{"id":16409,"date":"2021-11-20T07:21:13","date_gmt":"2021-11-20T05:21:13","guid":{"rendered":"https:\/\/modecon.mnau.edu.ua\/?p=16409"},"modified":"2021-11-20T17:34:42","modified_gmt":"2021-11-20T15:34:42","slug":"financial-model-of-activity-of","status":"publish","type":"post","link":"https:\/\/modecon.mnau.edu.ua\/en\/financial-model-of-activity-of\/","title":{"rendered":"Petruk O., Polchanov A., Novak O S., Diachek S. Financial Model of Activity of the Regional Division of the Insurance Company"},"content":{"rendered":"

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JEL Classification<\/strong>: C02; G22; G32.<\/em>
\n<\/span><\/td>\n		DOI<\/b>: https:\/\/doi.org\/10.31521\/modecon.V29(2021)-19<\/a><\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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Petruk O., <\/strong>Doctor of Economic Sciences, Professor of Department of Finance and Crediting, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0002-5351-5679<\/a><\/span>
\ne-mail:<\/strong> petruk6@gmail.com<\/span><\/a><\/p>\n

Polchanov A., <\/strong>Doctor of Economic Sciences, Associate Professor, Associate Professor of Department of Finance and Crediting, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0001-6019-9275<\/a><\/span>
\ne-mail:<\/strong> polchanov@gmail.com<\/span><\/a><\/p>\n

Novak O<\/strong>\u00a0<\/strong>S., <\/strong>PhD (Economics), Associate Professor of Department of Finance and Crediting, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0002-5671-0306<\/a><\/span>
\ne-mail:<\/strong> novak_os@ukr.net<\/span><\/a><\/p>\n

Diachek S.,<\/strong> PhD (Economics), Associate Professor of Department of Finance and Crediting, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine<\/p>\n

ORCID ID:<\/strong> 0000-0003-2061-9938<\/a><\/span>
\ne-mail:<\/strong> djacheksvetlana@ukr.net<\/span><\/a><\/p>\n

<\/h2>\n

Financial Model of Activity of the Regional Division of the Insurance Company<\/h2>\n

 <\/p>\n

Abstract. Introduction<\/strong>. The article examines the issue of assessing the feasibility of investment in the development of regional divisions of insurance companies based on the development of a financial model of the regional division. The methodological basis of the study were general and special research methods, including methods of theoretical generalization, analysis, synthesis, comparison, as well as methods of financial modelling. The information base of the study was the data of the National Bank of Ukraine and the research \u00abInsurance TOP\u00bb on the performance of regional divisions of insurance companies in Ukraine.<\/p>\n

Purpose.<\/strong> The purpose of the article is to develop a financial model of the regional division of the insurance company, which would take into account the prospects of the regional insurance market and the amount of investment required to open or expand the unit and allow to forecast cash flows and assess the appropriateness of investments.<\/p>\n

Results.<\/strong> According to the results of the analysis of insurance premiums collected by separate structural divisions of insurance companies in 2017-2020, the most promising regional insurance markets were identified. Based on the revealed tendencies the forecast of receipt of insurance payments in regions for 2021-2023 was constructed. The financial model of activity of the newly created division of the insurer in the region was constructed \u043en the example of Zhytomyr region. The model provided for the definition of: 1) the target market share (depending on the company’s capabilities and the popularity of the insurer’s brand); 2) the structure of the insurance portfolio (based on the characteristic of the market of a particular region of insurance products). In the case of Zhytomyr region, the main types of insurance were defined as compulsory insurance of civil liability of owners of land vehicles under domestic and international agreements, motor insurance and property insurance; 3) the level of insurance payments and commissions (based on actual data for 2020); 4) costs of conducting the case, which included income tax, salaries of full-time employees, payroll, administrative costs, etc.<\/p>\n

Conclusions.<\/strong> The financial model of activity of the regional division of the insurance company provides a possibility to predict future cash flow and quantify the investment project for the development of the branch network of insurance companies.<\/p>\n

Keywords:<\/strong> regional division; insurance company; insurance, management; financial model.<\/p>\n

