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 Key Aspects of Online Insurance

2020 ◽  
Vol 2 (97) ◽  
pp. 64-74
Author(s):  
E.T. Prokopchuk ◽  
◽  
Y.V. Ulianych ◽  
S.A. Ptashnyk ◽  
N.V. Butko
Keyword(s):  
Insurance Market ◽  
Insurance Companies ◽  
The Internet ◽  
Internet Services ◽  
Insurance Company ◽  
Insurance Policy ◽  
Internet Technologies ◽  
Advantages And Disadvantages ◽  
On Line ◽  
Insured Event

In the conditions of virtualization of economic relations, the subjects of the insurance market can not stay away from these processes, so in order to improve the quality and level of availability of insurance services it is necessary to spread internet technologies in insurance. The main incentive for the introduction of Internet services by insurance companies is the need to reduce costs, expanding the geography of activities, ensuring diversification of risks. No less important factors are simplicity and comfort of on-line purchase of insurance product. The Ukrainian insurance market is at the stage of development and formation, having a number of problems and uncertainties. Therefore, its further information and technological development should receive priority in the economic and social aspects of government policy, taking into account its European integration guidelines. The article deals with the concept of Internet insurance. It is established that the approaches of scientists to the disclosure of the content of the concept of "Internet insurance" have differences. However, they converge on the definition of the Internet insurance as a process of interaction between the insurance representative and the insurer, connected with the provision of insurance services by the insurer, their service, performance of insurance payments in case of occurrence of an insured event due to the use of Internet technologies. The main advantages and disadvantages of online insurance are presented. The list of main advantages includes: simplification of the insurance process, efficiency of registration, simplicity and universality of payment methods, minimization of "human" factor, automation of calculation of the sum insured and tariffs with the help of insurance multicalculator. The list of main drawbacks includes: a much smaller number of insurance products are placed on the Internet sites of insurance companies for sale, the need for the client to understand the nuances and subtleties of working with the site of the insurer, set certain options for insurance amounts, which the client can not change. The stages of obtaining the insurance service through the Internet system have been considered, the offer of services by insurance companies of Ukraine "in live" and "on-line" and innovations on the Internet insurance market of Ukraine have been analyzed, the main spectrum of Internet services providing insurance companies in the Internet has been investigated, the number of insurance companies for the last years has been considered in dynamics. For the further development of Internet insurance it is necessary to improve the legal framework on this issue; it is necessary that the sites of insurance companies contain sufficient information content and for the customers a number of opportunities: obtaining true information about the activities of the insurance company and its services; calculation of the cost of the insurance policy with the help of online calculator; filling in an application for insurance; in case of an insured event, the implementation of remote payment of the insurance policy and insurance payments; delivery of the insurance policy to the customers; and delivery of the insurance policy to the customers.

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.

scholarly journals DIRECTIONS OF USING THE INSURER'S FINANCIAL RESOURCES THROUGH THE PRISM OF THE CONTROLLING SYSTEM

2021 ◽  
pp. 148-159
Author(s):  
Svitlana Korol ◽  
Iryna Ivashkiv
Keyword(s):  
Financial Stability ◽  
Net Present Value ◽  
Relevant Information ◽  
Cash Flows ◽  
Insurance Market ◽  
Insurance Companies ◽  
Financial Resources ◽  
Insurance Company ◽  
Advantages And Disadvantages ◽  
Controlling System

