scholarly journals Development of life insurance market in Ukraine

2020 ◽  
pp. 169-174
Author(s):  
Kateryna Tretiak ◽  
Vitaliia Demchenko
Keyword(s):  
Life Insurance ◽  
Negative Impact ◽  
Insurance Market ◽  
Pension Insurance ◽  
Additional Material ◽  
Minimum Income ◽  
Advantages And Disadvantages ◽  
Research Findings ◽  
Main Components ◽  
Effective Development

Purpose. The aim of the article is to study the main problems faced by the domestic life insurance market, substantiation of the negative impact and identification of opportunities for its future development. Methodology of research. The research is based on scientific and practical developments of scientists and specialists. The following methods are used to achieve this purpose, among them are analytical (when analyzing the main components of the life insurance market); generalization (when compiling data on the assessment of the life insurance services segment functioning in order to identify patterns of its trends); evaluation and inference (to summarize the subject of the research). Findings. Insurers’ dynamics in the domestic insurance market in recent years in terms of their numbers have been analyzed; an assessment of the structure in terms of gross and net insurance premiums and payments has been substantiated. The comparative characteristics of digital indicators of the Ukrainian and European life insurance markets have been considered. The issue of inclusion of insurance services in social programs and urgent deterrents of its solution in Ukraine has been studied. The advantages and disadvantages of life insurance areas (the accumulative pension, the insurance against accidents at work) have been analyzed. An assessment of the composition of the social package in the Ukrainian insurance market and the importance of each component, namely the basic social guarantees and additional material benefits, taking into account the available potential has been done. Originality. Theoretical and practical foundations of life insurance market development have been deepened on the basis of cooperation between the state, which at the same time assumes responsibility for maintaining the minimum income of all citizens, and also maximally stimulates the development of various forms of non-state insurance in order to save life, health and income. Practical value. The results of the research can be the basis for future scientific exploration in the field of effective development and functioning of the life insurance market. Key words: insurance, life insurance, accumulative pension insurance, insurance of working accidents, life insurance market.

scholarly journals Innovative Technology in Life Insurance

2020 ◽  
Vol 22 (1) ◽  
pp. 13-17
Author(s):  
Olena Zhyliakova ◽  
◽  
Halyna Zhyliakova ◽  
Keyword(s):  
Life Insurance ◽  
Negative Impact ◽  
Insurance Market ◽  
Insurance Companies ◽  
Innovative Technology ◽  
Competitive Advantages ◽  
Economic Market ◽  
Innovative Technologies ◽  
The Cost ◽  
The Impact

Introduction. The negative impact of macroeconomic factors on the development of the life insurance market during the quarantine period due to the spread of coronavirus disease has been exacerbated by declining incomes, rising unemployment, and the need to adhere to strict quarantine measures. The combination of these factors has led to a decrease in demand for long-term insurance and reduced efficiency of traditional sales channels of insurance products. At the same time, foreign experience shows that the level of innovation of the insurer is one of the main factors in increasing its competitiveness. Dissemination of information technology allows insurers through the implementation of innovative solutions to increase the quality and speed of service, increase the share of the insurance field, reduce the cost of conducting insurance business and the cost of insurance services. Purpose. The purpose of the article is to determine the features of innovative technologies in life insurance and to study the impact of their introduction into the activities of insurers on the development of the life insurance market. Results. The article describes the factors influencing the introduction of innovative technologies in life insurance. Characteristics of social, economic, market and technological groups of factors taking into account the specifics of life insurance and the current state of development of the life insurance market in Ukraine are given. Based on the experience of foreign insurance companies, the efficiency and necessity of introducing innovative technologies in life insurance have been proved, which will allow insurers to create competitive advantages, reduce costs, cost of insurance services, improve the quality of service for policyholders. Conclusions. For the insurance industry, the crisis of 2020 had some consequences, both obvious negative and hidden opportunities, as the introduction of quarantine measures requires accelerating the introduction of digital tools and channels through the widespread use of remote work, price pressure and changes in customer behavior. Thus, the crisis has accelerated the pace of introduction of innovative technologies in life insurance. Achieving successful phased changes involves a number of coordinated steps: – setting dynamic goals for the introduction of innovative technologies at all stages of servicing policyholders, the implementation of which in the near future will provide competitive advantages and reduce costs for insurers; – use of analytical reports and databases as a source of competitive advantage, abandoning outdated IT; – radical cost reduction through automation and self-service, while improving employee skills.

scholarly journals The Conceptual Approaches to the Evolvement of Insurance Activity in Ukraine

