INNOVATIVE APPROACH TO BUDGETING ACTIVITIES OF INSURERS IN THE CRISIS ON THE UKRAINIAN INSURANCE MARKET

Anatoliy Suprun; Tetiana Petrishina

doi:10.23856/2501

Anatoliy Suprun Kryvyi Rih Economic Institute of Kyiv National Economic University named after Vadym Hetman http://orcid.org/0000-0003-4985-7673
Tetiana Petrishina Kryvyi Rih Economic Institute of Kyiv National Economic University named after Vadym Hetman http://orcid.org/0000-0002-7772-5793

Keywords: financial innovation, traditional budgeting, financial planning, insurance market, non-budgetary methods of financial planning

Abstract

Traditional budgeting, despite the critical comments regarding this management tool, is widely used in many medium and large enterprises, including insurance companies. The authors propose an innovative approach to budget management in insurance companies, based on the hyperdynamics feature, permanent instability of today's business environment in the country generally, in the insurance market particularly, and specifics of insurance. In particular, it is a combination of traditional budgeting and non-budgetary methods of financial planning.

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