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1
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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Rawlings, Philip. "“A SACRED TRUST FOR THE FUTURE”: REGULATING INSURANCE, 1800–70." Cambridge Law Journal 77, no. 3 (2018): 570–99. http://dx.doi.org/10.1017/s0008197318000570.
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AbstractThe history of commercial law has often been written as if it were merely a product of the common law, disregarding the role played by legislation. The principal exception to this has been work on company law. Until recently, the prevailing view has been that the Companies Acts 1844–62 represented the triumph of the free market and the expulsion of the state from business. But, although these laws did make incorporation easier and granted companies privileges, what this view ignores is that they also imposed regulation, such as obligations to register the company and charges on its assets and to hold shareholder meetings. At the forefront of these legal changes were insurance companies. Yet, in spite of the proliferation of these companies and their role in, for example, the inquiry that led to the 1844 Act, they have been neglected. This may be because, while the successful campaign in 1824 to remove restrictions on access to the marine-insurance market would seem to support the view of legislation driven by free-market ideas, that explanation seems contradicted by the closing of access to the life-assurance market and the imposition of various obligations on life offices in 1870, a time when the liberalisation of company laws seemed at their peak. Neither development can, however, be so easily explained, and both show the effect of fierce divisions within the insurance industry.
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Liapakis, Xenofon. "A GDPR Implementation Guide for the Insurance Industry." International Journal of Reliable and Quality E-Healthcare 7, no. 4 (2018): 34–44. http://dx.doi.org/10.4018/ijrqeh.2018100103.
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Data Protection has always been an issue of concern for businesses across the globe. Laws addressing the Universal Statement for Human Rights have been set as early as 1948 and, as years go by, awareness further strengthens legislative actions. Through his work at Interamerican insurance company, the author shows that alignment with legislation, though perceived as a resource-intensive, counter-productive process, may be turned into an opportunity for fine tuning, promoting the operations of a company, and raising the trust towards IT.
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Fachmi, Muhammad, Basri Modding, Jeni Kamase, and Hasanuddin Damis. "The Mediating Role of Satisfaction: Life Insurance Customers’ Perspective (Service Quality, Trust and Image Toward Loyalty)." International Journal of Multicultural and Multireligious Understanding 7, no. 6 (2020): 156. http://dx.doi.org/10.18415/ijmmu.v7i6.1745.
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Purpose: The purpose of this study is to analyze whether service quality, trust, and corporate image directly influence customer satisfaction and loyalty. Besides, it also examines the indirect effect on loyalty through customer satisfaction.Design/Methodology/Approach: The sample is customers who have made insurance claims, with 206 people to be respondent, from PT. Prudential Life Assurance, PT. AXA Mandiri, PT. AIA Financial, and PT. Bumiputera Life Insurance. Data were analyzed using SEM-AMOS analysis techniques.Findings: The results of this study indicate that service quality, trust, and corporate image directly have a positive and significant effect on customer satisfaction. Finding also shows that service quality and trust, directly have a positive but not significant impact on customer loyalty. In contrast, company image and satisfaction directly have a positive and significant effect on customer loyalty. The role of customer satisfaction as a mediating variable shows that service quality, trust, and corporate image indirectly have a positive and significant effect on customer loyalty.Implications/Originality/Value: So it is concluded that service quality, trust and a higher corporate image will be able to provide higher loyalty if customer satisfaction as an intervening variable also increases. That is, if life insurance customers are less satisfied with service quality, trust, and company image, it is difficult to realize high customer loyalty.
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Sustariyah, Sri. "INFLUENCE OF HEALTH SERVICE ACCEPTANCE VALUE TOWARD A PATIENT RELIANCE." Journal of Economic Empowerment Strategy (JEES) 1, no. 1 (2018): 58. http://dx.doi.org/10.30740/j.v1i1.24.
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The Government appoints the Social Health Insurance Administering Body, hereinafter abbreviated as BPJS Kesehatan Pengelengaranya Agency. West Java is one of the organizers of BPJS Program whose membership is still below the standard set by the government. Alleged implementation of operational implementation of Social Security Health is still not fully understood and perceived benefits and services by the community, Marketing with a system of proximity to customers and provision of quality services to be one strategy that is effective in improving public confidence. Relational marketing and service quality is a determinant factor in increasing value and trust for customers. The purpose of this study is to analyze the influence of relational marketing and service quality to customer value and its impact on customer trust. The method used is quantitative with expert judgment. The sample of this research is inpatient of BPJS health participant at Public Hospital owned by Local Government in West Java Province. Technique of data retrieval is done by cluster proportional random sampling and analysis technique used is SEM analysis (structural equation modeling). The results of descriptive research indicate that relational marketing, service quality, customer value and customer trust move from less good to sanga tbaik. The results of the study of each indicator is still found some less than optimal. The result of verifikatif research proves that relational marketing and service quality have positive and significant effect to customer value and customer value have positive and significant influence to customer trust.
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Sustariyah, Sri. "INFLUENCE OF HEALTH SERVICE ACCEPTANCE VALUE TOWARD A PATIENT RELIANCE." Journal of Economic Empowerment Strategy (JEES) 1, no. 1 (2018): 58. http://dx.doi.org/10.30740/jees.v1i1.24.
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The Government appoints the Social Health Insurance Administering Body, hereinafter abbreviated as BPJS Kesehatan Pengelengaranya Agency. West Java is one of the organizers of BPJS Program whose membership is still below the standard set by the government. Alleged implementation of operational implementation of Social Security Health is still not fully understood and perceived benefits and services by the community, Marketing with a system of proximity to customers and provision of quality services to be one strategy that is effective in improving public confidence. Relational marketing and service quality is a determinant factor in increasing value and trust for customers. The purpose of this study is to analyze the influence of relational marketing and service quality to customer value and its impact on customer trust. The method used is quantitative with expert judgment. The sample of this research is inpatient of BPJS health participant at Public Hospital owned by Local Government in West Java Province. Technique of data retrieval is done by cluster proportional random sampling and analysis technique used is SEM analysis (structural equation modeling). The results of descriptive research indicate that relational marketing, service quality, customer value and customer trust move from less good to sanga tbaik. The results of the study of each indicator is still found some less than optimal. The result of verifikatif research proves that relational marketing and service quality have positive and significant effect to customer value and customer value have positive and significant influence to customer trust.
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Amron, Amron. "Electronic and Traditional Word of Mouth as Trust Antecedents in Life Insurance Buying Decisions." International Journal of E-Business Research 14, no. 4 (2018): 91–103. http://dx.doi.org/10.4018/ijebr.2018100106.
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This research was conducted to examine the effects of electronic word of mouth (eWOM) and traditional word of mouth (tWOM) on the level of consumers' trust in deciding to buy life insurance products in Indonesia. It involved 430 respondents who were online community members in two of Indonesia's largest cities; Jakarta and Surabaya. Surprisingly, this study found that eWOM was a more dominant predictor than tWOM in influencing trust. The other research result is that the trust variable influences consumers' buying decisions in positive and significant ways. This research recommends that managements of life insurance companies should build promotion policies based on trust so that the consumer decision level to buy life insurance products increases. The trick is for company management to identify and develop practices that improve the roles of positive eWOM and tWOM, so as to increase the level of consumers' trust to buy.
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Maulana, Hutomo Atman, and Erma Domos. "PEMODELAN DAN SIMULASI PROSES SURPLUS PADA BISNIS ASURANSI." Inovbiz: Jurnal Inovasi Bisnis 6, no. 1 (2018): 38. http://dx.doi.org/10.35314/inovbiz.v6i1.375.
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Basic insurance business is public trust. Insurance companies must pay attention to the systems and procedures for the payment of claims problem which is not simple. One of the important thing is when determining premium, because if it is too high could lead the company out of competition with the competitor. In the other hand, it is too low could lead the company lack of cash to handle claim which bring a negative impact for the company. This research aimed to give illustration of surplus in insurance business in a year period through determination of premium income and stochastic modelling in number and amount of claims. This model could be used by insurance company to take decision when determining premium whether surplus or ruin. The research used Exponential and Gamma distribution to model time of arrival and amount of claim respectively. The result show that the minimum premium could be found to get minimum surplus and avoid ruin.
