Innovations in the insurance market of a developing country: Case of Ukraine-Reference-Cited by-同舟云学术

Innovations in the insurance market of a developing country: Case of Ukraine

Published:2020-12-02 Issue:4 Volume:17 Page:175-188
ISSN:1810-4967
Container-title:Investment Management and Financial Innovations
language:
Short-container-title:Investment Management and Financial Innovations

Author:

Yehorycheva Svitlana¹^ORCID,Fysun Iryna²^ORCID,Hudz Tetiana³^ORCID,Palchuk Oksana⁴^ORCID,Boiko Natalia⁵^ORCID

Affiliation:

1. Doctor of Economics, Professor, Department of Finance, Banking Business and Taxation, National University “Yuri Kondratyuk Poltava Polytechnic”

2. P h.D. in Economics, Associate Professor, Head of the Department of Law and Finance, Poltava Institute of Economics and Law of the Open International University of Human Development “Ukraine”

3. Doctor of Economics, Associate Professor, Department of Finance and Banking, Higher Educational Establishment of Ukoopspilka “Poltava University of Economics and Trade”

4. Ph.D. in Economics, Associate Professor, Department of Accounting and Finance, Central Ukrainian National Technical University

5. Ph.D. in Economics, Associate Professor, Department of Economics and Marketing, Simon Kuznets Kharkiv National University of Economics

Abstract

Modern insurance business, including in developing countries, is associated with the introduction of innovations. The purpose of this paper is to clarify the features of the insurance market’s innovation in Ukraine by reviewing the literature and analytical data on the market as a whole and its individual participants. The results show that innovations implemented in the insurance market can be classified according to certain characteristics, which provides opportunities for its empirical study. The analysis reveals that the peculiarities of the innovative development of the Ukrainian insurance market are determined by many factors, among which digitalization and increased risks due to the COVID-19 pandemic are the main ones today. Based on the analysis of leading insurance companies’ practice, it is concluded that they implement only a limited amount of innovations, mainly of incremental and combinatorial types, and do not actively use modern communication channels with consumers. The results highlight the need for insurance and FinTech companies to cooperate in the innovation ecosystem, which is still being formed in the Ukrainian insurance market. The study also considers the possibility of using a system of indicators to assess the innovativeness of insurance companies.

Publisher

LLC CPC Business Perspectives

Subject

Strategy and Management,Economics and Econometrics,Finance,Business and International Management

Link

https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14298/IMFI_2020_04_Yehorycheva.pdf

Reference43 articles.

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