Resource Potential of the Insurer in the Modern Business Conduct

Abstract

The aim of the article is to substantiate the components of the resource potential of the insurer as a complex category that characterizes the activity of the subject and allows it to move towards the set goal of activity. In the analysis of professional literature in terms of the content and components of the resource potential of an economic entity, the content of the concept of «resource potential» of the insurer is clarified and its components are outlined. At that, the allocation of components was carried out taking into account the objective-subjective and resource-functional composition of the potential. As a result of the study, it is concluded that financial, material, investment, personnel, information, and technological potentials are directly related to the resources of the insurer, the relationship between which allows the company to provide quality services, apply innovations in the insurance market, provide opportunities to compete in this market and achieve the planned goals. A characterization of the mentioned types of potential is provided. In particular, the financial potential is characterized by allocating the indicators by which it should be analyzed. The material potential is described in terms of the totality of tangible assets and resources that an insurance company can or already uses in its activities. The personnel and technological potentials are characterized by directions and possibilities of their application. The informational potential is defined by a company’s ability to collect, process, store, and use information for decision-making, business process optimization, customer service, and risk management. The investment potential allows the company to receive additional funds and expand its activities. Effective use of the resource potential is manifested in the formation of strategic and market potential of an insurance company and significantly strengthens its competitive position in the insurance services market.

Keywords

• insurance company
• resource potential
• financial potential
• investment potential
• technological potential
• personnel potential