Forming the life insurance companies’ reputation in Ukrainian realities

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Insurers’ understanding of reputation importance is a key factor of their successful performance at the market. It particularly concerns life insurance sector, which has a significant development potential in Ukraine.
The article aims at deepening scientific and practical essentials concerning the formation of life insurance companies’ reputation in conditions of market competition aggravation and insurance market conjuncture volatility.
Based on ranking assessments used in Ukraine (Insurance Top, Mind, “My insurance agent” and the ranking of the corporate reputation management quality “REPUTATIONAL ACTIVists”), the need for ensuring the insurers’ reputation stability in conditions of acute competition at the market was substantiated. The results of financial statements analysis and corporate governance reporting of insurance companies ASKA-LIFE, TAS, KD Life, PZU Ukraine, UNIQA Life, MetLife were presented. It was substantiated that, within studying the life insurance companies’ reputation, along with main financial indicators, there is a need to analyze in details such indicators as insurance premiums and investment income for one insured from savings life insurance, average payments, current accounts payable, etc.
It was proved that for reputation capital development, it is worth strengthening the role of corporate social responsibility, and to consider insurance companies’ assessment on the part of clients and employees who are brand advocates and affect the companies’ reputation formation.

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    • Figure 1. Kaleidoscope of reputation expectations
    • Table 1. Insurance premiums for one insured from savings life insurance, UAH
    • Table 2. Investment income from savings life insurance for one insured, UAH
    • Table 3. Results of National ranking of insurance companies’ corporate reputation management quality
    • Table 4. Results of IC “MetLife” ranking for 2019 (score)
    • Table 5. Results of voting according to integral assessment in the category “Insurance services: life insurance (savings program)”
    • Table 6. Current accounts payable (year-end), thousand UAH
    • Table 7. Policyholders’ complaints and lawsuits, units
    • Table 8. Ranking of insurance companies’ PR activity “My insurance agent”
    • Table 9. Assessment of employers by employees
    • Table A1. Maximum and average insurance sums payment, UAH
    • Table A2. Number of insured, persons
    • Table A3. Insurance premiums, thousand UAH