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.

Digitalization of the Insurance Market: Tasks, Problems and Prospects

2018 ◽  
Vol 11 (2) ◽  
pp. 111-120 ◽  
Author(s):  
A. A. Tsyganov ◽  
D. V. Bryzgalov
Keyword(s):  
Research Methods ◽  
New Technologies ◽  
Digital Technologies ◽  
Insurance Market ◽  
Mutual Insurance ◽  
General Scientific ◽  
The Subject ◽  
Insurance Business ◽  
The Impact ◽  
Formulation Of Problems

The subject of the research is the impact of digital technologies on the insurance market in terms of internetization, digitalization and individualization of the insurance business. The purpose of the research was to analyze the digital insurance concept and the process of digitalization of the insurance market based on the Russian and foreign insurers’ practices in the promotion of digital technologies, including the use of general scientific approaches and research methods. Among the results of the research were the definitions of the «digital insurance» and «digitalization of insurance activities» concepts as well as the formulation of problems and prospects for further use of digital technologies in the insurance market. The paper concludes that the introduction of new technologies in the digital economy will influence the insurance technology without changing its economic substance. Moreover, the digitalization of insurance activities will be followed by significant innovations improving the effectiveness of the former, development of new insurance programs, convergence of commercial and mutual insurance and things alike.

Development of the Insurance Market in Ukraine in the Context of Transformation Changes

2021 ◽  
Vol 26 (1) ◽  
pp. 185-189
Author(s):  
Nataliia Shyshpanova ◽  
◽  
Olena Bodnar ◽  
Keyword(s):  
Information Technologies ◽  
New Technologies ◽  
Digital Technologies ◽  
Developed Countries ◽  
Insurance Market ◽  
Insurance Companies ◽  
Change Models ◽  
Innovative Technologies ◽  
The Developed Countries ◽  
The Individual

Abstract. The article substantiates the feasibility of ensuring the development of the insurance market in Ukraine in the context of digital transformations. It has been determined that the latest digital technologies are penetrating deeper into the global insurance market, without bypassing any area of activity, but the volume of the insurance market in Ukraine is several times less than in the developed countries of the world. The indicated factors which restrain the development of the insurance market in Ukraine and characterized existing problems of the insurance market lead to low confidence in the companies of the sector and do not allow it to develop properly. It has been established that in modern conditions of digital transformations, insurance companies widely use innovative technologies that ensure the achievement of both short-term effects and long-term competitive advantages. The directions of digitalization of the insurance market in Ukraine have been characterized and it has been substantiated that the processes of digital transformation based on the development of information technologies of insurance companies contribute to increasing competitiveness. In order to improve the situation in the domestic insurance market and maintain competitive positions, insurance companies should actively use European and world experience, introduce and change models of insurance functioning, and intensively introduce innovative technologies in insurance activities. The use of new technologies and management models in practice will increase the efficiency of the provision of insurance services, require insurance companies to develop new insurance products, taking into account the individual wishes of customers, and will also contribute to expanding the scope of using insurance as a method of risk transfer in an integrated risk management system, as well as will ensure the creation of a unique competitive advantage for those insurance companies that are able to introduce innovative digital technologies in accordance with the individualized requests of customers

scholarly journals The Development of the Insurance Market in the Context of Digitalization and Consolidation

2020 ◽  
Vol 7 (5) ◽  
pp. 44-55
Author(s):  
M. A. Loskutova
Keyword(s):  
Cost Savings ◽  
Insurance Market ◽  
Insurance Companies ◽  
Internet Communication ◽  
Market Participants ◽  
The Past ◽  
Current Trends ◽  
The Subject ◽  
Development Paths ◽  
Further Development

