Life insurance companies marketing strategy in the digital world

  • Received May 30, 2018;
    Accepted September 24, 2018;
    Published October 2, 2018
  • Author(s)
  • DOI
  • Article Info
    Volume 9 2018, Issue #1, pp. 70-78
  • Cited by
    5 articles

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This work is licensed under a Creative Commons Attribution 4.0 International License

The research is aimed to evaluate the internet marketing strategies in of life insurance companies in Ukraine. The insurance service in the time of digitalization faces scenarios of implementation in the marketing strategy on-line component. The main challenge for Ukrainian life insurance companies comparatively with the world practice is non-obligatory status of such kind of insurance contracts. So, on the one hand, costs of operation, regulatory pressures and inflexible technology infrastructure are increasing, and, on the other hand, economic recession does not allow to increase the number of insured persons, premiums and profit growth.
Sector of financial services is characterized by an increase in the level of competition, life insurance compelled to compete with pensions funds, banks and other financial institutions in order to defend their market share. Insurance companies marketing strategy determines how an insurer can best achieve its goals and objectives, keep existing customers and attract new ones with minimal costs.
Keeping all the above problems around the study would attempt to study all the factors that contributed to the effective marketing strategies. This paper presents different marketing strategies that are taken up in life insurance services keeping in view external and internal environment of the company.

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    • Fig. 1. Diagram of the dynamics of number of insurance companies
    • Table 1. Concentration of the life insurance market in Ukraine as of January 1, 2017
    • Table 2. Life insurance programs of insurance companies in Ukraine
    • Table 3. Comparison of corporate life insurance company websites
    • Таble 4. Online insurance tools on life insurance companies’ sites
    • Table 5. Comparison of pages of social networks of life insurance companies in Ukraine by the number of subscribers as of November 1, 2017
    • Table 6. Expenses on sales of life insurance companies in Ukraine
    • Table 7. Insurance premiums of life insurance companies in Ukraine, thousand UAH
    • Table 8. Value of insurance premiums to expenses of life insurance companies
    • Table 9. The main indicators of life insurance companies in Ukraine as of January 1, 2017
    • Table 10. Indicators of the economic efficiency of marketing activities of life insurance companies in Ukraine as of January 1, 2017