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Journal articles on the topic 'Insurance companies – Botswana – Management'

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Published: 4 June 2021

Last updated: 5 February 2022

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1

Ngwenya, Moreblessing, and Sam Ngwenya. "Enterprise Risk Management Maturity Levels of the Insurance Industry in Botswana." EAST AFRICAN JOURNAL OF EDUCATION AND SOCIAL SCIENCES 2, Issue 1 (January to March 2021) (January 20, 2021): 23–32. http://dx.doi.org/10.46606/eajess2021v02i01.0062.

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Enterprise Risk Management (ERM) has become a necessity in the financial sector to fulfil stakeholder expectations. Studies confirm that ERM impacts positively on the performance of firms. The main objective of the study was to assess ERM maturity levels of the insurance industry in Botswana. This was achieved through first designing a framework to measure enterprise risk management maturity levels. The ERMMF incorporated elements from COSO’s ERM framework and the AON risk maturity model obtained through literature review. Data were sourced from four strata; 9 long term insurance companies (15 respondents), 11 short-term insurance companies (19 respondents), 3 reinsurers (5 respondents), and 44 brokerages (75 respondents). While all organisations in the population were used, a sample of 114 out of possible 134 respondents was used. Data were analysed using SPSS version 16. The findings revealed that the insurance industry in Botswana had somewhat implemented ERM. It is therefore recommended that the insurance industry in Botswana should take ERM as a continuous process for growth in ERM maturity levels as such an improvement is highly likely to enhance their performance.

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2

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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3

Carson, James M., and John J. Hampton. "Financial Management of Insurance Companies." Journal of Risk and Insurance 61, no. 3 (September 1994): 557. http://dx.doi.org/10.2307/253583.

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4

Lazarević, Anđela. "Knowledge management in insurance companies." Tokovi osiguranja 35, no. 3 (2019): 35–71. http://dx.doi.org/10.5937/tokosig1903035l.

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5

Sukach, Olena, and Svitlana Kozlovska. "Insurance Market Risk Management." Modern Economics 25, no. 1 (February 23, 2021): 142–47. http://dx.doi.org/10.31521/modecon.v25(2021)-22.

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Abstract. Introduction. The modern insurance market is characterized by a negative trend of reduction of companies-participants of the market. This situation is associated with a number of factors: crisis phenomena in the economy, a decrease in solvent demand, increased risks, growth of unprofitability of the insurance sector, regulatory work of the state. Рurpose. The main purpose of the study is to analyze the domestic insurance market, to identify modern methods and approaches to risk management in the market. The research methodology is based on modern provisions of statistical and economic analysis, empirical research, as well as methods of expert assessments. Results. The article reveals the risks of insurers taking into account the specifics of their manifestation, as well as the specific features of risk management of insurance companies. The problems of managing risks that affect financial stability in insurance companies in modern conditions are examined in the article. A classification of insurance risks and their impact on insurance companies are prepared. It is shown that today a wide range of techniques for estimating the insurance risks exist. The reference points that should be included in the system of risk management of the insurance organization at the present stage are determined. Conclusions. According to the results of the study, a decrease in insurance companies operating in the market, a decrease in premiums and total assets was noted. The expediency of building an optimal risk management system that affects the financial stability of the insurance business has been determined. The application of an integrated approach to risk management of insurance companies has been substantiated. Keywords: risk; risk management; insurance; insurance market; insurer; government regulation; risk classification; risk management strategy.

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6

Dooren, Frans T. E., J. David Cummins, and Joan Lamm-Tennant. "Financial Management of Life Insurance Companies." Journal of Risk and Insurance 62, no. 1 (March 1995): 154. http://dx.doi.org/10.2307/253702.

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7

Bomhard, Nikolaus von. "Risk and Capital Management in Insurance Companies." Geneva Papers on Risk and Insurance - Issues and Practice 30, no. 1 (January 2005): 52–59. http://dx.doi.org/10.1057/palgrave.gpp.2510008.

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8

Lekkerkerker, E. C., and J. F. M. Peters. "Financing of Insurance Companies." Geneva Papers on Risk and Insurance - Issues and Practice 20, no. 1 (January 1995): 30–44. http://dx.doi.org/10.1057/gpp.1995.4.

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9

BLOCK, WALTER, NICHOLAS SNOW, and EDWARD STRINGHAM. "Banks, Insurance Companies, and Discrimination1." Business and Society Review 113, no. 3 (September 2008): 403–19. http://dx.doi.org/10.1111/j.1467-8594.2008.00326.x.

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10

Selimović, Jasmina, Danijela Martinović, and Džana Hurko. "Critical success factors in insurance companies." Management 25, no. 1 (June 29, 2020): 215–33. http://dx.doi.org/10.30924/mjcmi.25.1.12.

