Resource-oriented risk management in insurance companies: the path to strategic flexibility and competitiveness

Pakhomov Maksym
Postgraduate student Department of Accounting and Finance, National Technical University "Kharkiv Polytechnic Institute", Kharkiv, Ukraine, E-mail:Maksym.Pakhomov@emmb.khpi.edu.ua, ORCID: https://orcid.org/0009-0004-9133-3333

Iershova Natalia
Doctor of Economic Sciences, Associate Professor, Professor of the Department of Finance and Economics, National Technical University "Kharkiv Polytechnic Institute", Kharkiv, Ukraine, E-mail:natalia.iershova@khpi.edu.ua, ORCID: https://orcid.org/0000-0003-3544-3816

Cite this article:

Pakhomov M., Iershova N. (2025) Resource-oriented risk management in insurance companies: the path to strategic flexibility and competitiveness. Ed.: V.V. Kovalenko (ed.-in-ch.) and others [Resursno-orijentovane upravlinnja ryzykamy u strahovyh kompanijah: shljah do strategichnoi' gnuchkosti ta konkurentospromozhnosti; za red.: V.V. Kovalenko (gol. red.)], Scientific Bulletin of the Odesa National Economic University (ISSN 2313-4569), Odesa National Economics University, Odesa, No. 1 (326), pp.29-36.

Abstract

The main objective of this study is to develop an organizational and economic mechanism for risk management in an insurance company using a resource approach. To ensure its strategic flexibility and competitiveness in a dynamic market. The study is based on studying the current state of risk management in insurance companies through literature analysis. The important concepts to be considered are “Internal Environment IE” “Risk Information Management System RMIS” and “Firm Productivity FM”. For a more detailed understanding of the relationships between various aspects, such as resource flexibility, process flexibility and strategic options, a systems analysis was used. It is proven that reducing the level of risks of insurance organizations and the possibility of achieving a long-term strategic advantage depend on how they use available resources, which are important factors in ensuring risk management. The significance of the internal environment of an insurance company, its productivity level and risk management system in terms of forming the potential for strategic flexibility is revealed. Scientific novelty. In particular, it was found that the lack of sufficient flexibility can turn key resources into a "core of rigidity", which limits the development of the company. The economic content of the strategic flexibility of insurance organizations makes it possible to identify practical solutions to improve the risk management of insurance organizations by applying approaches that take into account the three elements of the concept of strategic flexibility: resource flexibility, process flexibility and strategic capabilities.

Keywords

enterprise risks, resource-oriented approach, internal environment, risk information management system, firm productivity, insurance company.

JEL classification:G220; D810;DOIhttps://doi.org/10.32680/2409-9260-2025-1-326-29-36

UD classification:368, 336, 338

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