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Modirelabangwe, Gorata Onthatile, and Percy M. D. Phatshwane. "Disclosure of Audit Activities in Annual Reports: A Comparative Study of Selected Listed Companies in Botswana and South Africa." International Business Research 11, no. 5 (March 14, 2018): 1. http://dx.doi.org/10.5539/ibr.v11n5p1.
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Audit activities form part of the key functions that enhance the reliability and validity of financial and non-financial information. One of the reporting processes investors and other stakeholders rely on when making decisions is the annual reports of enterprises which are a compilation of various reporting elements. Although internal auditors do not make direct disclosures in annual reports, many financial and non-financial disclosures are for audited items. Ultimately internally-audit activities and those of the external auditor are reflected in disclosures made by the internal audit function, the audit committee, and the external auditors themselves. The main objective of this study was to identify the levels of audit disclosure made in reference to the activities of IAFs, external auditor and the audit board committee, and to make comparisons therein between Botswana Stock Exchange (BSE) and the Johannesburg Stock Exchange (JSE) listed companies. To uncover the extent of these disclosures the current study derived seventeen (17) mandatory or voluntary audit disclosure areas that were used to conduct text analysis and to determine disclosures made for a cross-country study of three companies, each from the areas of retail, banking and insurance selected from the Botswana Stock Exchange (BSE) and the Johannesburg Stock Exchange (JSE). The study found that audit committees and internal audit functions dominated the disclosure of the audit-related variables, and that external auditors tend to confine their disclosure to areas concerned with presentation and qualification of financial statements. The study also found that companies listed in the JSE made more disclosures than their BSE counterparts, and that the retail sector made fewer disclosures as compared to the other two sectors. Furthermore, disclosures related to assessment and management risk as well as aspects of internal audit functions were the two most frequently disclosed variables in both geographic locations. The study goes on to recommend that future studies make more comparative studies by sector, geographic location, and to explore the use of a broader range of auditing variables.
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Knežević, Snežana, and Aleksandra Mitrović. "Cash flow statement and financial decision-making in insurance companies." Bankarstvo 47, no. 4 (2018): 108–23. http://dx.doi.org/10.5937/bankarstvo1804108k.
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Pattnaik, Chinmaya Ranjan, Sachi Nandan Mohanty, Sarita Mohanty, Jyotir Moy Chatterjee, Biswajit Jana, and Vicente Garcia Diaz. "A fuzzy multi-criteria decision-making method for purchasing life insurance in India." Bulletin of Electrical Engineering and Informatics 10, no. 1 (February 1, 2021): 344–56. http://dx.doi.org/10.11591/eei.v10i1.2275.
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Life insurance is an agreement between an insured and an insurer, where the insurer pays out a sum of money either on a specific period or the death of the insured. Now a day, People can buy a policy through an online platform. There are a lot of insurance companies available in the market, and each company has various policies. Selecting the best insurance company for purchasing an online term plan is a very complex problem. People may confuse to choose the best insurance company for buying an online term. It is a multi-criteria decision making (MCDM) problem, and the problem consists of different criteria and various alternatives. Here in this paper, a model has been proposed to solve this decision-making problem. In this model, a fuzzy multi-criteria decision-making approach combined with technique for order preference by similarity to ideal solution (TOPSIS) and it has been applied to rank the different insurance companies based on online term plans. The experimental results show that the life insurance corporation of India (LIC) gets the top rank out of 12 companies for purchasing an online term plan. A sensitivity analysis has been performed to validate the proposed model.
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Ankitha, Shetty, and Savitha Basri. "The effect of relational selling on life insurance decision making in India." International Journal of Bank Marketing 37, no. 7 (October 7, 2019): 1505–24. http://dx.doi.org/10.1108/ijbm-09-2018-0236.
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Purpose The biggest challenge in the Indian life insurance industry is mis-selling and unfair business practices. The purpose of this paper is to explore the effect of relational selling behaviour on investor decision making in life insurance market in India. This study also aims to elucidate the mediating role of trust in predicting the purchase of life insurance policies by investors. Design/methodology/approach A cross-sectional survey was carried out to collect quantitative data using a validated structured questionnaire. A total of 813 policyholders of life insurance companies operating in Karnataka, South India, were chosen. The data were analysed using the partial least square method of structural equation modeling. Findings The process of investors’ life insurance buying decision is directly influenced by interaction intensity, co-operative intentions of agents, sharing of overt and covert policy information, and indirectly through the partial mediation of trust. Also, trust fully mediates the effect of agent disclosure and personal rapport on decision making by investors. The importance‒performance map analysis highlights the pivotal role of overt policy information in investors’ decision making. Practical implications The financial mis-selling in India can be curtailed significantly if the insurance companies insist on responsible and relational selling by their sales agents. The companies would also strategically gain by investing in trust-building programs that enhance quality interactions and honest disclosure of overt and covert policy information, unpretentious intention to co-operate in the policy selection, and emphasize emotional connection and personal rapport with customers. These genuine actions and behavioural manifestations would certainly facilitate appropriate decision making by the investors. Originality/value There is a paucity of research in India which explicates the role of relational selling behaviour in insurers’ decision making. As such, this article expands the scope of relational marketing research in insurance by assessing the relational determinants of investor decisions as well as the role of trust as the mediator in influencing insurance decision making.
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Zapa, E., and J. Cogollo. "Fuzzy-BSC Methodology for Decision Making in Indemnity Area of Insurance Companies." IEEE Latin America Transactions 16, no. 10 (October 2018): 2539–46. http://dx.doi.org/10.1109/tla.2018.8795133.
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Dong, Xuebing, and Wenliang Bian. "Research on the decision-making of return freight insurance considering consumer behavior under the omni-channel model." E3S Web of Conferences 257 (2021): 02018. http://dx.doi.org/10.1051/e3sconf/202125702018.
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This article considers that consumers choose offline returns under the omni-channel model to bring additional benefits to retailers, and studies the impact of different freight insurance delivery strategies on the pricing and consumer behavior of omni-channel retailers. Establish consumer utility function and corporate profit maximization model. Research has shown that consumers’ satisfaction with the three ways that companies do not provide return freight insurance for consumers’ online return, companies offer return freight insurance for consumers’ online return, and companies do not provide return freight insurance for consumers’ offline return when the price is high, free return shipping insurance can maximize the company’s online benefits, while not providing return shipping insurance services can maximize the company’s offline benefits, reducing commodity prices, and improving offline store service levels to further increase revenue; improve products Packaging quality to increase the net residual value of the product by ensuring the integrity of the product has a positive impact on increasing market share and corporate profits.
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Et. al., Asha Rani,. "Multi Criteria Decision Making (MCDM) based preference elicitation framework for life insurance recommendation system." Turkish Journal of Computer and Mathematics Education (TURCOMAT) 12, no. 2 (April 11, 2021): 1848–58. http://dx.doi.org/10.17762/turcomat.v12i2.1523.
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The global life insurance industry has shown a phenomenal growth in number of companies, insurance products and their users. The digital revolution has played a pivotal role in the field of insurance too. Increased numbers of companies and insurance plans have increased the complexities and time involved in selection of appropriate policies. At present, major share of policy selling goes to the agents which may be biased and time consuming. The web aggregators too have failed to provide customized and personalized suggestions. Major portion of population still finds the selection of best insurance plan unfriendly and tedious. This huge volume of data requires intelligent system to facilitate efficient and effective retrieval, processing and management of the data from multiple dimensions. This research paper proposes a framework to provide a personalized life insurance recommender system using TOPSIS method of multi-criteria decision making. Point allocation method along with TOPSIS provides preference elicitation and list of recommended policies ranked according to closeness coefficients. Sensitivity analysis in the paper shows the effect of changing the policy features’ preferences (criteria weights) on the final recommended products. The proposed framework helps in achieving computational excellence for efficient decision making with reduced complexity
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Smith, Helen, and Kit Fotheringham. "Artificial intelligence in clinical decision-making: Rethinking liability." Medical Law International 20, no. 2 (June 2020): 131–54. http://dx.doi.org/10.1177/0968533220945766.
