Trends of innovative development of insurance companies in Ukraine

Сосновська, Ольга Олександрівна and Сіренька, Ірина Ігорівна (2021) Trends of innovative development of insurance companies in Ukraine Europian Scientific Journal of Economic and Financial Innovation (2(8)). pp. 20-30. ISSN 2617-863X, 2617-8648

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Abstract

The article examines the current trends in the market of insurance services in Ukraine. The dynamics of the number of insurance companies and their innovative activity are analyzed. It has been proven that companies that operate for a long time without introducing new technologies and insurance products lose their customer base and are unprofitable. The dynamics of reducing the number of innovatively active financial and insurance companies that introduced new or significantly improved products, innovations in products and processes, created marketing or organizational innovations is analyzed. An analysis of the main performance indicators and growth rates of insurers, which is reflected in the dynamics of insurance payments and insurance payments. The essence and types of innovations in the insurance market are presented. The main trends in the development of insurance products are outlined, including: the Internet, social networks, mobile applications, new sales channels, cloud technologies, business process automation and their impact on the insurer's innovation. It is proved that the development and transition to online insurance is a necessary condition for effective management of the insurance company and reduction of operating costs. The role of cloud technologies and big data technologies in optimizing business processes and risk assessment by analyzing information from the Internet is determined. The main problems faced by insurance companies, the ways to overcome which are the introduction of innovations, which will further contribute to the development of the insurance market of Ukraine. The experience of domestic insurers in implementing innovations is analyzed and systematized. It was found that CASCO and VMI are more innovative among other insurance products. It is generalized that the innovation process involves the gradual formation of a competitive insurance service, which in terms of quantity and quality will surpass its counterparts. It is established that ensuring the competitiveness and financial stability of insurance companies requires the development of innovations and their active implementation in key business processes.

Item Type: Article
Uncontrolled Keywords: insurance companies; innovation; innovation activity; types of innovations; innovative products
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: 13 Dec 2021 08:09
Last Modified: 13 Dec 2021 08:09
URI: https://elibrary.kubg.edu.ua/id/eprint/39553

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