The purpose of this research is to identify the role of innovations in overcoming the problems arising out of activities within insurance companies. Against the background of fluctuating marketing environment and high level of business risks, the staff of insurance companies is in high demand of scientifically substantiated recommendations on the very innovations which could bring business processes to a more increased efficiency level. The research of innovative activities within insurance companies in this paper is done using the following logical sequence: the place of innovations in the deployment of 4 Industrial Revolutions and their role in the modern insurance business (within Ukraine and abroad) about its fundamental and subsidiary business processes is displayed; common problems of national insurance companies and selected risk factors varying in terms of customer market (B2B or B2C), experience and foreign capital participation are described; the most practical innovative solutions for mitigation of identified risks in activities within insurance companies are suggested. The research presents the results of the sample survey of 52 insurance companies. The survey focused on hypotheses relating to as follows: threats to the business environment of insurance companies; directions for employment of innovations to develop insurance companies’ business; differences in assessment of threats to business environment; differences in opportunities and directions of innovations. ІВМ SPSS 20 software was used for processing of the data obtained. The following research methods were used to analyze the data: frequency distribution of variables, cross-tabulation, and nonparametric tests of variables. The research confirms that from 51.5 to 77 % of Ukrainian insurance companies are faced with some difficulties in their performance. The risk factors being the most relevant for insurance companies are the low paying capacity of customers at the insurance market (1st place), high competition (2nd place), imperfect legislation (3rd place). The research identified the following significant problems associated with the company's internal environment: lacking a definite strategic business development plan (1st place), problems involving qualified staff (2nd place), and problems with the interaction of structural units (3rd place). The research empirically lends support to specific directions of putting into practice and nature of innovations necessary for countering specific threats in their activities. Research findings can be of some practical value for improved efficiency of business processes both for Ukrainian and foreign insurance companies operating under the conditions of ever-changing factors of the business environment. Keywords: insurance companies, innovations, business processes, В2С market, В2В market.

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In the current conditions of the Ukrainian economy, which is characterized by crisis phenomena and frequent changes in legislation, the insurance organizations are facing a number of difficulties in maintaining their financial sustainability. Moreover, these processes take place under the increased requirements for solvency of insurers. However, a significant part of domestic insurance companies is financially unstable, which is conditioned not only by the lack of funds, but also by the low level of management. This situation hinders the further development of the insurance market in Ukraine and has a negative impact on all areas of the domestic financial system and prevents it from successful integration into the European financial field. In order to address this problem, it is necessary to distinguish the key groups of risks that affect the financial sustainability of insurance organizations, among which there are the following: insurance, strategic, market risk, risk of inefficient capital structure, risk of limiting the insurance company’s liquidity, tax risk, investment risk, operational risk, the risk of ineffective organizational structure of the enterprise, and information risk. It should be noted that under conditions of changing environment, the impact of these risks only increases, and therefore the task of minimizing the impact of these risks on the activities of insurance companies is highly important. Accordingly, the authors of the article proposed a four-stage strategy to manage the financial sustainability of the insurance company, the purpose of which is to identify the risks of limiting the insurer’s financial sustainability, their qualitative and quantitative assessment, as well as the development and implementation of appropriate measures to minimize and eliminate unacceptable consequences.

The relevance of the chosen topic of the article is determined by the fact that in the contemporary digital economy, society is growing increasingly reliant on information technologies, efficient data management and the necessity to transform knowledge management. The aim of the article is to study and substantiate the importance of transforming knowledge management to make it responsive to the volatile digital economy, highlight knowledge as a factor in the development of management systems in the digital economy, elaborate on the information technology capacity in knowledge management, and analyze the knowledge management models applicable in the digital economy. The article analyzes the preconditions of an effective knowledge management model for the development of the quality management system and digital economy. It also studies the concept of the digital economy, and defines the role of human resources in digitalization. We have examined the prerequisites for knowledge management, relationships between human resources management processes, quality management systems and information technologies with the purpose of building an efficient quality management system inside an organization. At the present stage, information technologies are developing rapidly and their management requires continuous education and self-development. Thus, one of the priority tasks of economic development is the professional application of computer technology in all fields of activity. The formation of the computer literacy skill set of the general public will become an indicator of the readiness of society to comply with the up-to-date requirements.