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ИД «Финансы и кредит»






Digest Finance

Analyzing innovation processes in the Russian insurance market

Vol. 28, Iss. 1, MARCH 2023

PDF  Article PDF Version

Received: 16 January 2019

Received in revised form: 19 March 2019

Accepted: 14 May 2019

Available online: 30 March 2023


JEL Classification: G22, G32, G35

Pages: 53–72


Lyudmila I. TSVETKOVA Moscow State Institute of International Relations (University) of Ministry of Foreign Affairs of Russian Federation (MGIMO University), Moscow, Russian Federation


Subject. The article analyzes innovative initiatives in the insurance market.
Objectives. The purpose of the study is to investigate the efficiency of innovation introduced into the business processes of insurance companies that relate to market regulator initiatives.
Methods. The methodology rests on provisions of the stakeholder theory. To substantiate the presented positions, I also use methods of graphic and statistical analysis.
Results. The paper formulates special indicators to assess the cost effectiveness of projects to introduce innovation in the insurance market. The indicators may be helpful to plan and control the profitability of innovation projects.
Conclusions. The innovations introduced at the initiative of the Bank of Russia are ineffective for insurance market development. The Russian insurance market is characterized by high sensitivity of all stakeholders to the level of return on investment in innovation. If there is no return on investment, the low attractiveness of insurance in the investment market, personnel market and insurance market will provide the basis for increasing monopolization.

Keywords: innovation, stakeholder, capital return, customer base, public-private partnership


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