Uman National University | today: 06/20/2025
| Author(s) | Kharenko A.A., Candidate of Economics, , Uman National University of Horticulture, Ukraine | ||
|---|---|---|---|
| Category | Economics | ||
| year | 2025 | issue | Випуск 106 Частина 2 |
| pages | 77-89 | index UDK | 368 | DOI | 10.32782/2415-8240-2025-106-2-77-89 (Link) |
| Abstract | The modern insurance market is heavily influenced by global changes caused by the COVID-19 pandemic, economic instability and geopolitical conflicts. These factors have led to the need to rethink traditional marketing strategies of insurance companies, which have faced new challenges, such as declining customer confidence, reduced solvency, and increased competition. At the same time, digitalization and changing consumer behavior are opening up new opportunities for business adaptation to modern conditions. In this environment, insurance companies are forced to look for innovative approaches to developing marketing strategies that would ensure long-term competitiveness and meet changing customer needs. The focus on digital technologies, individualization of offers, and increased social responsibility of business play an important role. Thus, the transformation of marketing strategies is an urgent need for insurance companies, which will not only help them maintain their market positions but also lay the foundation for sustainable development in the face of constant change. The study of the process of transformation of marketing strategies of insurance companies in the current market conditions has led to the following conclusions: 1. Adaptation to modern challenges: Global changes caused by the COVID-19 pandemic, economic instability and military operations have created new challenges for insurance companies. Successful adaptation requires rethinking traditional marketing strategies and introducing innovative approaches. 2. Digitalization of marketing strategies: the analysis shows a significant increase in the share of digital channels in the overall structure of marketing costs (from 15 % in 2019 to 55 % in 2023). This trend emphasizes the importance of integrating modern technologies such as mobile apps, chatbots, and Big Data. 3. Personalization and analytics: In today's environment, the key priorities are the development of personalized offers, focus on customer-centric CRM systems, and the use of market analytics to make strategic decisions. 4. Increase brand trust: In a turbulent market, marketing initiatives focused on service transparency and social responsibility are crucial to building customer confidence. 5. Changes in consumer behavior: the growing popularity of online channels indicates that customers are reorienting to digital service formats. By 2023, online channels of interaction will dominate, reaching 65 % of customers. 6. Market dynamics: despite the difficulties caused by the pandemic and hostilities, insurance companies have demonstrated the ability to recover, as evidenced by the growth of insurance premiums (from UAH 47 billion in 2020 to UAH 60 billion in 2023). 7. To ensure sustainable development of insurance companies in the current environment, it is necessary to: – continue investing in digital technologies and omnichannel communication; – focus on personalizing services and building long-term relationships with customers; – develop social responsibility programs as a tool to strengthen the brand. Thus, the transformation of insurance companies' marketing strategies is a prerequisite for their sustainable development and maintaining competitiveness in the face of modern challenges. | ||
| Key words | marketing strategies, insurance companies, insurance market, digitalization, crisis marketing, personalization. | ||