scholarly journals PECULIARITIES OF MANAGEMENT OF INSURANCE COMPANY SERVICES UNDER THE INFLUENCE OF THE COVID-19 PANDEMIC

Management ◽  
2021 ◽  
Vol 32 (2) ◽  
pp. 128-136
Author(s):  
Olena Vlasenko ◽  
Svitlana Marchenko
Keyword(s):  
Financial Markets ◽  
Insurance Industry ◽  
External Environment ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Stage Of Development ◽  
Market Situation ◽  
Market Infrastructure ◽  
Current Stage

Background and objectives. In One of the elements of Ukraine's financial market infrastructure is the insurance market. Insurance services occupy the second place by the level of capitalization among nonbank financial markets. The current stage of development of insurance market in Ukraine, as well as any other state, is indirectly influenced by the consequences of COVID-19 pandemic. At this time, insurance companies are playing an important role in the life of the country. For their part, they fall under the influence of the negative external environment of company development. Adaptation of the insurance market to the changes is necessary. It is connected with the modernization of financial instruments of the insurance industry and implementation of innovative technologies in the organization of insurance activity. This necessitates the search for innovative ideas in the management of insurance company services.Methods. The following general analysis methods were used: the leveling and grouping methods, the average values and indices methods, the graphical methods, the integrated assessment methods.Findings. Obtained results of the insurance market situation, impact of the COVID-19 pandemic on the activity of insurance companies was assessed, the trend of insurtech solutions for improvement of relations with clients was recommended.Conclusion. The conducted research enabled to investigate indirect influence of pandemic COVID-19 on the market of insurance companies services and interconnection of the market with Ukrainian economics and the world. The conducted research helped to determine necessity of implementation of new approaches to management of insurance company services, in particular the necessity of using insurtech solutions for improvement of relations with clients.

scholarly journals An Analysis of the Insurance Market in the Czech Republic

2021 ◽  
Vol 92 ◽  
pp. 08006
Author(s):  
Liběna Černohorská ◽  
Matěj Klofát
Keyword(s):  
Czech Republic ◽  
Financial Markets ◽  
Global Economy ◽  
Insurance Industry ◽  
Value Added ◽  
Insurance Market ◽  
Insurance Companies ◽  
Traditional Values ◽  
The Czech Republic ◽  
Commercial Insurance

Research background: We are currently witnessing significant changes in traditional values and developments concerning the globalization of the financial markets. Since the beginning of the 21st century, not only have the instruments used by global financial markets changed significantly, but the way they operate and the behavior of their participants have changed as well. Digitalization and the use of modern technologies are gradually beginning to take hold in all segments of the global economy. In the field of insurance, this mainly concerns the areas of insurance distribution and claims settlement. Purpose of the article: The purpose of this paper is to analyze the insurance industry in the Czech Republic for the period of 2014 to 2018. Methods: Spider analysis was used to conduct the analysis. This type of analysis is a comprehensive analytical tool, which can also be used by the management of commercial insurance companies; it is based on 16 ratios, which are divided into four segments. Spider analysis provides a clear representation of the examined company’s position in comparison with the market average or with competing companies in that field of business. Using spider analysis, it is possible to portray the insurance market in the Czech Republic using the selected insurance companies. Findings & value added: Based on the analysis results, it was found that Pojišťovna VZP was the only company that differed from the other commercial insurance companies analyzed – and the insurance market as a whole. Globalization’s effects on developmental trends in the world’s economies, the financial markets, and the business activities of both commercial insurance companies and the insurance industry are significant and difficult to estimate in terms of scope.

