Standardization of Insurance Services as a Factor in Improving Their Quality

DOI

10.2991/aebmr.k.200509.032How to use a DOI?

Keywords

insurance organization, standardization of insurance processes, insurance market regulation, standardization of insurance services, quality of insurance services, aggregator, marketplace

Abstract

The popularity of an insurance product depends on many parameters, but the most significant of them is the quality of the service provided. Insurance services are related to financial services and are complex enough for the population to understand the specifics of their provision and, as practice has shown, many consumers face certain difficulties in choosing an insurance product, choosing its components (insurance conditions) and purchasing it. Development of standard insurance products makes it easier for consumers to select services owing to standardization of the process and availability of insurance information. As the experience of the Massachusetts Health Insurance Exchange has shown, voluntary standards play an important role in increasing transparency and improving industry practices while promoting competition between insurers by enabling consumers of insurance services to match their insurance product offerings. In this article, the authors disclose the features of standardization process development in the Russian insurance market, examine the problems and prospects for the development of insurance services’ standardization, taking into account financial capabilities of Russian insurers and the measures taken by the main regulators of the insurance market (Bank of Russia and the self-regulatory organization of the All-Russian Union of Insurers). The Russian experience is interesting because, in conditions of low demand for insurance services, rising regulatory burden on the insurance business and oligopolization of the market, as well as activation of integration processes of the economy in the international space, insurance companies find various ways to survive, and one of them is to offer standard (‘boxed’) insurance products. This measure, as a new technology of offering insurance products, has received support from the Bank of Russia and in the near future is to receive a stimulating effect by allowing insurance companies to place their standard insurance products on the regulator’s marketplace.

Copyright

© 2020, the Authors. Published by Atlantis Press.

Open Access

This is an open access article distributed under the CC BY-NC license (http://creativecommons.org/licenses/by-nc/4.0/).

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TY  - CONF
AU  - Tatyana D. Odinokova
AU  - Elena B. Dvoryadkina
PY  - 2020
DA  - 2020/05/12
TI  - Standardization of Insurance Services as a Factor in Improving Their Quality
BT  - Proceedings of the International Conference on Economics, Management and Technologies 2020 (ICEMT 2020)
PB  - Atlantis Press
SP  - 170
EP  - 176
SN  - 2352-5428
UR  - https://doi.org/10.2991/aebmr.k.200509.032
DO  - 10.2991/aebmr.k.200509.032
ID  - Odinokova2020
ER  -