ASSESSMENT OF THE IMPACT OF INTERNAL AND EXTERNAL FACTORS ON COMPETITIVENESS OF INSURANCE COMPANIES

The article examines the issue of assessment of competitiveness of the insurance companies. Taking into account ambiguous approaches to the concept of competitiveness, an author’s definition of competitiveness of an insurance company was proposed. It is noted that various factors influence the competitiveness of the insurance company. The authors distinguish two groups of factors classified according to the criterion of the source of their origin into the internal and external ones. The need to use different methods to assess the impact of factors on the competitiveness of the insurer is justified. With the help of various tools, the impact of internal and external factors on the competitiveness of insurance companies was assessed. Calculation of the influence of external factors is carried out using econometric methods, on the example of insurance companies included in the TOP‑10. Based on the results of the model calculation, the dependence of the volume of insurance premiums as an indicator of competitiveness on its underlying external factors takes on a linear form. According to the results obtained, the greatest influence on the level of competitiveness of insurance organizations is provided by external factors such as personal incomes and the number of insurance organizations. As a tool for assessing the impact of internal factors, an approach is proposed using a system of balanced indicators that allows to take into account both financial and non‑financial aspects of the insurer’s activities. A strategic map has been constructed by structuring key indicators of the insurance organization’s activities, united by causal links. To determine the degree of influence of the MTP indicators on the competitiveness of the insurance organization, a multifacture model is designed. By the method of expert evaluation processing, the influence of internal factors on the competitiveness of the insurance company was assessed. This allowed us to identify a group of factors that most strongly affect the competitiveness of the insurer. The evaluation of the degree of influence showed that the most important indicators are those included in the “marketing” group.

competitiveness of insurance company, competitive advantage, competitiveness factors, insurance company, competitive environment, insurance market, balanced scorecard, correlation analysis, regression analysis, competition.

Khitrova E. M., Khitrova T. I., Popova E. S. Assessment of the impact of internal and external factors on competitiveness of insurance companies // Business. Education. Law. 2018. No. 4 (45). Pp. 216–226. DOI: 10.25683/ VOLBI.2018.45.429.