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This article theorises, within the context of the law of England and Wales, the potential outcomes in negligence claims against clinicians and software development companies (SDCs) by patients injured due to AI system (AIS) use with human clinical supervision. Currently, a clinician will likely shoulder liability via a negligence claim for allowing defects in an AIS’s outputs to reach patients. We question if this is ‘fair, just and reasonable’ to clinical users: we argue that a duty of care to patients ought to be recognised on the part of SDCs as well as clinicians. As an alternative to negligence claims, we propose ‘risk pooling’ which utilises insurance. Here, a fairer construct of shared responsibility for AIS use could be created between the clinician and the SDC; thus, allowing a rapid mechanism of compensation to injured patients via insurance.
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Lin, Arthur Jin, and Hai-Yen Chang. "Business Sustainability Performance Evaluation for Taiwanese Banks—A Hybrid Multiple-Criteria Decision-Making Approach." Sustainability 11, no. 8 (April 13, 2019): 2236. http://dx.doi.org/10.3390/su11082236.
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The Taiwanese government has encouraged bank privatization and the establishment of financial holding companies to improve banking sustainability and consolidate banks, insurance companies, and securities firms. It is important for bank decision makers to set policies that lead to sustainable development. However, the literature remains unclear about the types of banks that achieve greater business sustainability. This paper aims to (1) identify the criteria that affect banks’ business sustainability and (2) determine the most sustainable types of banks. This study uses a hybrid multiple-criteria decision-making approach on eighteen financial criteria for twenty-five Taiwanese listed banks with data from 2012 to 2016. The results show that non-performing loan ratio is the most critical factor. In addition, financial holding companies outperformed non-financial holding companies. Financial holding companies with insurance companies as their largest subsidiaries performed best. Private banks exceeded state-owned banks in sustainability. The results lead to two implications. First, banks should value risk over profitability and diversify financial products. Second, the government should continue to privatize banks. These findings suggest that bank managers implement an enterprise resource planning (ERP) system with a master plan, framework, and guidelines to help them track bank performance indicators to ensure sustainability.
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Pušara, Dejan. "THE IMPACT OF TECHNOLOGICAL DEVELOPMENT ON INSURANCE COMPANIES." ЗБОРНИК РАДОВА ЕКОНОМСКОГ ФАКУЛТЕТА У ИСТОЧНОМ САРАЈЕВУ 1, no. 18 (October 8, 2019): 73. http://dx.doi.org/10.7251/zrefis1918073p.
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In the contemporary business environment, the fundamental parameter for the successful subsistence of the competitive advantages is keeping pace with the contemporary trends. This also applies to the insurance industry, regardless of how conservative it is considered to be. Information and Communication Technologies influence all business sectors of the insurance companies. The users are increasingly reaching for the Internet as tools of research of insurance prices and products, and possibilities are opening up for the insurers through the new distribution channels. Innovations of the existing products and the development of the new ones represent the driving force behind the evolution of the entire insurance sector. Investing in the modern technology through information systems and risk modeling software makes administrative work easier, and has a significant role in the strategic-business decision-making process.
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Gharizadeh Beiragh, Ramin, Reza Alizadeh, Saeid Shafiei Kaleibari, Fausto Cavallaro, Sarfaraz Zolfani, Romualdas Bausys, and Abbas Mardani. "An integrated Multi-Criteria Decision Making Model for Sustainability Performance Assessment for Insurance Companies." Sustainability 12, no. 3 (January 21, 2020): 789. http://dx.doi.org/10.3390/su12030789.
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To stay competitive in a business environment, continuous performance evaluation based on the triple bottom line standard of sustainability is necessary. There is a gap in addressing the computational expense caused by increased decision units due to increasing the performance evaluation indices to more accuracy in the evaluation. We successfully addressed these two gaps through (1) using principal component analysis (PCA) to cut the number of evaluation indices, and (2) since PCA itself has the problem of merely using the data distribution without considering the domain-related knowledge, we utilized Analytic Hierarchy Process (AHP) to rank the indices through the expert’s domain-related knowledge. We propose an integrated approach for sustainability performance assessment in qualitative and quantitative perspectives. Fourteen insurance companies were evaluated using eight economic, three environmental, and four social indices. The indices were ranked by expert judgment though an analytical hierarchy process as subjective weighting, and then principal component analysis as objective weighting was used to reduce the number of indices. The obtained principal components were then used as variables in the data envelopment analysis model. So, subjective and objective evaluations were integrated. Finally, for validating the results, Spearman and Kendall’s Tau correlation tests were used. The results show that Dana, Razi, and Dey had the best sustainability performance.
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Kempa, Sesilya, Wiliam Ardiyanto Wisnu Pratama, and Noneng Rokayah Sukatmadiredja. "Insurance Policy Purchase Decision in Surabaya, Indonesia." SHS Web of Conferences 76 (2020): 01053. http://dx.doi.org/10.1051/shsconf/20207601053.
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The level of competition in the insurance world that is getting tougher makes the insurance business do a lot of strategies, both promotion, service, and others. Consumer decisions in buying insurance policies themselves are influenced by several things. This study emphasizes the presence of the influence between company reputation and product knowledge on purchase decisions as well as the influence of both variables through consumer trust of insurance policies from insurance companies in Surabaya. The data collection is carried out on 130 consumers who have bought an insurance policy. From 130 questionnaires returned, there are only 100 questionnaires which can then be further processed using Partial Least Square 2.0 analysis. The results of data processing show that company reputation, product knowledge, and consumer trust influence the purchase decisions respectively of 0.204, 0.203, and 0.494. While the influence of company reputation and product knowledge on customer trust are 0.452 and 0.471, respectively. Customer trust itself is proven to be an intervening variable between company reputation and product knowledge and on purchase decision making.
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Savona, Paola. "Machine Learning Algorithms in Administrative Decision-Making." Journal of Business and Economics 9, no. 6 (June 20, 2018): 497–506. http://dx.doi.org/10.15341/jbe(2155-7950)/06.09.2018/004.
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Machine learning algorithms play a significant role in the digital economy. They suggest products and services to clients, select friends and news, give navigation advice to drivers, make translations. Moreover, learning algorithms are increasingly used to make important decisions about individuals. Companies, for example, rely on machine learning to approve loan, evaluate investments, calculate insurance risks, evaluate workers’ performance or select people to hire. Governments use it to detect terrorists and prevent future attacks, target citizens or places for police scrutiny, select tax payers for audit, detect frauds, grant or deny visas, and more. The influence of machine learning in administrative decision-making might rapidly grow in the near future. The paper analyses opportunities and risks involved in relying on learning algorithms to support or to make administrative decisions with the aim of understanding the challenges that the use of those tools poses to the core principles of the rule of law.
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Bashir, Taqadus, Faisal Mehmood, and Altamash Khan. "Comforting Investments are Rarely Profitable: Impediments in Investor Decision Making." Global Social Sciences Review IV, no. II (April 23, 2019): 51–59. http://dx.doi.org/10.31703/gssr.2019(iv-ii).07.
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This research aims at testing and confirming existence of selected behavioral biases of investors that affect their decisions. Five behavioral biases affecting irrational behavior of investors were selected: overconfidence bias, illusion of control bias, confirmation bias and recency bias and optimism bias. Primary data was collected through a questionnaire from 300 investors from banks, insurance companies, stock exchanges etc. The results were obtained by employing a correlation and regression analysis for the presence of behavioral biases and to detect degrees of their influence on decision making. Correlation results indicate moderate association between behavioral biases and decisions of investors. Outcome of the research indicates that while making financial decisions investors are moderately affected by behavioral biases.