2021 ◽  
Vol 6 (521) ◽  
pp. 234-239
Author(s):  
A. V. Nechyporenko ◽  
Keyword(s):  
Negative Impact ◽  
Dynamic Environment ◽  
The State ◽  
Insurance Market ◽  
Financial Risks ◽  
Demand For Insurance ◽  
Activity Assessment ◽  
Methodological Principles ◽  
Main Components

The article is aimed at developing the conceptual approaches to the evolvement of insurance activity in Ukraine. It is defined that insurance is an important source of funds accumulation for their further use in order to compensate for losses caused by insurance events, as well as for protection of business from financial risks. The main components of the conceptual approaches to the evolvement of insurance activity are distinguished as follows: principles, goals, interests, tasks, factors, threats, subjects and objects, collateral, stages, instruments, methods and criteria for evaluating the efficiency of the development of insurance activities in the country. Within the framework of the proposed conceptual approaches to the evolvement of insurance activity in Ukraine, the following stages are allocated: development of methodological principles for the evolvement of insurance activity; analysis of conditions and factors of evolvement of insurance activity; assessment of the state of evolvement of insurance activity: study of the number of insurers, tendencies as to their increase/decrease, demand for insurance products, etc.; assessment of the effectiveness of evolvement of insurance activity in the country. It is concluded that the proposed conceptual approaches involve the development and implementation of a purposeful set of measures that will intensify insurance activities and contribute to the development of a strategy for the evolvement of the insurance market of Ukraine through the introduction of world experience, taking into account national peculiarities for its effective evolvement in the long term, avoiding and minimizing the negative impact in the dynamic environment. The strategic task of the State to evolve insurance activities in modern conditions of management is to implement effective regulation, which will facilitate the intensification of the development of the insurance market.

General Takaful claims: An experience of Takaful operator in Malaysia

2017 ◽  
Vol 5 (4) ◽  
pp. 18
Author(s):  
Amirul Afif Muhamat ◽  
Mohamad Nizam Jaafar ◽  
Sharifah Faigah Syed Alwi
Keyword(s):  
Life Insurance ◽  
Islamic Finance ◽  
Rigorous Analysis ◽  
Finance Industry ◽  
General Insurance ◽  
Bright Side ◽  
Main Components ◽  
Islamic Insurance ◽  
Gathering Data ◽  
Observation Period

Takaful is interchangeably referred as Islamic insurance. In Malaysia, the takaful sector is part of the main components for Islamic finance industry. The business can be divided into two: general and family takaful. To ease understanding on this niche sector; general takaful is comparable to general insurance while family takaful is akin to life insurance with special reference needs to be given on the requirement of the business to adhere to the Islamic precepts. The main business in general takaful is motor takaful and this line of business is faced with high takaful claims. This study appraised the factors which affect the general takaful claims based on the experience of one takaful operator in Malaysia (the name of takaful operator is not disclosed due to confidentiality). The factors are: number of claims; fraud; and coverage for protection. The limitation of this study is that the observation period is only 10 years which limits rigorous analysis to be done. Nevertheless, previous studies in this area depict the same limitation – constraint in gathering data that has long observation period. On the bright side, the data in this study is still capable to produce meaningful results to be referred with regards to this issue – general takaful claims.

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

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

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

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.

Reading for pleasure : the influence of reading clubs in selected Bahananwa Limpopo primary schools

2020 ◽  
Vol 1 (3) ◽  
pp. 133-155
Author(s):  
Kgomotlokoa Linda Thaba-Nkadimene ◽  
Maletšema Ruth Emsley
Keyword(s):  
South African ◽  
Primary Schools ◽  
Cultural Theory ◽  
Negative Impact ◽  
Positive Influence ◽  
Reading For Pleasure ◽  
Theory Of Reading ◽  
Research Findings ◽  
African Youth ◽  
Reading Clubs

The challenges of reading experienced by learners exerts a negative impact on reading for pleasure, and learners' outcomes. In an attempt to address such reading challenges, Reading Clubs were launched to promote reading for pleasure among South African youth. This study examines the influence of Reading Clubs on learners' attitudes to Reading for Pleasure and the outcomes thereof. The study was informed by the Top-Down Model of Reading and the Cultural Theory of reading for pleasure. Interviews were conducted in five purposively selected schools with five Sparker coaches and five teachers. The research findings reveal a positive influence of Reading Clubs on reading for pleasure and learners' outcomes. This is reflected through improved levels of reading for pleasure. This study ultimately recommends that schools learn from best practices of Reading Clubs, and that government strive to make Reading Clubs a sustainable project.

Regulatory Adverse Selection in the Life Insurance Market

2004 ◽  
Author(s):  
Mattias K. Polborn ◽  
Michael Hoy ◽  
Asha Sadanand
Keyword(s):  
Adverse Selection ◽  
Life Insurance ◽  
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.

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