TOOLS FOR STRATEGIC ANALYSIS AND ASSESSMENT OF PROSPECTS FOR DEVELOPMENT OF INSURANCE BUSINESS
Nataliya Kazakova1*, Margarita Melnik2 and Cholpon Nuralieva3
1Doctor of Economics, Professor, Head of Financial Research Center, Plekhanov Russian University of Economics, axd_audit@mail.ru
2Doctor of Economics, Professor, Department of Accounting, Analysis and Audit, Financial University of the Russian Federation Government, mmargarita@fa.ru
3Doctor of Economics, Professor, Department of Accounting, Analysis and Audit, Kyrgyz Russian Slavic University named after the First President of Russia B.N.Yeltsin
nur-cholpon@mail.ru
*Corresponding author
Abstract
The evaluation of the prospects and the formation of the strategy for the development of the insurance business are based on a strategic analysis, which is a tool for selecting, consolidating and evaluating information on the state of the external and internal environment, as well as the factors that have the greatest impact on this branch of the financial market. That is why the improvement of the tools of strategic analysis is given a worthy attention in the scientific community and the business community in Russia and abroad. In this study, various scientific trips developed by Russian and foreign scientists, applied to the insurance business, including a SWOT-analysis, supplemented by a correlation analysis, which not only highlighted the strengths and weaknesses of the insurance business, its potential opportunities and threats, but also to form their weighted estimation taking into account the influence of the most significant factors. The result of the study is an assessment of the prospects for the development of insurance business in Russia, as well as the development of a toolkit for strategic analysis of insurance companies. The scientific results have been tested on the example of one of the largest Russian insurance companies “Rosgosstrakh –Life” and can find perspective application in the whole system of the insurance market.
Keywords: strategic analysis, valuation, insurance business.
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