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Rosyada, Amrina, and Fenty Astrina. "PENGARUH PROFITABILITAS DAN UKURAN PERUSAHAAN TERHADAP PENGUNGKAPAN TANGGUNGJAWAB SOSIAL PADA PERUSAHAN ASURANSI YANG TERDAFTAR DI BURSA EFEK INDONESIA." AKUNTABILITAS: Jurnal Penelitian dan Pengembangan Akuntansi 12, no. 1 (August 10, 2019): 69–80. http://dx.doi.org/10.29259/ja.v12i1.9309.
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The purpose of this study is to analyze the effect of profitability and firm size on the disclosure of social responsibility on insurance companies as independent variables using profitability and firm size variables on social responsibility disclosure (CSR) as the dependent variable in company annual report, Respectively) and simultaneously (together). The sample that is the object of this research is all insurance companies listed on the Indonesia Stock Exchange in 2013 to 2016, the total sample for research four years of observation is 40 samples by using purposive sampling. The data used are secondary data from annual reports and performance reports of insurance companies that have been published. The data analysis technique used is multiple linear regression with the help of SPSS version 22. The results of this study are as follows, 1. Profitabilias Insurance company has a negative and insignificant effect on corporate CSR, 2. The size of the Insurance Company has a negative and significant effect on CSR. The results of this study provide information for companies about the level of disclosure of social responsibility owned by insurance companies, and also useful for providing information for decision making.
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Karlina, Dona, Isni Andriana, and Didik Susetyo. "The Effect of Attitude, Subjective Norms, and Perceived Behavioral Control on Whistleblowing Intentions with Religiosity As Moderator." Accounting and Finance, no. 2(92) (2021): 130–35. http://dx.doi.org/10.33146/2307-9878-2021-2(92)-130-135.
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Fraudulent acts or ethical violations committed by staff or senior management can not only cause serious damage to the company's reputation and operations, but also lead to bankruptcy. According to the Corruption Perception Index and the level of internal ethical violations by staff or management in financial institutions (banks, insurance companies and others), Indonesia in 2018 ranked 90th out of 180 countries worldwide, which indicates the presence of such cases. Violations can occur due to the weaknesses in the internal control system and the low level of integrity of employees. Instead, high employee self-awareness and company motivation to report violations (internal whistle-blowing intentions) can significantly improve the situation. The purpose of the article is to examine the variables that affect the insurance company employees in Palembang when making a decision to whistleblowing (reporting fraud). The variables considered in this study are: attitude, subjective norms, perceived behavioral control. The factor of religiosity in this study is used as a moderator. The sample of the study – 62 respondents, namely employees of insurance companies operating in the city of Palembang (Indonesia). The study results show that factors such as attitude and subjective norms influence the decisions of employees of insurance companies to report fraud. At the same time, the perceived behavioral control does not have a significant impact on the decision-making process. The religiosity of a person also does not affect both the studied variables (attitude, subjective norms, perceived behavioral control) and the whistleblowing intentions.
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Wang, Zhao Loon, Jin Kim, Ganeshsree Selvachandran, Florentin Smarandache, Le Hoang Son, Mohamed Abdel-Basset, Pham Huy Thong, and Mahmoud Ismail. "Decision Making Methods for Evaluation of Efficiency of General Insurance Companies in Malaysia: A Comparative Study." IEEE Access 7 (2019): 160637–49. http://dx.doi.org/10.1109/access.2019.2950455.
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Setiawan, Awan, and Erwin Yulianto. "PENERAPAN DATA MINING DENGAN ASSOCIATION RULES UNTUK MELIHAT HUBUNGAN TERTANGGUNG, PEMILIHAN PRODUK DAN PERILAKU NASABAH (Studi Kasus: PT. Prudential Life Assurance)." AIMS: Jurnal Accounting Information System 2, no. 1 (April 29, 2019): 1–17. http://dx.doi.org/10.32627/aims.v2i1.63.
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The world of insurance business that is full of competition makes the perpetrators must always think about breakthrough strategies that can guarantee the continuity of their insurance business. One of the main assets owned by insurance companies is business data in an extraordinary amount.Data mining is a new technology that is very useful to help insurance companies find very important information from business data as the main asset they have. Data mining can predict trends and traits of business behavior that are very useful to support important decision making. Automated analysis carried out by data mining exceeds that carried out by traditional support systems. Apriori and FP-Growth are the most famous algorithms for finding high frequency patterns, these algorithms are part of the Rule Association used in this study.
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IJzerman, Maarten J., Robert P. B. Reuzel, and Hans L. Severens. "PRE-ASSESSMENT TO ASSESS THE MATCH BETWEEN COST-EFFECTIVENESS RESULTS AND DECISION MAKERS' INFORMATION NEEDS." International Journal of Technology Assessment in Health Care 19, no. 1 (January 2003): 17–27. http://dx.doi.org/10.1017/s0266462303000035.
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Objective: To determine if a pre-assessment can be used to establish whether cost-effectiveness results would meet the actual information needs of Dutch healthcare decision makers.Methods: Two recent studies in rehabilitation medicine served as study material. Based on Wholey, a limited pre-assessment was performed in which the potential impact of cost-effectiveness analysis (CEA) results on intended users' decision making was assessed. Desk research and semi-structured interviews with several intended users of CEA results were performed. These included general practitioners, representatives of health insurance companies, the Health Care Insurance Board (CvZ), and medical guidelines committees.Results: In day-to-day decision making of the interviewed decision makers, a cost-effectiveness criterion seemed to be of limited importance. Instead, results from clinical effectiveness studies and budget impact studies appeared to be sufficient. CvZ, however, preferred relative cost-effectiveness to be a criterion for inclusion in future reimbursement guidelines. In both cases the limited pre-assessments changed the expectations of the investigators regarding decision-making impact of an economic evaluation.Conclusion: This study revealed that the use of CEA results for Dutch micro- and meso-level healthcare decision making is not self-evident. The main purpose of CEA results is to support health policy making and planning at a macroeconomic level. Pre-assessment can be a valuable tool in designing a CEA to support the actual information needs of the decision makers.
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Adams, M. B., and S. F. Cahan. "A Costly Contracting Analysis of the Insurance Firm." Journal of Interdisciplinary Economics 6, no. 3 (October 1995): 203–20. http://dx.doi.org/10.1177/02601079x9500600303.
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The financial economics’ literature predicts that corporate decisions are influenced by internal contracting and incentive structures emanating from organizational form. The insurance industry is dominated by two main forms of organization—the mutual and stock company—which differ in terms of their contracting structure and systems of monitoring. As such, it offers an interesting environment within which to examine diversity in economic decision-making between firms of different ownership structure. Mutuals are considered to have economic advantages over stock companies because there are fewer constituents among whom costly contracting has to take place. On the other hand, mutuals have a more diffuse ownership-control structure than stock companies which means that policyholders are less able to closely monitor and control the contractual obligations of managers. Because managers in mutual companies are less closely monitored, they can impose higher contracting costs on policyholders as owners of the insurance firm. To mitigate costly contracting, policyholders will seek to protect their interests by limiting managerial discretion in economic activities, such as production, investment and reinsurance. To stimulate further empirical research, four propositions derived from a costly contracting analysis of the insurance firm are put forward. The paper concludes that costly contracting analysis can provide researchers with rich insights into the economic behaviour of insurance companies.
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Burić, Milijana Novović, Vladimir Kašćelan, Milivoje Radović, and Ana Lalević Filipović. "Mechanisms of Protection from Interest Rate Risk with Reference to the Life Insurance Market in Montenegro." Journal of Central Banking Theory and Practice 7, no. 1 (January 1, 2018): 17–42. http://dx.doi.org/10.2478/jcbtp-2018-0002.
