scholarly journals Institutional forms and their competitive analysis of organization of insurance activities in Ukraine

2018 ◽  
Vol 2 (1) ◽  
pp. 99-110
Author(s):  
Olga Slobodianiuk ◽  
Galina Tolkacheva
Keyword(s):  
Development Strategy ◽  
Competitive Analysis ◽  
Swot Analysis ◽  
Objective Assessment ◽  
Insurance Coverage ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Strategic Development ◽  
Ability To Act

Introduction. In the insurance market of Ukraine, there is a need for non-commercial insurance, which does not carry out business activities in favor of shareholders, but implements the principle of collective mutual assistance of insurance participants. Its necessity is determined, first of all, by the possibility at affordable prices to provide real insurance coverage to the general population, agricultural producers, small business representatives, and others like that. The development of the strategic development of the work of insurance companies prompts them to rational use of all their resources, in order to increase their efficiency at all stages of development. For this purpose, special methods of strategic management are used, which include the search for economic criteria that provide an objective assessment of the company's activities. Thus, conducting this analysis will enable each company to make it competitive on the insurance market. Aim and tasks. The purpose of the article is to reveal and substantiate the institutional forms and perform SWOT analysis to identify the weak and strong points of the organization of the insurance company and the strategic development of insurance activities in general. Research results. The article reveals the concept of institutional forms of organization of insurance activity in Ukraine. Conducted competitive analysis (SWOT-analysis) of strategic development of insurance companies and organization of insurance activity in Ukraine. The proposed ways of strategic development, weak and strong forms of organization of insurance activity are revealed. Conclusion. Insurance companies have financial institutionalization of their forms of activity. Under this concept is understood the process of consolidation of norms, roles, statuses, rules for bringing and combining them into the insurance system for the ability to act for insurance protection. The conducted analysis of the activity of the insurance company, its development strategy provides an opportunity to identify the most promising directions for its development and organization of work. Thus, the identification of weak and strong sides of the company, based on SWOT analysis, positively influences the development of the company's future strategy, its organizational structure, as well as the quality and price of insurance services.

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.

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.

scholarly journals INVESTIGATION OF BANKRUPTCY INSURANCE OF THE INSURANCE COMPANY

2021 ◽  
Author(s):  
Liliya Ignatovich
Keyword(s):  
Financial Services ◽  
Financial Stability ◽  
Financial Analysis ◽  
Objective Assessment ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Accurate Analysis ◽  
Advantages And Disadvantages ◽  
Probability Of Bankruptcy

The analysis of probability of bankruptcy is one of directions of financial analysis, and the general purpose of financial analysis – rendering assistance in development of reasonable and effective administrative decisions. The analysis is important for all subjects of the insurance market, including the National Bank of Ukraine, as the regulator of the financial services market, which is interested in the financial stability of the insurance market. Especially, if in recent years there has been a tendency to reduce the number of insurers. The bankruptcy probability assessment may be carried out by the management of the company itself to identify weaknesses and prevent bankruptcy. There is great interest in methods that allow assessing the probability of bankruptcy in advance, predicting the onset of financial insolvency of the organization. Analysis of the likelihood of bankruptcy allows the company to obtain an objective assessment of its activities, can adjust it in the right direction by taking prompt or preventive measures. The aim of the research is to determine the probability of bankruptcy of the insurance company, by the example of ALC “IC “Motor-Garant”” on the basis of foreign and domestic models, such as Taffler-Tishaw, Springate, A.P. Zaitseva. Analysis of the likelihood of bankruptcy by several methods will be carried out on the basis of the data reflected in the company’s financial statements. These models are considered to determine the probability of bankruptcy of the insurance company, determining their main advantages and disadvantages, as well as the possibility of their use in practice. It is proved, that the estimation of probability of bankruptcy of insurance companies in modern conditions of doing business allows to define the real situation of the insurer in the market and to reveal critical moments in activity. As a matter of fact, the earth models were started for the old enterprises, but is it the land has its own specifics. However, one should take into account that all forecasting methods have their limitations and inaccuracies. For the most complete and accurate analysis it is recommended to rely on the results of three or more different models.

