Change of business models of Ukrainian insurance companies in the conditions of COVID-19

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Insurance companies form their own business models based on the interests of stakeholders. Changes in business models are due to the impact of COVID-19, deepening digitalization and customer orientation. Accordingly, the aim of the study is to systematize the approaches to business models of insurance companies using emerging market country (Ukraine) as an example, and to show the change in a business model according to the CANVAS approach under the influence pandemic. In accordance with the purpose of the study, business models of insurance companies were systematized and grouped into blocks: value-based, structural, complex, and strategic. The strategic block identifies strategic changes in the activities of insurance companies and reflects trends on the insurance market. With this in mind, business models of insurance companies should reflect the set of strategic decisions, their architecture, structure and facilitate the management of value creation operations on the insurance market. Business models have changed from traditional to innovative, hybrid and digital-oriented. The main changes in the business models of insurance companies are omnichannel communications, the launch of chatbots, Big Data, Mobile ID, Bank ID, online access to registers, Blockchain. The COVID-19 pandemic has led to a shift in business models towards socially responsible business and adherence to sustainable development goals.

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    • Table 1. Approaches to understanding business models
    • Table 2. CANVAS models for insurance companies
    • Table 3. CANVAS models for LIFE insurance companies
    • Table 4. Combination of Kano and CANVAS models
    • Table 5. Business model of NON-LIFE insurance companies according to the National Bank of Ukraine in 2020
    • Table 6. Business model of LIFE insurance companies according to the National Bank of Ukraine in 2020
    • Table 7. Performance indicators of insurance companies in Ukraine in 2017–2020
    • Table 8. Business model of Cardiff Insurance Company
    • Table 9. Business model of insurance companies from the LIFE segment
    • Table 10. Business model of insurance companies from the NON-LIFE segment
    • Conceptualization
      Oksana Polinkevych
    • Data curation
      Oksana Polinkevych, Vladimer Glonti, Viktoriya Baranova, Valentyna Levchenko, Anastasiya Yermoshenko
    • Formal Analysis
      Oksana Polinkevych, Vladimer Glonti, Viktoriya Baranova, Valentyna Levchenko, Anastasiya Yermoshenko
    • Funding acquisition
      Oksana Polinkevych, Viktoriya Baranova, Valentyna Levchenko, Anastasiya Yermoshenko
    • Investigation
      Oksana Polinkevych, Vladimer Glonti, Viktoriya Baranova, Valentyna Levchenko
    • Methodology
      Oksana Polinkevych, Vladimer Glonti, Viktoriya Baranova, Valentyna Levchenko
    • Project administration
      Oksana Polinkevych
    • Resources
      Oksana Polinkevych, Vladimer Glonti, Viktoriya Baranova, Valentyna Levchenko, Anastasiya Yermoshenko
    • Supervision
      Oksana Polinkevych, Vladimer Glonti
    • Validation
      Oksana Polinkevych, Vladimer Glonti, Anastasiya Yermoshenko
    • Visualization
      Oksana Polinkevych, Viktoriya Baranova, Valentyna Levchenko, Anastasiya Yermoshenko
    • Writing – original draft
      Oksana Polinkevych, Vladimer Glonti, Viktoriya Baranova, Valentyna Levchenko, Anastasiya Yermoshenko