ANALYSIS OF MANAGEMENT EFFICIENCY OF FINANCIAL MANAGEMENT OF INSURANCE COMPANIES OF UKRAINE

The purpose of the article is to define the main principles of the effectiveness of managing the financial activities of insurance companies. To begin with, we studied the main trends in the insurance market of Ukraine and determined the number of companies and their dynamics over the past few years. The main performance indicators of companies were also analyzed and it was investigated that the Coronavirus pandemic had a negative impact on their activities. As one of the ways to improve the financial performance of an insurance company, we have proposed the use of information technology in the provision of insurance services. It is information technologies that are the main driver, and their use in the activities of an insurance company can not only improve its image, but also positively affect financial results. Insurance companies in Ukraine are gradually implementing cloud technologies that help protect their databases. Cloud technologies are provided by IT companies mainly on a paid basis. Thus, today's challenges tell about the new rules for introducing InsureTech in the insurance market of Ukraine for companies seeking to maintain their competitiveness and financial stability. Domestic insurers and reinsurers should develop initiatives that allow them to be more flexible, provide more services to clients and eliminate unnecessary insurance management costs, from the formation of a portfolio of services to organizational models and marketing and sales programs. Such processes, according to the concepts of the development of the world economy, should be digital by default. More agile operations and robust digital capabilities can help insurers address damage at critical times while meeting customer expectations for speed and personalization. In general, we believe that the introduction and spread of digitalization has a significant impact on the activities of insurance companies and contributes to global digital transformation strategies.