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Abstract Insurance companies are facing major challenges that point to the need for control process and risk management. Risk management in insurance has a direct impact on solvency, economic security, and overall financial stability of insurance companies. It is very important for insurance companies to adequately calculate risks to which they are exposed. Asset liability management (ALM), as an integrated approach to financial management, requires simultaneous decision-making about categories and values of assets and liabilities in order to establish the optimum volume and the ratio of assets and liabilities, with the understanding of complexity of the financial market in which financial institutions operate. ALM focuses on a significant number of risks, whereby the emphasis in this paper will be on interest rate risk which indicates potential losses that may reflect in a lower interest margin, a lower value of assets or both, in terms of changes in interest rates. In the above context, the aim of this paper is to show how to protect from interest rate changes and how these changes influence the insurance market in Montenegro, both from the theoretical and the practical point of view. The authors consider this to be an interesting and very important topic, especially because the life insurance market in Montenegro is underdeveloped and subject to fluctuations. Also, taking into account the fact that Montenegro is a country that has been making serious efforts to join the EU, it is expected that insurance companies in Montenegro will strengthen their financial position in the market even using the ALM traditional techniques, which is shown in this paper.
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Siddique, Md Abu Bokar, Taposh Kumar Neogy, and Md Rabiul Islam. "Variations in Opinions toward Disclosure Trend of Insurance Companies in Bangladesh: An Empirical Study." American Journal of Trade and Policy 1, no. 1 (April 30, 2014): 42–50. http://dx.doi.org/10.18034/ajtp.v1i1.360.
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The study is an attempt to examine empirically the perceptions of a sample of users of reported information regarding the use of annual reports for decision making, adequacy, reliability, consistency, comparability, relevance, satisfaction and compliance of BASs (IASs) in preparing annual report. Results of the study demonstrated that there is a lack of disclosure in the annual reports of insurance companies. The study also found insignifi cant variations in opinions towards adequacy, consistency, relevance, satisfaction and compliance of provisions of Bangladesh Accounting Standards in disclosure policy of the companies while there are signifi cant variations in responses regarding reliability and comparability of accounting information disclosed in the annual reports. Insurance companies should develop their reporting policy to satisfy their users through compliance the disclosure requirements of international standards.
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Arori, Abel Moriasi, and James Maina Rugami. "Personal Selling Strategies and Customer Loyalty among Insurance Companies in Malindi Town, Kilifi County, Kenya." International Journal of Business Management, Entrepreneurship and Innovation 2, no. 1 (March 3, 2020): 36–51. http://dx.doi.org/10.35942/jbmed.v2i1.99.
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The study examined the influence of personal selling strategies and customer loyalty among insurance companies in Malindi town, Kilifi County, Kenya. The study adopted a descriptive research design. The targeted population was 967 employees working in the selected four insurance companies in Malindi, namely Gateway insurance company limited, Marangi insurance agency, Blue shield Company Limited, Tausi Insurance Agency. The unit of analysis was a sales manager, salespersons and customers. SPSS was used to organize code and analyze information and generate the quantitative report. The data were analyzed using descriptive and inferential statistics. The study concluded that selling strategy, Systems selling strategy, Features selling strategy and Consultative personal selling strategy was positively and significantly associated with customer loyalty. Moreover, the study concluded that selling strategy, Systems selling strat, Features selling strategy and Consultative personal selling strategy were positively and significantly related to customer loyalty. The examination recommended that the insurance agencies in Malindi can utilize the canned selling technique, system selling methodology, features selling system and individual consultative strategy to build the devotion of the clients since they have a personalized experience. Moreover, the research suggests that based on the level of completion in the market, the management in all insurance companies in Kenya to carry out various personal selling strategies to enable the companies to grow and diversify their portfolio to minimize losses and cut down the cost thus enhancing their competitiveness. Moreover, the study recommended systems selling strategies should be put in place to improve operational efficiency and improve the decision-making process to increase their performance. The study also suggested insurance to be more involved in advocating selling their products by clearly establishing the features of a product before making the presentation and to be revealing all the components of any product without hiding any information.
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Bourdette, Dennis N., Daniel M. Hartung, and Ruth H. Whitham. "Practices of US health insurance companies concerning MS therapies interfere with shared decision-making and harm patients." Neurology: Clinical Practice 6, no. 2 (December 10, 2015): 177–82. http://dx.doi.org/10.1212/cpj.0000000000000208.
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Ningsih, Yulia Wahyu, and Noven Suprayogi. "Analisis Efisiensi Asuransi Umum Syariah di Indonesia Tahun 2013-2015: Aplikasi Metode Data Envelopment Analysis (DEA)." Jurnal Ekonomi Syariah Teori dan Terapan 4, no. 9 (December 15, 2017): 757. http://dx.doi.org/10.20473/vol4iss20179pp757-772.
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This study aims to analyze the efficiency of sharia general insurance companies in Indonesia. The input variables used are total assets, expenses, and payment of claims, while the output variable is the income and tabarru’ funds. The method were used to measure the level of efficiency is the Data Envelopment Analysis (DEA) with the assumption of Variable Return to Scale (VRS) with input and output orientation. The samples are 12 sharia general insurance companies during 2013-2015. The results of the study indicate that the average result of DEA analysis for the entire DMU (Decision Making Unit) has not been efficient. The average value of economic efficiency (CRS) by 0.978, technically efficiency (VRS) for 0.925, and scale efficiency for 0.945. Source of inefficiency sharia insurance company is the scale of operations and management of input to output is not optimal.
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Arsenault, D. M., and B. E. Lally. "Are Insurance Companies Driving the Decision-Making Process for Stage I Non-Small Cell Lung Cancer (NSCLC) Patients?" International Journal of Radiation Oncology*Biology*Physics 87, no. 2 (October 2013): S513—S514. http://dx.doi.org/10.1016/j.ijrobp.2013.06.1358.
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Baliyan, Som Pal, Tshepo Oitsile, and Comfort Motlhabane. "Evaluation of Management Skills and Training among Horticultural Farmers in Botswana." Journal of Education and Training 5, no. 2 (July 20, 2018): 63. http://dx.doi.org/10.5296/jet.v5i2.13231.
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This quantitative study aimed to determine the level of management skills and training among small scale horticultural farmers in Botswana. The study adopted an exploratory and descriptive survey research design. A valid and reliable questionnaire was used to collect data through a survey of forty (n=40) purposively sampled small scale horticultural farmers in Botswana. A six-point Likerts’ scale ranging from 0=No skill to 5=very high skill was used to measure the level of eight areas of farm management skills and training namely; planning and goal setting skills, accounting and financial management skills, communication skills, productivity management skills, product procurement and marketing skills, decision making skills, risk management skills, and technical skills. Mean and standard deviations for each of the farm management skills were calculated and, tested for their significance using a Chi Square test. Findings revealed that farmers had an overall high level of farm management skills and training. Communication skill was the only skill which the farmers had at a very high level. Farmers had high skills levels in the technical skills, product procurement and marketing management skills, planning and goal setting skills and, decision-making skills. Farmers had a low skill levels in risk management skills followed by accounting and financial management skills and, production and productivity management skills. Therefore, the farmers need to be adequately trained in skill areas of risk management, production and productivity management skills and, accounting and financial management. Specific and important recommendations include formulation and implementation of effective agricultural insurance policies; inculcate the adoption of appropriate farm technologies, leadership and cooperation skills among farmers and, training of farmers in the areas of scientific production techniques, plant protection and record keeping. To prioritize the areas for effective and time bound improvement in the farm management skills among horticultural farmers, further study can be conducted to determine the influence of socio-economic characteristics of farmers on the level of their farm management skills.
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Champ, Michael A., Atle B. Nordvik, and James L. Simmons. "UTILIZATION OF TECHNOLOGY WINDOWS OF OPPORTUNITY IN MARINE OIL SPILL CONTINGENCY PLANNING, RESPONSE, AND TRAINING." International Oil Spill Conference Proceedings 1997, no. 1 (April 1, 1997): 993–94. http://dx.doi.org/10.7901/2169-3358-1997-1-993.