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Trippner, Paweł. "Financial situation of insurance sector for example, a Stock – Exchange Company PZU." Przedsiebiorczosc i Zarzadzanie 15, no. 1 (2014): 55–67. http://dx.doi.org/10.2478/eam-2014-0004.
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Abstract The insurance system is a very important element of the financial system of a country. As institutions of public trust, insurance companies play a crucial role in the process of transforming savings into investments, which directly affects the country’s economic development. Maintaining the insurance sector in a good financial condition guarantees stability of the financial system and economic development of Poland. The article aims to present the essence of operations of insurance companies as financial institutions, present their role in the economy, and describe various methods of appraising their financial condition. In order to fulfil the above goals, a research hypothesis is put forward stating that the financial condition of the insurance sector in Poland deteriorated in the analysed period as a result of an adverse impact of turbulence in financial markets and problems in financial systems in the European Union countries.
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Gebert-Persson, Sabine, Mikael Gidhagen, James E. Sallis, and Heléne Lundberg. "Online insurance claims: when more than trust matters." International Journal of Bank Marketing 37, no. 2 (2019): 579–94. http://dx.doi.org/10.1108/ijbm-02-2018-0024.
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Purpose The purpose of this paper is to develop and test a theoretical framework explaining the adoption of online insurance claims characterised by infrequent interactions, inherent complexity and risk. It extends the technology acceptance model to include knowledge-related and trust-related beliefs. Design/methodology/approach The framework is tested with structural equation modelling using data from a survey of 292 customers who made online insurance claims. Findings are further explained through 30 telephone interviews conducted with online and offline claimants. Findings Previous research in financial services has shown trust to be equally or more important than perceived usefulness and perceived ease of use in forming attitudes towards adopting online insurance applications. The findings of this paper contradict this by showing, at best, a weak relationship between trusting attitude and intention to use the online service. Trust is somewhat meaningful; however, perceived ease of use, perceived usefulness and technology attitude are substantially more important in an online insurance claims setting. Research limitations/implications Contradictory results always beg further research to assure their robustness. Nevertheless, they can also point to a developing trend where trust in the internet channel, per se, is of diminishing importance. Internet and product knowledge are not as pertinent to forming intentions as usefulness and ease of use. Practical implications To encourage customers to adopt online applications for a trusted company, all emphasis should be on user friendliness and perceived usefulness of the online interface. Originality/value Compared to other channels, consumers are no longer naïve or distrustful of the online channel for interacting with a firm. If they perceive usefulness and ease of use, they will adopt the offered service.
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Grenier, Judson A. "Growing Together for a Century: Southern California and the Title Insurance and Trust Company." Southern California Quarterly 75, no. 3-4 (1993): 351–439. http://dx.doi.org/10.2307/41171685.
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Sangwook Nam. "The Empirical Study on CSR Activity of Insurance Company and Consumer's Trust in Korea." Journal of Risk Management 27, no. 1 (2016): 33–65. http://dx.doi.org/10.21480/tjrm.27.1.201603.002.
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Cervellati, Enrico Maria, Francesco Corea, and Paolo Zanghieri. "Entrepreneurs’ behavioural biases, risk misperception and company underinsurance." Risk Governance and Control: Financial Markets and Institutions 9, no. 4 (2019): 49–66. http://dx.doi.org/10.22495/rgcv9i4p5.
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We analyse the effect of behavioural biases on entrepreneurs’ decisions to insure their firms against different kinds of corporate risks. We use a large sample of 2,295 Italian small and medium enterprises (SMEs), finding that they under-insure themselves. Since SMEs should insure more – in proportion – compared to bigger companies, analysing the reasons for this underinsurance is relevant to improve entrepreneurs’ decisions and help their firms, but also from a policy-making point of view. We link corporate insurance choices with the entrepreneurs’ personal characteristics and behavioral traits as well as with their households’ financial choices. Our methodology uses stepwise regressions to discern which variables are statistically significant. In our results, we find that entrepreneurs not only underinsure their firms but also themselves, thus exposing themselves, their firms and their families to high idiosyncratic risk. We find that these suboptimal decisions are affected by behavioural biases such as overconfidence, over optimism, risk misperceptions, and stubbornness, even though in a not straightforward manner. We measure both the overall effect on the number of insurances underwritten and on the specific type of insurance contract. In general, we find that relatively bigger firms do buy more insurance, and that trust in insurance companies is a key driver to insurance purchasing, as well as the estimated probability of suffering damages in the future. In contrast, entrepreneurs do underwrite fewer insurance contracts if their firms caused or suffered damages in the past, but also if they possess personal insurances, thus treating them as substitutes for firm insurance. Since SMEs represent a very important part not only of the Italian economy but also of the economy of many other countries, analyzing their insurance-related decisions is relevant because understanding the determinants that may lead entrepreneurs to mitigate the risks they face is beneficial not only for them and their firms but also for the economy as a whole.
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Henningsson, Johan, Ulf Johanson, and Roland Almqvist. "Fund manager trust and information complexity." Qualitative Research in Financial Markets 7, no. 4 (2015): 346–62. http://dx.doi.org/10.1108/qrfm-08-2014-0023.
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Purpose – This study aims to explore fund manager use of trust to reduce information complexity concerning corporate intangible resources and sustainability and what consequences this have for corporates as providers of information. Analytically, fund managers are considered part of a system with social meaning. Design/methodology/approach – A qualitative research approach is used. Data are obtained from two focus group discussions that occurred on two separate occasions. The first discussion was between four communications executives at leading Swedish companies. The second discussion was between four experienced fund managers in the Swedish financial market. Findings – The results suggest that fund managers oscillate between exhibiting trust and distrust when reducing the complexity of information on intangible resources and sustainability. Fund managers tend to trust the stable context of company information and strive to trust top management. Communicative dilemmas emerge when fund managers oscillate between trust and distrust. The fund manager disinterest in details emerges because of a reliance on a stable information context and company management. The representation dilemma emerges when narratives are used in corporate reporting. Research limitations/implications – This study contributes empirically to the knowledge concerning the social complexity of fund management. Practical implications – The paper increases the understanding of communicative difficulties for corporates to communicate with actors on the financial markets through narratives on intangible resources and sustainability. Originality/value – By focusing on the social meaning in the communication between companies and financial markets, we have contrasted the dominant view of financial economics of financial market actors as rational agents and the individualistic mode of theorizing in accordance with rational choice theory.
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SP, Bhavana Gowda, and Rashmi R. "An Analysis of Effectiveness of Bancassurance among Customers as an Alternative Distribution Channel in Bangalore." Indian Journal of Finance and Banking 3, no. 2 (2019): 27–31. http://dx.doi.org/10.46281/ijfb.v3i2.397.
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In this study we had conducted a survey among Customers of Bank in order to know whether they are aware of the concept of Bancassurance and exploring the reasons why customer would like to buy insurance products from banks. Customer attitude to two different distribution channels was calculated by getting the mean of 24 statements on Likert scale. 74% of the sample was aware of the fact that their banks sell insurance products. It was reported that the reference (56%) and bank employees (54%) are the two main information sources for these customers. The respondents emphasized Trust, convenience in terms of location as the main reasons for buying the insurance products from banks instead of Insurance agents and after analyzing 24 statements administered among target sample population we can conclude: Customers feel that insurance agents have more expertise in insurance products than bank employees and can give better advice. It was also found that banks employees give them all the information needed than insurance agents and customers trust bank more than insurance company for all their financial requirements. Therefore, banks in India should try to exploit the existing opportunities to cross-sell insurance products through their branch network.
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Pratiwi, Dwi Dini. "Integrating Servqual-Kano-QFD for Social Insurance Service Quality Improvement in Surabaya." Jurnal Manajemen Teori dan Terapan| Journal of Theory and Applied Management 14, no. 1 (2021): 50. http://dx.doi.org/10.20473/jmtt.v14i1.22677.
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For companies engaged in the service-providing sector, good service by meeting customer's desires and needs is a must in order to thrive competitively. This case study was conducted on service provided by the government social insurance company engaged in traffic accident insurance services in Surabaya. As an industry that provides service, customer satisfaction is of importance in order to gain trust from the public, reduce negative opinion in public, and support the objective of good governance. This study integrated the SERVQUAL-Kano method to evaluate customer satisfaction concerning 18 service attributes related to service provided by the social insurance company. Further efforts were then made to find solutions for service attributes with low satisfaction scores by using the Quality Function Deployment (QFD) method. Therefore, the results can help to improve the quality of service. The results were in the form of a priority improvement design for strategic decision recommendations that can be implemented by the company to increase customer satisfaction.
