CONSUMER LOYALTY AS AN INSURANCE BUSINESS EFFICIENCY MARKER IN THE CONDITIONS OF INSURANCE MARKET DIGITALIZATION

Abstract

Introduction. The deep dissemination of information technologies into all spheres of social life, including economic life, was caused by fundamental changes in the marketing environment due to the introduction of the latest tools and approaches in the formation of relationships with customers. Insurance companies are no exception in this matter, and they consider, first of all, the use of digitization processes in most business processes as a driver of their development, in particular, when maintaining the client portfolio. By the way, the latter has always been in the center of attention of insurers, and not only in conditions of widespread digitalization of the company's business processes.
The purpose. The purpose of the article is to research the development of digital insurance services and identify the set of business processes of an insurance company to ensure consumer loyalty in the conditions of digitalization of the insurance business.
Results. The article examines the current level of Internet use and the latest communication channels and proves that the digitalization of the main sectors of the economy will lead to the transformation of the business model of the functioning of insurance companies. Differences between digital insurance services and traditional ones are systematized based on: time availability; service format; service provision environment; level of confidentiality; office interaction; operating costs. It is well-founded that digital insurance services and the growing individualization of customer preferences will form a loyal consumer. A set of business processes of the insurance company (sales and after-sales service; settlement of losses; marketing and marketing communications; data analysis; IT support; legal and organizational support) was formed within the framework of the consumer loyalty program in order to ensure the efficiency of the insurance business. The main directions of increasing consumer loyalty in the conditions of digitalization of the insurance market are proposed.
Conclusions. So, the latest technological solutions and the modern world are mutually complementary components, therefore those insurers who actively implement innovative solutions to increase the efficiency of their activities and maximize income will have rapid and sustainable development. Continuous improvement is the life philosophy of any insurance company that seeks to function successfully in a risky environment. In this aspect, consumer loyalty in the conditions of insurance market digitalization is characterized by greater significance compared to the traditional format of the organization of the insurance business. At the same time, the loyalty of the existing client base is a powerful competitive advantage and a guarantee of the effectiveness of the insurance business.