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ABSTRACT This paper discusses a newly developed scientific and engineering planning and decision-making tool, the technology windows-of-opportunity concept, and how it can be used for marine oil spill contingency planning, response, education, and training on a global basis. The “windows-of-opportunity” approach provides a common foundation for the development of a rapid and cost-effective tool for oil spill contingency planning and spill response decision making. It is intended for use by state and federal agencies, response planners, cleanup organizations (responders), insurance companies, tanker owners, and transporters. The “windows” concept has the potential for significant environmental and cost benefits in spill response. It will provide policymakers and decision makers with a scientifically based and documented “tool” in oil spill response that has not been available before.
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Moses, Gbarato, Ledum. "Corporate Board Diversity and Financial Performance: The Nigerian Insurance Sector’s Perspective." Growth 7, no. 1 (July 20, 2020): 20–25. http://dx.doi.org/10.20448/journal.511.2020.71.20.25.
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The presence of appropriate gender diversity, board size and board composition does not only promote favourable organizational ambience but also offers meaningful upsurge in the financial position of an organization relatively. It is on this premise that prompted the essence to examine the relationship between corporate board diversity and financial performance of insurance companies in Nigeria for the period 2014 to 2018. Secondary data from Cornerstone Insurance Plc. and Lasaco Assurance Plc. were employed in the study. Using the Panel least Square regression technique, the results reveal that gender diversity, board size and board composition exert insignificant influence on profit before tax as the measure of financial performance. However, while gender diversity exerts negative influence, board size and board composition exert positive influences on profit before tax of insurance companies. The study concludes that employment of appropriate number of directors and also in suitable composition as board members have positive effect on the financial performance of insurance firms. Therefore, the study recommended among others, that: appropriate ratio of executive to independent non-executive directors should be maintained among board members for better decision-making at the interest of all stakeholders. Also, the ratio of gender diversity (female to male directors) should be increased as the role of women in resource management cannot be relegated to the background especially in financial performance of insurance companies.
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Sałek, Robert, and Michał Słabik. "The Role of Fastening Loads in the Safety Management of Intermodal Transport of Truck Semi-Trailers." System Safety: Human - Technical Facility - Environment 1, no. 1 (March 1, 2019): 978–86. http://dx.doi.org/10.2478/czoto-2019-0124.
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AbstractEnsuring transport safety is one of the key areas of transport companies’ operations. Management and organization processes not only in the intermodal transport are associated with decision-making in regard to adequate load securing, which is exposed to the inertia forces resulting from the movement of transport means. Regardless, the responsibility of individual entities in the process and the applicable insurance, the basic aspect to ensure transport safety is the correct securing of the cargo. In the article, the authors present elements of calculation models for different methods of securing cargo. Calculations were performed for the selected type of load on the specific semi-trailer meeting the requirements of the XL Code adapted for intermodal transport. The analysis of safety management in transport in the aspect of decision-making about the method of securing the cargo was also made.
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Rorong, Nadya Natalia, and Lodovicus Lasdi. "The Effect of Organizational Culture and Good Corporate Governance Mechanism on Human Resource Disclosure." Jurnal Akuntansi dan Keuangan 22, no. 2 (November 30, 2020): 72–81. http://dx.doi.org/10.9744/jak.22.2.62-71.
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Human resource is an important and valuable asset to reach competitive advantage for every firms. In the banking and insurance firms, human resource have an important role that is irreplaceable in the operational process of the firms. Human resource disclosure is an activity to disclose information about recruitment process, benefits, training and development program for employee. Therefore, human resource disclosure may provide additional information for the management and all the stakeholders in the development process of decision making. Factors that may affect the human resource disclosure are organizational culture, institutional ownership, and independent commissioner. The objective of this study is to investigate the effect of organizational culture, institutional ownership, and independent commissioner to human resource disclosure. The research’s object are banking and insurance companies that listed in Indonesian Stock Exchange in 2016-2018, there were 55 companies which have been selected by purposive sampling technique. Data were analysed by using multiple regression analysis. Based on the analysis, the results show that organizational culture has positive impact to human resource disclosure. Therefore, institutional ownership and independent commissioner does not affect the human resource disclosure
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Rivera-Hernandez, Maricruz, and Kristy L. Blackwood. "DECISION-MAKING AND DISPARITIES IN QUALITY OF CHOSEN PLANS AMONG RACIAL-ETHNIC GROUPS IN MEDICARE ADVANTAGE." Innovation in Aging 3, Supplement_1 (November 2019): S687—S688. http://dx.doi.org/10.1093/geroni/igz038.2535.
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Abstract Limited research regarding decision-making in Medicare Advantage (MA), which now disproportionally serves racial and ethnic minorities (~45% Hispanics and 30% African-Americans), has been conducted. Without understanding the extent to which vulnerable groups select low quality plans with high out-of-pocket costs (OOPC) and what factors influence this selection, these beneficiaries could continue to be adversely affected. The objective of this study is to understand plan choice decision-making process and differences in quality and OOPC of chosen plans between racial and ethnic minorities enrolled in MA. We used 2015 national data from Medicare and conducted in-depth interviews with 25 MA enrollees. African-Americans were enrolled in plans with higher drug deductibles and lower OOPC. In addition, Hispanics and African-Americans enrollment in high quality plans were lower by 10% and 5%, respectively, regardless whether mean OOPC were 100 or 1000 (P<.05). Our interviews highlighted issues regarding financial literacy, choice overload and complexity. These seniors did not use Plan Finder from Medicare and obtained information from insurance companies. Most seniors were confused about insurance terminology and expressed poor computer literacy. Among them, there was a prevailing sentiment that more expensive plans are better. Our findings could inform the Medicare program, and vulnerable populations who would benefit from plans that maximize quality of care with lower out-of-pocket spending. Finally, this information could contribute to state organizations’ future efforts such as ensuring quality of health services for older adults including. Overall, this research provides new evidence about an increasingly important part of our publicly funded health system.
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Ankrah, Ebenezer, and Evans Sokro. "HUMAN RESOURCE INFORMATION SYSTEM AS A STRATEGIC TOOL IN HUMAN RESOURCE MANAGEMENT." Problems of Management in the 21st Century 5, no. 1 (December 5, 2012): 6–15. http://dx.doi.org/10.33225/pmc/12.05.06.
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The purpose of this research is to identify specifically, how the use of Human Resource Information Systems (HRIS) contributes to the effectiveness of strategic human resources management and to examine the strategic importance of using HRIS at the workplace. Relevant review of various HRIS literature were undertaken which culminated into the development of a conceptual model and the formulation of hypotheses to test the proposal that there is relationship between independent variables- HRIS- and the dependent variables- Cost and Time Savings (CTS), Decision Making Contribution (DMC), Quality Information Effects (QIE) and Employment Development Commitment (EDC). The research uses data generated from 34 respondents from insurance companies in Ghana: SSNIT, ELAC, Vanguard, and Donewell. Data was analyzed using SPSS software. It has been found that HRIS adoption and use have a strong and positive effect on CTS and DMC. Essentially, organizations that divert concerted efforts towards HRIS adoption and use have a high likelihood of cutting down cost and saving time, and also ensure better contributions to strategic decision making. Further findings suggest that insurance organizations map up a strategic plan before implementation goes underway. Financial and resource appraisal in relation to the ability to start and sustain HRIS use are critical. HRIS enables HR professionals and supervisors to manage complex information entities and to plan HR efficiently also, organisations that intend using HRIS should thoroughly educate its employees- not only HR staff- so that internal awareness can facilitate the acceptance of the system. Key words: human resource information system, strategic human resource management, strategic decision making.
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Zimková, Emília. "Technical Efficiency and Super-efficiency of the Insurance Sector in Slovakia." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 63, no. 6 (2015): 2205–11. http://dx.doi.org/10.11118/actaun201563062205.