Introduction. Given the constant challenges of today, the key to survival and the basis of stable development of insurance companies is the effective management of financial resources, the skillful use of which allows a stable competitive position in the insurance market and determines the vectors of their development. It is the financial resources of insurers that are one of the most important resources that are designed to support their activities. Since the insurance, financial and investment activities of insurers are closely linked, the use of their financial resources is aimed not only at making insurance payments, but also at investing. In fact, skillful management of financial resources is the basis for financial stability and competitiveness in the insurance market, which stimulates the introduction of modern methods and approaches in the field of management. Therefore, just controlling is almost the only possible tool for building optimized management systems in the activities of insurers. At all levels of government, it allows you to provide timely and relevant information in order to make optimal decisions. The study of the process of building an insurance controlling system within the operation of the insurance company in order to optimize the use of financial resources will determine the current controlling tools and the effectiveness of the controlling system on the example of the insurance company. The importance of financial resources in the financial and economic activities of insurance companies and the possibility of their optimization in the controlling system in today's conditions becomes especially relevant, which requires further research. Purpose. Initiate the process of building an insurance controlling system within the functioning of the insurance company, which will allow optimizing the use of its financial resources. Method (methodology). In the process of research such methods were used as logical, which allowed to analyze scientific works in the field of financial resources of the insurer; analytical, which was used to analyze and evaluate the costs of implementing a controlling system, as well as the effectiveness of its application; graphic, which made it possible to interpret the process of building an insurance controlling system within the functioning of the insurance company in a visual form. Results. The importance of financial resources in the activities of insurance companies is determined. The role of controlling for the purpose of optimized utilization of financial resources of insurers is revealed. The advantages and disadvantages of creating a controlling service within the activities of the insurance company are highlighted, which allowed us to see that the creation of such a system has more advantages than disadvantages. A system of topical controlling tools for insurers is recommended. A visual process of building an insurance controlling system within the operation of an insurance company is proposed. The characteristics of the construction of the controlling department on the example of PJSC IC "Euroins Ukraine" are given. The efficiency of introduction of the controlling system at PJSC IC "Euroins Ukraine" with the use of the indicator of net present value of cash flows is determined. As a result of calculations it is determined that the introduction of a controlling system in the insurance company is appropriate. It is established that the practical aspects of the study of financial resources in the system of controlling insurance companies need further study in the direction of optimizing their use.

scholarly journals The Corporate Competitiveness Evaluation Model for Insurance

2020 ◽  
Vol 25 (1) ◽  
pp. 30-38
Author(s):  
E.K. Ovakimyan
Keyword(s):  
Balanced Scorecard ◽  
Evaluation Model ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Competitive Advantages ◽  
Optimal Model ◽  
Advantages And Disadvantages ◽  
Comprehensive Information ◽  
Eventual Outcome

Subject. This article examines the different models for assessing the competitiveness of insurance companies. Objectives. The article aims to develop an optimal model for assessing the competitiveness of the insurance company, able to adequately assess the current situation and provide comprehensive information of the insurance company's position in the insurance market. Methods. For the study, I used the methods of theoretical and comparative analyses. Results. The article presents two models for assessing the competitiveness of insurance companies, namely, for external and internal users. It proposes to represent a model of measuring competitiveness for internal users as a graphic imaging, and for external users, as a table, which is based on a balanced scorecard. Conclusions and Relevance. The results of the study can help any participant of the insurance market to adequately assess the state of the insurance company, and identify competitive advantages and disadvantages to improve the financial situation of the organization. The information outlined in the article is practical for it affords to use the eventual outcome of the study in the practice of insurance organizations to improve their competitiveness.

scholarly journals Peculiarities and Priorities of the Insurance Market Development During the COVID-19 Pandemic

2021 ◽  
Vol 10 (525) ◽  
pp. 330-336
Author(s):  
O. Y. Zhabynets ◽  
Keyword(s):  
Mobile Application ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
The Novel ◽  
It Infrastructure ◽  
Key Factors ◽  
Insurance Contracts ◽  
Active Implementation ◽  
The Impact

The article analyzes the features, trends and priorities in the development of the insurance market in Ukraine in the context of the COVID-19 pandemic. In particular, the main indicators of the development of the insurance market during the pandemic 2020 were analyzed and the comparison of these indicators from 2019 was made. The main factors that in today’s realities will encourage consumers to buy insurance protection are allocated, the peculiarities of interaction of insurers with insurance companies when concluding insurance contracts during the quarantine period are highlighted. It is determined that development of the insurance market in Ukraine in the context of the global coronavirus pandemic and in the novel regulatory conditions was characterized by the active implementation of innovative technologies in the activities of insurance companies and the «purification» of the market from weak and inefficient companies. It is proved that according to the main indicators of development, the market has suffered a slight recession, and therefore, the impact of the pandemic on the insurance market in Ukraine can be considered moderate. It is detected that the key factors when choosing an insurance company to buy insurance protection today are: opportunity to purchase an insurance service online; individual tariffs for each consumer based on their specific needs; presence of an easy-to-use mobile application. Thus, insurance companies that will be able to quickly reorganize their IT infrastructure to simplify the customers’ access to insurance services, providing the most convenient way (channel) of interaction, and offering products that best meet their lifestyle and needs, will strengthen consumer confidence and develop their business within those consumer ecosystems that are being formed in today’s turbulent conditions of development.

