Abstract
The insurance company is a financial intermediary between stakeholders - a set of participants in the insurance process and those who have received the right to insurance payment, as well as insuring parties who purchase insurance coverage and shareholders whose capital is involved in its guarantee. Satisfaction of stakeholders creates a company’s free access to exchanged resources, thereby optimizing operations and increasing the efficiency of capital use. The implementation of the Total Quality Management (TQM) system, which could help achieve the goal, is complicated in insurance companies by dividing the personnel who create the insurance service, by the factor of time, since it is possible to check the quality only after the client has used it, which does not always arise in insurance, and often by the factor of location of units at geographically different points, which makes it virtually impossible for the simultaneous and equal participation of personnel in production processes, that requires innovative management tools.
 The purpose of this study is to study the effect of introducing a Total Quality Management (TQM) system and a balanced scorecard (BSC) on the activities of an insurance company, including the one aimed at achieving the satisfaction of its stakeholders. Using the methods of induction and synthesis of freely available data of SOGAZ, Rosgosstrakh, and ROSNO companies, a complex of dependent corporate goals was identified that were ranked relative to the organizational level.
 The results of the study allow concluding that the concept of balanced indicators allows to indicatively monitor the quality of meeting the interests of the main stakeholders of the company, which creates new effective tools for improving resource exchange and does not allow distortions in management. The integration of strategic planning and TQM opens up new market growth opportunities for insurance companies in the context of a limited portfolio of services for a strictly limited audience. The paper provides specific recommendations for organizations to resolve problems that impede the successful implementation of TQM.
 The results of this study can be used by officials of insurance companies in developing strategies and tactics for their development, including the implementation of BSC and TQM, as well as scientists for a deeper study of the results of the implementation of BSC and TQM, both in the insurance industry and other sectors of the economy.
Highlights
IntroductionThe insurance market is the link between the government, private companies and individual persons [3]
Risk accompanies any human activities: personal, social and economic ones [1]
Operating in the complex and boundless business world modern insurance companies are focused on improvement of their competitive advantages in order to ensure growth of income and reduction in expenditures [5], at the same time dealing with risks requires that their operating results were maintained at a high level [6]
Summary
The insurance market is the link between the government, private companies and individual persons [3]. This market, as well as other financial markets such as banking and stock market is of vital importance for the sustainable economic growth of the country [4]. Operating in the complex and boundless business world modern insurance companies are focused on improvement of their competitive advantages in order to ensure growth of income and reduction in expenditures [5], at the same time dealing with risks requires that their operating results were maintained at a high level [6]. Therein in all fairness it should be noted that recently the idea that organizations incur more obligations than just serving the interests of their stakeholders has been gaining popularity [9]
Sign-in/Register to view highlights & summary Sign-in/Register to access full text options 
Free) 
Talk to us
Join us for a 30 min session where you can share your feedback and ask us any queries you have
Schedule a call
