Formation of the mechanism of innovative development of insurance companies in the market environment

Authors

DOI:

https://doi.org/10.15587/1729-4061.2022.260372

Keywords:

innovative development, insurance company, insurance products, trend model, insurance premiums

Abstract

Ensuring the efficient operation and development of companies in the insurance services market in the context of globalization and growing international competition is possible only through the development and implementation of innovations. The object of the study is the services of insurance companies. Theoretical and methodological foundations of the formation of the mechanism of innovative development of companies in the insurance services market in modern economic conditions have been studied. A rating analysis of insurance companies in Ukraine was carried out and their innovative development in the market environment was substantiated. Based on the insurance protection system, an analysis was made of the use of the resources of the insurance company and the level of earmarked funds. Analysis of studies has shown that the leading insurance companies are financially stable and provide high guarantees for the preservation, accumulation and timely payment of funds. The activity of the leading company in the insurance services market of the PJSC "Insurance group TAS" (Ukraine) is considered. The analysis of experts and its position in the market of insurance services is carried out. The results of the analysis allow us to state a stable increase in its market position in terms of insurance premiums, payments and reserves. The forecasting of economic indicators based on trend models, based on the idea of extrapolation, was carried out, the results of which indicate that the gross amount of the insurance company in the planned year will increase by 21.09% compared to 2019. It is proposed to ensure the innovative development of the insurance company through the implementation of the "Full Business Protection" program. It has been proven that its implementation will allow the insurance company to ensure continuous and stable operation. The components of the strategy of innovative development of the insurance company have been formed. A mechanism has been formed for the strategic innovative development of insurance companies, which includes 4 blocks: planning, implementation, analysis and control

Author Biographies

Іryna Litvinova, Simon Kuznets Kharkiv National University of Economics

PhD, Associate Professor

Department of Hotel and Restaurant Business

Oksana Davydova, Simon Kuznets Kharkiv National University of Economics

Doctor of Economic Sciences, Professor, Head of Department

Department of Hotel and Restaurant Business

Viktoria Kozub, Simon Kuznets Kharkiv National University of Economics

PhD, Associate Professor

Department of International Economics and Management

Serhiy Kozub, National Scientific Center «Hon. Prof. M. S. Bokarius Forensic Science Institute»

Doctor of Philosophy in Economics, Chief Forensic Expert

Laboratory of Economic and Commodity Expertise in High-Profile Proceedings

Tetiana Chernukha, Simon Kuznets Kharkiv National University of Economics

PhD, Lecturer

Department of International Economics and Management

References

  1. Bednarczyk, T. H., Jańska, A. (2015). Product and Process Innovations in Property Insurance for Individuals. Annales Universitatis Mariae Curie-Skłodowska, Sectio H, Oeconomia, 49 (4), 45. doi: https://doi.org/10.17951/h.2015.49.4.45
  2. Szymańska, A., Bednarczyk, T. H., Klapkiv, J. (2018). Rozwój dystrybucji ubezpieczeń majątkowych online w Polsce w latach 2005-2016. Ekonomika i Organizacja Przedsiębiorstwa, 5, 82–94. Available at: http://bazekon.icm.edu.pl/bazekon/element/bwmeta1.element.ekon-element-000171537387
  3. Klapkiv, L., Klapkiv, J. (2017). Technological innovations in the insurance industry. University in Lublin, University of Łόdź. Journal of Insurance, Financial Markets and Consumer Protection, 26 (4), 67–78. Available at: https://depot.ceon.pl/bitstream/handle/123456789/14333/RU26-5.pdf?sequence=1&isAllowed=y
  4. Karapiperis, D., Brandenburg, A., Birnbaum, B., Brande, A., Castagna, S., Greenberg, A. et. al. (2015). Usage-Based Insurance and Vehicle Telematics: Insurance Market and Regulatory Implications. National Association of Insurance Commissioners.
  5. Telematics Update. Insurance Telematics Report (2014). Available at: http://saiv.espaceweb.usherbrooke.ca/References/236_2014_InsuranceTelematicsReportExtract_19p.pdf
  6. Global Insurance Telematics Subscriptions to Exceed 100 million by 2018, but Auto Insurance Faces Dramatic Changes (2013). Research, ABI. Available at: https://www.abiresearch.com/press/global-insurance-telematics-subscriptions-to-excee/
  7. Eckert, J., Gatzert, N., Martin, M. (2016). Valuation and risk assessment of participating life insurance in the presence of credit risk. Insurance: Mathematics and Economics, 71, 382–393. doi: https://doi.org/10.1016/j.insmatheco.2016.10.006
  8. Ballotta, L., Haberman, S., Wang, N. (2006). Guarantees in With-Profit and Unitized With-Profit Life Insurance Contracts: Fair Valuation Problem in Presence of the Default Option. Journal of Risk and Insurance, 73 (1), 97–121. doi: https://doi.org/10.1111/j.1539-6975.2006.00167.x
  9. Zhuravka, О. S., Vasylchuk, A. Y. (2017). Analysis of the insurance market in Ukraine. Efektyvna ekonomika, 3. Available at: http://www.economy.nayka.com.ua/?op=1&z=5493
  10. Kneysler, O., Kryvytska, O., Shupa, L., Huzela, I. (2019). Assessment of the competitive environment of the health insurance market. Problems and Perspectives in Management, 17 (2), 541–549. doi: https://doi.org/10.21511/ppm.17(2).2019.42
  11. Reitynh strakhovykh kompaniy Ukrainy. Available at: https://forinsurer.com/ratings%20/nonlife/19/12/38
  12. Zavoyskykh, Yu. A. (2018). Metodychni vkazivky do vykorystannia ekonomiko-matematychnykh metodiv u dyplomniy roboti studentiv spetsialnosti 051 «Ekonomika». Rubizhne: IHT SNU them. V.Dalia, 184
  13. Litvinova, I. M., Makarenko, I. O., Protsenko, A. V. (2021). Pozytsiyi na rynku PrAT «Strakhova hrupa «TAS»» ta vybir napriamkiv innovatsiynoho rozvytku. The XV International Science Conference «Modern approaches to the introduction of science into practice». San Francisco, 79–81. Available at: https://eu-conf.com/events/modern-approaches-to-the-introduction-of-science-into-practice/
  14. Usluha byznes strakhovanyia "povnyi biznes-zakhyst". Available at: https://sgtas.ua/ru/zashita-imushestva/povniy-biznes-zahyst/

Downloads

Published

2022-07-01

How to Cite

Litvinova І., Davydova, O., Kozub, V., Kozub, S., & Chernukha, T. (2022). Formation of the mechanism of innovative development of insurance companies in the market environment. Eastern-European Journal of Enterprise Technologies, 3(13 (117), 67–77. https://doi.org/10.15587/1729-4061.2022.260372

Issue

Section

Transfer of technologies: industry, energy, nanotechnology