Competitive advantages of insurer in the context of digital transformations of insurance business in Ukraine

Сосновська, Ольга Олександрівна (2021) Competitive advantages of insurer in the context of digital transformations of insurance business in Ukraine Socio World, 5 (3). pp. 34-43. ISSN 2733-2713, 2733-2721

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Abstract

The paper substantiates the need to ensure the competitiveness of insurance companies as an imperative of their successful functioning and innovative development. It is noted that in the context of the development of digitalization and changing the conditions of market competition, the key task is the presence of competitive advantages in the insurer – its unique characteristics, skills, resources, results and opportunities that allow withstanding the competition that exists in the insurance market. Based on indicators of insurance companies assessment by potential consumers of insurance services, internal and external competitive advantages are systematized as the main competences of ensuring the competitiveness of the insurer. It has been established that the current stage of the development of the insurance business is accompanied by a large-scale digital transformation in all spheres of economic activity, and the progressive digitalization of insurance relations is a key competitive advantage of insurance companies. The necessity of changing traditional business models and introduction of technological innovations to ensure a new level of quality of insurance services and preservation of competitive positions in the insurance business environment is substantiated. The directions of providing competitive advantages of the insurer on the basis of digitalization are proposed, among them the development of online communications through the Internet and social networks, a flexible approach to the offer of insurance services, automation of the insurer's key business processes, underwriting on the basis of big data and advanced analytics, interaction with InsurTech companies. The advantages and disadvantages of the insurance business development on the basis of digitalization are determined.

Item Type: Article
Uncontrolled Keywords: digitalization; competitiveness; competitive advantages; competencies; insurance business; technological innovations
Subjects: Це архівна тематика Київського університету імені Бориса Грінченка > Статті у журналах > Наукові (входять до інших наукометричних баз, крім перерахованих, мають ISSN, DOI, індекс цитування)
Divisions: Це архівні підрозділи Київського університету імені Бориса Грінченка > Кафедра фінансів та економіки
Depositing User: Sosnovska Ольга Александровна Сосновская
Date Deposited: 03 Dec 2021 13:08
Last Modified: 03 Dec 2021 13:08
URI: https://elibrary.kubg.edu.ua/id/eprint/39290

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