MARKET OF INSURANCE SERVICES : BASIC IMPERATIVES OF STRATEGIC DEVELOPMENT

Abstract

Determinant of socio-economic development of economic systems is an effective functioning market of insurance services, which creates the preconditions for eliminating some of the risks that cause the life of citizens of the country and the management of subjects of market relations or international entities, which determine the basis of development of the whole community, by ensuring their insurance protection. The purpose of the article is to investigate the latest trends and modern financial technologies that contribute to the formation of the digital economy, and to develop on their basis strategic directions of development of the domestic insurance market, since the efficiency and functioning of national economic systems, economic growth of the country as a whole depends on the prudence and timeliness of their testing, possibility of providing full insurance protection of the society. The defining features of the formation of the digital economy are investigated and their influence on the functioning of financial intermediaries is outlined. The main innovations and modern financial technologies used in the insurance industry are described to maintain or achieve more competitive advantages or the effectiveness of management decisions, which leads to the transformation of the insurance business into the industry of the new generation. The analysis of tendencies of development of insurance services markets of individual countries and group of insurance companies of Ukraine on the main indicators of activity is carried out. Evaluated the level of economic security of the domestic insurance market in order to identify the strategic priorities of its development. The emphasis is on the need to improve the basis of the functioning of the domestic insurance services market in accordance with the proposed strategy, which covers five components: increasing the volume of insurance activities and expanding market capitalization, the formation of professional infrastructure of the market, testing of innovative approaches to the development of insurance business and the insurance market in general, achievement of a rational correlation between the key structural characteristics of the functioning of the market, as well as the harmonization of domestic insurance On legislation with international standards and norms. Key words: innovative technologies, insurance services market, development strategy, latest trends, financial globalization, digitalization of the economy, digital platforms.