INNOVATIVE PRODUCTS IN INSURANCE COMPANIES AND THEIR MARKET EFFECTIVENESS

The development of innovative insurance products is a key factor in increasing market competitiveness, attracting new customers, and enhancing financial stability. This study examines the introduction and effectiveness of innovative insurance products in Uzbekistan, focusing on their impact on market growth, customer satisfaction, and profitability. Using a combination of regulatory review, case studies, and comparative international analysis, the research highlights product innovations such as microinsurance, digital life and health policies, usage-based insurance, and bundled coverage packages. Findings indicate that innovative products improve market penetration, customer engagement, and risk management, but challenges such as limited awareness, infrastructure constraints, and regulatory adaptation remain. The study concludes that continuous innovation, digital transformation, and strategic marketing are essential to maximize the market effectiveness of new insurance products.