The relevance of the study is associated with the accelerated pace of automation and digitalization, which open up new opportunities for increasing the efficiency of insurance market participants. This process will help to ensure cost savings and increased revenues. The aim of the work is to determine the current trends in the penetration of digital technologies into the insurance market. The subject of the research is the processes of digitalization and consolidation of the insurance market. The research used the methods of horizontal and vertical statistical analysis. The absolute and relative deviations were calculated to determine the dynamics of the main phenomena and processes. The analysis of the peculiarities of the development of the insurance market in the context of digitalization is carried out and the prospects for further development are indicated. Over the past year, there has been a decrease in the intensity of the development of Internet communication between companies and clients in the insurance market; on the other hand, there has been a positive increase in expenses for advertising and other means of communication with the target audience. New insurance products are emerging due to the ability to collect more data on customers of insurance companies. The results obtained can be used to substantiate the development paths of individual insurance companies, and the research can be interesting for practice.

scholarly journals Insurance market as a segment of the EU financial market

2020 ◽  
Vol 19 (1) ◽  
pp. 111-117
Author(s):  
Aduard Barinov
Keyword(s):  
Financial Market ◽  
Insurance Industry ◽  
Digital Technologies ◽  
Insurance Market ◽  
Insurance Companies ◽  
The Internet ◽  
Large Share ◽  
European Insurance ◽  
High Degree ◽  
The Eu

The article examines the state of the insurance market, which is the largest investment investor in the EU. There is a high degree of concentration in the insurance market and the European insurance industry itself has a large share in the global insurance market. Various types of insurance activities are considered . Data on the volume of premiums are provided. New digital technologies, in particular the Internet system, widely used. The importance of regulating and supervising the activities of insurance companies in the EU financial market is emphasized.

scholarly journals NOVELIZATION TRENDS IN THE DEVELOPMENT OF INSURANCE COMPANIES IN UKRAINE

2021 ◽  
pp. 106-117
Author(s):  
Olha KNEYSLER ◽  
Natalia SPASIV ◽  
Svitlana KOROL
Keyword(s):  
Economic System ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Advantages And Disadvantages ◽  
The Subject ◽  
Key Driver ◽  
Dialectical Analysis ◽  
The Impact ◽  
Economic Expediency

Introduction. Transformational changes in the economic system in Ukraine lead to adaptation in the digital dimension and to new vectors of development in the insurance market. The key driver of change has been digitalization. The purpose of the article is to identify innovation trends in the development of insurance companies in Ukraine and justify the introduction of digitalization on the example of an insurance company. Methods. In the process of research the methods of dialectical analysis, synthesis, formalization, graphic, as well as logical generalization were used. Results. Digital insurance is characterized as a new direction in insurance. The advantages and disadvantages of digitalization in the work of insurers are highlighted. The plan of digitalization introduction on the example of the insurance company is offered and its economic expediency is substantiated. The implementation of the proposed plan will enable the insurance company to strengthen its competitive position. Perspectives. The subject of further research is to study the impact of modern trends in the development of insurance companies as qualitatively new vectors of their development.

scholarly journals Measuring the efficiency of Serbian insurance companies

2015 ◽  
Vol 65 (1) ◽  
pp. 91-105 ◽  
Author(s):  
Snežana Knežević ◽  
Milanka Marković ◽  
Andrijana Brown
Keyword(s):  
Data Envelopment Analysis ◽  
Economic Crisis ◽  
Optimal Strategy ◽  
Transition Period ◽  
Insurance Market ◽  
Insurance Companies ◽  
Data Envelopment ◽  
Future Events ◽  
The Subject ◽  
Dea Method

The transition period, and the still ongoing economic crisis, amplify the volatility in the domestic insurance market and forces the management of insurance companies to continuously monitor changes in the market, i.e. to identify risks and opportunities, and therefore to undertake certain activities. The focus of the business of insurance companies is based on satisfying the needs of existing and potential clients. Respecting the current situation in the insurance market in anticipation of future events, the management of insurance companies must create and implement the optimal strategy in line with the company’s capabilities. For this purpose it is necessary to measure the efficiency of the business, which is the subject of this paper where the Data Envelopment Analysis (DEA) method is applied to the case of insurance companies operating in Serbia.

