Identifying changes in insurance companies’ competitiveness on the travel services market
The purpose of the study is to develop methodological approach for identifying changes in the level of insurance companies’ competitiveness on the travel services market. Based on development of multifactor regression equation, integrated indicators of insurance companies’ competitiveness in 2016–20...
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| Format: | Article |
| Language: | English |
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LLC "CPC "Business Perspectives"
2020-12-01
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| Series: | Insurance Markets and Companies |
| Subjects: | |
| Online Access: | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14515/IMC_2020_01_Vnukova.pdf |
| _version_ | 1818370274527019008 |
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| author | Nataliya Vnukova Nataliya Opeshko Elza Mamedova |
| author_facet | Nataliya Vnukova Nataliya Opeshko Elza Mamedova |
| author_sort | Nataliya Vnukova |
| collection | DOAJ |
| description | The purpose of the study is to develop methodological approach for identifying changes in the level of insurance companies’ competitiveness on the travel services market. Based on development of multifactor regression equation, integrated indicators of insurance companies’ competitiveness in 2016–2019 were calculated. The application of three-sigma rule allowed to divide insurance companies by competitiveness levels and to identify that during 2016–2019 most of insurers had sufficient and critical levels of competitiveness and the group of insurance companies with a high level of competitive position is small. The Markov chain theory was used as a research method to determine the probability of insurance companies moving to higher or lower competitiveness levels. The results of Markov’s method showed that the majority of insurance companies are most likely to remain in their initial groups and only insurers with low and sufficient competitiveness have high probability to change their positions. Companies with high competitiveness have very strong positions on the market and there is very low probability that other insurers will capture leaders’ market share in the coming years. So, the use of the developed approach allows predicting a decrease of insurance ability to compete on the travel services market and deciding on the necessity to change the competitive strategy. |
| first_indexed | 2024-12-13T23:37:08Z |
| format | Article |
| id | doaj.art-5ef647a539d543288c79d664f72fdc5c |
| institution | Directory Open Access Journal |
| issn | 2616-3551 2522-9591 |
| language | English |
| last_indexed | 2024-12-13T23:37:08Z |
| publishDate | 2020-12-01 |
| publisher | LLC "CPC "Business Perspectives" |
| record_format | Article |
| series | Insurance Markets and Companies |
| spelling | doaj.art-5ef647a539d543288c79d664f72fdc5c2022-12-21T23:27:16ZengLLC "CPC "Business Perspectives"Insurance Markets and Companies2616-35512522-95912020-12-01111536010.21511/ins.11(1).2020.0614515Identifying changes in insurance companies’ competitiveness on the travel services marketNataliya Vnukova0https://orcid.org/0000-0002-1354-4838Nataliya Opeshko1https://orcid.org/0000-0003-3665-0585Elza Mamedova2https://orcid.org/0000-0003-4274-2507Doctor of Economics, Professor, Simon Kuznets Kharkiv National University of Economics, KharkivPh.D. in Economics, Sigma Software LLC, KharkivPostgraduate student, Simon Kuznets Kharkiv National University of Economics, KharkivThe purpose of the study is to develop methodological approach for identifying changes in the level of insurance companies’ competitiveness on the travel services market. Based on development of multifactor regression equation, integrated indicators of insurance companies’ competitiveness in 2016–2019 were calculated. The application of three-sigma rule allowed to divide insurance companies by competitiveness levels and to identify that during 2016–2019 most of insurers had sufficient and critical levels of competitiveness and the group of insurance companies with a high level of competitive position is small. The Markov chain theory was used as a research method to determine the probability of insurance companies moving to higher or lower competitiveness levels. The results of Markov’s method showed that the majority of insurance companies are most likely to remain in their initial groups and only insurers with low and sufficient competitiveness have high probability to change their positions. Companies with high competitiveness have very strong positions on the market and there is very low probability that other insurers will capture leaders’ market share in the coming years. So, the use of the developed approach allows predicting a decrease of insurance ability to compete on the travel services market and deciding on the necessity to change the competitive strategy.https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14515/IMC_2020_01_Vnukova.pdflevel of competitivenessmarket shareMarkov chaintransition probability matrix |
| spellingShingle | Nataliya Vnukova Nataliya Opeshko Elza Mamedova Identifying changes in insurance companies’ competitiveness on the travel services market Insurance Markets and Companies level of competitiveness market share Markov chain transition probability matrix |
| title | Identifying changes in insurance companies’ competitiveness on the travel services market |
| title_full | Identifying changes in insurance companies’ competitiveness on the travel services market |
| title_fullStr | Identifying changes in insurance companies’ competitiveness on the travel services market |
| title_full_unstemmed | Identifying changes in insurance companies’ competitiveness on the travel services market |
| title_short | Identifying changes in insurance companies’ competitiveness on the travel services market |
| title_sort | identifying changes in insurance companies competitiveness on the travel services market |
| topic | level of competitiveness market share Markov chain transition probability matrix |
| url | https://businessperspectives.org/images/pdf/applications/publishing/templates/article/assets/14515/IMC_2020_01_Vnukova.pdf |
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