Forming the life insurance companies’ reputation in Ukrainian realities

Abstract

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.