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Millard, D., and B. Kuschke. "Transparency, trust and security: An evaluation of the insurer's precontractual duties." Potchefstroom Electronic Law Journal/Potchefstroomse Elektroniese Regsblad 17, no. 6 (2014): 2412. http://dx.doi.org/10.4314/pelj.v17i6.05.
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Transparency in insurance law attaches to the rights and duties of the parties, the relationships between insurers, insurance intermediaries such as agents and brokers, insurance supervisory law and insurance dispute resolution procedures. Regarding the rights and duties of the insurer and the prospective policyholder, it requires insurers to disclose precontractual information in a timely manner that is clear, understandable, legible and unambiguous. Transparency as a value is incredibly important in insurance contracts. This contribution focuses exclusively on the insurer's duty of disclosure during precontractual negotiations. Although the insured's duty of disclosure has enjoyed more attention in the past, the duty clearly applies to the insurance proposer as well as the insurer. The purpose of this contribution is to evaluate the nature and extent of the insurer's transparency duties as informed by both common and statutory laws.The insurer's duty is derived primarily from the statutory rights of access to information in accordance with the provisions of the Constitution of the Republic of South Africa and the Promotion of Access to Information Act. It is furthermore supported by specific insurance consumer protection law found in the detailed provisions on mandatory disclosures in the Financial Advisory and Intermediary Services Act, the Long-term Insurance Act, the Short-term Insurance Act and, finally, the Policyholder Protection Rules issued in accordance with these acts. Strict rules on advertising can be found in the General Code of Conduct issued under the FAIS Act.The Act furthermore specifically targets the activities of insurance intermediaries in precontractual disclosures. The fact that insurance products and services have been exempted from the scope of the Consumer Protection Act from 28 February 2014 should not diminish the insured's right to rely on universal consumer protection principles as envisaged by South African insurance legislation. The insurer's duty to disclose is in the last instance also derived from the common law duty not to make misrepresentations by commission or omission. When negotiating an insurance contract, the insurer's duty to speak is not based on a general requirement of bona fides, but is recognised as an ex lege duty due to the involuntary reliance of the prospective insured on information supplied by insurers in the market. A lack of transparency should lead to the insurer's accountability. A failure to disclose material information or a disclosure of false information that goes to the root of the matter and that induces the prospective policyholder to buy the insurance product is recognised as an actionable misrepresentation. Statutory provisions do not diminish the common-law duty not to make misrepresentations, but provide details of the nature and extent of the information duty to provide clarity and legal certainty in the determination of the standards of transparency required in law. In addition, statutes provide for enforcement actions by regulators, orders that could affect the licence of the insurer and provide for punishable offences and penalties. In terms of common law, a misrepresentation by omission or commission renders the insurance contract wholly or in part voidable. The policyholder may decide to rescind the contract and claim restitution. He may also, in conjunction with rescission, or as an alternative when deciding to maintain the contract, claim delictual damages or even constitutional damages when judged by a court of law as appropriate relief. Statutory remedies include a monetary award by the Insurance Ombud. Even though such an award is capped at R800 000, it is submitted that it is preferred to a civil law damages claim.
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Safar, Jennifer A., and Carl W. Turner. "Validation of a Two Factor Structure for System Trust." Proceedings of the Human Factors and Ergonomics Society Annual Meeting 49, no. 3 (2005): 497–501. http://dx.doi.org/10.1177/154193120504900360.
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Customers assess a company's ability to meet their needs based upon service interactions with that company. The growth of the Internet as an information transfer medium has dramatically increased reliance on communication between a human and a computer during service interactions. Although trust is known to be an integral part of customer experience during human-to-human interactions, it has been suggested that even when service is provided by an inanimate entity, trust remains a relevant factor. This study evaluated a tool purporting to measure system trust during automated service interactions. Participants completed an auto rate quote via one of two insurers' websites. A two-factor structure was uncovered. The scale exhibited strong internal consistency, sensitivity to objective task success, and was significantly related to several other customer experience measures. The results provide convergent evidence that the scale is a valid and reliable tool for describing customers' experiences during automated interactions.
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Yadav, Rajesh K., and Sarvesh Mohania. "Role of Insurance Ombudsman and Grievance Management in Life Insurance Services in Indian Perspective." International Letters of Social and Humanistic Sciences 31 (June 2014): 9–13. http://dx.doi.org/10.18052/www.scipress.com/ilshs.31.9.
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A grievance is defined as a wrong or immoral suffered which creates ground for a complaint. In other words, dissatisfaction of customer on a product or service offered by a manufacturer or a service provider. The study focuses on the grievance management in life insurance services by the insurance ombudsman in India. In today’s scenario of insurance market, with the large volume of insurance transactions and huge customer size, it is an accepted fact that there will be growing number of policyholder grievances for every insurance providing company. The study is based on the secondary data collected from IRDA and research papers from various journals. The study concluded that in grievance management role of insurance ombudsman is very important and constant increase in number of complaints received by various Ombudsman all across the India shows that the policy-holders are gaining their confidence and trust in the institution of Insurance Ombudsman.
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Tseng, Lu-Ming, and Chi-Erh Chung. "The role of explicit ethics institutionalization and management accountability in influencing newcomer trust." International Journal of Organizational Analysis 25, no. 4 (2017): 613–27. http://dx.doi.org/10.1108/ijoa-09-2016-1069.
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Purpose It was common for newcomers to organizations to feel anxiety and uncertainty. Yet, gaining the newcomers’ trust may contribute to solving these problems. The purpose of this paper is to explore the impacts of explicit ethics institutionalization and management accountability on newcomer trust in manager and company. Design/methodology/approach A sample of novice salespeople in the life insurance companies in Taiwan was used to investigate the relationships among the constructs. Findings It was found that newcomers’ recognition of explicit ethics institutionalization was positively associated with the newcomers’ perception of management accountability, and the perception was positively related to trust in manager and company. Practical implications Explicit ethics institutionalization and management accountability could play an important role in enhancing newcomer trust. Thus, it was suggested that researchers and managers should focus on these issues and considered how explicit ethics institutionalization and management accountability could be enhanced in the workplace. Originality/value Newcomer distrust may lead to newcomer job dissatisfaction and newcomer turnover behaviors. This research examines the mediating role of management accountability in the relationship between explicit ethics institutionalization and newcomer trust.
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Ahmed, Razu, and Ashraful Alam. "Comparative Financial Performance Measurement Of Green Delta And Reliance Insurance Company Limited In Bangladesh: An Analytical Study." Journal of Commerce and Management Thought 6, no. 4 (2015): 640. http://dx.doi.org/10.5958/0976-478x.2015.00038.5.
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Macfarlane, Julie. "The Anglican Church’s sexual abuse defence playbook." Theology 124, no. 3 (2021): 182–89. http://dx.doi.org/10.1177/0040571x211008547.
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This article is written by a law professor who is also a survivor of sexual abuse by the Anglican priest Meirion Griffiths. In her attempt to get restitution, she recounts her experience of the adversarial tactics used against sexual abuse claimants by the Church of England through the Ecclesiastical Insurance Company. She argues, from her own experience, that the reliance on rape myth, the defence of limitations and the use of biased ‘expert’ medical witnesses are deeply offensive, especially when used by the Church.
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Steiner, Philipp Hendrik, and Peter Maas. "When customers are willing to disclose information in the insurance industry." International Journal of Bank Marketing 36, no. 6 (2018): 1015–33. http://dx.doi.org/10.1108/ijbm-12-2016-0183.
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PurposeThe purpose of this paper is to show antecedents of customers’ information disclosure in the insurance industry and demonstrate central levers that foster customers’ information disclosure to companies in the insurance sector.Design/methodology/approachA conceptual model is presented, which is empirically tested with 3,494 insurance customers from ten counties with structural equation modelling and multi-group analysis.FindingsCustomer value in the insurance industry consists of three factors (customer value provided by the company, the agent, and the product) and affects information disclosure directly and indirectly (via satisfaction and trust).Research limitations/implicationsAntecedents of customers’ information disclosure in the insurance industry were identified. Moreover, the authors show that, in line with resource exchange theory, customers are willing to disclose personal and behavioral data to an insurance company in exchange for lower premiums or additional services.Practical implicationsCustomers expect benefits in exchange for their personal data. In combination with new technologies (e.g. smartphones or wearables), companies can offer tailored products to their customers and can create a win -win situation for customers as well as insurance companies.Originality/valueThe paper identifies the antecedents of customers’ information disclosure in the insurance industry with a conceptual model. This model is tested in ten countries and offers insights in established (e.g. USA) as well as emergent markets (e.g. Brazil).