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In this paper, the technical efficiency and the super-efficiency of a representative sample of insurance institutions in Slovakia is analyzed with the aid of data envelopment analysis (DEA). This paper differs from the so far published literature, as it extends the application of radial DEA models (the CCR model of Charnes, Cooper and Rodes; the BCC model of Banker, Charnes and Cooper) by a non-radial model (the SBM model of Tone) and a super-efficiency model. The supper-efficiency can be used either to rank efficient units or to indicate outliers in the analyzed group of decision making units. Achieved results also reveal that in the year 2013, among 13 Slovak insurance companies under evaluation, the AXA poisťovňa, a. s. was the super-efficient insurance company. The implications of gained results are then drawn for managerial and regulatory purposes. Firstly, it is shown how the management of the insurance institutions with the poorest performances should change their managerial procedures and adopt enhanced-incentive policy. Secondly, the regulatory body of the insurance institutions should utilize the gained technical efficiency of the analyzed institutions for the prediction of their competitiveness in the long run.
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Luery, David, and David Hanlon. "The Role of Pricing Research in Assessing the Commercial Potential of New Drugs in Development." International Journal of Market Research 44, no. 4 (July 2002): 1–23. http://dx.doi.org/10.1177/147078530204400405.
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Pricing research has an important role to play in the go/no-go decisions taken to finance the progress of new drugs in development. There is a hierarchy in decision-making when it comes to determining the price of new drugs. Many different audiences (government, HMOs/insurance companies, formulary committees, physicians and patients) play a role in determining the price of new drugs. The questions then are when should we start pricing research, who should we talk to and what techniques should be used? This paper explores the role of pricing research throughout the eight- to ten-year development life cycle of new drugs. We examine the various pricing research approaches tailored to suit the different decision-marking audiences at the appropriate milestones in assessing the clinical and commercial potential of new drugs.
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Bitter, I. "What will be the Consequences from the Changes in ICD-11/DSM-V for Decision Making in Clinical Psychopharmacotherapy?" European Psychiatry 24, S1 (January 2009): 1. http://dx.doi.org/10.1016/s0924-9338(09)70329-3.
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The preparations of DSM V/ICD-11 are in progress. The frustrations and limitations engendered by the categorical model in psychiatry led to the suggestion of alternative dimensional models of classification, e.g. to the suggestions for a dimensional view of psychosis. However there are strong arguments for keeping the categorical classification maybe with inclusion of new criteria, such as neurocognitive impairment for schizophrenia and even there are suggestions for new categories such as nonaffective remitting acute psychosis.Therapeutic indications of drugs are developed by the industry and are approved by regulatory agencies (FDA, EMEA). Indications are linked to diagnostic categories as defined by DSM-IV/ICD-11, e.g. one antipsychotic is indicated for the treatment of both schizophrenia and bipolar disorder, while another is only indicated for the treatment of schizophrenia. These indications are used by the insurance industry to manage financing of drug treatment.Changes in the criteria of a diagnostic category will result in a revision of approval which may include the obligation for new studies. Generic companies are now an important part of the major pharmaceutical markets, however many of them do not have the capacity to launch clinical studies, which may lead to the withdrawal of marketing authorization of important drugs. Clinical studies seem to be unavoidable for licensing recently available drugs for the new diagnostic categories of DSM V/ICD 11. The introduction of diagnostic categories by a dimensional approach may lead to “double book keeping”: a dimensional diagnosis used for the medical practice and a categorical one for the insurance.
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Barker, Isobel, and Sarah L. Freeman. "Assessment of costs and insurance policies for referral treatment of equine colic." Veterinary Record 185, no. 16 (August 22, 2019): 508. http://dx.doi.org/10.1136/vr.105415.
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Colic is the most common emergency problem in horses. The aims of this study were to survey costs of different referral treatments and to review insurance policies relevant to horses with colic. Data were collected retrospectively from nine equine hospitals for case costs, categorised into four different outcomes: admitted and euthanased; euthanased during or immediately after surgery; medical treatment and survived more than 24 hours; and surgical treatment and survived more than 24 hours. Data from five UK equine insurance companies were extracted and analysed using a standardised case example. Costs were obtained for 108 cases. The mean cost for horses admitted and euthanased was £873.89 (range £459.72–£1471.51), and for surgical treatment and survival more than 24 hours was £6437.80 (range £3178.87–£9100.00). Insurance cover for veterinary fees ranged from £5000 to £7500, and monthly premium rates for a standardised case ranged from £27.06 to £47.06. The terms and conditions for the insurance policies ranged in length from 2098 to 17,701 words; Flesch Kincaid Reading Ease scores ranged from 21.6 to 57.7, indicating a high degree of complexity and low readability. This study highlights the complexity and challenges for decision-making in critical cases of colic.
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Li, Chunquan, and Jianhua Jin. "A Scalar Expected Value of Intuitionistic Fuzzy Random Individuals and Its Application to Risk Evaluation in Insurance Companies." Mathematical Problems in Engineering 2018 (2018): 1–16. http://dx.doi.org/10.1155/2018/8319859.
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Randomness and uncertainty always coexist in complex systems such as decision-making and risk evaluation systems in the real world. Intuitionistic fuzzy random variables, as a natural extension of fuzzy and random variables, may be a useful tool to characterize some high-uncertainty phenomena. This paper presents a scalar expected value operator of intuitionistic fuzzy random variables and then discusses some properties concerning the measurability of intuitionistic fuzzy random variables. In addition, a risk model based on intuitionistic fuzzy random individual claim amount in insurance companies is established, in which the claim number process is regarded as a Poisson process. The mean chance of the ultimate ruin is investigated in detail. In particular, the expressions of the mean chance of the ultimate ruin are presented in the cases of zero initial surplus and arbitrary initial surplus, respectively, if individual claim amount is an exponentially distributed intuitionistic fuzzy random variable. Finally, two illustrated examples are provided.
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Motulsky, Arno G. "Societal problems in human and medical genetics." Genome 31, no. 2 (January 15, 1989): 870–75. http://dx.doi.org/10.1139/g89-153.
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The applications of human and medical genetics raise many societal and ethical problems. This paper deals with a variety of such issues posed by current and future developments in genetic counseling, genetic screening, prenatal and predictive diagnosis, and gene therapy. The promise and problems of behavioral genetics are discussed. Problems of privacy, decision making, societal pressures, stigmatization, and informed consent to genetic study are raised. Use of genetic data by insurance companies or other public groups is discussed. The rapid unfolding of genetic information affecting human health and disease is producing difficult dilemmas. New problems are likely to surface, but human ingenuity and rationality is likely to find just and compassionate solutions in most settings.Key words: genetics and society; genetic diseases; counseling, genetic screening.
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Ma, Ning, Can Li, and Yang Zuo. "Research on forest insurance policy simulation in China." Forestry Economics Review 1, no. 1 (April 15, 2019): 82–95. http://dx.doi.org/10.1108/fer-03-2019-0004.
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Purpose Forest insurance is a popular way to reduce the loss of forest disasters, so it is necessary to actively involve stakeholders. In the multi-agent simulation model, the government, insurance companies and forest farmers participate as three main stakeholders. The purpose of this paper is to mainly simulate the behavior of forest farmers under different environmental variables in order to find the important factors affecting the coverage of forest insurance, so as to improve the ability of forest farmers to resist risks in the face of disasters. Design/methodology/approach In the simulation process, the decision-making rule of a forest farmer’s purchasing behavior is a binary selection chain, which is created at random. Forest farmer agents who adapt to the environment will remain; on the contrary, those will be eliminated. The eliminated agents will renew their behavior selection chains through learning others’ successful behavior based on genetic algorithm. The multi-agent mode is set up on the Eclipse platform by using Java language. Findings The adjustment simulation experiments of insurance premium, insurance subsidy and forest area were carried out. According to the result, conclusions and suggestions are as follows: at present, government subsidies are necessary for the implementation of forest insurance; in the future, with the expansion of the insured forest area and the upgrading and large-scale operation of forest farms, forest farmers will be more willing to join forest insurance program, and, then, the implementation of forest insurance no longer requires government subsidies for forest insurance premiums. Originality/value This paper explores the impact of three important factors on the implementation of forest insurance.
