainian and foreign authors showed that there are a large number of classification features and types of risks and the absence of a single universally accepted classification of risks, which in our opinion, the author is associated with the unsystematic conceptual apparatus of the theory of risks and a wide variety of their manifestations in the practical activities of enterprises. Therefore, the definition of "risk" is clarified and it is emphasized that the modern concept of management of operating activities in an insurance company relies on the methodology of its operating business processes: the conclusion and maintenance of insurance contracts, underwriting, reinsurance and settlement of losses. The classification of risks of the insurance company and the logical connections of groups of general and specific risks is proposed, combining them into 4 types: risk of accidental risk (accidental and dangerous events), financial risk, operational risk - probability of occurrence of losses due to incorrect work of personnel, internal systems or under the influence of external factors and strategic risk. Considered is the estimation of the efficiency of the insurance company with the use of EVA and RAROC indicators, which allow to assess the financial position of the company and its effective management, or its subdivision. Considered is the application of stress testing and individual measures to reduce financial risk for effective insurance of risks of an insurance company.

scholarly journals Classification of entrepreneurial risks in order to define business-processes of the business owner

E-Management ◽  
2019 ◽  
Vol 2 (1) ◽  
pp. 26-32
Author(s):  
A. S. Kuksov ◽  
K. L. Neopulo
Keyword(s):  
Business Processes ◽  
Business Management ◽  
Business Owners ◽  
Theory And Practice ◽  
Business Owner ◽  
Strategic Development ◽  
Definition Of ◽  
Ownership Control

Owned business management inevitably implies the availability of tools for its implementation. The set of tools for such management is effective, when it can be integrated into the overall system of business processes. The problem lies in the selection of those managerial business processes, where the participation of the owner is necessary. Justification of the definition of such business processes is possible on the basis of systematization and identification of the risks, that must be assumed by the business owner. In theory and practice of management, the focus is on the management of the organization, which is implemented by hired specialists-managers. The role of business owners is rarely seen as an independent activity. Meanwhile, the goals and the role of business owners are far from adequate to the goals and roles of managers. This circumstance makes the problem of ownership business management urgent. Currently, the terms “owner contro”l and “ownership management” are used in literary sources. These terms do not coincide in their meaning. Ownership management includes ownership control and occurs when the owner solves the problems of strategic development. If strategic development goals are not set for any reason, the owner remains to develop a system of ownership control over the current state of the business. Ownership business management should be built on the development and control of the organization's business processes. The owner can not physically control all business processes, and this is not necessary. There is a need to highlight those business processes, that he must control necessarily. In our opinion, the solution of this problem can be built on the basis of an appropriate classification of entrepreneurial risks. 

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.

From Simple Substance to Chemical Element

2020 ◽  
pp. 32-52
Author(s):  
Bernadette Bensaude-Vincent
Keyword(s):  
Periodic System ◽  
Chemical Element ◽  
Traditional View ◽  
Modern Concept ◽  
Simple Substance ◽  
System P ◽  
Conceptual Distinction ◽  
Definition Of

The introduction of the modern concept of chemical element has often been credited to Lavoisier. I will argue that despite the significant impact of the definition of elements as non-decompound bodies in Lavoisier’s “Elements of Chemistry,” this claim is misleading for at least three reasons. First, elements were already defined as residues of analysis prior to Lavoisier. Second, Lavoisier did not totally give up the traditional view of elements as constituents of all bodies. Third, the modern definition of chemical element implies a clear distinction between simple bodies and elements that was later introduced by Dmitri Mendeleev. I will outline the role of this conceptual distinction in Mendeleev’s process of classification of elements and symmetrically emphasize how the periodic system contributed to stabilize his notion of element as an individual defined by its position in the system. Thus the concept of element appears as both a precondition and a product of the construction of the periodic system.

scholarly journals Improvement of Methodological Approaches to Determining Directions of Ensuring Financial Security of Insurance Companies of Ukraine

2021 ◽  
Vol 39 (5) ◽  
Author(s):  
Oleg A. Diegtiar ◽  
Olena A. Lutsenko ◽  
Liudmyla A. Polyvana ◽  
Tetiana A. Pushkar ◽  
Hanna A. Zhovtyak
Keyword(s):  
Methodological Approach ◽  
Financial Economic ◽  
Economic Security ◽  
Insurance Companies ◽  
Financial Security ◽  
Insurance Company ◽  
Insurance Sector ◽  
Destabilizing Factors ◽  
Methodological Approaches ◽  
Definition Of

Financial security of the insurance market significantly affects the financial, economic and social stability of society and should be included in the range of problems that are directly related to the issues of financial security of Ukraine. The main purpose of the article is to set out and solve the problem of improving methodological approaches to determining the directions of ensuring the financial security of insurance companies in Ukraine. The main functional tasks of financial security of insurance companies are identified. It has been proved that financial security is a component of economic security and a refined definition of this category has been provided. Destabilizing factors of influence on financial security of insurance companies have been identified and analyzed. A methodological approach to managing the financial security of an insurance company has been developed. A complex of proposals for the development of the insurance services market has been formed as a basis for strengthening the financial security of insurance companies. It was concluded that the insurance sector of Ukraine can actively develop provided that there is a clear theoretical and methodological justification of the toolbox, the implementation of a methodological approach to managing the financial security of the insurance company, taking into account all the problems and proposals for its continuous improvement and development in the changing conditions of the present.