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Koju, Ram, Susil Dev Subedi, and Laxmi Koju. "Impact of Lapsed Policies in Life Insurance Industries of Nepal." Nepalese Journal of Insurance and Social Security 3, no. 3 (2020): 64–76. http://dx.doi.org/10.3126/njiss.v3i3.36463.
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Growth and competition are rapidly rising in life insurance sector. Companies have challenge to stay in the market and earn profit as well as build trust among the end users. In this context, companies have to expand business by selling more life insurance policies. However, only selling new policies might not be the solution to increase profit. Thus, company needs to ensure minimum to zero lapse rates for the sustainable growth of the company. This study investigated the impact of lapse rate and revival rate on net worth, profitability, life fund, and total premium income of life insurance industries in Nepal over the period 2010-2019. The study employed Generalized Method of Moments (GMM) for empirical estimation. The empirical results showed the lapse rate, profitability, revival rate and surrender rate of 23.91%, 2.64%, 88.82% and 3.83%, respectively in the life insurance industries in Nepal during the 10 years’ period. The lapse rate was significantly negatively correlated with life fund and the total premium income with the–model coefficients of 0.1474065 and -0.19244, respectively. Moreover, the empirical estimation showed a significant positive correlation between lapse rate and profitability. This might be because high lapse rate lowers the provision of unexpired risk and life fund resulting in higher amount of profitability. The revival rate was significantly positively correlated with the profitability. This might be because higher revival rate increases the renewal income of a company, resulting in more funds available for investment thereby bringing positive cash inflow for the company. However, the revival rate did not show any significant association with net worth, life fund and total premium income.
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Tam, Jackie L. M., and Y. H. Wong. "Interactive selling: a dynamic framework for services." Journal of Services Marketing 15, no. 5 (2001): 379–96. http://dx.doi.org/10.1108/eum0000000005656.
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In the 1990s and into the twenty‐first century, there has been a growing interest in understanding the development of service relationships. Trust and satisfaction have been highly recognized in the literature as effective elements for establishing successful relationships. However, little is known regarding their importance in cultivating relationships in an interactive‐selling context. The present study attempts to examine the influence of behavior and performance of salespersons on customers’ trust and satisfaction and, in turn, their anticipations of future interactions with the salesperson in the context of insurance services. A survey was conducted with customers from a large UK insurance company based in Hong Kong. The results show that satisfaction, the salesperson’s self‐disclosure and relation orientation significantly influenced future business opportunities. From the findings, a dynamic framework incorporating a set of interactive elements will be proposed. Managerial implications and directions for future research will be outlined and suggested.
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Rustamunadi, Rustamunadi, and AAS Asmawati. "PENGARUH PERTUMBUHAN UJRAH DAN INVESTASI TERHADAP PERTUMBUHAN ASET PADA PERUSAHAAN ASURANSI JIWA DI INDONESIA." Syar'Insurance: Jurnal Asuransi Syariah 5, no. 1 (2020): 1. http://dx.doi.org/10.32678/sijas.v5i1.2925.
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Abstract
 Assets are assets owned by the company. High asset growth shows that the company can optimize its assets well. High asset growth can increase public trust in the company. One of the factors affecting the assets of Islamic life insurance companies is contribution and claims.
 Problem formulation in this research are: 1) How does the influence of the growth of ujrah on the growth of assets in Islamic life insurance companies? 2) What is the effect of investment growth on the growth of sharia life insurance company assets? 3) How does the simultaneous growth of ujrah and investment affect the growth of sharia life insurance company assets?
 This study aims to examine: 1) To analyze the effect of the growth of the ujrah on the growth of assets in the Sharia Life Insurance company. 2) To analyze the effect of investment growth on asset growth in Islamic Life Insurance companies. 3) To analyze the effect of simultaneous growth in investment and investment on asset growth in Sharia Life Insurance companies.
 The analysis used is multiple linear regression analysis, where in this method to determine the effect of the growth of ujrah and investment on the growth of assets displayed in the form of a regression equation. Tests used in this study are classic assumption tests including: normality test, heteroscedasticity test, multicollinearity test and autocorrelation test. In this study the authors used secondary data samples from the financial statements of 6 Islamic life insurance companies in Indonesia.
 Based on the Ujrah growth test, it has a sig value of 0.525> 0.05 and a tcount value of 0.643> ttable 2.03693, therefore it can be concluded that the growth of the ujrah (X1) partially has no significant effect on asset growth. While investment growth has a sig value of 0.006 <0.05 and tcount 2.932> t table 2.03452, therefore it can be concluded that investment growth (X2) has a significant negative effect on asset growth. Based on the F test of ujrah growth and investment has a sig value of 0.022 <0.05, the growth of ujrah and investment has a simultaneous effect on the growth of assets and growth of assets influenced by the growth of ujrah and investment growth of 15.9% and 84.1% influenced by other variables not discussed in this study.
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Shirabad, Mir Arash Ghasemi, and Shahram Gilaninia. "The Effect of Service Recovery Strategy on Customers' Behavioral Intention and Trust of Iran Insurance Company : A Case Study of Sales Network of Iran Insurance Company in Ardabil - Iran." Oman Chapter of Arabian Journal of Business and Management Review 5, no. 4 (2015): 66–74. http://dx.doi.org/10.12816/0019117.
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Mrozowska - Bartkiewicz, Beata, and Aldona Wnęk. "Legal Regime of Insurance Outsourcing." Prawo Asekuracyjne 3, no. 100 (2019): 3–17. http://dx.doi.org/10.5604/01.3001.0013.5729.
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Following the Solvency II Directive, the detailed rules for delegating own activities to external providers by insurance and reinsurance undertakings have been introduced into the insurance law regime, including the requirements regarding the contents of agreements under which the outsourced services are provided (outsourcing contracts). As institutions of public trust, insurance undertakings should perform their functions properly and safely for customers. Hence, the requirements for outsourcing certain activities and functions constitute an important element of the insurance company management system. Insurance outsourcing is subject to disclosure obligations, and is supervised by the Polish Financial Supervision Authority (KNF). The article discusses legal provisions specifying the basic outsourcing rules for insurance and reinsurance undertakings, including the principles for the development of internal policy and the fulfillment of disclosure requirements, with special emphasis on the outsourcing of certain activities and functions of the management system. Moreover, it also presents the requirements for outsourcing contracts which are imposed on insurance undertakings both by EU and Polish legislation. An appropriate formulation of the rights and obligations of the parties to the contract should ensure, in particular, both compliance with the law and the effective services supervision. More importantly, the KNF has been authorized to perform inspection activities in respect of entities providing outsourced services.
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Muyengwa, Goodwell, Partson Dube, Kimbelry Battle, and Errol Masinga. "An Enterprise Development Initiative: Incubation In The South African Motor Body Repair Sector." Balkan Region Conference on Engineering and Business Education 1, no. 1 (2014): 41–46. http://dx.doi.org/10.2478/cplbu-2014-0009.
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AbstractThe paper investigates motivations, challenges and success factors experienced by an incubator company and panel shop owners during transformation from a non-registered to a registered panel shop. Since 2006 the company has assisted six black owned panel shops in upgrading their businesses through an annual grant of R1.5 million per business. The objective is to develop and empower disadvantaged black owned motor body repairers. The study was conducted through multiple case studies and in-depth interviews with owners and staff of these panel shops including incubator company personnel. The study revealed that noticeable improvements were in better infrastructure, improved management skills, registration with the repair authority, access to work from the insurance industry and better turnover. Challenges faced were in building of trust among panel shop owners and support agencies seconded to their businesses by the incubator company during the incubation process.
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Gaczek, Piotr, Grzegorz Leszczynski, and Marek Zielinski. "Do sales people trust new customers because of who they are?" IMP Journal 12, no. 3 (2018): 498–518. http://dx.doi.org/10.1108/imp-01-2018-0008.
