Demand economy. Change in demand and modification...

Demand economy. Change in demand and modification of insurance services

Changes in the demand economy under the influence of integration, liberalization and globalization processes are characterized by the following factors:

1. Change in the ratio of all operators operating in the global insurance market: insurers, re

insurers, intermediaries, companies to provide insurance-related services for the production of packaged, customized services to private and corporate customers. Operators operate in a cooperative and cooperative environment, following a customization strategy, diversified consultations, and the creation of modular products and services, whether or not mergers or acquisitions and the formation of mega-groups of the financial sector occur or is not occurring.

2. The concentration of consumers of insurance services , manifested in the growth of TNK and TNB capitalization and changing their demand for traditional insurance services.

3. Change of traditional forms and types of insurance services , leading to the splicing of insurance and financial services.

4. Securitization as a new way to organize insurance protection, based on the management of assets of insurers and insurers, allowing you to transfer a portion of the risk to the financial market through the issuance of bonds, payments related to the dynamics of insurance payments for risks.

5. The active consumer position of policyholders about the choice of alternative products and services, about which there is full and detailed information provided not only at the request of state supervisory authorities, but also due to the involvement in insurance of companies from other sectors of the financial market (banks, investment and pension funds, securities trading companies, etc.).

6. Simultaneously with the decrease in consumer expectations regarding state protection, there is an increase in customer potential , education and activity of clients, which leads to the creation of public consumer unions, bureaux of analyzing complaints of policyholders, etc.

7. Expanding the scope of private commercial insurance in the world economy: insurance against political and military risks, insurance of loans and guarantees, insurance of information risks, etc.

8. Establish high standards and further develop customer-oriented products and services that meet the specific needs of individualized target groups of customers, using risk-based pricing and multi-channel distribution of the product.

9. Increasing uneven development, the emergence and spread of new ways of competition. Dynamic changes in insurance markets have transformed the ways of competition. The former emphasis on the level of service offered by the insurer to its customers has shifted to a multifactor value, with pricing, design of the insurance product, the latest technologies, the ability to create customer-focused modular products and services, the use of new distribution channels for insurance products, such as direct sales and sales through the Internet. Some insurers prefer to reduce tariffs for their services, and some - to provide for the old price of new additional options and coverage.

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