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The topic of this research are critical success factors (CSFs) with a focus on factors that constitute the basis for the success of insurance companies. There are no critical success factors common to all enterprises, all areas and all activities. In insurance companies, key performance indicators primarily depend on the service quality and the level of customer satisfaction. In contemporary business conditions, the relevance of the service has been increasingly important. Therefore, the concept named 5P is suggested, standing for purpose, pride, partnership, protection and personalization, as these five factors define the requirements that must be met, if the insurer’s service is to be perceived to be of high-quality, achieve client satisfaction and build client loyalty. The paper presents a research into the perception of insurance service and factors of insurance quality in the Federation of Bosnia and Herzegovina (FBiH). Research results correspond to the 5P concept and reveal the security factor as the most important factor for the insured. A fast and efficient payment of claims, the attitude of the salespeople toward the insured, described in terms of respectful and knowledgeable staff, as well as the clarity of promotion and the availability of insurance service also ranked high.

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11

Gąsiorkiewicz, Lech. "The Process Approach in the Financial Management of Insurance Firms." Foundations of Management 12, no. 1 (February 20, 2020): 7–18. http://dx.doi.org/10.2478/fman-2020-0001.

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AbstractThe significance of insurance activity is constantly growing, generating new problems and posing new challenges. One of these challenges is meeting the growing requirements and expectations of customers. This requires the efficient management of insurance companies, which means the necessity to resort to modern management concepts, particularly the concept of process management and its related instruments. The article presents the results of research carried out at the Faculty of Management of the Warsaw University of Technology regarding process management in insurance companies. The distinctness of insurance activity and its financial management is discussed and its following aspects presented: the identification of insurance activity processes encompassing the management of basic and auxiliary processes; the model of the financial management process of insurance companies; the relationship between the financial management process and other processes implemented in insurance companies; financial situation assessment measures for insurance companies, and the financial management process.

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12

Kryvytska, O. R. "Conceptualization of Management Accounting of Life Insurance Companies." Problems of Economy 2, no. 40 (2019): 157–63. http://dx.doi.org/10.32983/2222-0712-2019-2-157-163.

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13

Van Gestel, Tony, David Martens, Bart Baesens, Daniel Feremans, Johan Huysmans, and Jan Vanthienen. "Forecasting and analyzing insurance companies' ratings." International Journal of Forecasting 23, no. 3 (July 2007): 513–29. http://dx.doi.org/10.1016/j.ijforecast.2007.05.001.

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14

Trynchuk, Viktor. "Management of visual communications in insurance companies (on the example of using icons in logos)." Problems and Perspectives in Management 15, no. 2 (August 31, 2017): 319–31. http://dx.doi.org/10.21511/ppm.15(2-2).2017.02.

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This article is devoted to the study of insurance business development in Ukraine and Russia in the late XIX – early XXI centuries, generation and identification of special aspects of formation and use of sacred art elements in corporate identity of insurance companies. The purpose of this article is to discuss the concept of management of visual communications in insurance companies, an important component of which is the formation and development of brands in the insurance market, which include elements of sacred art. Corporate identity gives insurers a new methodology for managing marketing communications. The author proves the corporate identity of insurance companies and its place in the system of marketing communications. Due attention is paid to corporate identity of National Joint-Stock Insurance Company “Oranta” (Ukraine), Insurance LLC “Oranta” (Russia) and Insurance Company “Rossiya” (Russia). There are given examples of the use of Orans (Oranta) and the Burning Bush icons inscriptions in corporate identity of insurance companies. The author describes icons in corporate identity of insurance companies and definitely their role in the communication process. Conflict situations over the use of the Orans brand in Ukraine are analyzed. The need to be careful enough in using sacred symbols in the corporate style of insurance companies is emphasized. Evolution of the logo insurance companies is presented.Examples of integrating corporate identity into the strategy and tactics of insurance companies are shown.

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15

Ozyuksel, Suna, and Murat Gezgin. "Turkish Insurance Companies’ Risk Management Strategies and Structures: A Survey Study." International Journal of Economics and Finance 12, no. 8 (June 20, 2020): 12. http://dx.doi.org/10.5539/ijef.v12n8p12.

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Insurance industry is one of the cornerstones of both the financial system and the economy as it undertakes global risks and minimizes losses. The compensation of major losses by insurance companies means rapid recovery and resumption for investors. The insurance sector is very important for the development of the country's economy as it contributes premium volume and its support to investors as for compensation of the losses. However, the insurance sector faces a great deal of risks. Therefore, it is of importance for insurance companies to have a robust risk management system to constitute a basis for the growth of economy. Risk management enables insurance companies to identify measuring and analyzing risks, safeguard their assets, minimize potential risks and take them under control. The aim of this study is the evaluation of the risks assumed by insurance companies in Turkey and their risk management perspectives to struggle such major risks through a survey. This survey makes an evaluation about how insurance companies’ risk management departments are structured, risks that insurance companies foresee, their strategies to deal with such risks. Among the important findings of the survey; Top 10 risks for insurance companies are: “interest rate and foreign exchange rate fluctuation, political risks, economic slowdown, economic crisis, regulations, cyber-attacks, incompliance with the applicable legislation, increasing competition, digitalization/insurtech, business continuity interruption” and the second finding is Turkish insurance industry’s risk management set-up has a robust structure even though it has a small share in global insurance market and Turkish financial sector.

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16

Grzebieniak, Andrzej. "Reinsurance Management in Insurance Companies in Case of General Third Party Insurance." Olsztyn Economic Journal 5, no. 1 (June 1, 2010): 39–49. http://dx.doi.org/10.2478/v10021-010-0004-4.

