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TYPE
Original Research
PAGE NO.
21-24
10.37547/tajmei/Volume07Issue01-03
OPEN ACCESS
SUBMITED
26 October 2024
ACCEPTED
29 December 2024
PUBLISHED
23 January 2025
VOLUME
Vol.07 Issue01 2025
CITATION
Adilova Gulnur Djurabaevna. (2025). Methods of creating innovative
products in the development of the insurance services market. The
American Journal of Management and Economics Innovations, 7(01), 21
–
https://doi.org/10.37547/tajmei/Volume07Issue01-03
COPYRIGHT
© 2025 Original content from this work may be used under the terms
of the creative commons attributes 4.0 License.
Methods of creating
innovative products in the
development of the
insurance services market
Adilova Gulnur Djurabaevna
PhD, Associate Professor, Department of Insurance, Tashkent University
of Economics, Tashkent, Uzbekistan
Abstract:
The article provides suggestions on how to
develop innovative insurance products by insurance
companies in the development of the insurance services
market and organize the sale of E-policies to
policyholders using modern information technologies.
Keywords:
Insurance market, insurance product, E-
policy, insurance broker, insurance agent, assistance,
adjuster, surveyor, voluntary insurance, insurance
premium, insurance coverage, insurance service.
Introduction:
Today, real changes taking place in all
spheres of the socio-economic life of the republic create
objective conditions for increasing the role of insurance,
which is one of the components of the financial system
of the economy. The insurance market is one of the
most important segments of a market economy, and its
role is of great importance in the socio-economic
development of the state.
The prospects for the development of the national
insurance services market and its growing impact on the
economy are clearly visible, and at present it is
considered one of the strategic factors for the effective
functioning and successful development of financial and
economic relations in our country. In market conditions,
the activities of each business entity are exposed to
various risks that require insurance coverage. The role
of insurance services in protecting against these risks is
invaluable.
Reducing the negative impact of disasters on human life
is carried out through "insurance", which means the
distribution of the costs of eliminating the
consequences of negative events among several
economic entities.
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The American Journal of Management and Economics Innovations
It is impossible to rationally approach the issue of
identifying and solving the problems of the insurance
sector without understanding the essence of the main
concepts of insurance in the system of financial market
relations. Each insurance company has a huge number
of product branches within the types of services it
offers. To satisfy all types of insurance needs, their
number must be significant. Each of them is a basic
marketing unit aimed at a specific market or its large
segment. Each package has its own design and
corresponds to the trademark and name of the insurer.
When a potential client applies to a consumer
representative for the conclusion of an insurance
contract, he is given the opportunity to choose from
the available complex of insurance products.
The development of the insurance market in
Uzbekistan is largely due to the introduction of
technologies that have an impact on the insurance
technologies of the increasingly digital economy, but
do not change the economic essence of the economy.
As a result of the use of digital technologies in
insurance activities:
−
to increase the efficiency and profitability of
syg'yrta activities;
−
the combination of mutual and commercial
insurance;
−
socialization of syg'yrta relations takes place;
−
new insurance services and products are
emerging;
−
The labor market in the insurance sector is
changing (automated management systems and the
replacement of some insurance agents, senior and
middle managers with robots).
The digitization of the insurance market in Uzbekistan
is currently a pressing need, and accelerating this
process will ensure that the country's insurance
market finds its place in the global insurance market.
Literature review
The views expressed by one of the leading German
experts in the field of insurance, Professor Dieter Farni,
reflect the lack of a single approach to the
interpretation of insurance. In his work “Insurance
Theories of Production and Costs”, he showed that
there are a number of definitions of the concept of
“insurance”. D
. Farni, from the point of view of
insurance law, , an insurance product is an insurance
contract, which includes an insurance policy and
insurance rules. At the same time, theoretically, an
insurance product was defined as a commodity that can
be offered to the market to satisfy a consumer need.
Thus, if we consider insurance services as a commodity,
in order for it to be sold, it must satisfy the needs of the
consumer.
A. Zubets , “an insurance product is a set of basic and
auxiliary services provided to the insured when
concluding an insurance contract.” Thus, an insurance
product is a set of certain services aimed at satisfying
the needs of the insured within the framework of an
insurance contract. In addition to services in the field of
insurance and reinsurance, such services include legal
and organizational services provided within the
framework of a specific insurance policy.
