Strategic Insurance Management as a Tool for Ensuring the Effective Functioning of the Insurance Market Under Conditions of Digital Transformation
Year: 2026
Type: article
Abstract: The article examines the role of strategic insurance management as a key instrument for ensuring the effective functioning of the insurance market under conditions of digital transformation. It is substantiated that digital technologies fundamentally change traditional approaches to strategic management of insurance companies, transforming digitalization from an operational tool into a strategic factor of sustainable development and competitive advantage. The paper analyzes the evolution of strategic insurance management, identifies the main drivers of digital transformation, and determines the impact of artificial intelligence, Big Data, cloud computing, blockchain, the Internet of Things, CRM systems, and digital platforms on the efficiency of insurance business processes. The conceptual essence of strategic insurance management is clarified, and its author's definition is proposed, emphasizing the integration of digital technologies, risk-oriented management, customer-centricity, and data-driven decision-making. A comparative analysis of traditional and digitally transformed management models is carried out, demonstrating the shift toward ecosystem interaction, predictive risk management, automation of underwriting and claims settlement, and omnichannel customer service. The study develops an integrated architecture of strategic insurance management based on interconnected components, including strategic governance, risk management, operational efficiency, innovation, customer orientation, and financial sustainability. Particular attention is paid to the analysis of digital transformation practices implemented by leading Ukrainian insurance companies and their strategic significance for increasing competitiveness and improving customer experience. Based on the conducted research, priority directions for improving strategic insurance management are proposed, including the development of comprehensive digital strategies, implementation of advanced analytical technologies, strengthening cybersecurity, expansion of digital partnerships, enhancement of customer-oriented business models, and development of digital competencies of personnel.
Source: Economic scope
Authors: Iryna Melnychuk, Yuliia Nikolchuk
Language: English
Subfield: Economics and Econometrics
Domain: Social Sciences
Open Access status: hybrid
OpenAlex ID: W7204175861