CURRENT TRENDS OF INSURANCE MARKET IN UKRAINE

2017 ◽  
Author(s):  
Olena Steshenko ◽  
◽  
Oleksandra Boiko ◽  
Keyword(s):  
Financial Stability ◽  
Insurance Industry ◽  
Local Economy ◽  
Insurance Market ◽  
Insurance Companies ◽  
Structural Basis ◽  
Insurance Company ◽  
Demand For Insurance ◽  
State Supervision ◽  
Insurance Business

The stage of political and economic instability in Ukraine significantly influence on development of both individual insurance companies and the insurance market as a whole. The decrease of the solvency level of the population and trust to insurers have led to a significant reduction in demand for insurance services in recent years. That is why today insurers has faced a difficult task to increase the range, volume and quality of insurance services, increase the level of capitalization and financial reliability of insurance companies, gaining trust of legal entities and individuals. Following these measures aimed at overcoming crisis trends, the local economy will be able to attract essential investment resources, strengthen the effectiveness of state supervision of insurance activities, create a structural basis for the development of various types of insurance. One of the important factors in activating the development of the insurance business can be an effectively built underwriting process of an individual insurance company. The application of such an approach will enable the profitability and financial stability of insurance companies due to a thorough analysis and selection of risks for acceptance into insurance. The article analyzes the current state of the insurance market in Ukraine and highlights its main prospects for development. The methodology of the study is to summarize and compare the data characterizing the various components of the insurance market. The authors identify the trends in the insurance market in Ukraine, assess the situation according to various criteria, identify factors in the development of the insurance business, as well as problematic aspects of the insurance industry. The study has showed that there is a high dependence of insurance in Ukraine on the current political and economic system, which led to the dominance of demand for certain insurance products. The development of the modern insurance market is associated with the need for state support, is to create conditions for adequate functioning of the insurance market.

scholarly journals EFFICIENCY ANALYSIS OF THE INSURANCE SECTOR IN BOSNIA AND HERZEGOVINA

2021 ◽  
Vol XIX (1) ◽  
pp. 49-62
Keyword(s):  
Bosnia And Herzegovina ◽  
Insurance Industry ◽  
Efficiency Analysis ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Sector ◽  
Size Type ◽  
Input Variables ◽  
High Level

We analyzed the efficiency of the insurance industry in Bosnia and Herzegovina (BiH) in the period from 2015 to 2019 in order to identify good and bad practices, sources of inefficiency and to propose guidelines for the necessary efficiency improvements based on the results. Efficiency measurement was performed using the nonparametric Data Envelopment Analysis (DEA) technique as the most commonly used tool for efficiency analysis in finance. We used one output and two input variables according to the input-oriented approach assuming a variable return to scale (VRS). Empirical research was conducted on all insurance companies from BiH, which are grouped according to the size of assets, type of insurance, and headquarters in order to determine whether there are differences in the efficiency of insurance companies in terms of their size, type of insurance, or depending on whether it operates in the Federation of Bosnia and Herzegovina (FBiH) or Republic of Srpska (RS). The results of the analysis indicate significant inefficiencies in the insurance sector in BiH, but also differences among the observed groups. The insurance sector is more efficient in FBiH compared to RS, and insurance companies in the composite insurance market are significantly more efficient than companies in the non-life insurance market. Finally, the research has showed a relatively high level of positive correlation between the size of an insurance company and its efficiency. According to all efficiency indicators, there is significant potential for efficiency improvement. Based on the analysis, the main causes of inefficiency were identified and guidelines for improving efficiency were proposed.

scholarly journals Serbian insurance market: Select issues

2010 ◽  
Vol 55 (187) ◽  
pp. 109-124
Author(s):  
Mirjana Obadovic ◽  
Veselin Avdaliovic ◽  
Milica Obadovic
Keyword(s):  
Risk Assessment ◽  
Risk Management ◽  
Insurance Industry ◽  
Insurance Market ◽  
Business Strategies ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Risk ◽  
Comprehensive View ◽  
Operational Risks

Every day insurance companies face a number of risks arising from the insurance industry itself, as well as risks arising from insurance company operations. In this constant fight against risks insurance companies use different models and methods that help them better understand, have a more comprehensive view of, and develop greater tolerance towards risks, in order to reduce their exposure to these risks. The model presented in this paper has been developed for implementation in insurance risk management directly related to insurance company risk, i.e. it is a model that can reliably determine the manner and intensity with which deviations in the initial insurance risk assessment affect insurance company operations, in the form of changes in operational risks and consequently in insurance companies? business strategies. Additionally we present the implementation of the model in the Serbian market for the period 2005-2010.

