Procedure of forming statistics for insurance of product innovations

In modern conditions, an effective way to develop the Russian economy is to intensify innovation activities to create science–intensive products that can successfully compete with foreign analogues. However, the implementation of such projects is costly and highly risky. One of the promising ways to minimize project risks and attract additional investment in this area is the use of insurance tools, which allow minimizing the damage from various adverse events for the customer, investor and developer of innovations. Insurance is based on the need to form a special fund at the expense of insurance premiums paid by the insured and determined by the insurance rate for a particular type of insurance. In turn, the rate is calculated on the basis of statistical data (the number of insured events, the sum insured, damage in case of an insured event, etc.). However, it is quite difficult to generate such statistics for innovative projects due to the uniqueness of the product being created. To solve this problem, the article proposes a new approach to the formation of statistics for calculating the insurance rate when insuring product innovations. It differs by taking into account the degree of product novelty (in particular, modification, improvement or radical innovation) and based on the search for analogues using various measures of object similarity. The choice of a specific metric is based on the type of data (quantitative, categorical or mixed) of used comparative features. The application of the proposed approach by insurers should increase the availability of insurance services for innovatively active enterprises, which, in turn, will increase the attractiveness of ongoing projects. 

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