DIGITALIZATION OF THE INSURANCE MARKET AS A FACTOR IN INCREASING ITS COMPETITIVENESS
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Abstract
Approaches to the definition of «competitiveness» are systematized. The problems of the national insurance market and the main directions of its sustainable development in the conditions of digital transformation of the economy are identified. Factors affecting the competitiveness of an insurance company are identified. The author offers a classification of factors of insurers' competitiveness, including the main factors (reliability factors), support factors and stress factors. Digitalization is defined as the most important factor in the competitiveness of the insurance market in the digital economy. Competitive advantages of insurers based on digitalization are justified. Business imperatives of insurers in the conditions of digitalization are revealed. The recommendations can become a powerful driver for increasing the competitiveness of the insurance market.
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