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.

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.

scholarly journals ANALYSIS OF COMPETITIVE POSITIONS OF INSURANCE COMPANIES IN THE NON-LIFE INSURANCE MARKET IN UKRAINE

2019 ◽  
pp. 88-94
Author(s):  
O. Pakhnenko ◽  
O. Zhuravka ◽  
V. Podhorna ◽  
A. Sukhomlyn
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Motor Vehicle ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Premiums ◽  
Property Insurance ◽  
Financial Condition

The paper explores the practical aspects of forming a competitive environment in the non-life insurance market of Ukraine and analyzes the competitiveness and financial performance of leading insurance companies. Based on the analysis of non-life insurance market concentration indicators, the authors concluded that there is no clear leader in this market, the level of market concentration is negligible. Based on the analysis of non-life insurance market leaders by volume of gross insurance premiums in the whole market and by main types of non-life insurance (CASCO, motor vehicle liability insurance, property insurance, fire and catastrophe risk insurance, CARGO, health insurance) the authors found that the leadership of insurance companies in the market does not mean their leadership in all types of non-life insurance; some insurance companies specialize in certain types of insurance and not being leaders in the insurance market at all occupy leading positions in certain segments of non-life insurance market. In order to provide a general assessment of the competitiveness of individual insurance companies in the non-life insurance market, the following indicators were selected: the volume of gross insurance premiums, gross insurance payments, insurance reserves and the amount of equity. In order to assess the size of market share of an individual insurance company in a more objective way, it is suggested to calculate the average share of the insurance company. The calculations made it possible to identify the leaders of the non-life insurance market in 2018 and to explore the dynamics of changes in their competitive position during 2016-2018. For the three insurance companies that have been identified as the leaders of the Ukrainian market non-life insurance in 2018 (“UNIKA”, “AXA Insurance” and “PZU Ukraine”), the authors analyzed the main indicators of their financial condition, namely the profitability of insurance services, profitability of sales, return on assets, return on equity, overall liquidity, absolute liquidity and autonomy. It was found that all the analyzed insurance companies are profitable, however, among the three leading Ukrainian insurance companies, the most effective in 2018 was the insurance company “PZU Ukraine” and the least profitable – “UNIKA”. Keywords: competitiveness, insurance company, market concentration, market share, competition.

scholarly journals Problems and Perspectives of Internet-Insurance in Ukraine

2019 ◽  
pp. 31-38
Author(s):  
Y. Yanyshyn ◽  
H. Bryk ◽  
Y. Kashuba
Keyword(s):  
Customer Service ◽  
Swot Analysis ◽  
Sales Promotion ◽  
Insurance Companies ◽  
The Internet ◽  
Internet Services ◽  
Insurance Company ◽  
Product Price ◽  
Auto Insurance ◽  
Keywords Internet

The problems and prospects of insurance development in the internet are considered in the article. Considerable attention in the research is paid to the theoretical aspects of the essence of «internet insurance». The main stages of the insurance process through the internet and the key requirements that apply to the insurer and the insured when completing the insurance contract are described. It is determined that for the insurance company key advantages in the organization of virtual business are: lower costs associated with the organization of the company's website; lower transaction costs for customer service operations; expansion of geographical diversification of company insurance products; an opportunity to increase the sale of insurance products at the expense of open access to customers from around the world; customer service on a qualitatively new level – seven days a week, 365 days a year. The analysis of the insurance products market in the internet was conducted. The study found that insurance services offered through the internet in Ukraine include property, personal insurance and liability insurance. The most widespread in Ukraine are such insurance products as insurance for travelling abroad, medical insurance, CASCO, compulsory insurance of civil liability of owners of land vehicles, insurance of property of individuals, etc. The easiest procedure for purchasing a policy among all of these is auto insurance. The key attention is paid to ways of improving the mechanism of providing internet insurance. In the course of the study, specific directions for developing an e-commerce strategy for insurance companies based on SWOT-analysis were improved; developed an algorithm for strategic management of the insurance company and a conceptual model of interaction between the insurer and the insured in the framework of the process of strategic marketing planning in the market of internet services. An important role in the processes of management of the insurer was given to the complex of marketing communications, namely the elements of the marketing mix: «product», «price», «sales», «promotion». It is determined that for entering an insurance company into the market of internet services, the subject of planning is the outline of the main goals regarding sales and income received, as well as the definition of their potential consumers (market segment), the forming of their own image and reputation. Keywords: internet insurance, insurer, on-line insurance, virtual economy, internet services.