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.

scholarly journals Salama Insurance: the need of an Islamic legal framework

2017 ◽  
Vol 1 (2) ◽  
pp. 35-44
Author(s):  
Hocine HASSANI ◽  
Mohamed HIMRANE
Keyword(s):  
Insurance Industry ◽  
Legal Framework ◽  
Regulatory Framework ◽  
Insurance Market ◽  
Insurance Companies ◽  
Road Map ◽  
Religious Convictions ◽  
Islamic Companies ◽  
Islamic Insurance

Many Muslims, for religious convictions are reluctant to take up conventional insurance as it is deemed to have uncertainty, gambling and interest, which are prohibited by religion. The purpose of this paper is to examine Islamic Insurance in Algeria and analyse a suitable regulatory framework. One can argue that the trend towards Islamic insurance in Algeria contributes to raising the level of insurance culture, which will help to mobilize more savings. After studying the topic, we can provide a road map to better regulating the Islamic insurance market because the Islamic companies could not function in the absence of an Islamic insurance act. In the absence of such a framework, regulators often treat Islamic insurance companies similarly to conventional insurance companies, which hinders the development of Islamic Insurance Industry.

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.

The cyber-insurance market in Norway

2019 ◽  
Vol 28 (1) ◽  
pp. 54-67 ◽  
Author(s):  
Hayretdin Bahşi ◽  
Ulrik Franke ◽  
Even Langfeldt Friberg
Keyword(s):  
Insurance Market ◽  
Insurance Companies ◽  
Supply Side ◽  
Insurance Company ◽  
Marine Insurance ◽  
Structured Interviews ◽  
Content Type ◽  
General Data Protection Regulation ◽  
Cyber Insurance ◽  
General Data

Purpose This paper aims to describe the cyber-insurance market in Norway but offers conclusions that are interesting to a wider audience. Design/methodology/approach The study is based on semi-structured interviews with supply-side actors: six general insurance companies, one marine insurance company and two insurance intermediaries. Findings The Norwegian cyber-insurance market supply-side has grown significantly in the past two years. The General Data Protection Regulation (GDPR) is found to have had a modest effect on the market so far but has been used by the supply-side as an icebreaker to discuss cyber-insurance with customers. The NIS Directive has had little or no impact on the Norwegian cyber-insurance market until now. Informants also indicate that Norway is still the least mature of the four Nordic markets. Practical implications Some policy lessons for different stakeholders are identified. Originality/value Empirical investigation of cyber-insurance is still rare, and the paper offers original insights on market composition and actor motivations, ambiguity of coverage, the NIS Directive and GDPR.

Theoretical and practical aspects of analysis of competitiveness of insurance company

10.12737/585 ◽  
2013 ◽  
Vol 1 (2) ◽  
pp. 25-30 ◽  
Author(s):  
Медушевская ◽  
Inna Medushevskaya
Keyword(s):  
Price Competition ◽  
Swot Analysis ◽  
Insurance Market ◽  
Financial Ratios ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Group ◽  
Determining Factors

In the article the theoretical and practical aspects of the analysis of the competitiveness of the insurance company CJSC «Insurance Group Uralsib» as an example were revieled. The competitiveness of the insurance companies is based on the general principles and provisions of the theory of competition and competitiveness. It was detailed the concept of competition in the insurance market, revealed its specificity and the possible non-price competition on it. The competitiveness of the insurance company is considered as a multi-faceted category, its determining factors were reflected. The competitiveness of Penza branch based on the analysis of financial ratios was evaluated and conducted the SWOT-analysis. The recommendations were given.

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