On Some Issues of Optimizing the Business Process in Insurance Activities in Relation to Global Trends

Abstract

In an innovative economy, the degree to which the functions assigned to the risk transfer in insurance activities, as an institution for leveling the negative consequences of exogenous factors, are determined by the specifics of the business process in a particular area, both at the level of the insurance entity and the insurance institution, as well as financially-economic system as a whole. At the same time, the multidimensional nature of the risk transfer category, which determines various approaches to interpreting the economic nature of the insurance market and the activities of its subjects, actualizes the need for a search in terms of identifying a business process conceptually reflecting its definitions. In this article, the context of adapting the tools of a systematic approach to identifying trends in the development of the insurance institution, the values of insurance activity and the business process mediating it, reveals the institutional interdependencies of structural components that ensure the reduction of effects of the volatility of economic development in accordance with the multifaceted stages of the cycles of a single integral process.