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17

Rostek, Katarzyna. "Business Intelligence for Insurance Companies." Foundations of Management 1, no. 1 (January 1, 2009): 65–82. http://dx.doi.org/10.2478/v10238-012-0005-z.

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Business Intelligence for Insurance CompaniesThe article presents current status of IT implementation in Polish insurance companies. Afterwards the man issues connected with information management and proposal of dealing with these issues, due to the implementation of Business Intelligence system, is presented. Definition, structure and scope of application as well as the Business Intelligence system implementation methodology, with a particular consideration for the insurance market character, are presented. Article is summed up with examples of effective Business Intelligence systems implementations in selected insurance companies.

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18

Anselmann, Veronika, and Regina H. Mulder. "Learning from errors in insurance companies." Journal of Management Development 37, no. 2 (March 5, 2018): 138–48. http://dx.doi.org/10.1108/jmd-06-2017-0211.

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Purpose The study pursues two goals: first, as a replication study, the purpose of this paper is to test a model of learning from errors in the domain of insurance industry. Second, to increase insights in learning from errors, the authors focussed on different types of errors. Design/methodology/approach The authors conducted a cross-sectional survey in the insurance industry (N=206). The authors used structural equation modelling and path modelling to analyse the data. To be able to analyse different types of errors, the authors used Critical Incident Technique and asked participants to describe error situations. Findings Findings from the study are that the model of learning from errors could partly be replicated. The results indicate that a non-punitive orientation towards errors is an important factor to reduce the tendency of insurance agents to cover up errors when knowledge and rule-based errors happen. In situations of slips and lapses error strain has a negative influence on trust and non-punitive orientation which in turn both reduce the tendency to cover up errors. Research limitations/implications Limitation is the small sample size. By using Critical Incidents Technique, the authors were able to analyse authentic error situations. Implications of the results concern the importance of error-friendly climate in organisations. Originality/value Replication studies are important to generalise results to different domains. To increase the insight in learning from errors, the authors analysed influencing factors with regard to different types of errors.

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19

Bakshi, Rajat Shuvro. "Strategies for Indian Insurance Companies – Post Liberalisation." Vision: The Journal of Business Perspective 6, no. 2 (July 2002): 41–52. http://dx.doi.org/10.1177/097226290200600205.

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The process of evolution for the Indian Insurance Industry has been rather slow due to prolonged state control. This article starts with theoretical concepts and examines them in the light of the post liberalisation scenario, with a touch of strategizing for the future. Hence the role of Insurance Regulatory and Development Authority coming into existence is so very significant. Trust of customers will remain the major driving force and to build it overnight by the private players, is not an easy proposition, especially when the state -owned very large insurers are gearing themselves up for competition.

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20

SMOLIAK, Viktor. "Insurance company competitiveness management in the context of its marketing policy." Economics. Finances. Law, no. 12/4 (December 29, 2019): 22–24. http://dx.doi.org/10.37634/efp.2020.12(4).5.

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Competition is an integral part of the insurance market in Ukraine. That is why it is a key factor in the strategy of the insurance company, and marketing policy is an integral part of it. The competition of insurance companies is aimed at expanding its insurance market share. The purpose of the paper is development of theoretical foundations and practical recommendations for insurance company competitiveness management in the context of its marketing policy. Currently, there is a significant reduction in the number of insurance companies at the insurance market in Ukraine. 79 insurance companies left the market from the beginning of 2018 to the third quarter of 2020. Competition encourages insurance companies to invent innovative insurance products, implement new marketing tools, and optimize cost structures. The author performed a cluster analysis of insurers in the field of two factors – the volume of assets and the amount of net earned premiums. Economic and mathematical methods were used to analyze the impact of sales costs (X) on the amount of net earned insurance premiums (Y). The high value of the correlation coefficient indicates a close linear relationship between the factor and the resulting indicator. The digitalization of the world economy has significant impact on the effective marketing activities. The main directions of development of insurance companies are the ability to remotely sell the insurance product on the website or via a mobile application, the correct choice of target audience for targeted advertising, the presence of the insurance company on social media and so on. On the one hand, costs of marketing and advertising make it possible to increase the amount of net earned premiums of the insurance company, and on the other hand, the introduction of the latest tools for selling insurance products makes the insurer closer to its customer.

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21

Khdour, Naser, Ahmad Samed Al-Adwan, Anas Alsoud, and Jamal Ahmed Al-Douri. "Human resource management practices and total quality management in insurance companies: Evidence from Jordan." Problems and Perspectives in Management 19, no. 1 (March 29, 2021): 432–44. http://dx.doi.org/10.21511/ppm.19(1).2021.36.

