Key Competences as the Basis of the Insurance Company’s Competitiveness

Abstract

The article is aimed at considering the essence of the concept of «competitiveness of insurance company» and existing approaches to the definition and classification of the company’s key competencies. The results of the analysis of the essence of the concept of «competitiveness of insurance company» are presented, which shows that most scholars consider the competitiveness of the insurer as an ability to create and implement more attractive insurance services, in terms of both price and non-price characteristics. Modern approaches to determining the company’s key competencies are generalized. A classification of the insurance company’s key competencies has been developed, taking into account the needs of consumers and the life cycle of the insurance product, based on the selection of the following classification features: material and intangible; verbal and declared; available and potential; individual and corporate; external and internal; market and resource. It is proposed to define the concept of «competitiveness of the insurance company» as the ability of its key competencies and intellectual capital to implement the company’s strategic policy to create competitive insurance products and services in demand in the market to meet the specific needs of consumers of insurance services. It is substantiated that key competencies are at the core of the company’s strategic architecture. The aggregate of key competencies in their interaction and continuous development allows the insurance company to achieve the synergistic effect and/or effect of emergence and thus ensure its competitiveness and sustainable development. Promising directions for further research are monitoring the resources and capabilities of the insurance company, identifying indicators showing how each competency is implemented and developed.

Keywords

• competition
• competitiveness of the insurance company
• key competencies
• insurer
• competitive advantages