scholarly journals The structure of the deferred income tax and its influence on indicators describing the economic performance of commercial insurance companies

2007 ◽  
Vol 55 (3) ◽  
pp. 143-156 ◽  
Author(s):  
Hana Bohušová ◽  
Eva Vávrová
Keyword(s):  
Structure Analysis ◽  
Economic Performance ◽  
Income Tax ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Tax Rate ◽  
Commercial Insurance ◽  
Insurance System

The main objective of this paper is presentation of findings gathered through an analysis of items that cause deferred income tax in commercial insurance companies in the Czech insurance market. The evaluation of the subject is focused in accordance with the concept of the presented paper as regards structure analysis of the deferred tax, working with a selection of insurers – members of the Czech Insurance Association. We study, document and evaluate the influence of the deferred income tax being related with the given available income, as well as related to the effective income tax rate in a commercial insurance company. This analysis concerns the evaluation of the present-day degree of transformation and approximation of the Czech system of insurance in the process of harmonization with the European insurance system.

Communication strategies of insurance companies in theconditions of market transformation

2016 ◽  
Vol 11 (4) ◽  
pp. 194-202
Author(s):  
Мироненко ◽  
A. Mironenko
Keyword(s):  
Communication Strategy ◽  
Insurance Market ◽  
Brand Identity ◽  
Insurance Companies ◽  
Market Development ◽  
Insurance Company ◽  
Consumer Loyalty ◽  
Communication Policy ◽  
Historical Experience ◽  
Market Transformation

The article substantiates the need for the implementation of the communication strategy of the company. Some problems of the market development of insurance services are revealed. Based on the analysis of trends of the insurance market development, the areas of implementation of communication policy are listed, taking into account the historical experience of the communication policy in the crisis periods of the last century. The author offers the structure of the formation of the brand identity of the insurance company. The mechanisms of the formation of the consumer loyalty to the insurance company are considered as a basis for the formation of the insurance brand and features of applications used in social networks are highlighted. The stages of the development of the communication strategy of the insurance company are presented.

scholarly journals Foreign Direct Investment in Insurance Sector: A Key for Better Insurance Penetration

2019 ◽  
Vol 8 (3S) ◽  
pp. 358-362
Keyword(s):  
Foreign Direct Investment ◽  
Direct Investment ◽  
Global Economy ◽  
Joint Venture ◽  
Insurance Coverage ◽  
Equity Capital ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Sector ◽  
The Government

One of the most attractive developments during the last two decades is the brilliant growth of Foreign Direct Investment (FDI) in the global economy. Foreign direct investment is major source of non-debt financial resource for the economic development of India. Foreign companies invest in India to take advantage of lower wages, special investment such as tax exemptions, etc. The insurance sector has been fast developing with substantial revenue growth in insurance market. FDI in insurance would increase the penetration of insurance in India, FDI helps India in long term capital requirement to develop the infrastructures. Insurance sector is a booming industry in India with both National and International players competing and growing at rapid rate. Insurance Regulatory and Development Authority (IRDA) is in favour of an increase in foreign equity capital in the insurance joint venture. The public sector Insurance companies have continued to dominate the insurance market. India is among the most promising emerging insurance markets in the world. However the penetration of insurance coverage for both life and nonlife insurance is still very less and registered at 3.69% in 2019. The main objective of this paper is to know the benefits of foreign direct investment in insurance sector, and to know the government initiatives regarding insurance sector.

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