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This study aims to extend the argument about the association between HRM and Total Quality Management (TQM) in insurance companies in Jordan. It is argued that the consideration of TQM can be supported in terms of configuration as an effect of Human Resource Management (HRM) in the presence or absence of other HRM practices. Data for this study were collected from 24 insurance companies listed on the Amman Stock Exchange and 342 employees. PLS-SEM was used to analyze the data collected through path analysis. Structural equation modeling was used to examine a causal relationship between the variables. The overall effect of HRM on TQM was explored to improve quality orientation and people criteria in insurance companies. The findings have indicated a significant and positive effect of teamwork, staffing, performance appraisals, and compensation on TQM. However, training and development have a negative, but significant impact on TQM. In addition, TQM significantly and positively affects the HRM of an organization. Performance was also positively and significantly affected by HRM. TQM is an important factor of HRM in insurance companies. AcknowledgmentThe authors are very thankful to all the associated personnel in any reference that contributed to the purpose of this study.

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22

Gautam, Vikas. "Effectiveness of Customer Relationship Management Program in Insurance Companies." International Journal of Customer Relationship Marketing and Management 2, no. 3 (July 2011): 42–56. http://dx.doi.org/10.4018/jcrmm.2011070103.

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Customer relationship management in the insurance industry is in the nascent stage. Firms are framing new strategies to combat stiff competition. Public and private insurance companies are implementing customer relationship programs to attract more customers and retain existing customers. The objectives of this study are (1) to study the customer relationship management program of the Life Insurance Corporation of India, and (2) to assess the effectiveness of this customer relationship management program. The study is based on the opinion scores of 182 policyholders of Life Insurance Corporation of India, who have been with the company for more than the last five years. Based on the average opinion scores before and after the implementation of the Customer Relationship Management program, it was concluded that the program is effective, which was evidenced by the results obtained from statistical analysis (Paired sample t-test).

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23

Derbali, Abdelkader, and Lamia Jamel. "Determinants of performance of Tunisia insurance companies: case of life insurance." International Journal of Productivity and Quality Management 24, no. 4 (2018): 531. http://dx.doi.org/10.1504/ijpqm.2018.093452.

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Derbali, Abdelkader, and Lamia Jamel. "Determinants of performance of Tunisia insurance companies: case of life insurance." International Journal of Productivity and Quality Management 24, no. 4 (2018): 531. http://dx.doi.org/10.1504/ijpqm.2018.10014458.

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25

Ivanovna, Kartashova, Molchanova Vladimirovna, and Axana Turgaeva. "Insurance Risks Management Methodology." Journal of Risk and Financial Management 11, no. 4 (October 30, 2018): 75. http://dx.doi.org/10.3390/jrfm11040075.

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The purposes of the study are to substantiate the influence of the specific features of insurance on the set of management accounting objects and to develop a mechanism of preparing the relevant information for insurance risk management. Management accounting allows generating reports, specially prepared for managers of various levels of control (in contrast to financial accounting, which considers information on the basis of general accounting rules). This allows realizing the main goal of management accounting; that is, providing information support for management decisions aimed at maximizing the organization’s profits. The object of research is management accounting in the information system of an insurance company. The stages in the execution of accounting procedures in a management accounting system are defined in the form of a diagram, the features of insurance affecting the organization of management accounting are classified, and an intracompany ledger of the connection between the segments of activity and responsibility centers is developed for insurance companies.

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26

Shyshpanova, N. "Reputation-Image Approach in Financial Management of Insurance Companies." Modern Economics 17, no. 1 (October 22, 2019): 252–57. http://dx.doi.org/10.31521/modecon.v17(2019)-40.

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27

Deighton, S. P., R. C. Dix, J. R. Graham, and J. M. E. Skinner. "Governance and Risk Management in United Kingdom Insurance Companies." British Actuarial Journal 15, no. 3 (September 2009): 503–56. http://dx.doi.org/10.1017/s1357321700005729.

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ABSTRACTFor some while there has been a growing awareness from both internal and external stakeholders that the governance and risk management in United Kingdom (U.K.) insurance companies needed to be enhanced. The proposed European Union Solvency II Directive makes this very explicit and the current economic turmoil has put a much stronger emphasis on the whole process: it is being seen as the right thing to do, rather than simply a regulatory requirement. In this paper, we set out the background to and recent history of governance for U.K. insurance companies, and consider how enterprise risk management can bring together the various control frameworks needed to support that governance. Whilst no two companies are the same, and hence the solutions to these issues will vary, there are several common themes linked to successful implementation. Similarly, various barriers to success are identified, together with solutions to resolve them.

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28

Feldman, Roger D., and Daniel A. Rowley. "Captive Insurance Companies and the Management of Environmental Risks." Journal of the Air Pollution Control Association 36, no. 7 (July 1986): 791–97. http://dx.doi.org/10.1080/00022470.1986.10466113.

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29

Holzhammer, Walter. "Claims cost management for medical repatriation: ADAC insurance companies." Air Medical Journal 19, no. 4 (October 2000): 148–49. http://dx.doi.org/10.1016/s1067-991x(00)90014-2.

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30

Hu, Jin-Li, and Hsueh-E. Yu. "Risk management in life insurance companies: Evidence from Taiwan." North American Journal of Economics and Finance 29 (July 2014): 185–99. http://dx.doi.org/10.1016/j.najef.2014.06.012.

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31

Jung, Se-Chang, and Hwan-Kyu Seon. "The Strategies for the Sustainable Management of Insurance Companies." Communications for Statistical Applications and Methods 18, no. 1 (January 30, 2011): 119–30. http://dx.doi.org/10.5351/ckss.2011.18.1.119.

