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 Regulating Big Data effects in the European insurance market

2017 ◽  
Vol 8 (1) ◽  
pp. 6-15 ◽  
Author(s):  
Donatella Porrini
Keyword(s):  
Big Data ◽  
New Technologies ◽  
Distribution Channels ◽  
Insurance Market ◽  
Insurance Companies ◽  
Individual Privacy ◽  
Regulatory Measures ◽  
European Insurance ◽  
The Individual ◽  
Different Sources

The article analyzes the regulatory framework in the insurance market in connection with the advent of Big Data, such as information collected from different sources that can be manipulated by new technologies. The use of Big Data offers significant opportunities to the insurance companies in terms of digitization of the distribution channels and greater knowledge of the customers, which is instrumental to a more effective identification of the individual’s risk profile, as well as improvement of the competitiveness. However, regulatory measures are needed for a proper use of Big Data in terms of respect of the individual privacy, potential discrimination and constraint on competition.

INNOVATIVE POTENCIAL IN INSURANCE – THE INDIVIDUAL AND INSTITUTIONAL CUSTOMERS EVALUATION

2018 ◽  
Vol 19 (1) ◽  
pp. 139-150
Author(s):  
Dorota Olszewska ◽  
Jadwiga Synowiec
Keyword(s):  
New Technologies ◽  
Free Market ◽  
Distribution Channel ◽  
Corporate Image ◽  
Insurance Market ◽  
Insurance Companies ◽  
Business Success ◽  
Business Partners ◽  
Starting Point ◽  
The Individual

Dynamically changing insurance market and the growing expectations of customers and business partners, intensified competition cause the need of constant introduction or improvement of modern solutions. It is highly connected to innovations. It should be stressed that the transformation of Polish economy and the process of emerging of more and more new private companies caused, on the one hand the reduction of government role in economy and on the other hand it forced companies to obey free market rules, which characterizes the adjusting to environment and the growing share in the market. For the positive creation of corporate image the open attitude of managers and directors becomes extremely important. They are aware of the importance of innovation in company life. This novelty is being spotted by the surroundings of the company, and specifically by its business partners. The positive assessment of innovation is often the starting point of making new business relations. The negative assessment can make them difficult. A good company image is nowadays one of the most basic company aims, and the condition of business success. The creation of good company image by emphasizing the high level of innovation among potential customers (insurance agents, brokers) became one of the basic tasks for insurance companies, because the growth of the company depends on customers. Insurers being aware of the importance of innovation are forced to create such systems, which allows the introduction of new technologies in the process of selling new policies in every distribution channel. The aim of this article is to present the essence of the innovation on the insurance market and to show its significance in the customers appreciation. This article consists of two parts. The first part is theoretical and presents the characteristic of insurance market innovation and its significance in the development of branch. The second part of this publication contains empirical material such as data taken from survey studies conducted in 2016, in the field of innovation evaluation seen from main insurance participants perspective (individual and institutional customers). The research was conducted in Wielkopolska area on the sample of 180 individual and 151 institutional customers (MSP).

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.

Foundations of International Aid

1960 ◽  
Vol 329 (1) ◽  
pp. 137-143
Author(s):  
Jane M. Hoey
Keyword(s):  
Well Being ◽  
International Aid ◽  
Developed Countries ◽  
The United States ◽  
Moral Foundations ◽  
Economic Progress ◽  
Political Independence ◽  
The Developed Countries ◽  
The Individual

The newly developing countries desire not only political independence but also economic progress for their people—a progress which they can see, and are now aware of, in the rest of the world. The role of the developed countries is to extend aid to the needy. Moral foundations underlie the donor's contributions, but they are more than that, they are the means for acquiring support for international aid in the donor's country. The United States must assume the leader ship among' the free nations in granting aid; she must accept this role because of her economic achievements and technologi cal advantages. Donators of such aid should take cognizance of the complementary character and interrelatedness of economic and social development. For economic development, however much it is sought, is not an end in itself, rather the aim is the well-being and happiness of the individual. Such a goal neces sitates economic aid accompanied by social aid. Social welfare can also be a vehicle to achieve peace, inasmuch as people-to- people relationships generate brotherly love—the only lasting foundation for peace.—Ed.

