Balance of interests of stakeholders in the provision of insurance services

¹ Financial University under the Government of the Russian Federation (Moscow) St. Petersburg branch, Syezhinskaya Str., 15-17, 197198, St. Petersburg, Russian Federation
² Peter the Great St. Petersburg Polytechnic University, Polytechnicheskaya, 29, 195251, St. Petersburg, Russian Federation

^* Corresponding author: sbe@list.ru

Abstract

The owners and heads of companies often make serious financial decisions, both operational and strategic, guided not by traditional criteria for optimality of profitability and risk, but by the desire to satisfy, to one degree or another, the expectations and interests of various interested groups of people both in the company and for its limits. The financial goal of a large corporate structure, in particular an insurance organization, should be formulated on the basis of a balance of interests of all interested parties (stakeholders) of its business in accordance with stakeholder theory. The authors determine the purpose and objectives of this study as the discussion of the nature of the stakeholder approach to the balanced development of economic entities, as well as the insufficient development of methodological approaches to meeting the requirements of stakeholders. The stakeholder’s approach allows us to disclose all key aspects of the functioning of an economic entity, and it could be proved that the corporate governance system of insurance organizations should include a mechanism for identifying and predicting the interests of key stakeholders and building on their basis strategic guidelines for coordinating and satisfying the interests of stakeholders.