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32

Podra, Olha, and Nataliya Petryshyn. "Theoretical and methodological aspects of insurance companies’ risk management." Management and Entrepreneurship in Ukraine: the stages of formation and problems of development 2020, no. 2 (December 1, 2020): 70–78. http://dx.doi.org/10.23939/smeu2020.02.070.

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33

Zeljić, Danijela. "Upravljanje Rizicima Osiguravajućih Kompanija / Risk Management of Insurance Companies." ECONOMICS 3, no. 1 (June 1, 2015): 99–107. http://dx.doi.org/10.1515/eoik-2015-0004.

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Rezime Prilikom pružanja zaštite osiguranicima, osiguravajuće kompanije se susreću sa brojnim rizicima koji se klasifikuju na različite načine. Rizici su sve raznovrsniji, a globalizacija poslovanja dovela je do veće vjerovatnoće u pogledu njihovih ostvarenja, kao i do većeg intenziteta mogućih posljedica. Zbog toga proces upravljanja rizicima predstavlja veliki izazov modernih osiguravajućih kompanija. Uspješnim ovladavanjem ovim kompleksnim procesom, osiguravajuće kompanije mogu ostvariti veću otpornost na rizike sa kojima se u svom poslovanju suočavaju, a, time, i veću spremnost na potrese mogućeg ostvarenja rizika.

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34

Lamouchi, Ali, and Abdelkader Mohamed Sghaier Derbali. "Determinants of the performance of insurance companies." International Journal of Productivity and Quality Management 1, no. 1 (2020): 1. http://dx.doi.org/10.1504/ijpqm.2020.10031973.

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35

O., Vilenchuk. "INNOVATIVE MANAGEMENT STRATEGIES BY ACTIVITIES OF INSURANCE COMPANIES: INTERNATIONAL AND NATIONAL CONTEXT." Scientific Bulletin of Kherson State University. Series Economic Sciences, no. 41 (March 31, 2021): 65–70. http://dx.doi.org/10.32999/ksu2307-8030/2021-41-12.

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This review article is devoted to the study of innovative strategies for managing the activities of insurance companies. In the condi-tions of risky environment, rather high probability occurrence of threats of natural and technogenic character, problems concerning the necessity of a scientific substantiation of the process of the insurance market stakeholders’ interaction aggravate. It is established that insurance in the world economic space is an indispensable financial and economic tool for neutralizing a variety of risks, especially given today’s the socio-economic, financial, epidemiological dangers. It is proved that despite the key parameters’ positive dynamics of the Ukrainian insurance market development for 2009-2019, there is a need to intensify business and investment activity of its participants. The competitive environment of the insurance market requires insurance companies to implement innovative management strategies focused primarily on solving two interrelated problems: firstly, the expansion of property risks’ insurance coverage, as well as risks related to citizens’ life, health and ability to work, secondly, the formation of the insurers’ solvency and ensuring an acceptable level of insurance operations’ profitability in terms of certain types of insurance. It is determined that one of the primary tasks of the insurance company’s management is the management of its business processes aimed at forming a model of customer-oriented behaviour in relation to potential customers. The article emphasizes the need to use a variety of innovative management strategies to achieve medium-term and long-term goals of the company in the insurance market. In particular, the expediency of diversification and the use of alternative pricing strategies for insurance services for long-term and general types of insurance is argued. Proposals aimed at digitalization of the insurance market and wide application of FinTech technologies in the field of insurance services are formulated: automated underwriting, IOT-technologies; blockchain in insurance. Summarizing the results of the study, the author’s vision of the further insurance relations’ functioning of in society is specified. Keywords: risks, insurance company, insurers, insurance protection, insurance market stakeholders, management. Статтю присвячено дослідженню інноваційних стратегій управління діяльністю страхових компаній. В умовах ризикогенного середовища, досить високої ймовірності виникнення загроз природного та техногенного характеру загострюються проблеми щодо необхідності наукового обґрунтування процесу взаємодії стейкхолдерів страхового ринку. Аргументовано, що страхування у світовому економічному просторі є незамінним фінансово-економічним інструментом нейтралізації найрізноманітніших ризиків, особливо зважаючи на соціально-економічні, фінансові та епідеміологічні небезпеки сучасності. Визначено, що одним із першочергових завдань менеджменту страхової компанії є управління її бізнес-процесами, спрямованими на формування мо-делі клієнтоорієнтованості відносно потенційних клієнтів. Наголошено на необхідності використання різноманітних інноваційних стратегій управління для досягнення середньострокових та довгострокових цілей компанії на страховому ринку. Зокрема, аргу-ментовано доцільність здійснення диверсифікації та використання альтернативних стратегій ціноутворення на страхові послуги з довгострокових та загальних видів страхування. Сформульовано пропозиції, спрямовані на цифровізацію страхового ринку та широке застосування FinTech-технологій у сфері страхових послуг: автоматизований андерайтинг, ІОТ-технології; блокчейн у страхуванні. Узагальнюючи результати проведеного дослідження, конкретизовано авторські підходи до подальшого функціонування страхових відносин у суспільстві.Ключові слова: ризики, страхова компанія, страхувальники, страховий захист, стейкхолдери страхового ринку, управління.