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Nii Boi Quaye, Enoch, Charles Andoh, and Anthony Q.Q. Aboagye. "Loss reserve variability and loss reserve errors." Journal of Risk Finance 15, no. 3 (May 19, 2014): 248–63. http://dx.doi.org/10.1108/jrf-03-2014-0018.
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Purpose – The purpose of this study is to assess the level and variability of Ghanaian property and liability insurer’s reserve estimates to examine its sources and ascertain if reserve errors are random or not (i.e. manipulated or not). Design/methodology/approach – It uses information on insurer claim reserve provisions, claims outstanding, claims incurred and claims paid for the period of 2000-2010. Categorizing the sources of variation as endogenous and exogenous, the authors use the panel correlated standard error regression model to determine sources and magnitude of industry reserve error. Findings – The study finds that size, age, lag of loss reserve error, inflation rate and real gross domestic product are significant in determining the degree of reserve error variation. Type of ownership (domestic or foreign) is, however, not a significant source of variation. Further, the authors found that industry reserve errors are random (not manipulated) across firms, suggesting that sampled insurers act independently on reserve error decision making and are not influenced by industry trends and competition. Research limitations/implications – The main research study limitation is the difficulty involved in obtaining annual statements from insurance companies in Ghana. Reluctance of companies to make statements available impeded on the smooth flow of the study during data collection. Practical implications – Policy-wise, this suggest that regulatory bodies can uniquely set reserve error levels for existing firms with little influence on competition. Further, the Ghanaian insurance regulator does not to focus on the type of ownership (foreign or local) when setting regulatory standards. However, size of the company and age (length of operation) should be considered. Originality/value – This paper is the first empirical study to examine the loss reserve error and loss reserve variability of Ghanaian property and liability insurance companies.
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Cupal, Martin, Marek Sedlačík, and Jaroslav Michálek. "The Assessment of a Building’s insurable Value using Multivariate Statistics: The Case of the Czech Republic." Real Estate Management and Valuation 27, no. 3 (September 1, 2019): 81–96. http://dx.doi.org/10.2478/remav-2019-0027.
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Abstract When concluding a property insurance agreement, adjustment of the insured amount poses a certain risk. From the policyholder’s point of view, the risk measure translates into the chosen target amount, which should correspond to the insurable value. The aim of the research is to determine a statistical model for prediction of the insurable value with using current models in the Czech Republic. The model for insurable value prediction proposed in this paper accepts the risk of decision making under uncertainty suitably. The model’s foundation is a synthesis of four core models discussing the addressed issue. The methodology is based on a classification tree created by the CART method, and multivariate linear regression. After the classification tree is created, the input variables which contributed to the classification are used in the regression model. The database consists of 125 family houses which went through a detailed examination (they were documented, measured, and their technical state and legal status were determined), and described in experts’ reports. The obtained results showed a high degree of statistical association of selected predictors with the estimated insurable value of property, as well as with the acceptable risk, and subsequently, a relatively low percentage of misclassified objects. The proposed multiple regression model proved to be statistically significant and can be used for objective estimations of insurable values free of insurance companies’ strategy. The designed methodology may be applied in other areas as well, for example, in decision-making processes at the population level in crisis situations.
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Varnell, E. M. "Economic Scenario Generators and Solvency II." British Actuarial Journal 16, no. 1 (May 23, 2011): 121–59. http://dx.doi.org/10.1017/s1357321711000079.
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AbstractThe Solvency II Directive mandates insurance firms to value their assets and liabilities using market consistent valuation. For many types of insurance business Economic Scenario Generators (ESGs) are the only practical way to determine the market consistent value of liabilities. The directive also allows insurance companies to use an internal model to calculate their solvency capital requirement. In particular, this includes use of ESG models. Regardless of whether an insurer chooses to use an internal model, Economic Scenario Generators will be the only practical way of valuing many life insurance contracts. Draft advice published by the Committee of European Insurance and Occupational Pensions Supervisors (CEIOPS) requires that insurance firms who intend to use an internal model to calculate their capital requirements under Solvency II need to comply with a number of tests regardless of whether the model (or data) is produced internally or is externally sourced. In particular the tests include a ‘use test’, mandating the use of the model for important decision making within the insurer. This means that Economic Scenario Generators will need to subject themselves to the governance processes and that senior managers and boards will need to understand what ESG models do and what they don't do. In general, few senior managers are keen practitioners of stochastic calculus, the building blocks of ESG models. The paper therefore seeks to explain Economic Scenario Generator models from a non-technical perspective as far as possible and to give senior management some guidance of the main issues surrounding these models from an ERM/Solvency II perspective.
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Harkin, Justyn. "Benefits Communications Survey: employees want more direction." Strategic HR Review 17, no. 2 (April 9, 2018): 99–102. http://dx.doi.org/10.1108/shr-01-2018-0003.
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Purpose The purpose of 2017 ALEX® Benefits Communication Survey is to explore what employees think of the ways their companies talk to them about their benefits. Specifically, the survey focuses on whether employees understand the benefits communication material that is put in front of them, and it tries to provide insights on how employers can help employees improve their ability to make informed decisions about their healthcare options. Design/methodology/approach The survey was conducted online from February 24 to March 17, 2017, by Harris Poll on behalf of Jellyvision. It included 2,043 US adults (ages 18+) who were employed full-time, eligible for company-provided benefits and did not currently have health insurance through Medicare, Medicaid or the VA. Data were weighted where necessary by age, gender, race/ethnicity, region, education, income, marital status, household size and propensity to be online for aligning them with their actual proportions in the population. Results of this research were compared with Jellyvision’s April 2016 survey of 2,105 employed adults. Findings Of the employees whose companies offer health insurance benefits, approximately half (49 per cent) say making health insurance decisions is “always very stressful” for them, and 55 per cent say that they would like help from their employer when choosing a plan. One in five employees (21 per cent) say they often regret the benefit choices they make during open enrollment. Further, while 89 per cent say they generally understand their options, only 59 per cent can actually identify the different elements involved in the full cost of their health care. In terms of communication preferences, 65 per cent of employees prefer to look over benefit enrollment instructions outside of working hours. Originality/value Jellyvision commissioned this study to provide employers with valuable insights about how employees process and respond to benefit communications. The data can help employers understand the sources of enrollment-related stress and critical gaps in health insurance and benefits knowledge, which can lead to poor decision-making and regret among employees. The survey also reveals employee communication preferences, which employers can use to optimize their content, drive engagement, and empower employees to make more informed benefit enrollment decisions.
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Lauria, Davide, and Wyatt D. Phillips. "Insuring Hollywood: A Movie Returns Index and the American Stock Market." Journal of Risk and Financial Management 14, no. 5 (April 21, 2021): 189. http://dx.doi.org/10.3390/jrfm14050189.
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The aim of this paper is the definition of a daily index representing the risk-return on investments in the American film industry. The index should be used to predict the riskiness and the expected return of movie projects at the level of the overall industry and then to determine a premium for insurance for such an investment. Such an index can inform the decision making in relation to risk but also timing. Though not currently legal in the United States, such an index may be relevant at some point in the future or in other countries for film production companies as well as venture capitalists interested in investing in one or a slate of motion picture productions or more broadly in the holdings of a media conglomerate, an exhibition chain, or some other aspect of the media landscape.
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Njagi, Caroline, and Dr Amos Njuguna. "Evaluation of the Level of Enterprise Risk Management Adoption and Maturity of Insurance Companies in Kenya." International Journal of Finance and Accounting 1, no. 2 (February 7, 2017): 1. http://dx.doi.org/10.47604/ijfa.266.