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Purpose The purpose of this paper is to identify the interplay between the characteristics of trustee and trustor in trust formation at the initial stage of a relationship in the B2B context. Design/methodology/approach The study was experimental. A situation was simulated in which sales managers choose prospective customers on whom his or her company should concentrate after entering the new market. A total of 108 managers participated in the study. Findings The results indicate that during the pre-relationship stage salespeople declared trust toward a prospective customer despite having no previous interactions with the other party. Salespeople start the trust-development process by gathering clues about the trustworthiness of the potential partner organization. The cognitive information provided to salespeople impacts interpersonal trust to a greater extent than effective communication. This influence is moderated by trustor trust propensity. There is no difference in the type of information about a trustor when it comes to organizational reliance. Originality/value This paper provides a new insight into research on trust in interorganizational relationships as the authors adopted the perspective of the supplier who is most frequently perceived as a trustee, rather than a trustor. It directs attention to the pre-relationship stage, which precedes the interaction that may lead to a relationship developing but also links the object of trust (trustee) with the subject of trust (trustor) and integrates two separate approaches to the ascendance of trust with its multi-dimensional and multi-level nature. Moreover, an experimental design that is rare in research on business relationships was implemented.
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Dingley, Daryl A., Phumlani MP Ngcongo, Paul BJ Farlam, and Jeremy C. Marwell. "The battle for truth: control and non-voting preference shares." South African Journal of Economic and Management Sciences 11, no. 3 (2012): 305–21. http://dx.doi.org/10.4102/sajems.v11i3.453.
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If a financial institution (A) advances funding to another company (B) in return for non-voting preference shares in company B at par value, does that constitute a merger for the purposes of s 12 of the Competition Act, 89 of 1998 (the Act), if those preference shares comprise more than 50 per cent of the issued shares (ordinary and preference) of company B? And what if company B’s articles of association provide that the holder of the preference shares may obtain a right to vote at shareholders’ meetings if any preference dividend is not paid timeously, or if the preference shares are not redeemed within the agreed time? Would a provision to that effect play any role in an assessment as to whether the initial transaction constituted a merger and/or requires a further merger notification upon the triggering of company A’s right to vote? These were the interesting questions which the Competition Tribunal (the Tribunal) had to address in Cape Empowerment Trust Ltd v Sanlam Life Insurance Ltd and another1 (CET v Sanlam). (The losing party, Cape Empowerment Trust Ltd (CET), took the matter on appeal, but the parties settled after the case had been argued in the Competition Appeal Court (CAC), but before judgment had been delivered). To contextualise the issues discussed in this paper, we begin by briefly outlining the facts of that case, the main submissions of the parties, and the findings of the Tribunal. We will then analyse the main issues arising for consideration in relation to the scenario sketched in the opening paragraph of this paper, again with reference to the parties’ submissions and the Tribunal’s determination in CET v Sanlam. By way of comparison, we will also refer to foreign law, particularly United States anti-trust law.
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Hamadziripi, Friedrich, and Howard Chitimira. "The Integration and Reliance on Technology to Enhance the Independence and Accountability of Company Directors in South Africa." Potchefstroom Electronic Law Journal 24 (June 29, 2021): 1–32. http://dx.doi.org/10.17159/1727-3781/2021/v24i0a10737.
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The most indispensable means of change in contemporary business society is technology because it offers convenience to both businesses and their clients. Almost every business has been influenced by technology. Traditional corporate governance systems have been affected as technology has ceased to be a mere business enabler but is now a source of a company's future potential opportunities. The infusion of corporate governance and technology has been quite slow in South Africa. This may either be attributed to the fact that it is costly to do so, at least in the short term, or that company directors in South Africa do not yet trust technological measures with corporate decision-making input. Consequently, the impact of decision support technology on corporate entities and their governance has received less academic interest in South Africa than in developed countries. This article seeks to discuss the integration and reliance on technology to enhance corporate governance principles in developing countries like South Africa. The article also discusses the practical challenges and the benefits to be anticipated by directors in South Africa when they integrate technology in decision making to enhance their independence and accountability.
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Poerbonegoro, Galuh Adhitia, Margono Setiawan, and Sudjatno . "The Phenomena of Organizational Structure Change as Change Factor of Financial Consultant’s Motivation." KINERJA 21, no. 2 (2017): 159. http://dx.doi.org/10.24002/kinerja.v21i2.1277.
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Life insurance has developed into an attractive industry and has an important role in supporting businesses, families and communities. It grew into a business commodity that attracted many people. Competition in the life insurance industry is increasingly complex and competitive due to the number of life insurance companies made a lot of customers have many choices that requires every company to be more responsive to acquire customers, to support the organizational change, motivation and performance of employees. According to the first interview with top management, obtained information that there is a distance between superiors and subordinate in Allianz Life Indonesia’s new system, where Business Partner (leader) only served to control Business Executive and give freedom to the actions carried out by subordinates so that the relationship between them is less synergy. The purpose of research is to describe implementation strategies and the impact of OSC to Financial Consultant’s motivation. This study uses a qualitative research method. Research results obtained implementation strategy of OSC, which influenced by factors such as the driver of an effective and efficient work system, increasing of industry competition, and maintaining customer trust. There are two impact to Financial Consultant’s motivation include intrinsic motivation and extrinsic motivation.Keywords: Insurance, Organizational Structure Change, Motivation, Financial Consultant
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Asiri, Ahmad Yahya, and Sultan S. Alshamrani. "Performance Evaluation of a B2C Model Based on Trust Requirements and Factors." Scientific Programming 2021 (May 26, 2021): 1–10. http://dx.doi.org/10.1155/2021/9935849.
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This paper evaluates the performance of a newly proposed B2C e-commerce model based on trust factors and requirements in the context of Saudi Arabia. Two categories of trust factors, namely, governmental and nongovernmental types, are identified to create the model for determining the feasibility of an efficient online business strategy in the Kingdom. Data are collected over a duration of 10 weeks based on the designed questionnaire, carefully analyzed, and interpreted. The standpoint of the end user is analyzed to determine the influence of the proposed trust requirements and factors on B2C e-commerce in Saudi Arabia. The reliability of the questionnaires for each requirement with their factors is quantitatively analyzed using Cronbach’s alpha. The questionnaire consists of three parts, namely, demographic component, questions related to the identified requirements, and additional notes as an open question. Questions are designed as per the requirements and the factors of trust models to demonstrate their possible relationship. Furthermore, the questionnaires’ content validity is judged by expert lecturers with relevant specialization before distributing them, which are well organized together with easy understandability. They are randomly distributed among 222 academic and administrative staff (female and male) in addition to university students from the Faculty of Computer Science and Information System in Saudi Arabia. This random selection performed on total 222 responders ensures the statistical accuracy of the sampling. Adaptable government approaches, enactment, rules, insurance of buyer rights, and banking network situation with less web expenses are demonstrated to be significant to e-commerce expansion in the Kingdom. Implementation of the proposed model is believed to augment consumer self-confidence and reliance together with e-commerce growth in Saudi Arabia.
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Sajtos, Laszlo, Henning Kreis, and Roderick Brodie. "Image, brand relationships and customer value." Journal of Service Theory and Practice 25, no. 1 (2015): 51–74. http://dx.doi.org/10.1108/jstp-11-2013-0261.
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Purpose – While service brands are conceptualised as being both the company’s presented brand and the customer’s relationship experience, most research to date has supported the central role of the latter over the former in creating customer value and developing loyalty. Studies supporting the central role of relationship experience have relied on classification schemes that have been developed around the role of employees. In contrast, the purpose of this paper is to propose and test the effect of two new moderators, namely advertising spending- and labour-intensity (LI), in predicting the impact of company image and employee trust. Design/methodology/approach – Four contexts (banking, internet provider, insurance and hairdressing) were selected based on their advertising spending- and LI, and a multi-group structural equation modelling technique was employed to test for differences between contexts. Findings – Company image and employee trust were found to have a significant impact on customer value and loyalty perceptions, with considerable differences in patterns across the chosen contexts. This study has confirmed that differences in advertising spending intensity can explain discrepancies in the relative influence of customer value and loyalty drivers across multiple service industries. Originality/value – The findings of this study shed new light on the results of previous studies that relied solely on classification schemes and which supported the primary importance of employee-customer interactions for service brands. Ultimately, this research can help managers better understand the driving forces of their business.
