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Analyzing innovation processes in the Russian insurance market

Vol. 18, Iss. 7, JULY 2019

Received: 16 January 2019

Received in revised form: 19 March 2019

Accepted: 14 May 2019

Available online: 30 July 2019

Subject Heading: Innovation

JEL Classification: G22, G32, G35

Pages: 1332–1347

https://doi.org/10.24891/ea.18.7.1332

Tsvetkova L.I. Moscow State Institute of International Relations (University) of Ministry of Foreign Affairs of Russian Federation (MGIMO University), Moscow, Russian Federation
l.tsvetkova@inno.mgimo.ru

https://orcid.org/0000-0003-1232-956X

Subject The article analyzes innovative initiatives in the insurance market.
Objectives The purpose of the study is to investigate the efficiency of innovation introduced into the business processes of insurance companies that relate to market regulator initiatives.
Methods The methodology rests on provisions of the stakeholder theory. To substantiate the presented positions, I also use methods of graphic and statistical analysis.
Results The paper formulates special indicators to assess the cost effectiveness of projects to introduce innovation in the insurance market. The indicators may be helpful to plan and control the profitability of innovation projects.
Conclusions The innovations introduced at the initiative of the Bank of Russia are ineffective for insurance market development. The Russian insurance market is characterized by high sensitivity of all stakeholders to the level of return on investment in innovation. If there is no return on investment, the low attractiveness of insurance in the investment market, personnel market and insurance market will provide the basis for increasing monopolization.

Keywords: innovation, stakeholder, capital return, customer base, public-private partnership

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