Business analysis of Russian insurance market in terms of digitalization

Abstract

The article discusses aspects of business analysis of the Russian insurance market. The ability of enterprises and organizations to qualitatively analyze the external and internal environment in order to make management decisions necessary to improve efficiency and competitiveness is particularly important today. The situation is complicated by an overabundance of information about the external world due to the digital transformation of the global and national economy. The subject of business analysis is considered in the context of studying of the Russian insurance market, which plays an important role in the financial system of the national economy. It is assumed that a qualitative business analysis of the Russian insurance market should be based on the principles of reliability, objectivity, comparability, complexity, efficiency, visibility and target orientation. In order to improve the reliability, objectivity and comparability of the business analysis of the Russian insurance market, it is necessary to rely both on the official statistics data and on the administrative account data. Special attention in the analysis of the Russian insurance market is paid to the issues of complexity by maximizing the variability of the analysis tools used. It is proposed to use additional analytical sections and quantitative parameters. The importance of improving the efficiency and visibility of the business analysis of the Russian insurance market through the use of modern integrated software products that minimize the time and labor costs of accounting is emphasized. The possibilities of the Microsoft Power BI software product for business analysis of the Russian insurance market and advantages of its integration are analyzed. Based on the selected software product, it is proposed to use a number of visualizations that are necessary to increase the visibility of the achieved results. Groups of end users with examples of their target orientation and possible management situations in which the results of business analysis of the national insurance market can be used are analyzed. There is presented a conceptual diagram of business analysis of the insurance market in Russia describing the main stages from determining the purpose of the study to making decisions and implementing corrective actions