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Purpose: The purpose of this study was to evaluate the extent to which insurance companies in Kenya have adopted ERM process, and then to assess the maturity, challenges and strategies in the implementation of this process.Materials and methods: The research design adopted for the study is descriptive research. The researcher conducted a survey on the 49 insurance companies of Kenya to encapsulate the factors that are relevant in articulating the extent of adoption of ERM and the level of maturity. A sample of 196 respondents was selected from a population of 245 respondents. The study used quantitative and qualitative methods of data analysis. Statistical Package for Social Sciences (SPSS) version 20 program was used for analysis. The results were presented using tables and pie charts. Similarly, qualitative data was summarized and categorized according to common themes and presentedin continuous prose form.Results: The study concluded that organizational related challenges hindered implementation of ERM programs. Results revealed that inadequate application of the risk management framework, ambiguity in roles and responsibilities in risk management, complexities in risk measurement, lack of embodiment of ERM in organizational culture, difficulty in risk quantification, linking risk information to strategic decision making, ensuring that all decisions remain within the organization’s risk tolerance, proactively identifying current and emerging risks, cost and budgetary constraints, misalignment of the risk and business operating models, risk management not seen as a priority by top management and inadequate information to make risk-based decisions hindered implementation of ERM frameworks among insurance firms in Kenya. The findings imply that organization related challenges have a significant effect on ERM implementation.Recommendations: The study recommends that there should be better organizational strategies to help improve implementation of ERM programs. It was found that building a strong risk culture, engaging consultants, building a dedicated ERM function, committed board of directors and top management, developing risk appetite statement, appointment of a Chief Risk Officer (CRO) and availing ERM budgets improved the implementation of ERM programs. Key words: enterprise risk management, adoption, maturity
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Gharakhani, Davood, Abbas Toloie Eshlaghy, Kiamars Fathi Hafshejani, Reza Kiani Mavi, and Farhad Hosseinzadeh Lotfi. "Common weights in dynamic network DEA with goal programming approach for performance assessment of insurance companies in Iran." Management Research Review 41, no. 8 (August 20, 2018): 920–38. http://dx.doi.org/10.1108/mrr-03-2017-0067.
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PurposeConventional data envelopment analysis (DEA) models permit each decision-making unit (DMU) to assess its efficiency score with the most favorable weights. In other words, each DMU selects the best weighting schemes to obtain maximum efficiency for itself. Therefore, using different sets of weights leads to many different efficient DMUs, which makes comparing and ranking them on a similar basis impossible. Another issue is that often more than one DMU is evaluated as efficient because the selection of weights is flexible; therefore, all DMUs cannot be completely differentiated. The purpose of this paper is to development a common weight in dynamic network DEA with a goal programming approach.Design/methodology/approachIn this paper, a goal programming approach has been proposed to generate common weights in dynamic network DEA. To validate the applicability of the proposed model, the data of 30 non-life insurance companies in Iran during 2013-2015 have been used for measuring their efficiency scores and ranking all of the companies.FindingsFindings show that the proposed methodology is an effective and practical approach to measure the efficiency of DMUs with dynamic network structure.Originality/valueThe proposed model delivers more knowledge of the common weight approaches and improves the DEA theory and methodology. This model makes it possible to measure efficiency scores and compare all DMUs from multiple different standpoints. Further, this model allows one to not only calculate the overall efficiency of DMUs throughout the time period but also consider dynamic change of the time period efficiency and dynamic change of the divisional efficiency of DMUs.
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Lim, Chee Chee, and Shahrul Nizam Ahmad. "Group medical Takaful for Universiti Utara Malaysia (UUM) staff in 2011." Emerald Emerging Markets Case Studies 5, no. 4 (July 9, 2015): 1–10. http://dx.doi.org/10.1108/eemcs-11-2014-0277.
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Subject area Human resource management; Employee benefits management. Study level/applicability It can be used at undergraduate or postgraduate level for students at institutions of higher learning taking courses related to employee benefits management or human resource management. Case overview The case is about the intention of Universiti Utara Malaysia (UUM) in purchasing health insurance for its employees in early 2011. For this purpose, a tender for group medical Takaful for UUM staff was placed in two major Malaysian newspapers on 20 February 2011. Then, after the tender closing date, a report was prepared and sent to the bursar of UUM, En Amron, on 28 April 2011. Ten companies had submitted their tenders; thus, En Amron had to identify the optimal group medical Takaful offered by the tenderers, so that he could put forward his recommendation to UUM tender committee board for its consideration and approval before the matter was brought to higher authorities for endorsement and implementation. Expected learning outcomes This teaching case will enable students to explain the reasons why an employer provides health insurance, to evaluate the advantages and disadvantages of providing health insurance programme as non-contributory and contributory plans, to conduct company and plan assessment in making decision to purchase group medical Takaful and to evaluate either to purchase group health insurance directly from life insurer or to engage insurance broker. Supplementary materials Teaching Notes are available for educators only. Please contact your library to gain login details or email support@emeraldinsight.com to request teaching notes.
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Maier, Marc, Hayley Carlotto, Sara Saperstein, Freddie Sanchez, Sherriff Balogun, and Sears Merritt. "Improving the Accuracy and Transparency of Underwriting with AI to Transform the Life Insurance Industry." AI Magazine 41, no. 3 (September 14, 2020): 78–93. http://dx.doi.org/10.1609/aimag.v41i3.5320.
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Life insurance provides trillions of dollars of financial security for hundreds of millions of individuals and families worldwide. To simultaneously offer affordable products while managing this financial ecosystem, life-insurance companies use an underwriting process to assess the mortality risk posed by individual applicants. Traditional underwriting is largely based on examining an applicant’s health and behavioral profile. This manual process is incompatible with expectations of a rapid customer experience through digital capabilities. Fortunately, the availability of large historical data sets and the emergence of new data sources provide an unprecedented opportunity for artificial intelligence to transform underwriting in the life-insurance industry with standard measures of mortality risk. We combined one of the largest application data sets in the industry with a responsible artificial intelligence framework to develop a mortality model and life score. We describe how the life score serves as the primary risk-driving engine of deployed algorithmic underwriting systems and demonstrate its high level of accuracy, yielding a nine-percent reduction in claims within the healthiest pool of applicants. Additionally, we argue that, by embracing transparency, the industry can build consumer trust and respond to a dynamic regulatory environment focused on algorithmic decision-making. We present a consumer-facing tool that uses a state-of-the-art method for interpretable machine learning to offer transparency into the life score.
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Lorenzett, Daniel Benitti, Roger Da Silva Wegner, Leoni Pentiado Godoy, and Marlene Kreutz Rodrigues. "Planejamento estratégico: percepções sobre a importância dessa ferramenta de gestão." Revista de Administração da UFSM 13 (December 22, 2020): 1353–72. http://dx.doi.org/10.5902/1983465932979.
Full textAbstract:
Purpose – Strategic planning is a management tool that allows you to establish the strategies that an organization will adopt to achieve its vision of the future and fulfill its proposed mission. In this way, it defines the objectives, means and resources needed to achieve them. Thus, this study aimed to analyze the elements of strategic planning in a group of micro and small service companies located in the central region of Rio Grande do Sul.Design/methodology/approach – To perform the research was carried out a field research, which had data collection. This was done by applying a questionnaire to a group of 25 companies in the service segment, assisted by an extension project.Findings – Results showed that the vast majority of these companies use some elements of strategic planning in their management practice, such as: insurance contracting, the use of outsourced labor, the existence of established operating procedures, the presence and exposure of general organization chart, employees' knowledge of the general organization chart, the presence of documented standards, the existence of a flowchart and its disclosure to employees, even if in an unstructured manner. This finding demonstrates the need for greater specialization of micro and small entrepreneurs to manage their organizations.Originality/value – This study opens the way to highlight the importance of studying the highlighted theme, favoring decision making, in addition to contributing to the literature, deepening the debate on strategic planning in micro and small companies.