Artificial intelligence as a tool for increasing the efficiency of management of insurance companies

Snishchenko Roman
Doctor of Economics, Professor, Professor of the Department of Finance, Accounting and Audit, Khmelnytskyi Cooperative Trade and Economic Institute, Khmelnytskyi, Ukraine, E-mail:rosnishchenco@gmail.com, ORCID ID: https://orcid.org/0000-0003-2857-0980

Cite this article:

Snishchenko R. (2024) Artificial intelligence as a tool for increasing the efficiency of management of insurance companies. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Shtuchnyi intelekt yak instrument pidvyshchennia efektyvnosti upravlinnia strakhovymy kompaniiamy; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 5-6 (318-319), pp. 76-84.

Abstract

The article is devoted to the definition of the main aspects of the use of artificial intelligence as a tool for increasing the efficiency of management of insurance companies of Ukraine. The purpose of the article is to determine the possibilities of increasing the efficiency of management of insurance companies through the integration of artificial intelligence in insurance activities. The object of the article is the management processes of insurance companies under the conditions of increased negative factors. The subject of the article is the means of improving the management efficiency of insurance companies. The article noted positive economic effect as a result of implementation of neural networks in the work of insurance companies. It is emphasized that in the implementation of artificial intelligence in the process of production of insurance services is accompanied by changes in corporate ethics and culture of service, and insurance companies have a need qualified employees who have the necessary knowledge and experience in the field of cyber technologies. The main problems in the use of artificial intelligence by insurance companies are identified. During the research it was determined that insurers and policyholders use artificial intelligence as a support tool because it allows fully or partially automating insurance processes and transforming workplaces. The main functions and capabilities of artificial intelligence are given. The possibilities of using neural networks by types of insurance are analyzed. It was determined that the synergistic effect of the combination of cloud and peripheral computing and the Internet of Things improves the quality, increases the speed of development and introduction of new insurance products. Emphasis is placed on the fact that the development and technical support of electronic document management, modern information protection technologies in public networks allow completely safe use of virtual offices and remote workplaces.The work claims that the automation of insurance processes, creation and evaluation of content, as well as advanced image processing technologies are progressive incentives for the development of insurance companies, which allows for a flexible strategic policy and provides significant competitive advantages.

Keywords

insurance, artificial intelligence, insurers, policyholders, neural networks, platforms, machine learning.

JEL classification: G220; G390; C880; С890; DOI: https://doi.org/10.32680/2409-9260-2024-5-6-318-319-76-84

UD classification: 364.3: 368.9

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