The Corporate Competitiveness Evaluation Model for Insurance

Abstract

Subject. This article examines the different models for assessing the competitiveness of insurance companies. Objectives. The article aims to develop an optimal model for assessing the competitiveness of the insurance company, able to adequately assess the current situation and provide comprehensive information of the insurance company's position in the insurance market. Methods. For the study, I used the methods of theoretical and comparative analyses. Results. The article presents two models for assessing the competitiveness of insurance companies, namely, for external and internal users. It proposes to represent a model of measuring competitiveness for internal users as a graphic imaging, and for external users, as a table, which is based on a balanced scorecard. Conclusions and Relevance. The results of the study can help any participant of the insurance market to adequately assess the state of the insurance company, and identify competitive advantages and disadvantages to improve the financial situation of the organization. The information outlined in the article is practical for it affords to use the eventual outcome of the study in the practice of insurance organizations to improve their competitiveness.