Abstract
Insurers’ understanding of reputation importance is a key factor of their successful performance at the market. It particularly concerns life insurance sector, which has a significant development potential in Ukraine.The article aims at deepening scientific and practical essentials concerning the formation of life insurance companies’ reputation in conditions of market competition aggravation and insurance market conjuncture volatility.Based on ranking assessments used in Ukraine (Insurance Top, Mind, “My insurance agent” and the ranking of the corporate reputation management quality “REPUTATIONAL ACTIVists”), the need for ensuring the insurers’ reputation stability in conditions of acute competition at the market was substantiated. The results of financial statements analysis and corporate governance reporting of insurance companies ASKA-LIFE, TAS, KD Life, PZU Ukraine, UNIQA Life, MetLife were presented. It was substantiated that, within studying the life insurance companies’ reputation, along with main financial indicators, there is a need to analyze in details such indicators as insurance premiums and investment income for one insured from savings life insurance, average payments, current accounts payable, etc.It was proved that for reputation capital development, it is worth strengthening the role of corporate social responsibility, and to consider insurance companies’ assessment on the part of clients and employees who are brand advocates and affect the companies’ reputation formation.
Highlights
The development of life insurance in Ukraine takes place in conditions of strengthening the integration processes of international nature, increasing the requirements for insurers, and increasing the competition
Based on ranking assessments used in Ukraine (Insurance Top, Mind, “My insurance agent” and the ranking of the corporate reputation management quality “REPUTATIONAL ACTIVists”), the need for ensuring the insurers’ reputation stability in conditions of acute competition at the market was substantiated
It was proved that for reputation capital development, it is worth strengthening the role of corporate social responsibility, and to consider insurance companies’ assessment on the part of clients and employees who are brand advocates and affect the companies’ reputation formation
Summary
The development of life insurance in Ukraine takes place in conditions of strengthening the integration processes of international nature, increasing the requirements for insurers, and increasing the competition. Reputation formation process is long, unstable, and costly It concerns life insurance companies whose business should have substantial financial foundation in the form of authorized capital, technical reserves, and reserves from life insurance. Reputation risk is defined as a po- tical foundations concerning the life insurance tential of increase or significant decrease of repu- companies’ reputation formation in conditions of tation non-material asset according to company’s market competition aggravation and insurance market value. At the same time, Shinichi, Schmit, and Rosenberg (2013) note that In order to specify the policyholder’s expectations the volume of capital investment in company’s de- according to the study goals, insurers’ official fivelopment, size and age of company, share of man- nancial indicators were brought up as relative valagers can be a source of insurer’s reputation losses ues, which enable to assess certain parameters for through internal fraud. Concerning relationships with insurer and personal criteria for assessing the results of these rela-
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