scholarly journals The Models of Assessment of the Insurance Companies’ Activities

2020 ◽  
Vol 12 (515) ◽  
pp. 395-400
Author(s):  
N. М. Bakalova ◽  
Keyword(s):  
Internal Model ◽  
Solvency Ii ◽  
Internal Models ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Risk ◽  
Supervisory Authority ◽  
The Impact ◽  
The Eu

The article is aimed at assessing the impact of the Solvency II requirements on the Ukrainian insurance market and making a forecast of possible situations after the introduction of these requirements. To achieve the aim, the following tasks were set: to describe both the quantitative and the qualitative requirements of the Solvency II in the EU and the conditions for their use in the Ukrainian insurance market; to predict a possible change in the insurance market of Ukraine under the influence of the Solvency II quantitative requirements, which was performed as a result of the presented research. It is specified that the «novelty» envisaged by the Solvency II, which is related to the use of internal models, is an important step in the different sense of the assessment of the activities of insurance companies. This assessment is dominated not only by the quantitative parameters, but also by the problem of generally recognized risk, to which company is inclined and which is ready to take over. However, a significant number of aspects of this approach still need to be closer defined. The criteria related to the use of internal models for the needs of the supervisory authority have so far had the nature of the initial assumptions, and the experience of insurance companies (using internal models for their own needs, not the needs of the supervisory authority) concerns only a small percentage of companies. The internal model allows the insurance company to independently determine the actual demand for the required amount of guarantee capital. However, internal models include certain risks. The most important types of risks to consider in the internal models are grouped as follows: technical and insurance risk; risk associated with assets; operational risk and other types of risk. It is projected that the implementation of the project is likely to face many more unexpected problems, but the idea itself is interesting and understood by both insurance companies and regulatory authorities.

Demutualisation of a United Kingdom Mutual Life Insurance Company

1992 ◽  
Vol 43 ◽  
pp. 278-375
Author(s):  
P. D. Needleman ◽  
G. Westall
Keyword(s):  
Life Insurance ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Advantages And Disadvantages ◽  
Financial Position ◽  
Guidance Note ◽  
Open Fund ◽  
The Impact

AbstractThe paper firstly examines the way in which U.K. mutuals operate and the forces which are leading mutuals to consider demutualisation. Demutualisation is normally accomplished by a Scheme of Transfer under Section 49 of the Insurance Companies Act 1982. The role of the directors and actuaries is discussed, including the impact of the Institute's latest Guidance Note (GN15).The protection of policyholders' reasonable expectations, the value of membership rights and the basis of dealing with any orphan surplus are the central problems. The paper examines them in the context of both the open fund and closed fund situation and shows how they may be resolved.A simple model is used to project the financial position of both an open and closed fund in a demutualised company. The relative advantages and disadvantages of each indicate that different courses of action may be appropriate for mutuals in differing financial positions.