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Zamani, Mahmoud, Changiz Valmohammadi, and Mona Moshiri. "Market Factors, Training Programs, Strategic Management and Performance." International Journal of Strategic Information Technology and Applications 5, no. 4 (October 2014): 1–8. http://dx.doi.org/10.4018/ijsita.2014100101.

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The main purpose of this study is to carry out an empirical research to investigate the relationship between market factors (competitive intensity and industry attractiveness), training programs development, strategic management and organizational performance of insurance companies in Iran. nda clarify the importance role of market forces as an essential factor influencing training programs development, strategic management and organizational performance in insurance companies in the context of Iran. This research is based on an empirical survey of marketing and sales experts in four private insurance companies, namely Saman, Parsian, Karafarin and Pasargad in capital city of Iran, Tehran. Questionnaire is the main data collection instrument for this research. Exploratory and confirmatory factor analyses as well as structure equation modeling were employed for data analysis. Statistical analyses revealed that competitive intensity, industry attractiveness, training programs development and strategic management have a positive and significant relationship with the organizational performance of the surveyed companies.

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Dropulić, Ivana, and Marko Čular. "The effect of corporate social disclosure practice on reporting quality." Management 24, no. 2 (December 18, 2019): 23–38. http://dx.doi.org/10.30924/mjcmi.24.2.3.

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This research is striving to provide an insight into the importance of Corporate Social Responsibility (CSR) for the insurance sector while aiming to examine various corporate social responsibility initiatives undertaken by insurance companies in Croatia. There is a broad range of potential benefits from CSR for insurance companies such as long-term sustainability and profitability, yet only several research studies on CSR practices have thus far been conducted on the insurance sector. Hence, the purpose of this research is to determine the level of CSR reporting for insurance and reinsurance companies in Croatia and its impact on reporting quality. The empirical research is based on online reporting of six aspects of corporate social responsibility to determine Corporate Social Disclosure Index (CSDI). Reporting quality is measured with Disclosure Quality Index of annual report (DQI) which is structured in five phases. This research includes all 24 insurance and reinsurance companies in Croatia and the research findings show that all insurance and reinsurance companies in Croatia publish information at least concerning two aspects of CSR. It was found that they are the most transparent regarding the human resources aspect of CSR activities and the least transparent concerning environmental aspect of CSR activities. The overall level of CSR disclosure for insurance sector in Croatia is quite low, so we can conclude that insurance and reinsurance companies in Croatia do not have a high level of CSR online disclosure. Considering the issue of reporting quality, insurance and reinsurance companies have an average quality of annual report (AR), measured by DQI of annual report. According to research findings, CSR reporting on the Internet is positively associated with DQI which leads to the conclusion that more socially responsible insurance and reinsurance companies provide annual reports of a more superior quality. Business and society interact and exert a mutual influence through their specific objectives and goals. Consequently, the link between business and society is indisputable. Companies, as one of the key segments of a society, can achieve a number of economic benefits, such as superior business results and considerable competitive advantage if they implement CSR and if they provide high quality information through their annual reports. Moreover, society benefits from socially responsible companies as it enjoys better care both for its own well-being and for that of the environment.

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O'Sullivan, Noel, and Stephen R. Diacon. "Board Composition and Performance in Life Insurance Companies." British Journal of Management 14, no. 2 (June 2003): 115–29. http://dx.doi.org/10.1111/1467-8551.00269.

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Johne, Axel, and Robert Davies. "Approaches to Stimulating Change in Mature Insurance Companies." British Journal of Management 10, s1 (September 1999): 19–30. http://dx.doi.org/10.1111/1467-8551.10.s1.3.

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Cheung, C. Sherman, Itzhak Krinsky, and Clarence C. Y. Kwan. "Optimal Mix of Investment and Insurance Activities of Property-Liability Insurance Companies." Canadian Journal of Administrative Sciences / Revue Canadienne des Sciences de l'Administration 4, no. 2 (April 8, 2009): 169–85. http://dx.doi.org/10.1111/j.1936-4490.1987.tb00450.x.

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Knežević, Snežana, Milanka Marković, and Andrijana Brown. "Measuring the efficiency of Serbian insurance companies." Acta Oeconomica 65, no. 1 (March 1, 2015): 91–105. http://dx.doi.org/10.1556/aoecon.65.2015.1.5.

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The transition period, and the still ongoing economic crisis, amplify the volatility in the domestic insurance market and forces the management of insurance companies to continuously monitor changes in the market, i.e. to identify risks and opportunities, and therefore to undertake certain activities. The focus of the business of insurance companies is based on satisfying the needs of existing and potential clients. Respecting the current situation in the insurance market in anticipation of future events, the management of insurance companies must create and implement the optimal strategy in line with the company’s capabilities. For this purpose it is necessary to measure the efficiency of the business, which is the subject of this paper where the Data Envelopment Analysis (DEA) method is applied to the case of insurance companies operating in Serbia.

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Chibuta Brazle, Freda. "What Is The Impact Of Case Management On Medical Cost Reduction In Healthcare Companies?" Muma Business Review 3 (2019): 157–63. http://dx.doi.org/10.28945/4396.

