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A model for assessing the competitiveness of insurance companies

Vol. 25, Iss. 12, DECEMBER 2019

Received: 22 October 2019

Received in revised form: 14 November 2019

Accepted: 28 November 2019

Available online: 25 December 2019

Subject Heading: Insurance

JEL Classification: G22

Pages: 2903–2914

https://doi.org/10.24891/fc.25.12.2903

Ovakimyan E.K. Russian Presidential Academy of National Economy and Public Administration (RANEPA), Moscow, Russian Federation
eric-93@mail.ru

ORCID id: not available

Subject This article examines 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.

Keywords: insurance, competitiveness, improving competitiveness

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