Demutualisation of a United Kingdom mutual life insurance company

1991 ◽  
Vol 118 (3) ◽  
pp. 321-399 ◽  
Author(s):  
P. D. Needleman ◽  
G. Westall
Keyword(s):  
Life Insurance ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Advantages And Disadvantages ◽  
Financial Position ◽  
Guidance Note ◽  
Open Fund ◽  
The Impact

ABSTRACTThe paper firstly examines the way in which U.K. mutuals operate and the forces which are leading mutuals to consider demutualisation. Demutualisation is normally accomplished by a Scheme of Transfer under Section 49 of the Insurance Companies Act 1982. The role of the directors and actuaries is discussed, including the impact of the Institute's latest Guidance Note (GN15).The protection of policyholders' reasonable expectations, the value of membership rights and the basis of dealing with any orphan surplus are the central problems. The paper examines them in the context of both the open fund and closed fund situation and shows how they may be resolved.A simple model is used to project the financial position of both an open and closed fund in a demutualised company. The relative advantages and disadvantages of each indicate that different courses of action may be appropriate for mutuals in differing financial positions.

scholarly journals Insurance company competitiveness management in the context of its marketing policy

2019 ◽  
pp. 22-24
Author(s):  
Viktor SMOLIAK
Keyword(s):  
Correct Choice ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Mathematical Methods ◽  
Cost Structures ◽  
Marketing Policy ◽  
Key Factor ◽  
The One ◽  
The Impact

Competition is an integral part of the insurance market in Ukraine. That is why it is a key factor in the strategy of the insurance company, and marketing policy is an integral part of it. The competition of insurance companies is aimed at expanding its insurance market share. The purpose of the paper is development of theoretical foundations and practical recommendations for insurance company competitiveness management in the context of its marketing policy. Currently, there is a significant reduction in the number of insurance companies at the insurance market in Ukraine. 79 insurance companies left the market from the beginning of 2018 to the third quarter of 2020. Competition encourages insurance companies to invent innovative insurance products, implement new marketing tools, and optimize cost structures. The author performed a cluster analysis of insurers in the field of two factors – the volume of assets and the amount of net earned premiums. Economic and mathematical methods were used to analyze the impact of sales costs (X) on the amount of net earned insurance premiums (Y). The high value of the correlation coefficient indicates a close linear relationship between the factor and the resulting indicator. The digitalization of the world economy has significant impact on the effective marketing activities. The main directions of development of insurance companies are the ability to remotely sell the insurance product on the website or via a mobile application, the correct choice of target audience for targeted advertising, the presence of the insurance company on social media and so on. On the one hand, costs of marketing and advertising make it possible to increase the amount of net earned premiums of the insurance company, and on the other hand, the introduction of the latest tools for selling insurance products makes the insurer closer to its customer.

scholarly journals TOOLS FOR IMPROVING FINANCIAL MANAGEMENT: REALITIES AND PROSPECTS

2021 ◽  
Author(s):  
Anna Hevchuk ◽  
Liudmyla Yurchyshena ◽  
Oleh Hevchuk
Keyword(s):  
Financial Management ◽  
Financial Stability ◽  
Government Regulation ◽  
Business Management ◽  
Capital Adequacy ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Management Tools ◽  
The Impact

The relevance of the study is that the crisis in the financial and real sectors of the economy leads to financial instability of business. This issue is especially acute for insurance companies, which attract significant financial resources on a long-term basis or funds from risky types of insurance. The crisis related to the COVID-19 pandemic has led to problems in the Ukrainian insurance services market, which requires the introduction of new management tools for insurance companies. Under such conditions, there is a need to find and implement ways to improve management efficiency, which will be aimed at achieving financial stability, increasing profitability and eliminating crisis manifestations in financial activities. The object of the study is the financial activity of the insurance company to improve the tools of business management. It is noted that the insurance services market is the second in terms of capitalization among other non-banking financial markets. An analysis of the situation in the insurance market for the previous period, which shows that the number of insurance companies continues to decline, which requires a more detailed study of the impact of business management tools. It is noted that the NBU has been a regulator of insurance companies for more than a year in terms of solvency requirements, which is positive in the development of this business, as more decisive action has been taken to apply enforcement measures for non-compliance with Ukrainian legislation. It is proposed to introduce a set of tools to improve the management of the insurance company: the development of an effective procedure for adjusting the financial condition, tools to improve management and government regulation to create a strategy for the development of the insurance market. The regulator’s implementation of financial performance and the adoption of relevant laws will help determine the development strategy and business model, which will form capital adequacy, provide the necessary level of liquidity and asset quality, which will help financial stability of companies, restore consumer confidence in the insurance market.

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