Digital Technologies: Reality and Centaurs of Imagination

2021 ◽  
pp. 65-76
Author(s):  
Irina A. Gerasimova ◽  
Keyword(s):  
Information Technologies ◽  
System Analysis ◽  
Digital Technologies ◽  
World Order ◽  
Routine Work ◽  
Catastrophic Risks ◽  
The One ◽  
The Individual ◽  
The Mind ◽  
Nature And Society

The article combines historical, cultural and systematic approaches to the analysis of digital transformations of society and man. Digital technologies play a crucial role in the transformation of economy, politics and society at the new stage of technologization. Developments and strategic projects for the introduction of arti­ficial intelligence, robotics, augmented and hybrid realities are implemented not only in the areas of dangerous, labor-intensive and routine work (i.e. in military affairs, industry, financial and economic operations), but also in the intellectual and creative spheres. The global time of change requires a global-system analysis. The invention of high information technologies and the interest of big business in the one-sided technologization of society disrupted the balanced co-evolution of computer technology and society. The author offers a noo-eco-geosystem ap­proach to the analysis of the crisis of technogenic civilization and the search for ways out of it. The complex grid of coordinates of the analysis includes planetary-physical, geo-ecological, geopolitical, geo-economical, geo-social, national socio-cultural, ethical and anthropological dimensions. The noo-eco-geosystem ap­proach makes it possible to reveal the catastrophic risks of digital economy and society strategies. The author considers energy and information and communica­tion technologies as catalysts for the accelerated transformation of society and the individual. These catalysts allow us to identify both the negative and positive as­pects of the global processes of evolution, as well as the “positive in the nega­tive”. The system analysis of digital transformations of society and man assumes consideration of methodological aspects of opportunities and limitations of tech­nologies. The destructive and purifying character of the transformations of nature and society is considered as a self-organizing process of the formation of the global world order, the future picture of the world and the qualitative transforma­tions of the mind on the basis of the values of noospheric ethics and geosociality

Insurance And Innovative Technologies Of Risks Management Of Ukrainian Companies In The Digital Economy

2021 ◽  
Vol 38 (4) ◽  
Author(s):  
Olena Gudz ◽  
Nataliia Prokopenko ◽  
Dmytro Korsakov ◽  
Nadiia Solovei
Keyword(s):  
Insurance Industry ◽  
Digital Technologies ◽  
Digital Economy ◽  
Insurance Market ◽  
Innovative Technologies ◽  
Cyber Insurance ◽  
Insurance Supervision

It was reviewed possibilities and importance of insurance and innovative technologies of companies' risks management in the digital economy, modern threats and risks of the Ukrainian companies, which are generated in the digital economy conditions, it was identified factors that hinder the development of cyber insurance and implementation of insuretech-solutions in Ukraine, it was revealed the prerequisites for their activation and defined directions and proposed measures for their expansion, justified expediency of introduction and use of innovative technologies and methods of insurance for risks management of Ukrainian companies in the digital economy.It is proved that adaptation of the insurance market to changes related to the digitization of companies, changes in the design of insurance instruments, the introduction of digital technologies in the organization of the insurance industry and cyber insurance, will contribute to improving the quality of insurance protection and stable profitability of Ukrainian companies, stimulating the introduction of new tools, methods and insuretech solutions, diversifying the range of insurance products, improving the forms and methods of insurance supervision, and more.

USE OF INFORMATION TECHNOLOGIES IN THE DEVELOPMENT OF INNOVATIVE ACTIVITIES OF COMMERCIAL BANKS

2021 ◽  
Vol 4 (3) ◽  
pp. 22-31
Author(s):  
Jamshid Kiryigitov ◽  
Keyword(s):  
Commercial Banks ◽  
Information Technologies ◽  
Banking System ◽  
Digital Technologies ◽  
Developed Countries ◽  
Current Situation ◽  
Innovative Development ◽  
Urgent Task ◽  
Effective Use ◽  
Positive Results

In this article shown the activities and experience of commercial banks of developed countries are studied and prospects of using information technologies in the development of innovative activities in the system of our national commercial banks. At the same time, opinions were expressedabout the possibility of achieving positive results using digital technologies on the basis of developmentof innovative activities of banks of Uzbekistan. Proceeding from this urgent task, the article developed proposals and conclusions on the coverage of the importance of innovative development of banking activities, theoretical views of our homeland and foreign scientists on this and the analysis of the current situation on innovative development of the banking system, as well as on the wide use of information technologies in the innovative development of banks. The opportunities are highlighted for innovative development of the banking system with the effective use of digital technologies

Prioritizing Risk-level Factors in Comprehensive Automobile Insurance Management: A Hybrid Multi-criteria Decision-making Model

2020 ◽  
pp. 097215092093228
Author(s):  
Zahra Shams Esfandabadi ◽  
Meisam Ranjbari ◽  
Simone Domenico Scagnelli
Keyword(s):  
Insurance Market ◽  
Insurance Companies ◽  
Risk Level ◽  
Automobile Insurance ◽  
Two Phase ◽  
Analytic Hierarchy ◽  
Factors Affecting ◽  
Risk Levels ◽  
Fuzzy Delphi ◽  
The Individual

