Shyshpanova N., PhD (Economics), Associate Professor of the Department of Finance, Banking and Insurance, Mykolayiv National Agrarian University

ORCID ID: 0000-0001-8347-5682
e-mail: Shishpanova@mnau.edu.ua

Reputation-Image Approach in Financial Management of Insurance Companies

Introduction. Financial management of an insurance company involves the efficient formation and use of resources in insurance, investment and financial activities. Financial management is an integral part of its overall management. Therefore, the justification of proposals to improve the management of financial insurance companies of Ukraine on the basis of the current situation in the market of insurance services of the country becomes particularly relevant.

Purpose. The purpose is to substantiate proposals for improving the financial management of Ukrainian insurance companies based on the current situation in the country’s insurance services market.

Results. It is noted that one of the priority tasks of managing the capital of an insurance company at the present stage of development of the Ukrainian insurance market is to ensure financial stability and reliability. The main reason for the decline in the effectiveness of insurance companies, which leads to bankruptcies and liquidations is the current decline in the trust of users of insurance products and services to insurance companies.

Recommendations for improving the management of the economic reliability of insurance companies based on client-oriented management and building partnerships between the financial stability of the insurance company and external stakeholders are offered.

Conclusions. In the course of the research we found out that in the economic situation nowadays in the domestic financial market, the decision to choose an insurance company to use its services is made available to existing and potential clients based on information about it, its reputation and image. It has been proved that the reputation and image of an entity are taken into account by all categories of consumers for making investment, financial and management decisions.

It is proposed to expand the limits of the use of reputation-image approach in the interaction of the financial stability system of the insurance company with external users.

Keywords: finance; finance of insurance companies, financial management of insurance companies; financial management; stakeholders of insurance companies.

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