PECULIARITIES OF MANAGEMENT OF INSURANCE COMPANY SERVICES UNDER THE INFLUENCE OF THE COVID-19 PANDEMIC

Abstract

Background and objectives. In One of the elements of Ukraine's financial market infrastructure is the insurance market. Insurance services occupy the second place by the level of capitalization among nonbank financial markets. The current stage of development of insurance market in Ukraine, as well as any other state, is indirectly influenced by the consequences of COVID-19 pandemic. At this time, insurance companies are playing an important role in the life of the country. For their part, they fall under the influence of the negative external environment of company development. Adaptation of the insurance market to the changes is necessary. It is connected with the modernization of financial instruments of the insurance industry and implementation of innovative technologies in the organization of insurance activity. This necessitates the search for innovative ideas in the management of insurance company services.

Methods. The following general analysis methods were used: the leveling and grouping methods, the average values and indices methods, the graphical methods, the integrated assessment methods.

Findings. Obtained results of the insurance market situation, impact of the COVID-19 pandemic on the activity of insurance companies was assessed, the trend of insurtech solutions for improvement of relations with clients was recommended.

Conclusion. The conducted research enabled to investigate indirect influence of pandemic COVID-19 on the market of insurance companies services and interconnection of the market with Ukrainian economics and the world. The conducted research helped to determine necessity of implementation of new approaches to management of insurance company services, in particular the necessity of using insurtech solutions for improvement of relations with clients.