INSURANCE PRODUCT SALES MANAGEMENT AND THE STATE OF THE LIFE INSURANCE MARKET IN UKRAINE

This article examines the current challenges facing life insurance companies as they adapt to rapid changes in insurance market conditions and consumer preferences. It also explores the integration of advanced sales management technologies into the sales process for life insurance products. Life insurance is characterized as a significant tool for financial protection against unexpected circumstances, fulfilling several key functions: social, protective, accumulative, and investment. The analysis evaluates the state of the life insurance market in Ukraine and the positioning of life insurance companies within it, noting that life insurance currently constitutes only about a tenth of the overall insurance market volume. The life insurance market faces various contemporary risks, including demographic factors, economic risks (related to inflation, currency fluctuations, and market instability), legal risks associated with legislative changes regulating the life insurance market, and significant geopolitical risks, notably the ongoing aggression from Russia. Special attention is given to the sales management of life insurance products, emphasizing it as a continuous and purposeful process that significantly impacts the financial standing of insurance companies and enhances public trust in life insurance offerings. The article highlights that modern sales management in life insurance is currently in a developmental stage, presenting both advantages and disadvantages, and argues for the necessity of adapting these management practices to rapid technological innovations. It discusses various sales channels for insurance products within the life insurance sector, approaches to their enhancement using modern digital tools, and underscores the importance of integrating digital channels with traditional sales methods to construct a multi-channel delivery system for insurance services.