In this regard, the concept of an insurance product is
broader than the concept of insurance services, as it can
also include other types of services.
RESULTS
The insurance system in the modern economy of
Uzbekistan is of strategic importance, due to the fact
that the insurance system has been elevated to the level
of state policy, and the insurance market is considered
by state management agencies (bodies) as an integral
part of the country's market infrastructure. In the
development of the insurance market in our country,
further improving the competitive market for insurance
services and developing sectors serves to create new
jobs, one of the methods of developing insurance
activities is the mandatory introduction of insurance,
which, on the one hand, serves to raise the insurance
culture of the population, which is one of the main
problems of the industry, and on the other hand,
creates a system of guaranteed compensation for
damage caused through the insurance mechanism, as a
result of which the volume of insurance compensation
paid to victims has increased sharply. This serves to
further strengthen the social protection of the
population.
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The American Journal of Management and Economics Innovations
Figure 1. Dynamics of changes in insurance premiums by type of insurance (in
billion soums)
From the data in Figure 1, it can be seen that during
2017-2019, the amount of premiums from compulsory
insurance to voluntary insurance increased by 30%, but
in 2020, there was a decrease in the volume of
voluntary insurance and total insurance premiums.
This occurred under the influence of Covid-19 and was
observed not only in insurance, but also in other
sectors of the economy. It can be observed that by
2021-2023, the amount of insurance premiums for
compulsory and voluntary insurance types increased
significantly. Also, as a result of our research, forecast
indicators for insurance types and insurance premiums
for 2024-2025 were developed. According to them, in
2025, compulsory insurance is forecast to amount to
619.7 billion soums, voluntary insurance to 10,429.9
billion soums, and total insurance premiums to 12,789
billion soums.
Figure 2. Dynamics of changes in insurance coverage by type of insurance (in billion
soums)
From the data in Figure 2, it can be seen that until
2017-2020, the payment of insurance coverage from
the compulsory insurance type was significantly lower
than from the voluntary insurance type, and since
2021, a gradual increase in the payment of insurance
coverage from the compulsory insurance type has been
observed. However, in 2022-2023, it can be observed
that the insurance coverage paid under the voluntary
242.1
293.7
345.3
397
2 354.7
2526.2
2697.8
2,859
2 596.8
3807.2
5118.1
6 429.0
0.0
1 000.0
2 000.0
3 000.0
4 000.0
5 000.0
6 000.0
7 000.0
0.0
500.0
1 000.0
1 500.0
2 000.0
2 500.0
3 000.0
3 500.0
2017
2018
2019
2020
2021
2022
2023
2024
2,025
Compulsory insurance
Optional insurance
Total insurance coverages
518.0
533
576.4
619.7
5713.6
8070.5
10429.9
12,789
6 231.6
8616.4
11003.5
13,391
-
2 000.0
4 000.0
6 000.0
8 000.0
10 000.0
12 000.0
14 000.0
16 000.0
2017
2018
2019
2020
2021
2022
2023
2024
2025
Сompulsory insurance
Optional insurance
Total insurance coverages
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The American Journal of Management and Economics Innovations
insurance types is 10 times higher than that of the
compulsory insurance type. Also, as a result of our
research, forecast indicators for the insurance
coverage paid by types of insurance for 2024-2025
have been developed. According to them, in 2025,
compulsory insurance is forecast to amount to 345.3
billion soums, voluntary insurance to 3807.2 billion
soums, and total insurance premiums to 6,429.0 billion
soums.
CONCLUSIONS
Insurance services are one of the developing sectors.
Therefore, the following suggestions are made for the
rapid development of insurance services:
Expanding the volume, types and quality of insurance
services provided through the introduction of new
innovative insurance products and the development of
traditional products in high demand;
Introduce new types of compulsory insurance,
including insurance of real estate and agricultural risks,
taking into account the interests of the state and
society;
Extensive use of modern information technologies in
the field of organization and regulation of insurance
activities, active introduction and development of
electronic types of insurance services;
Review the system of relations between branches of
insurance companies operating in the regional
insurance services market and their head offices
located in Tashkent. The main reason for this is that the
head company has significantly limited the rights of its
branches to provide insurance services, in particular, to
pay insurance compensation. In this regard, we believe
that it would be appropriate to give branches
independence, that is, to resolve the issue of
compensation for losses caused by insurance events
occurring in their territory.
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