Program-Target Budgeting as a Tool for Investment Stimulation of Business

2018 ◽  
Vol 11 (3) ◽  
pp. 77-82 ◽  
Author(s):  
A. I. Masterov
Keyword(s):  
Current Practice ◽  
Negative Impact ◽  
Key Factors ◽  
Economic Sectors ◽  
State Budget ◽  
Research Findings ◽  
The Subject ◽  
Program Budgeting ◽  
Large Investment ◽  
Stimulation Of

The paper discusses the use of the program-targeted budgeting methodology in the investment stimulation of business in the most problem sectors of the economy. The subject of the study is the dynamics of business activity in key economic sectors adversely affected by factors of the economic and geopolitical nature. The purposes of the study were to identify the key factors that have a negative impact on economic growth and seek options for investment stimulation of business activities in the most problem sectors of the economy using state budget funds. It is concluded that the current practice of budget investment is associated with significant risks and poor justification of investment decisions. Therefore, the American practice of the program budgeting in the implementation of large investment infrastructure projects using budget funds seems to be advantageous. Based on the research findings, methods for increasing the effectiveness of program-target budgeting tools under the Russian conditions are proposed.

Tax Consulting as a Tool to Support Business Activities of Organizations

2018 ◽  
Vol 11 (3) ◽  
pp. 146-152
Author(s):  
L. M. Baburyan
Keyword(s):  
Business Development ◽  
Business Activity ◽  
Service Economy ◽  
Tax System ◽  
Dominant Logic ◽  
Separate Area ◽  
Research Findings ◽  
The Subject ◽  
Business Entities ◽  
Corporate Business

The subject of the research is tax consulting aimed at ensuring the proper business activity of organizations. The purpose of the research was is to substantiate the need for the tax consulting as a special tool for supporting corporate business activities. The paper deals with the current specifics of the tax consulting as a separate area of the service economy within the framework of the service-dominant logic concept that reflects the degree of involvement of all participants of financial relations in the tax consulting processes. From the standpoint of institutionalism, the tax consulting institution is regarded as a financial intermediary performing mediation or auxiliary functions to ensure interactions between basic agents of the economic system, in particular, communications between the state and business entities. Based on the research findings, it is concluded that a developed tax consulting institution as an integrated attribute of the tax system determines the levels of corporate business activities and business development. The research findings are intended for participants of the tax consulting and auditing market.

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. 

THE METADIALOGUE CONCEPT IN ITS LINGUISTIC ASPECT

2019 ◽  
Vol 29 (5) ◽  
pp. 721-726
Author(s):  
Yu.V. Kupriyanova ◽  
I.M. Vasilyanova
Keyword(s):  
Subject Matter ◽  
Dynamic Structure ◽  
Point Of View ◽  
Semantic Relations ◽  
Human Cognition ◽  
Main Research ◽  
Key Points ◽  
Research Findings ◽  
The Subject ◽  
Linguistic Aspect

The article summarizes the key points in the development of the metadialogue phenomenon from a linguistic point of view. Some stages of the development of this concept and the difficulties associated with its structuring are covered. The main research findings of modern foreign and domestic experts on its study are considered. Some characteristics of the subject of the research from the standpoint of various pragmatic installations are given. On the basis of the dynamic structure of the metadialogue development, certain principles of semantic relations connected with the dialectical nature of human cognition are presented. Excursion into the history and evolution of the concept is presented. Several types of formulation of the subject matter are given. In accordance with the goal of speech exposure, internal problems of the development of metadialogue are highlighted and the critical points related to solving these problems are described. The rules of metadialogue flow are explained at the level of steps, the success/failure of which directly affects the final result of communication. The prospects of development of the concept research in accordance with various types of discourse are indicated.

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