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Munge, Zipporah N., and Dr Regina Kitiabi. "CHALLENGES OF STRATEGY IMPLEMENTATION BY INSURANCE COMPANIES IN KENYA." International Journal of Finance and Accounting 2, no. 2 (2017): 1. http://dx.doi.org/10.47604/ijfa.294.
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Purpose: The purpose of the study was to determine the challenges of strategy implementation by insurance companies in Kenya.Materials and methods: The study made use of primary data that was collected using questionnaires. Since the study involved the use of questionnaires, descriptive survey study was employed. The study population used included all the 46 insurance companies operating in Kenya as at August 2014. A list of the insurance companies in Kenya was obtained from the Insurance Regulatory Authority (IRA). A census of the 46 insurance companies was used. Therefore, sampling was not applicable in this study. After data has been collected through questionnaires, it was prepared for readiness of analysis by editing, handling blank responses, coding, categorizing and keying into Statistical Package for Social Sciences (SPSS) computer software for analysis. SPSS was used to produce frequencies, descriptive statistics which were used to derive conclusions and generalizations regarding the population.Results: The results from the study showed that among that the macroeconomic factors considered to affect strategy implementation were; strict guidelines for compliance with legal, regulatory and capital requirements, high technology advancement, and high inflation rates and low purchasing power of customer whereas the industry specific challenges that affected strategy implementation included; threat of price wars, stiff competition, rivalry among insurance companies and strong bargaining power from clients. Lack of staff involvement, bureaucratic structures and procedures in the company, poor communication of deliverables, and lack of clear guidelines in implementation, were among the internal factors that affected strategy implementation. The study also found out that strategy responses adopted by insurance companies in order to effectively implement their strategies included; rewards being linked to strategy implementation in order to enhance effective execution, lobbying through the Association of Kenya Insurers (AKI) to address regulatory, economic, political and environmental challenges, reliance on support from the Insurance Regulatory Authority (IRA) to address challenges in pricing and price wars.Recommendations: The study recommended that in order to address the strategy implementation challenges companies must first, avoid resistance by employees towards strategy implementation by ensuring employee involvement in the process, secondly, the companies should also work in lessening the bureaucratic structures and procedures, improving and ensuring effective communication of deliverables to ensure they are well understood by the employees, and also ensuring that clear guidelines in implementation process are laid down before the strategies are implemented.
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Slobodianiuk, Olga, Tetyana Lositska, and Ryszard Pukała. "Importance of agrarian insurance market development for the national economy." Economics, ecology, socium 2, no. 4 (2018): 53–63. http://dx.doi.org/10.31520/2616-7107/2018.2.4-6.
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Introduction. The state and its agricultural support programs provide assistance to the victims, but this is not in line with world practice. Minimization of losses, which is formed at the expense of the reserve fund of the state budget, is based on outdated methods of the post-Soviet era. The emergence of a new number of subjects of the market of agro-insurance of all forms of ownership also does not have enough lifting for its development and covering losses from unforeseen weather conditions. The threat of bankruptcy, fierce competition, prompts entrepreneurs to apply new market-based methods for reimbursing potential costs and doing business.
 Thus, insurance of agricultural products and their further development will lead to the solution of the current urgent problem of agro companies to cover losses from unforeseen natural disasters and natural disasters, and will provide the reliability, solvency and financial independence of each company in this business.
 Aim and tasks. The purpose of the article is to consider the theoretical foundations for the development of the insurance market of agri-insurance and its importance.
 Results. The agri-insurance market plays an important role in the national economy of the Ukrainian state, and therefore needs further development, increased attention from both the state and the scientists of the insurance industry. Without agrarian insurance, the Ukrainian agricultural sector is not possible, because every year losses from weather conditions are occurring, which leads to a shortage of gross crops and significant losses.The article reveals the basic concepts of agri-insurance. Conducted competitive competitive analysis and statistical survey of agri-insurance market in recent years. The ways of development of the market of agrarian insurance are offered.
 Conclusions. The national agro-insurance market is slowly developing, although more and more agricultural enterprises trust insurers. Competition in the insurance market provides fair competition among them in order to receive new customers, but not enough to generate more profits and development in general.
 The analysis of key indicators of the market shows that there is development, but it is insignificant, therefore, it is necessary to take measures on the basis of foreign experience and to submit proposals for further development.
 Such proposals may include: strengthening system support from the Government of the country and improving its regulation, developing new insurance products, which will increase competition among insurance companies, increase index insurance, and so on.
 Thus, the introduction, based on world practice, of new approaches to the development of agrarian insurance, will provide Ukrainian farmers with opportunities to prevent financial losses in the event of unforeseen events.
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Agyenim-Boateng, Irene Stella, and Kyeame Ghansah. "The Effect of Transformational Leadership on Company Innovation Culture: Perspectives from the Service Sector of an Emerging Economy." International Journal of Human Resource Studies 9, no. 3 (2019): 273. http://dx.doi.org/10.5296/ijhrs.v9i3.15255.
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Focusing on the importance of innovation culture to the growth of firms, the study examined the effect of transformational leadership on the innovation culture of firms in the service industry in Ghana. The study further assessed the moderating role of organizational learning capability and market dynamism. A sample of 210 employees in the telecommunication, banking and insurance, tourism and hospitality sectors were surveyed. A quantitative research approach was employed to test the various relationships. The findings indicated that transformational leadership had a significant and positive relationship with innovation culture. The findings further revealed that the relationship between transformational leadership and innovation culture was positively enhanced by market dynamism. Organizational learning capability which had two dimensions, that is, interaction with external environment and dialogue had a partial moderating effect on innovation culture. The study provides executives with critical insights on the need to allow employees to make some decisions where necessary and also trust in their decision and not always control the work tightly from the top; as such micromanaging could have adverse impact on the firm’s innovation drive and culture. The researcher contributes to extant literature by finding the moderating role of market dynamism and learning capability on the effect of transformational leadership and innovation culture in an organisation specifically in the service industry of an emerging country.
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Shasha, Michelle, John S. Lyons, Michael T. O'Mahoney, Sheldon I. Miller, Kenneth I. Howard, and Alan Rosenberg. "Serotonin Reuptake Inhibitors and the Adequacy of Antidepressant Treatment." International Journal of Psychiatry in Medicine 27, no. 2 (1997): 83–92. http://dx.doi.org/10.2190/yvbe-mxaf-q09q-y02q.
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Objective: To determine whether the use of serotonin reuptake inhibitors (SSRIs) improves antidepressant medication prescribing patterns for both psychiatric and non-psychiatric physicians. Data Sources/Setting: Drug utilization review of 4,103 prescriptions for antidepressant medications with patients diagnosed with depressive disorders over an eighteen-month period from the formulary records of a large insurance company. Design: Using standards developed for clinical guidelines, variation in trial and treatment adequacy between drug types and physician specialty was studied. Principal Findings: Thirty-five percent of initial antidepressant trials were not prescribed for an adequate duration or at an adequate dosage level. SSRIs were more likely to be prescribed adequately than any other antidepressant reviewed. Psychiatrists were more likely to prescribe antidepressants at an adequate dosage level, whereas non-psychiatric physicians were more likely to attain adequate duration of treatment. Conclusions: A greater reliance on SSRIs may increase the likelihood of maintaining adequacy in antidepressant treatments. Although higher in cost than other treatment choices, their lower side effect profile is likely to maximize patient satisfaction and physician and patient adherence to guidelines. In order to ensure effective and efficient antidepressant usage, such patterns must be identified and appropriate performance improvement strategies (e.g., Total Quality Improvement, critical pathways) may be employed.
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Zhao, Xiaoli, and Pavel Castka. "Unravelling the role of guanxi in the formation and management of international joint ventures – a systematic review of the literature." Review of International Business and Strategy 31, no. 1 (2021): 103–26. http://dx.doi.org/10.1108/ribs-06-2020-0068.
