Determining Competitive Advantages of Insurance Companies in Ukraine

Valentina  Volkova; Valentina Oglih; Aleksii Shapovalov; Yuriy Gurtovoy

doi:10.15421/192204

Valentina Volkova Oles Honchar Dnipro National University, Ukraine https://orcid.org/0000-0002-6716-2720
Valentina Oglih Oles Honchar Dnipro National University, Ukraine https://orcid.org/0000-0003-3193-7931
Aleksii Shapovalov University of Customs and Finance, Ukraine https://orcid.org/0000-0001-8788-3771
Yuriy Gurtovoy Oles Honchar Dnipro National University, Ukraine

DOI: https://doi.org/10.15421/192204

Keywords: insurance companies, competitive advantages, economic and mathematical modeling, multidimensional statistical analysis

Abstract

Purpose: The study aims to analyze and determine the competitive advantages of insurance companies in Ukraine in order to increase their competitiveness on the basis of economic and mathematical modeling.

Approach/Findings: Detailed analysis of performance indicators of the leading insurance companies in Ukraine was carried out. Based on economic and mathematical modeling, their competitive advantages were calculated. Factors that most significantly affect the competitiveness of an insurance company were determined.

Originality/Value: The study includes a holistic and systematic approach to determining the competitive advantages of insurance companies in the Ukrainian market based on factor analysis of their performance. This study provides additional opportunities for strategic management of a company. The proposed approach can be the basis for implementing simulation experiments of an insurance company to determine the most significant indicators of its work to increase competitiveness.

Practical Implications: Model calculations, carried out in the work, made it possible to determine the position and opportunities of companies in the Ukrainian insurance market, factors that increase the competitiveness of insurance companies, as well as directions for improving their development strategies.

Research Limitations/Future Research: Research prospects are associated with further improvement of indicators that are system-forming in determining competitive advantages of insurance companies in Ukraine.

Paper type: Empirical

Downloads

Download data is not yet available.

References

Avtocivilka. (2020). Svitlofor MTSBU ˗otsinka diialnosti strakhovykh kompanii − chleniv MTSBU za 4 kvartal 2020 roku: veb-sajt. Avtocivilka.net.ua Retrieved from https://avtocivilka.net.ua/uk/svitlofor-mtsbu-otsinka-diyalnosti-strakhovykh-kompaniy.html(in Ukrainian).

Botvina, N. (2019). Formation of the insurance market in Ukraine: realities and problems. Economic analysis, 29(4), 132-137. https://doi.org/10.35774/econa2019.04.132 (in Ukrainian).

Embrechts, P., Kluppelberg, C., & Mikosch, T. (2009). Modelling extremal events for isurance and finance. Springer.

Field, A. P., & Miles, J. (2009). Discovering statistics using SPSS: (and sex and drugs and rock'n'roll). London, England: Sage Publications.

Forinsurer™ (2021b). Ukrainian insurance market statistics. forinsurer.com. Retrieved from https://forinsurer.com/stat (in Ukrainian).

Forinsurer™ (2021а). Reyting strakhovykh kompaniy Ukrainy. forinsurer.com. Retrieved from https://forinsurer.com/ratings/nonlife (in Ukrainian).

Ionin, M. (2018). Konkurentni perevahy strakhovykh kompanii v konteksti rozvytku strakhovoho rynku Ukrainy. [Competitive advantages of insurance companies in the context of the development of the insurance market of Ukraine]. Finansy, oblik, banky.1(23). https://doi.org/10.31558/2307-2296.2018.1.9. (in Ukrainian).

Klepikova, O. (2013). Modeljuvannja marketynghovoji strateghiji strakhovoji kompaniji. [Modeling the marketing strategy of the insurance company]. Visnyk Kyivsjkoghonacionaljnogho universytetu im. Tarasa Shevchenka. Serija: Ekonomika. 6, 55-60.

Lambin, J.-J. (2012). Market-driven management : strategic and operational marketing. Dunod. Paris.

Minfin. (2021). Vsi strakhovi kompaniji Ukrajiny. minfin.com.ua Retrieved from https://minfin.com.ua/ua/insurance/all/ (in Ukrainian).

NBU. (2021a). Kompleksna informacijna systema Nacionaljnogho banku Ukrajiny. Official website of the National Bank of Ukraine. Retrieved from https://kis.bank.gov.ua/(in Ukrainian)

NBU. (2021b). Oghljad nebankivsjkogho finansovogho sektoru. Nacionaljnyj bank Ukrjiny. Official website of the National Bank of Ukraine. Retrieved from https://bank.gov.ua/ua/news/all/oglyad-nebankivskogo-finansovogo-sektoru-kviten-2021-roku (in Ukrainian).

Porter., M. (1998). The Competitive Advantage of Nations. Palgrave Macmillan. United Kingdom.

Porter., M. (2004). Competitive Advantage : Creating and Sustaining Superior Performance. Simon & Schuster. New York.

Purii, H. (2018). Strakhovyi rynok Ukrainy: suchasnyi stan ta problemy rozvytku. [Insurance market of Ukraine: current state and problems of development]. Efektyvna ekonomika. 10. Retrieved from http://www.economy.nayka.com.ua/pdf/10_2018/60.pdf (in Ukrainian).

Rioja, A. (2020). Ponimaniye konkurentnogo preimushchestva: opredeleniye, tipy i primery. [Understanding Competitive Advantage: Definition, Types, and Examplesъ]. Retrieved from https://alejandrorioja.com/ru/понимание-конкурентное-преимущество (in Russian).

Ruda, O. (2020). Insurance Market Development in Ukraine. Efektyvna Ekonomika, (2). https://doi.org/10.32702/2307-2105-2020.2.55 (in Ukrainian).

Tereshchenko, T. E., Karpushkina, O. S., & Klokova, L. O. (2019). Analysis of level of population trust to insurance services in ukraine. Efektyvna Ekonomika, (6). https://doi.org/10.32702/2307-2105-2019.6.54. (in Ukrainian).

United States Agency for International Development. (2018). Finansial literacy, awareness and inclusijn in Ukraine: research report additional IP-FSS project in Ukraine regional economic development project. Retrieved from https://old.bank.gov.ua/doccatalog/document?id=83136332 (in Ukrainian).

Vasylenko, A. (2021). Shho oznachaje rejtyngh “Svitlofor” u MTSBU. [What does the rating “Traffic light”in MTIBU mean?]. Ukasko. Retrieved from https://ukasko.ua/uk/blog/scho-oznachae-rejting-svitlofor-u-mtsbu (in Ukrainian).

VRU. (1996). Zakon Ukrainy “Pro strakhuvannja” [Law of Ukraine "On insurance"]. Verkhovna Rada of Ukraine:Legislation of Ukraine. Retrieved from http://zakon2.rada.gov.ua/laws/show/85/96-вр (in Ukrainian).

VRU. (2013). Metodychni rekomendatsiyi shchodo rozrakhunku rivnya ekonomichnoyi bezpeky Ukrayiny [Guidelineson the calculation of the level of economic security of Ukraine]. Verkhovna Rada of Ukraine: Legislation of Ukraine. Retrieved from https://zakon.rada.gov.ua/rada/show/v1277731-13#Tex (in Ukrainian).