THEORETICAL FOUNDATIONS OF FORMATION OF INNOVATIVE STRATEGIES OF INSURANCE COMPANIES IN UKRAINE AND PECULIARITIES OF ITS DEVELOPMENT UNDER MARTIAL LAW

Abstract

The article researches the theoretical foundations of formation of innovative strategies of insurance companies in Ukraine and analyzes the peculiarities of their development under martial law. It is established that the innovation strategy of insurance companies involves the introduction of new technologies, products, processes and management models that will allow them to adapt to rapidly changing environmental conditions. The theoretical basis for innovative strategies of insurance companies based on the following concepts is determined: theory of innovative changes; concept of strategic management; theory of risk management; concept of digitalization. The article examines the peculiarities of development of innovative strategies of Ukrainian insurance companies in the context of war, among which the main ones are: focus on military risk management; rapid adaptation to changes in the economic and legal environment; introduction of digital solutions; implementation of international experience. The main factors influencing the formation of innovative strategies of insurance companies are analyzed and the priority ones are identified: technological development; financial resources; regulatory environment. The main directions of innovative development of insurance companies under martial law are identified, namely: development of new insurance products; automation and digitalization; development of partnership and cooperation with other financial institutions; sustainable development and social responsibility. The author proposes step-by-step stages of building an innovation strategy for Ukrainian insurance companies in wartime: Stage 1: Analysis of the environment and risk assessment. Stage 2: Determination of strategic goals. Stage 3. Development of innovative solutions. Stage 4. Implementation and monitoring. Stage 5. Performance evaluation and adjustment. As a result, the following strategies for the development of insurance companies have been proposed: adaptation to new risks – implies that innovative strategies should be aimed at creating new methods of risk assessment and management in times of war, which may include the use of alternative data sources for risk forecasting, development of online insurance systems and digital platforms for claims management; partnerships and collaborations – involves the formation of strategic partnerships with other companies, in particular financial institutions, IT companies.