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Purpose The formation of international joint ventures (IJVs) is one of the prevalent approaches for Western companies to conduct business in China. Yet, doing business in China is difficult for many firms, partially because of the institutional voids that are created by weak formal institutions. The paper aims to focus on the role of guanxi (an informal institution and a company capability that fills such institutional void) in the formation and management of IJVs. Design/methodology/approach A systematic literature review on the role of guanxi in IJV formation and management is conducted based on papers published in top international business journals between 2005 and 2020 – in total, 47 papers are included in the review. Findings The findings of the study are presented in four themes, namely, the role of guanxi as social capital in IJV formation, the role of trust in guanxi-based IJVs, the role of control mechanisms in balancing high reliance on trust in guanxi-based IJVs and the role of guanxi in managing inconsistencies in the regulatory environment. The analysis also reveals that guanxi has a positive effect on the development of IJVs if control between the parent firms is well balanced; otherwise, guanxi can trigger opportunism and leads to failures. Practical implications The study unravels how guanxi leads to successful outcomes in IJV formation and management, which assist managers who operate IJVs with their decision-making. Originality/value To the best of the authors’ knowledge, no previous paper has critically analysed the literature on IJVs using a guanxi perspective at micro (personal), meso (business) and (macro) governmental levels. This approach allows for providing more nuanced view of the role of guanxi in the formation and management of IJVs and aligns more closely with managerial decision-making.
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Gerasimenko, I., K. Tkachenko, and O. Rudich. "Priority directions for improving the agro-insurance system in Ukraine." Ekonomìka ta upravlìnnâ APK, no. 2 (143) (December 27, 2018): 94–105. http://dx.doi.org/10.33245/2310-9262-2018-143-2-94-105.
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The experience of the USA as the world leader in agricultural production is generalized. The current regulatory and legal framework for regulating the insurance mechanism in Ukraine is analyzed. The optimal model, which provides for active participation of the state in support of agricultural risk insurance, commodity producers, products, is proposed. A two-level system of agri-insurance is considered. The first level – insurers, which provide agricultural producers with agricultural insurance services. In this case, the insurer must be a member of the insurance bureau, which is created by insurers; additional financial standards and requirements for the formation of provisions for insurance of agricultural products should be established. The second level is the association of agricultural producers involved in the creation of new and improved existing insurance products, the insurance bureau for agricultural products insurance as the sole association of insurers, and the government agency – the agency that implements the state policy to support the insurance of agricultural products. This level provides financial and informational integration for agricultural producers and insurers and promotes the development of voluntary insurance of agricultural products with state support. The model of functioning of the agricultural insurance system in Ukraine will ensure the formation of mutual trust between insurers, producers of agricultural products and the state. The formation of such a system will ensure the development of insurance of agricultural products, stability of agricultural production, food security of the state; optimal solution of state tasks in support of agricultural producers in the face of limited budget funds; new approaches to the state management process at the macro level. The state of the agricultural insurance industry has been studied and evaluated as a crisis due to the poor financial situation of the majority of agricultural producers and the lack of guarantees of timely payment of insurance compensations due to lack of necessary funds from insurance companies. The features, advantages and disadvantages of insurance products are considered. Insurance from one or more risks provides protection from strictly defined risks and is one of the cheapest. Hardship insurance is the most commonly used product in Ukraine and in other countries. This product is offered to manufacturers at a tariff rate of 0.5 to 2,5% depending on the region and the frequency of risk events. It is recommended to sign combined insurance contracts to protect the crop from hail and storm. Insurance of income from crop production in the country is practically not developed due to the lack of effective marketing infrastructure in the agricultural sector. It is expedient to use insurance of expenses for enterprises that grow vegetables, grapes and fruits. They can insure costs at the earliest stages of cultivation. Also, cost insurance is appropriate for enterprises that are laying new vineyards and gardens, when it is necessary to wait 2-4 years before landing at the level of planned productivity. Insurance costs and yields usually cost the same, and the insurer can save their own money by choosing insurance costs or through the levels of franchise or coverage. It is suggested to conclude insurance contracts without a franchise, since coated products are more understandable and simple. It should be noted that products with large deductibles (40 50%) and / or low coverage (50 60%) are cheaper, but they compensate for only a small part of the cost or revenue of the manufacturer. It should be noted that the insurance of vegetables, fruits and vineyards is more expensive than insurance of field crops, as the producer can receive significant losses (in monetary terms) even from a risk event on a small area or for a short period of time (hailstones, frostbites). The advantage of such insurance is the possibility of insurance of product quality, which may be of interest to producers of products consumed in fresh form. Comprehensive insurance usually includes a wide range of risks (from 5 to 15), from which the manufacturer can insure their crops. These insurance products require the insurance of an entire array of crops, but some insurance companies can insure individual fields, subject to compliance with all agrotechnological requirements and the use of high-quality logistical resources. The disadvantage of complex insurance products is a certain difficulty in identifying losses as a result of a risk event. Index agricultural products have not yet become popular among producers, but they are expected to increase their interest as farmers become accustomed to insurance as a way to protect their crops and incomes. Characteristic properties of index products are the objectivity of the process of assessing the damage and the absence of a franchise. We believe that in the current conditions of the index insurance program it is expedient to offer for field crops. Possible products for this type of insurance include: insurance against late spring frosts, insurance against excessive precipitation or insufficient amount of effective temperatures, early autumn frosts, droughts, temperature stresses, etc. Weathered index products can be offered together with insurance from a hail or a set of identified risks. The disadvantage of weather index products is the «risk of the basis» when an agrarian company may not be able to recover if the weather index is recorded within the normal range. In order to establish and ensure the efficient functioning of the agro-insurance system in Ukraine, it is advisable to create conditions for the creation of trust and financial literacy of agrarians, rational choice of insurance products in order to increase access to financing, improve the legal framework and implement a model of an effective agricultural insurance system with state support. Key words: insurance system, insurer, risk, risk management, insurance of agricultural products, insurance products, insurance of expenses, insurance of crop.
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Alhabshi, Syed Musa. "Takāful Risk Fund and Surplus Management: Analytics for Social Equity?" Turkish Journal of Islamic Economics 8, Special Issue (2021): 401–21. http://dx.doi.org/10.26414/a2375.
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An important and significant feature of Takāful Model is the proper administration and effective management of risk fund and the takāful surplus distribution. Unlike conventional insurance where all premiums paid are exchanged in consideration for underwriting risk pool assumed by the insurance company in the form of risk transfer, Takāful contribution is based on the principle of mutual trust, mutual risk pooling, and mutual benefit based on (ta’aun) cooperation and the social contract of tabarru’. The tabarru’ contribution to the risk fund exemplifies the social nature of the risk fund. Technically the nature of this mutual risk fund is based on social contribution intended to indemnify the participants as policyholders against peril arising from hazard. However, the issue of both moral and morale hazard may also arise due to the lack of policy and strategy in terms of governance and transparency of the risk fund. This article attempts to critically review the current takāful surplus management of selected takāful operator’s model based on Shariah principles, rulings, and requirements; and the regulatory guidelines and policy documents. It will highlight the issue(s) of social equity among the shareholders, takāful operators, and policyholders and present the analytics of takāful surplus based on the different takāful operating models as specified by the Takāful Operating Framework. It will also examine the consequences of takāful surplus management reporting practices and the implications of the adoption of relevant international financial reporting standards. Finally, this article will attempt to articulate the analytics for social equity in Takāful.
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Dal Mas, Francesca, Grazia Dicuonzo, Maurizio Massaro, and Vittorio Dell'Atti. "Smart contracts to enable sustainable business models. A case study." Management Decision 58, no. 8 (2020): 1601–19. http://dx.doi.org/10.1108/md-09-2019-1266.
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PurposeThe objective of this study is to deepen how blockchain technology through smart contracts can support the development of sustainable business models (SBMs). Particularly, the authors aim to determine the key elements enabling SBMs by applying smart contracts.Design/methodology/approachThe research context focusses on the case study of SmartInsurance, which is a fictitious name for a start-up in the insurance sector and the real name of which is not to be revealed. The start-up was able to collect 18m euros in 80 s in a crowdfunding operation, using smart contracts and a revolutionary business model. Internal as well as external documents of different sources are analysed and coded to gather information about the company, its values and its business and what it pursues with employing blockchain technology.FindingsThe results show how smart contracts can reduce the costs of transactions, increase social trust and foster social proof behaviours that sustain the development of new SBMs.Originality/valueThis study contributes to both the transaction cost theory and social proof theory, showing how new technologies such as the blockchain can provide a fresh perspective to support the development of SBMs.
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Lu, Wenling, and Wan-Jiun Paul Chiou. "Subsidiary ownership decisions by bank holding companies." Journal of Financial Economic Policy 12, no. 3 (2019): 425–44. http://dx.doi.org/10.1108/jfep-05-2019-0088.