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For healthcare insurance companies, managing and reducing medical costs is important to remain viable and/or meet investors and stakeholder expectations. The accountability to minimize costs and remain competitive becomes a responsibility for managers who work in these companies. Therefore, managers must continually look for methods to identify and implement opportunities that improve case management business processes. In this research study, the focus is on the question ‘what is the impact of case management on medical cost reduction in healthcare companies? This is asked within the context of business processes and leverages the four principles of Taylor’s scientific management theory. By investigating the relationship between case management processes in healthcare insurance companies and medical costs, the integrated synthesis uncovers that although evidence exists that case management does reduce medical costs, there is insufficient research on how to improve case management processes. There is an opportunity to provide recommendations on approaches and techniques to improving case management processes to reduce medical costs. Improving case management processes should include quantitative analysis. The proposition is that as case management processes improve and become more efficient, and when targeted against the right population, medical costs for healthcare insurance companies are reduced thereby improving the financial position of healthcare insurance companies. Therefore, managers who understand and know how to improve case management processes in healthcare insurance companies contribute more towards the financial position than companies who do not have the right management.

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Wu, Shuang, and Yi Li. "Impact of the Business Structure on Solvency of Property-Liability Insurance Companies and Its Mediating Effect." Discrete Dynamics in Nature and Society 2021 (August 9, 2021): 1–17. http://dx.doi.org/10.1155/2021/5457846.

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It is an important objective for insurers to optimize their business structures to prevent business risks. This paper examines the solvency risk management in property-liability insurance companies from the perspective of business structure optimization. We construct a logical framework to explain the impact of the business structure on solvency through profitability and reinsurance behavior of property-liability insurance companies. By constructing a mediating effect model, we tested 35 Chinese-funded property-liability insurance companies and 18 foreign-funded property-liability insurance companies in China’s insurance market from 2009 to 2015. Two major results were found as follows: first, the impact of the business structure on solvency is positively significant in small Chinese-funded insurance companies as well as foreign-funded insurance companies, while it is insignificant in large Chinese-funded insurance companies. Second, the mediating effect test shows that the intermediary channel of profitability does not exist, while the intermediary channel of reinsurance exists, and the reinsurance fully mediated the relationship between business structure and solvency only in foreign-funded insurance companies. Therefore, we suggest that small Chinese-funded insurance companies should actively develop nonauto insurance and improve the risk diversification effect of the diversified business structure. On the contrary, foreign-funded insurance companies should give play to their differentiated advantages and continue to concentrate on the operation of nonauto insurance in China’s insurance market. Besides, the above two types of companies should attach more importance to the positive role of reinsurance in solvency risk management in their business development strategies.

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Nazim Uddin, Mohammad Nazim Uddin, Manjurul Alam Mazumder, and Mustafa Manir Chowdhury. "INSURANCE BUSINESS AND RISK MANAGEMENT : AN EMPIRICAL STUDY ON GENERAL INSURANCE COMPANIES IN BANGLADESH." Indonesian Management and Accounting Research 13, no. 2 (February 2, 2018): 62. http://dx.doi.org/10.25105/imar.v13i2.1157.

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<p>The importance of insurance business has been well recognized and emphasized in the risk management of individuals, trade, commerce and industry. The study examines the contribution of insurance business in risk management of Bangladesh. The study has used primary and secondary data. In order to collect primary data two sets of structural questionnaire are developed, which are prepared in the light of the objectives of the study. The secondary data are collected only relevant to the insurance business and risk management in Bangladesh for the theoretical development of the study. The data have been analyzed using statistical measures such as mean, ratio and 5 point- likert scale to validate the findings. This study revealed that the insurance business has made substantial effect for the risk management in Bangladesh. The study seems to carry an enormous academic value since a few studies have been undertaken in this area. It may be helpful to the regulatory body, insurance companies, Rating agency, Bangladesh insurance association, Bangladesh academy Academic researchers and national policy makers who have been making endeavour to improve insurance sector in developing countries as well as Bangladesh as a whole.</p><p>Key Words: Insurance Business, Risk Management, Bangladesh</p>

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PYSMENNA, Tetiana. "INVESTMENT RISKS OF INSURANCE COMPANIES THROUGH THE PRISM OF DOMESTIC PRACTICE." WORLD OF FINANCE, no. 3(52) (2017): 34–47. http://dx.doi.org/10.35774/sf2017.03.034.

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Introduction. In modern conditions insurance companies has engaged in investment activity under various risks. Management of insurance company can’t influence the market risks. Insurance company can apply the methods of risk management in investment activity. Purpose. The purpose of scientific research is to find out the essence and composition of investment risks of insurance company. Results. The essence of the investment risk of insurance company is found out. The position of investment activity of insurance company along insurance activity under different scientific views is determined. Aggressive, conservative and moderately conservative investment strategies of insurance companies are characterized. The main indicators of investment activity of domestic insurance companies are analyzed. The types of investment risk of insurance company are determined. The main methods of neutralizing the risk of investment activity of insurance company are established. Conclusion. It is concluded that the essence of the investment risk of insurance company belongs to a number of controversial ones. Established, that insurance and investment activities of insurance company are closely linked. It has been found, that aggressive, conservative and moderately conservative investment strategies of insurance companies are different levels of profitability and risk of funds allocation. Over the last years the investment activity of domestic insurance companies showed almost stable positive results. Summarized, that investment risks, associated with incompetent management, the most threaten to insurance company. Avoidance, limitation and diversification are the main methods of neutralizing the risks in investing activity of insurance companies.