An efficient risk-level prediction for newly proposed insurance policies plays a significant role in the survival of companies in the highly competitive insurance market. In Iran, risk assessment in comprehensive automobile insurance, which is a part of motor insurance, is only based on the vehicle attributes without proper consideration of personal and behavioural characteristics of driver(s). As a result, pricing is unfair in most of the cases and this can put insurance companies in an unfavourable financial position due to attracting high-risk drivers instead of low-risk ones. In this scenario, to identify and prioritize important factors affecting risk levels and to move towards a fair ratemaking, a two-phase process based on fuzzy Delphi method (FDM) and fuzzy analytic hierarchy process (FAHP) is proposed in this research. Additionally, similarity aggregation method (SAM) is applied to combine the individual fuzzy opinions of the surveyed experts into a group fuzzy consensus opinion. The results of this empirical study contribute to the insurance market of Iran by proposing appropriate weighting of the relevant risk factors to support stakeholders and policymakers for assessing risks more accurately, as well as designing more effective databases and insurance proposal forms.

scholarly journals Ukrainian insurance market: current state and development prospects

2020 ◽  
Vol 66 (5) ◽  
pp. 105-112
Author(s):  
I. Lashchyk ◽  
I. Kondrat ◽  
P. Viblyi ◽  
V. Bilets
Keyword(s):  
Developed Countries ◽  
Scientific Paper ◽  
Negative Influence ◽  
The State ◽  
Economic Situation ◽  
Insurance Market ◽  
Insurance Companies ◽  
Demand For Insurance ◽  
Current State ◽  
The Usa

The paper is devoted to the investigation of the current state and trends of the insurance market in Ukraine. A number of indicators characterizing the state of insurance market development, such as: the number of insurance companies engaged in risky types of insurance and life insurance; volume and dynamics of gross insurance bonuses and insurance payments; dynamics of the number of concluded agreements on voluntary and compulsory types of insurance, as well as reinsurance agreements; volume and dynamics of assets and insurance reserves of domestic insurance companies are analyzed in this scientific paper. Comparative analysis of the above mentioned indicators with similar indicators of foreign countries is carried out. It is defined that the insurance market of Ukraine lags far behind the countries of Europe, the USA, China, Japan and other developed countries. The reason for such low development is the difficult economic situation in the country caused by such factors as the change of power in 2015, the occupation of part of the territory by the Russian Federation, which shattered the previously unstable economy. Although the economic situation in the country has stabilized in recent years, this is not enough for the insurance market to reach the level of developed economies. The investigation results are presented in the form of tables and graphical interpretations. The factors of positive and negative influence on the development of domestic insurance market are determined and characterized. The main factor influencing the insurance market and ensuring its stability is the control of measures increasing the level of the population insurance culture and the reliability of insurance companies. Such measures will increase the demand for insurance services, insurers will be interested in doing their best and these factors will result in financial market stabilization. This effect will be achieved if the state and insurance companies act in coordinated manner, i.e. if the state provides the insurance market with regulatory framework with unobtrusive supervision, and insurers perform their work honestly and conscientiously. A number of recommendations for the development of domestic insurance companies and the market in general are developed. The main measures are to attract capital not only from European countries, making the insurance market more attractive, but to develop the health insurance, as medicine is quite expensive and the income is low, as well as to introduce the new insurance products due to the development of all industries.

scholarly journals Human Capital Spending: A Review on the Developments and the Results in Turkey

2015 ◽  
Author(s):  
Haşim Akça
Keyword(s):  
Developing Countries ◽  
Human Capital ◽  
Social Relations ◽  
New Technologies ◽  
Technological Development ◽  
Developed Countries ◽  
Capital Spending ◽  
Knowledge Capability ◽  
Factors Of Production ◽  
The Developed Countries

Human capital is defined as values like knowledge, capability, experiment and dynamism that labour contributed to production holds and enables more productive usage of other factors of production. According to this definition that includes properties of individuals in the production process like knowledge, capability, experiment and dynamism, with the definition of human capital, all capabilities devoted to the increasing production is incorporated. Developing and efficient usage of human capital and is very crucial especially in less developed and developing countries. In this countries, not only selecting the optimal combination but also acquisition and the way to use these factors of production in order to increase production exhibits an important dimension. However, this will not be sufficient to catch the developed countries. In order to achieve this goal, beyond transmitting new technologies, constructing knowledge and technology that fosters this technological development is required. Developing and efficient usage of human capital, one of the important dynamics of the economic growth is very crucial in less developed and developing countries comparing to developed countries. In order to develop human capital educated and healthy society is needed. Efficient assessment of the associated capital requires satisfaction of individuals by the means of tangible facilities social relations. In this study, the evolution of human capital will be investigated under human capital indicators and findings will be revealed. Therewithal, several suggestions will be powered for developing human capital.

Sign in / Sign up

Export Citation Format

Share Document