Leadership in Providing Personal Life Insurance Services as a Way to Increase the Sustainability of the Insurance Company’s Business

The particularities of building the models for actuarial services in Russia have been considered for the purposes of optimizing the business of insurance companies, with evaluation and forecast of numerous statistical factors against regional differentiation taken into account. In order to economically justify the insurance company’s creation of a reserve fund for each personal life insurance contract, in the paper, an economic and mathematical model of calculation of the insurance contract cost is suggested that implies payment of insurance to a surviving spouse in the case of the other’s death before the spouse’s retirement age. The expression for the lump-sum net rate for such contracts has been obtained that depends on the interest rate, age of spouses, their remaining time to retirement, mortality rates, and maximum permissible ages. The calculations performed allow determining the rate of reduced redemption insurance sums, which enables insurance companies to adjust the insurance installments as soon as terms and conditions of life insurance contracts are amended. The suggested technique of calculation of insurance rates ensures the sustainable development of the insurance company in the market of insurance services, enhances its competitiveness, and provides for its achieving the leading positions in the segment of individual contracts of personal insurance. In the work, the actuarial insurance rate calculation technique is applied, using the methods of the theory of probabilities and mathematical statistics, as well as simulation modeling methods.