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 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.

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 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.

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.

Managing uncertainty in a general insurance company

1990 ◽  
Vol 117 (2) ◽  
pp. 173-277 ◽  
Author(s):  
C. D. Daykin ◽  
G. B. Hey
Keyword(s):  
Computer Model ◽  
Flow Model ◽  
Insurance Companies ◽  
Simulation Methods ◽  
Insurance Company ◽  
Practical Applications ◽  
General Insurance ◽  
Alternative Approaches ◽  
The Impact

AbstractA cash flow model is proposed as a way of analysing uncertainty in the future development of a general insurance company. The company is modelled alongside the market in aggregate so that the impact of changes in premium rates relative to the market can be assessed. An extensive computer model is developed along these lines, intended for use in practical applications by actuaries advising the management of genera1 insurance companies. Simulation methods are used to explore the consequences of uncertainty, particularly in regard to inflation and investments. Some comments are made on the role of actuaries in general insurance. Alternative approaches to describing the behaviour of an insurance firm in the market are considered.

scholarly journals INCREASING THE COMPETITIVENESS OF INSURANCE COMPANY PRODUCTS AND SERVICES USING ECONOMIC AND MATHEMATICAL MODELING METHODS

2021 ◽  
Author(s):  
Mykhailo Demydenko ◽  
Ihor Pistunov
Keyword(s):  
Mathematical Model ◽  
Social Activity ◽  
Insurance Companies ◽  
Comprehensive System ◽  
Insurance Company ◽  
Competitive Advantages ◽  
Insurance Policy ◽  
Insurance Policies ◽  
The Impact

The competitiveness of an insurance company depends on the competitiveness of the products and services it introduces in the market. The competitive advantages of the insurance company are expressed in the attractiveness and competitiveness of insurance policies. An economic and mathematical model of increasing the competitiveness of the insurance company is proposed, which allows to calculate the integrated indicator of competitiveness of the insurance policy based on a comprehensive system of indicators characterizing the reliability of the insurance company, quality of its services, competitiveness, social activity. To analyze the impact of these indicators on the competitiveness of the insurance policy and identify areas for improving the efficiency and competitiveness of the insurance company. The competitiveness of an insurance company depends on the competitiveness of the products and services it introduces in the market. The assessment of the quality of insurance company services is compliance with the needs, requirements, and insurance interests of customers. This assessment is performed each time an individual client chooses to cooperate with an insurance company that meets his insurance interests and wishes. Therefore, the overall competitiveness of the enterprise depends on the competitiveness of products and services offered on the market. The competitive advantages of the insurance company are expressed in the attractiveness and competitiveness of insurance policies. The insurance market in recent years has shown consistently high growth, which makes it attractive for doing business. In these conditions, the task of modeling the activities of the insurance company in a highly competitive market environment becomes relevant. A mathematical model of increasing the competitiveness of the insurance company is proposed, which allows to calculate the integrated indicator of competitiveness of the insurance policy based on a comprehensive system of indicators characterizing the reliability of the insurance company, quality of its services, competitiveness, social activity. With the proposed model, insurance companies can objectively assess their weaknesses and strengths to ensure continuous growth and decent competition in a competitive market environment. The model allows you to select performance indicators and perform modeling and determine the consequences of changes in this indicator, analyze the impact of these indicators on the competitiveness of insurance policies and identify areas for improving the efficiency and competitiveness of the insurance company. By conducting such experiments, insurance companies can make more informed choices and decisions, analyze areas of competitiveness, and more efficiently allocate resources.

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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