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Bressan, Silvia. "The impact of reinsurance for insurance companies." Risk Governance and Control: Financial Markets and Institutions 8, no. 4 (2018): 22–29. http://dx.doi.org/10.22495/rgcv8i4p3.

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The study provides empirical evidence for the effect of reinsurance on solvency, profitability, and taxes of primary insurers. Our main finding is that primary insurers increasing in the use of reinsurance exhibit lower capital ratios. This impact involves the segments of health insurance, composite insurance, title insurance, and non-life insurance. Our interpretation is that reinsurance and capital can be seen as substitutes for improving solvency. This implies that, by sharing their risk with reinsurers, primary insurers can benefit from a relief on capital. Additional outcomes display an important relationship between demand and supply of reinsurance at the firm level, as we observe that, growing in the used reinsurance; primary insurers are more prone to providing reinsurance to other firms.

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Lament, Marzanna, and Blanka Jarolímová. "Foreign capital as a determinant of the non-financial reporting development in insurance companies of the Visegrad Group countries." Investment Management and Financial Innovations 18, no. 1 (February 18, 2021): 203–14. http://dx.doi.org/10.21511/imfi.18(1).2021.17.

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Insurance companies are institutions of public trust, and this affects their corporate culture, strategies and management systems. One of the image concerns is reporting on socially responsible actions in non-financial reports. The prime objective of the research presented in this paper is to analyze the dependence between the level of non-financial reporting in the insurance market and the share of foreign capital, measured based on the market size of foreign insurance companies compared to all insurance companies, and the share of foreign insurance companies in non-financial reporting. The study concerned insurance markets in the Czech Republic, Hungary, Poland and Slovakia, and the overall market of the Visegrad Group countries. The theoretical section provides a review of the literature and applicable legislation to indicate the causes of non-financial reporting by insurance companies. Next, the correlation was used to determine the relationship between the variables studied, the regression method was applied to determine the impact of the variables studied, in particular foreign capital, on the level of non-financial reporting. A model was constructed, and the results of its estimation were analyzed. Analysis of the data demonstrated that the greater the share of foreign capital, the higher the level of non-financial reporting. The study results indicate that the share of foreign insurance companies can become a determinant in the development of non-financial reporting.

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Jabbour, Mirna, and Magdy Abdel-Kader. "ERM adoption in the insurance sector." Qualitative Research in Accounting & Management 13, no. 4 (October 10, 2016): 472–510. http://dx.doi.org/10.1108/qram-03-2015-0035.

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Purpose This paper aims to investigate various institutional pressures driving the adoption and implementation of a new risk management system; enterprise risk management (ERM). Design/methodology/approach The implementation of ERM-related practices is analysed based on an institutional framework and drawing on empirical evidence from multiple sources in ten large/medium-sized insurance companies. This paper focuses on extra-organisational pressures exerted by political, social and economic institutions on insurance companies which drove the adoption decision. Findings It was found that different change agents have taken part in the decision to introduce new risk management system as a part of ERM implementation process. Further, the institutional pressures, coercive, mimetic and normative, were found to differ in character and strength over different intervals of time in relation to the adoption of ERM. Companies that adopted ERM early were mostly driven by internal strategic drivers, whereas the recent adoption decision was more driven by coercive and mimetic pressures. Thus, evidence of divergence between insurance companies was found. Research limitations/implications The findings have implications for policy makers, regulatory agencies and innovation developers. ERM was considered not only as a necessity but also as a value added to the insurance companies under study. Thus, regulators and innovation developers should survey main players in any specific organisational field to understand their views before issuing new compulsory regulations or developing innovations. They also need to consider exploring companies’ experiences with ERM, which can provide a basis for the development of strengthened and more informative regulatory ERM frameworks. This will support a faster and easier understanding and implementation of ERM framework hindered by the confusions companies may face when considering the complicated/changing regulatory and risk requirements. Originality/value This study extends the scope of institutional analysis to the risk management field, particularly ERM and to the explanation of how different institutions affect the decision to move towards ERM and modify the risk management rules applied within the organisational environment. It looks not only at convergences but also divergences associated with the period of time when ERM adoption decision was made. Thus, it develops a processual view of change.

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Sokic, Miro, Dejan Drljaca, and Zorica Kojcin. "Management of risks at the insurance companies and solvency II." Megatrend revija 13, no. 1 (2016): 305–30. http://dx.doi.org/10.5937/megrev1601305s.

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Yukhumenko, V., and D. Sulyma. "CAPITAL MANAGEMENT OF INSURANCE COMPANIES ON THE RISK-BASED APPROACH." Ekonomika ta derzhava, no. 6 (June 26, 2020): 201. http://dx.doi.org/10.32702/2306-6806.2020.6.201.

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