scholarly journals Фінансові ризики: економічна природа та класифікація різновидів

2020 ◽  
pp. 100-106
Author(s):  
Виклюк М.І. ◽  
Мірошник Р.О. ◽  
Майор О.В.
Keyword(s):  
Cost Estimation ◽  
Financial Stability ◽  
Financial Risk ◽  
Business Processes ◽  
Risk Mitigation ◽  
Financial Risks ◽  
Commercial Activity ◽  
Financial Activity ◽  
Definition Of ◽  
Financial Losses

The article presents the theoretical and methodological foundations of the content of the definition of “financial risk”. The existing scientific approaches to understanding the economic nature of the concept under study have been generalized on the basis of morphological analysis. It has been noted that the first approach treats financial risk in the context of the financial results of the enterprise, in particular as a risk, the possibility of financial losses due to negative events; the second approach defines financial risk as a cost estimation of the probability of an event leading to financial losses of the enterprise; the third approach defines financial risk as a complex of cause and effect relationships, that is, a set of types of financial risks that affect not only the financial activity but also the production and commercial activity of the entity. It have been presented an author’s interpretation of financial risk as a certain probability of avoiding financial results in the form of loss of profit, income, assets or capital in the conditions of objective unpredictability of financial and economic activity. It has been noted that financial risk as an economic category is characterized by a number of basic and specific properties that are manifested in the interaction of such elements of financial risk as uncertainty, losses, consequences and opportunities. The types of financial risk have been classified into two groups: external financial risks (inflation, deposit, tax, interest, currency); internal financial risks (risks of business processes: risk of insolvency, risk of reduction of financial stability, profitability, turnover, liquidity; investment risk: portfolio, interest, credit, dividend; other financial risks: risk of missed profit, structural, new. Basic methods and tools used to manage and implement financial risk mitigation policies in the operations of enterprises have been summarized.

scholarly journals Application of C4.5 Algorithm for Late Payment Classification of Insurance Premiums

2021 ◽  
Vol 9 (2) ◽  
pp. 100-113
Author(s):  
Jefry Antonius Karlia ◽  
Wawan Nurmansyah
Keyword(s):  
Insurance Companies ◽  
Insurance Company ◽  
Test Results ◽  
Customer Data ◽  
Insurance Premiums ◽  
Premium Payment ◽  
C4.5 Algorithm ◽  
The Status ◽  
Number Of Customers

The problem that often arises in insurance companies is the number of customers who do not smoothly pay premiums. The procedure that applies to the insurance during the grace period is 30 days. The insured customer must follow the premium payment procedure, if the customer does not pay the premium, the insurance policy will be canceled, this is part of the company's loss. An insurance company has a lot of data and this data can be processed to produce information on how to find out potential customer delays from a pattern formed using the C4.5 method. This research was conducted by applying the C4.5 algorithm using insurance customer data. The results of this study are a classification system for late payment of insurance premiums that can classify insurance customer premium payment status as a consideration for accepting insurance customers. The system test results show that the system can classify the status of insurance customer premium payments with a classification accuracy of 88%. Keywords: Algorithm C 4.5, Insurance, Classification, Premium

Legal Specifics of Bankruptcy Proceedings of Insurers in Ukraine

2018 ◽  
Vol 16 (1) ◽  
Author(s):  
Nino B. Patsuriia ◽  
Valeria V. Radzyviliuk ◽  
Nataliіa V. Fedorchenko ◽  
Ivan R. Kalaur ◽  
Mikhail I. Bazhenov
Keyword(s):  
Legal Status ◽  
Legal Regulation ◽  
Insurance Companies ◽  
Bankruptcy Law ◽  
Insurance Company ◽  
Insurance Contracts ◽  
The Law ◽  
Legal Consequences

Abstract Many countries adopted legal regulation of insolvency problems of insurers and rules for bankruptcy proceedings (insolvency) to mitigate and prevent consequences of bankruptcy and preserve the assets of insurance companies. To a certain extent, Ukraine follows the similar track. The authors describe the specifics of bankruptcy proceedings, defined by the laws of Ukraine on bankruptcy, and “complicated” by the legal status of the insurance company. On the basis of the analysis, the authors put forward a proposal to modernize bankruptcy law as part of the legal regulation of bankruptcy of insurers-debtors (bankrupts). It is established that the Law of Ukraine of 1992 provides for the possibility of applying a procedure of sanation to the insurers. The authors state that the specific legal consequences of the liquidation procedure and the recognition of a debtor as a bankrupt include the termination of all insurance contracts and sale of property. It has been established that the incoherence of bankruptcy laws of different countries is explained by different approaches to legal regulation.

