METHODICAL APPROACHES TO THE STUDY OF INNOVATIVE TECHNOLOGIES IN THE INSURANCE SERVICES MARKET

Abstract

The article is devoted to the study of the impact of the active introduction of innovative technologies in the insurance market of Ukraine. The use of digital and innovative technologies in the insurance industry is highlighted. Factors contributing to the application of innovations in insurance activity were identified and analyzed. The views of scientists regarding the importance and necessity of introducing innovative technologies and innovative products into the activities of companies are considered. But they emphasize that this implementation opens up many opportunities and increases the efficiency of insurance activity. The main types of innovations in the modern insurance sector are characterized, namely: "Technological innovations"; "Product innovations"; "Process innovations"; "Marketing innovations". Their possibilities and prospects are outlined. The process of automating the activities of insurance companies allows to increase the competitiveness of the company and the effective development of new business models, to improve the quality of customer service and compensation for losses, as well as to raise the level of sales efficiency and the introduction of advanced methods of reward and motivation. It is worth noting that the effective implementation of the above innovations requires a complex analysis based on methodological approaches, among which it is worth highlighting analytical, systemic, process, educational programs and trainings, practical testing, functional and integrated approaches. The article discusses the main tools for evaluating the effectiveness of the use of innovative technologies in the insurance market. ROI (from the English return on investment), also known as ROR (from the English rate of return – profitability) is a financial ratio that illustrates the level of profitability or loss of a business. IRR (Internal Rate of Return) – Internal rate of return. NPV (Net Present Value) – Net present value. Payback Period – Payback period. Combined Ratio – Combined ratio. The implementation of modern innovations in insurance activity, in addition to prospects and opportunities, also has problems, among which: the high cost of introducing innovations, each product involves significant financing and risks; insufficient qualification of the staff, before the introduction of new tools, it is necessary to ensure the training of specialists as a matter of priority. Innovative technologies are significantly changing the market of insurance services, ensuring its flexibility, personalization and efficiency. Methodological approaches to their study should be multi-level, include financial and economic, organizational and strategic aspects. The implementation of innovations requires a clear assessment of performance, which is ensured by means of key financial indicators and models.