Insurance market of Ukraine research and PJSC “Insurance Company “Ukrainian Insurance Group” marketing strategy optimization
Students Name: Sova Oleh Ivanovych
Qualification Level: magister
Speciality: Marketing
Institute: Institute of Economics and Management
Mode of Study: full
Academic Year: 2023-2024 н.р.
Language of Defence: ukrainian
Abstract: Marketing strategy is an important element of the successful operation of insurance companies, as it determines their competitiveness and positioning in the market. It includes product strategy, price strategy, sales strategy and promotion strategy [1,2]. The effective functioning of the insurer depends on the ability to transform and react as quickly as possible to market trends [3]. Marketing product strategy becomes a key tool for attracting and retaining customers, positioning the brand, and achieving strategic marketing goals. The product range of an insurance company is an important component of its activity on the market and consists of a set of all products and assortment groups that the insurance company is ready to offer to its customers [4, p. 351]. Optimizing the marketing strategy becomes a necessary stage to ensure adaptation to market requirements and increase the company’s competitiveness [5]. The object of the research is marketing strategies of PJSC “Insurance Company “Ukrainian Insurance Group”. The subject of the study is the theoretical basis for the formation of a marketing strategy in the field of insurance. The purpose of the research: research of the insurance market of Ukraine and optimization of the marketing strategy on it PJSC “Insurance Company “Ukrainian Insurance Group”, development of recommendations for their optimization. Research results. The company under study was founded in 2000 with 100% Ukrainian capital under the name Private Joint Stock Company Insurance Company “Ukrainian Insurance Group,” which offers a wide range of insurance services to meet the needs of both individuals and corporate clients. The priority areas of business of the investigated insurer are focused on car insurance and civil liability. It has more than 99 regional branches for product sales, more than 20 of which operate in Kyiv. The marketing strategy of PJSC “SC “Ukrainian Insurance Group” includes orientation on the pricing of insurance services, advertising, and other key factors that contribute to the achievement of planned goals and maintaining competitive positions in the insurance market. The insurance market of Ukraine faced challenges due to the armed aggression against Ukraine and the resulting crisis. Financially weak companies exited the market, and insurers that remained in business faced reduced demand. As a result, premiums for risk insurance, in which PJSC SC “Ukrainian Insurance Group” operates, have decreased. The results of a customer survey indicate that auto insurance is in the greatest demand, the main criterion for choosing an insurance company is its rating and online insurance policy registration. Information about insurers was surveyed, found on the websites of insurance companies by 59.2% and specialized websites by 51%. The largest number of consumers, in order to receive services, turned to the investigated insurance company 41.8%, the main competitor was SC “Oranta” 26.5%. The majority of respondents — 94.9 %, agree that conducting promotional campaigns to introduce insurance policies is extremely important. Among the suggested sales promotion measures, discounts, and gifts are the most popular. The assessment of the strategic context of PJSC “SC “Ukrainian Insurance Group” aimed at improving its marketing strategy revealed that the new needs of policyholders have the highest level of importance, behind them are new opportunities in the promotion of products. To achieve these goals, PJSC “SC “Ukrainian Insurance Group” it is recommended to use marketing strategies, in particular, to introduce new insurance products and develop measures for their promotion. New insurance products should meet the identified new needs of policyholders, and their promotion should be aimed at maximizing customer awareness and highlighting the unique advantages of these products on the market. Keywords: insurance, marketing strategies, insurance products, promotion, analysis, research, insurance protection. References. 1. Bondarenko A.F., Moiseienko M.A., Taranchenko A.D. Stan ta perspektyvy rozvytku strakhovoho marketynhu v Ukraini. Hlobalni ta natsionalni problemy ekonomiky. Vypusk 12. 2016 URL: http://global-national.in.ua/archive/12-2016/89.pdf (data zvernennia: 10.10.2023). 2. Tykhoniuk N. Marketynhova stratehiia: shcho tse take, realizatsiia i rozrobka marketynhovoi stratenii kompanii. URL: https://elit-web.ua/ua/blog/kak-sostavit-marketingovuyu-strategiyu (data zvernennia: 10.10.2023). Rik 2023 3. Ihnatovych L.S., Ivanov M.M. Kontseptualnyi pidkhid formuvannia marketynhovoi stratehii subiektiv strakhovoho rynku v umovakh tsyfrovoi ekonomiky. 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