scholarly journals THEORETICAL ORDERING OF THE METHODS AND TOOLS OF FINANCIAL RISK MANAGEMENT OF INSURANCE COMPANIES

2017 ◽  
pp. 139-149 ◽  
Author(s):  
Nataliia Prykazyuk ◽  
Lesya Bilokin'
Keyword(s):  
Risk Management ◽  
Financial Risk ◽  
Stress Testing ◽  
Insurance Companies ◽  
Financial Risks ◽  
Insurance Company ◽  
Risk Avoidance ◽  
Financial Risk Management ◽  
Risk Transfer ◽  
And Control

Essence of methods and tools of financial risk management of insurance companies are defined. It has been founf out that the methods of financial risk management of the insurer can be called a system of techniques in the field of financial risk management. Its use allows to solve a number of tasks to a certain extent. For example, it can allow to foresee the occurrence of risk events in the process activities of insurance companies and identify different ways of their avoidance, minimization, and transfer, and to take measures to reduce the consequences of occurrence of such events to the insurer. It has been defined that the tools of financial risk management of the insurance company are the totality of means. With their help we can make the analysis, control and funding of possible financial risks of the insurer that can arise in the process of implementation of economic activity. The methods and tools of financial risk management are closely connected. The main methods of financial risk management of the insurance company are analyzed. The most common methods of risk management in insurance are risk assessment, risk avoidance, risk reduction, risk acceptance, risk transfer. The instruments of financial risk management of the insurer, in particular, stress testing, early warning tests, Monte-Carlo, VaR-methodology, methods, which are based on calculation of indicators of ES, EVA and RAROC, as well as hedging, diversification, valuation, self-insurance, co-insurance and reinsurance are defined. The necessity to use the methods and tools of financial risk management by insurance companies is defined. It has ben provrd that the insurance company should choose the most appropriate methods and tools for risk management. The company should also take into account all the peculiarities of its activities and will assist in the evaluation and control of existing and prevention of possible risks.

scholarly journals Innovation University in the EdTech Market

2021 ◽  
pp. 4-11
Author(s):  
A.S. Gopka ◽  
◽  
A.S. Nikolaev ◽  
Keyword(s):  
Higher Education ◽  
Maximum Degree ◽  
Business Processes ◽  
Scientific Activity ◽  
Educational Technologies ◽  
Educational Institutions ◽  
Russian Higher Education ◽  
Definition Of ◽  
Constant Improvement

The authors of the article consider the features of the functioning of the educational technologies market. The analysis of the investment attractiveness of projects in the market of digital educational solutions is carried out. The main focus of the article is on the Russian system of higher education, since it is the higher educational institutions that today become not only the drivers of the country's scientific activity, but also the center for the formation of competencies in the field of innovative entrepreneurship among students. This vector of development of Russian higher education leads to the need for constant improvement of the activities of organizations that are forced to restructure their business processes and offer new educational products with the maximum degree of practical orientation. This is the only way higher education institutions can maintain their competitiveness both nationally and internationally. The article evaluates this trend, and also provides the author's approach to understanding the conditions and principles of the domestic EdTech market, which includes the classification of the main market players and the definition of the sector itself, which occupies a unique position at the intersection of science and business.

scholarly journals Functioning of Information Systems and Technologies in Insurance

2020 ◽  
Author(s):  
Inna Kisileva ◽  
Goar Gevorgyan
Keyword(s):  
Information Systems ◽  
Information Technologies ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Modern World ◽  
Insurance Company ◽  
Advantages And Disadvantages ◽  
Market Requirements ◽  
Definition Of ◽  
Types Of Information

In this article, the authors considered the concepts of "information system" and "information technology", studied the interpretation of these concepts by other scientists and, as a result, managed to give their own definition of the above terms. The purpose of this study is to review and analyze information systems in Ukraine to offer more efficient types of information systems and improve the state of the insurance market in the country as a whole and the activities of insurance companies separately. As a result of the analysis of various sources, it was possible to formulate requirements for information technologies and systems, among which the most important are: automation of processes in an insurance company, assistance with various calculations, ease of interface and use, additional functions such as accounting, etc. We managed to identify the three most common systems, compare them with each other and indicate the advantages and disadvantages of each of them. It is also important that before introducing information systems into their activities, it is necessary to prepare the insurer for this: to develop instructions and rules for working with the system, to establish workflow, to distribute responsibilities between employees. Thus, in the modern world, insurance companies urgently need to implement information systems and technologies in their activities, because they are "assistants" in working with clients, greatly simplify the processes associated with insurance, affect the company's competitiveness, and help its development. And, to summarize, the development of information technologies in the insurance industry is still not over and companies continue to work on improving existing systems and developing new systems, focusing on market requirements, among which the authors highlighted: scaling of information systems, expanding the functionality of programs, simplifying the interface, etc.

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