References:<\/strong><\/p>\n

    \n
  1. Vygovskaya, N., Polchanov, A\u00a0Yu. & Vygovsky, V.\u00a0G. (2018). Modeling the impact of banking institutions on the development of insurance companies. Prichornomors’k\u0456 ekonom\u0456chn\u0456 stud\u0456\u0457<\/em>, 28(2), 97-100 [in Ukrainian].<\/li>\n
  2. Insurance TOP (2018). Itogi rabotyi kompaniy v razreze regionov Ukrainyi za 2018 god [The results of the work of companies in the context of regions of Ukraine for 2018]. Retrieved from : https:\/\/forinsurer.com\/files\/file00653.pdf [\u0456n Russian].<\/li>\n
  3. Knyazev, S. (2008). Marketing strategies in the management of a branch of an insurance company. Upravlenie v strahovyh kompaniyah<\/em>, 1. Retrieved from\u00a0 : https:\/\/marketing.rbc.ru\/research\/issue\/45424\/full_free_download\/ [\u0456n Russian].<\/li>\n
  4. Mun, D. (2007). The key to the success of the director of a branch of an insurance company. Upravlenie v strahovoj kompanii<\/em>, \u2116 4. Retrieved from : http:\/\/www.ins-izdat.ru\/index.php\/2011-01-26-11-45-23\/4-2007\/439-2011-10-29-22-42-24 [\u0456n Russian].<\/li>\n
  5. Pojda-Nosik, N. (2010). Strahove p\u0456dpri\u0454mnictvo reg\u0456onu: suchasnij stan \u0456 perspektivi rozvitku: monograf\u0456ya. Uzhgorod : Myst. Liniia, 232 s. [in Ukrainian].<\/li>\n
  6. Pokazniki d\u0456yal’nost\u0456 strahovih kompan\u0456j [Performance indicators of insurance companies]. Retrieved from : https:\/\/bank.gov.ua\/files\/stat\/Insurance_companies.zip\u00a0 [in Ukrainian].<\/li>\n
  7. Polchanov, A (2012). Strategic financial management of insurance companies (Ph.D. Thesis). Money, finance and credit<\/em>. Zhytomyr : Zhytomyr State Technological University, 187 s. [in Ukrainian]<\/li>\n
  8. Insurance TOP. (2020). Rezultaty kompanii v rozrizi rehioniv Ukrainy za 9 misiatsiv 2020 roku [The results of the work of companies in the context of regions of Ukraine for 9 month of 2020]. Retrieved from : https:\/\/forinsurer.com\/files\/file00694.pdf [in Ukrainian]<\/li>\n
  9. Insurance TOP. (2020). Rezultaty roboty kompanii v rozrizi rehioniv Ukrainy za 2019 rik. [The results of the work of companies in the context of regions of Ukraine for 9 month of 2020] Retrieved from : https:\/\/forinsurer.com\/files\/file00673.pdf [in Ukrainian]<\/li>\n
  10. Tymchak, M (2014). Development of regional insurance markets of Ukraine in the post-crisis period. Naukovyi visnyk Uzhhorodskoho universytetu<\/em>, 3, 138-142 [in Ukrainian]<\/li>\n
  11. Tkachenko, N. (2011). The role of regional network stability and business reputation in ensuring the financial security of the insurance company. Naukovyi visnyk Lvivskoho natsionalnoho derzhavnoho universytetu vnutrishnikh sprav<\/em>, 1, 155-163 [in Ukrainian].<\/li>\n
  12. Franchise of the insurance group \u00abOberig\u00bb. Retrieved from : https:\/\/inventure.com.ua\/investments\/franshiza-strahovoj-gruppy-oberige [\u0456n Russian]<\/li>\n
  13. Tsyganov, A. & Kirillova, N.V. (2018). Insurance market of the Russian Federation. Regional aspect. Ekonomika regiona<\/em>, 4, 1270-1281 [\u0456n Russian].<\/li>\n<\/ol>\n

    [\/vc_column_text][\/vc_column][\/vc_row][vc_row][vc_column][vc_column_text]Received: <\/strong>05 August 2021<\/p>\n

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    Petruk O., Polchanov A., Novak O S., Diachek S. (2021). Financial Model of Activity of the Regional Division of the Insurance Company. Modern Economics, 29(2021), 136-142. DOI: https:\/\/doi.org\/10.31521\/modecon.V29(2021)-21.<\/span><\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n

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    [vc_row][vc_column][vc_column_text] JEL Classification: C02; G22; G32. DOI: https:\/\/doi.org\/10.31521\/modecon.V29(2021)-19 [\/vc_column_text][vc_column_text] Petruk O., Doctor of Economic Sciences, Professor of Department of Finance and Crediting, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine ORCID ID: 0000-0002-5351-5679 e-mail: petruk6@gmail.com Polchanov A., Doctor of Economic Sciences, Associate Professor, Associate Professor of Department of Finance and Crediting, Zhytomyr Polytechnic State University, Zhytomyr, Ukraine
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