Life insurance companies marketing strategy in the digital world
-
Author(s)Olena PrymostkaLink to ORCID Index: https://orcid.org/0000-0002-5887-7951
-
DOIhttp://dx.doi.org/10.21511/ins.09(1).2018.06
-
Article InfoVolume 9 2018, Issue #1, pp. 70-78
- Cited by
- 3127 Views
-
851 Downloads
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.
- Keywords
-
JEL Classification (Paper profile tab)G22, G23
-
References16
-
Tables10
-
Figures1
-
- 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
-
- Affordable Educators (n.d.). Insurance marketing issues.
- Bakos, N. (2009). Global Insurance Outlook (1st ed.). Hill, NC: University of North Carolina Press.
- Booz-Allen & Hamilton Financial & Health Services Group (1997). Internet Insurance: A Study of Current Use and Future Trends. New York: BA&H.
- Brown, J. R., & Goolsbee, A. (2002). Does the Internet Make Markets More Competitive? Evidence from the Life Insurance Industry. Journal of Political Economy, 110.
- Conning & Company (1997). Electronic Commerce and the Internet. Hartford, Conn.: Conning & Company.
- DataMonitor, Inc. (1996). Insurance on the Internet, 1996–2000. New York: DataMonitor.
- Gidhagen, M. (1998). Insurance marketing - services and relationships working paper. Företagsekonomiska institutionen uppsala universitet, 4(26).
- Gregory, D. (2003). Racial Profiling. Insurance Style: Insurance Redlining and the Uneven Development of Metropolitan Areas. Journal of Urban Affairs, 25(4).
- Hartley, S., & Cross, J. (2004). How Sales Promotion Can Work For and Against You. The Journal of Consumer Marketing, 5(3), 35-42.
- Hartwig, R. (2015). 5 Ways Insurance Supports the Economy.
- James, R. (2002). Garven Risk On the Implications of the Internet for Insurance Markets and Institutions. Management and Insurance Review, 5(2), 105˗116.
- National Association of Insurance Commissioners (n.d.). THE MARKETING OF INSURANCE OVER THE INTERNET.
- Nogueira, L., & Oliveira, E. (2003). A multi-agent system for E-insurance brokering. In Proceedings of the NODe 2002 agent-related conference on Agent technologies, infrastructures, tools, and applications for E-services (pp. 263˗282). Berlin Springer: Verlag.
- Rust, R. T., & Espinoza, F. (2006). How technology advances influence business research and marketing strategy. Journal of Business Research, 59(10-11), 1072˗1078.
- Stephen A. Rhoades (2013) The Herfindahl-Hirschman Index.
- Wilhelm, W. J., Jr. (2001). The Internet and Financial Market Structure (Working paper). Saïd Business School, Oxford University.
-
Non-financial factors affecting the operational performance of hospitality companies: Evidence from Vietnam
Trung Kien Phan 
,
Thi Hong Thuy Nguyen ,
Thu Ha Dang ,
Van Thuan Tran ,
Kim Ngoc Le
doi: http://dx.doi.org/10.21511/ppm.19(4).2021.05
Problems and Perspectives in Management Volume 19, 2021 Issue #4 pp. 48-62 Views: 9060 Downloads: 1409 TO CITE АНОТАЦІЯNon-financial factors including quality of services, the flexibility of a company, utilization of resources, and market orientation are regarded as significant determinants that enhance the profitability-based performance of a service company or a hotel. The study investigated the interaction between these factors and hotel operating performance measured by the hospitality performance and results indicators. Data on 346 executives of Vietnam’s hospitality companies were collected. A structural equation modeling (SEM) method was utilized to examine the positive-direct and moderating effects of non-financial factors on hotel performance in terms of occupancy rate (OCR), average daily rate (ADR), and the revenue per available room (RevPAR). The findings showed that service quality ( = 0.118, p < 0.05), flexibility ( = 0.173, p < 0.05) and resource utilization (= 0.172, p < 0.05) positively affected the performance of Vietnam’s hospitality companies. Meanwhile, innovation showed no direct influence (p = 0.068) but an indirect impact on the performance through service quality ( = 0.311, p < 0.05). Market orientation did not impact the performance (p = 0.076) but it positively affected both innovation ( = 0.322, p < 0.05) and service quality ( = 0.146, p < 0.05). The study contributed to a theoretical enhancement of the current level of knowledge on the factors that affect the performance and developed a reliable scale for measuring the performance of hotels in Vietnam.
-
Exploring fast moving consumer goods (FMCG) small, medium and micro enterprises manufacturers’ need for innovation to achieve growth
Lawrence Mpele Lekhanya ,
Nze Grace Olajumoke ,
Dorasamy Nirmala
doi: http://dx.doi.org/10.21511/ee.08(2).2017.01
Environmental Economics Volume 8, 2017 Issue #2 pp. 8-16 Views: 5444 Downloads: 1158 TO CITE АНОТАЦІЯThe purpose of this paper is to investigate the problems of the sustainable development, to explore the level of innovation in the fast moving consumer goods (FMCG) manufacturing SMMEs sectors, which most affects on the state of the environment, to identify the causes of low innovation in the industry and to examine these factors influence on the effectiveness of SMMEs manufacturers innovation strategies, as well as to invent a new innovation strategic approach to overcome innovation problems in the economic growth of fast moving consumer goods SMMEs manufacturers. The study is aimed to determine the level of innovation and factors contributing to low innovation in fast moving consumer goods (FMCG) SMMEs manufacturers, which hinder their economic performance. Mixed approach of quantitative and qualitative questionnaire is used for primary data collection. Sample consists of 120 SMMEs. Statistical Package for Social Sciences (SPSS) (23.0) was employed for data analysis. The study results are presented with figures and diagrams. This study will be a useful tool for general public and relevant stakeholders in this sector.
-
Challenges of small and medium enterprises during the COVID-19 pandemic: Case of Georgia
Amiran Maglakelidze ,
Gulnaz Erkomaishvili
doi: http://dx.doi.org/10.21511/ppm.19(4).2021.02
Problems and Perspectives in Management Volume 19, 2021 Issue #4 pp. 20-28 Views: 3056 Downloads: 1586 TO CITE АНОТАЦІЯThe COVID-19 pandemic has had a significant impact on small and medium enterprises (SMEs). The purpose of this study is to assess the impact of the COVID-19 pandemic on SMEs in Georgia, identify the challenges of SMEs in pandemic conditions, and analyze government economic policy measures. For this purpose, 102 small and medium entrepreneurs from different regions of Georgia were interviewed. The survey was conducted by sending a questionnaire through digital channels. The results were processed using data analysis, quantitative and qualitative research methods, and presented graphically. As a result, key challenges and development directions that are typical for SMEs operations in Georgia during the pandemic were identified. For 60.8% of surveyed SME owners, lockdown is the main challenge. Sales volume of 45.1% of SMEs decreased. In addition, 39.3% of the surveyed SME owners increased the innovative capabilities of a company and 37.2% increased the sales volume of a company through digital channels. The main challenge of the pandemic, lockdown, gave impetus to a change in entrepreneurial behavior. In a pandemic, entrepreneurial activity has become more favorable through digital channels. During the pandemic, there is a need to continue the government’s program of tax incentives and subsidies for SMEs. In addition, the government should promote education in the fields of entrepreneurship, innovation, and technology.