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Purpose This study aims to examine the intertemporal changes in the institutional ownership of publicly traded bank holding companies (BHCs) in the USA. The role of owned-subsidiary investing in the portfolio decisions is investigated as compared to unaffiliated banks and non-bank institutional investors. Design/methodology/approach The authors apply panel regressions that control bank-fixed and time-fixed effects to study the impact of prudence, liquidity, information advantages and historical returns on each type of the institutional ownership from 1986 to 2014. Findings The subsidiary banks tend to invest in more shares of their parent BHCs when they are traded for a short period of time and when they have low-market risk, low turnover, a low capital equity ratio and great reliance on off-balance activities. However, the impact of these determinants of institutional ownership is opposite for unaffiliated banks and non-bank institutions. Research limitations/implications This study provides evidence that the criteria used by subsidiary banks to invest in their parent company stock are different than the unaffiliated banks and non-bank institutions, raising concerns about the owned-subsidiary investing activities and banks’ trustees’ duty to work in the best interest of their trust clients. Originality/value This paper provides a comprehensive analysis of the level and market value of BHC institutional ownership over the past three decades and the impact of different determinants on the ownership of BHCs by subsidiary banks, unaffiliated banks and non-bank institutional investors.
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Al-Tawil, Tareq Na'el, and Hassan Younies. "Corporate governance: on the crossroads of meta-regulation and social responsibility." Journal of Financial Crime 27, no. 3 (2020): 801–20. http://dx.doi.org/10.1108/jfc-01-2020-0011.
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Purpose The purpose of this paper is to discuss incongruities in the corporate entity over the matter of agency. In lieu of the traditional notion of moral agency theory, the stakeholder model offers congruent grounding to corporate governance. Socially irresponsible or unethical corporate activities are perceived to increase expenses, diminish shareholder value and tarnish business reputations. In contrast, socially responsible corporate practices contribute to positive attitudes to the company and contribute to the creation of competitive advantage. Design/methodology/approach This paper follows the ongoing evolution of the regulatory changes instituted after the scandalous corporate fiascos of the present century, such as those of Enron and WorldCom in the USA, Polly Peck in the UK, HIH Insurance and One.Tel in Australia, and Siemens in Germany, inter alia. The exposition also touches on the regulatory metamorphosis of corporate governance in its convergence towards “meta-regulation” with corporate social responsibility at the core. Findings While meta-regulation has so far worked in many countries, caution is expressed over the perils of over-reliance on a meta-regulatory approach. Industries or market sectors should also attempt to operate from the start within the confines of self-regulation and government regulation. Market sectors and industries need to find the framework of regulation that is best suited to their operations. Originality/value The paper concludes by discussing the observed challenges and implications of such convergence, as well as future directions for law practitioners, academics and researchers in the realm of corporate conduct.
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van Noort, Olivier, and Fredo Schotanus. "Striving for integrated services, a Dutch experience." Journal of Integrated Care 23, no. 6 (2015): 327–35. http://dx.doi.org/10.1108/jica-09-2015-0039.
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Purpose – In an urban environment in The Netherlands, a municipality, a health insurance company and nine health care organisations try to integrate health care services and social services by means of a global, population-based budget for three areas with above the average costs. Against a background of changing circumstances and bureaucratic impediments, they try to reach an agreement on the contractual provisions before starting cooperation in everyday practice. The purpose of this paper is to describe and evaluate the cooperative process. Design/methodology/approach – The paper reflects the authors’ personal experiences and interpretation of the cooperative process. Findings – The participants experience was that the ideals they had started with faded when financial and juridical procedures dominated the discussions. In contrast with that, focusing on the population involved created positive energy and motivation. Practical implications – Uncertainties are part of social innovation and therefore, formal contracts will be incomplete. Trust building techniques and creating common values and culture are necessary ingredients for developing confidence that the cooperating parties will be able to cope with unforeseen developments or outcomes. Originality/value – The paper may contribute to the successful development of innovative agreements between purchasers and providers of health care and social care in order to achieve better integrated services without rising costs.
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BABIŃSKA, IZABELLA, IRENEUSZ SOŁTYSZEWSKI, JUSTYNA KARAŹNIEWICZ, JÓZEF SZAREK, MARIUSZ Z. FELSMANN, and ANDRZEJ DZIKOWSKI. "Veterinary necropsy in the light of ethics and law." Medycyna Weterynaryjna 75, no. 05 (2019): 6281–2019. http://dx.doi.org/10.21521/mw.6281.
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Legal norms determine the rules for conducting a veterinary necropsy to a limited extent, leaving the regulation of this matter to the veterinary art. The norms of binding Polish law and rules of veterinary professional ethics in relation to conducting a necropsy are analyzed and interpreted. The ethical and legal aspects of the veterinary surgeon’s activities have been highlighted. Non-observance of these rules during the post-mortem examination of animals may result in the incompatibility of the proceedings with the principle of acting lege artis, the effect of which is civil and professional liability. Moreover, when the section was commissioned by the authorities, inappropriate conditions or the manner in which it was carried out (including legal and ethical premises) may diminish the meaning of the section protocol as evidence. It should be remembered that animal corpses are subject to obligatory utilization, so in the vast majority of cases the section protocol is the only documentation and it cannot raise the slightest doubt, which may be the case in the failure to observe the discussed principles of performing a posthumous examination of animals. Considering that every veterinary surgeon may be appointed by various institutions (i.e. courts, police, prosecutor, insurance company) to conduct the necropsy, it is advisable to familiarize this professional group of public trust with the ethical and legal aspects of its implementation.
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Langhinrichsen-Rohling, Jennifer, Chrystal L. Lewis, Sean McCabe, et al. "They’ve been BITTEN: reports of institutional and provider betrayal and links with Ehlers-Danlos Syndrome patients’ current symptoms, unmet needs and healthcare expectations." Therapeutic Advances in Rare Disease 2 (January 2021): 263300402110220. http://dx.doi.org/10.1177/26330040211022033.
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Introduction: Patients with rare and/or care-intensive conditions, such as Ehlers-Danlos Syndrome (EDS), can pose challenges to their healthcare providers (HCPs). The current study used the BITTEN framework1 to code EDS patients’ open-ended written responses to a needs survey to determine their self-reported prevalence of healthcare institutional betrayal and its link with their expressed symptoms, provider perceptions, unmet needs, and on-going healthcare-related expectations. Methods: Patients with EDS ( n = 234) were recruited via a rare disease electronic mailing list and snowball sampling. A total of one-hundred and six respondents (45.3%) endorsed having unmet healthcare-related needs; of these, 104 (99%) completed an open-ended prompt about these needs. Responses were coded for components of BITTEN, a framework designed to link patients’ past, current, and future healthcare-related experiences in a trauma informed manner. Results: Many respondents with ongoing needs endorsed experiencing past institutional and provider betrayal (43%; n = 45), current mental health symptoms (91.4%; n = 95), negative expectations for future healthcare (40.4%; n = 62), and a lack of trust in their healthcare provider (22.1%; n = 23). There were no significant differences in post-traumatic stress disorder (PTSD)/anxiety, depression/sadness, or isolative symptoms between respondents coded for institutional betrayal ( n = 45) compared with those not ( n = 59). However, EDS respondents reporting institutional betrayal were significantly more likely to self-report anger and irritability symptoms, a lack of trust in their HCPs, and more negative expectations for future healthcare than those not reporting institutional betrayal. Discussion/conclusions: The frequent spontaneous reporting of past healthcare betrayals among patients with EDS implies the need for trauma-informed care and provider education. Given that experiences of institutional betrayal are associated with increased anger and irritability, as well as with negative expectations for future healthcare interactions, efforts to repair healthcare provider and system-wide relationship ruptures might have positive healthcare consequences. Plain language summary Reports of Institutional and Provider Betrayal and Links with Ehlers-Danlos Syndrome Patients’ Current Symptoms, Unmet Needs and Future Healthcare Expectations What is EDS? Ehlers-Danlos Syndrome (EDS) refers to a group of rare genetic connective tissue disorders that are primarily characterized by skin hyperelasticity, joint hypermobility, and tissue fragility. Connective tissue is largely responsible for the structural integrity of our bodies, and there are several EDS subtypes which each describe a specific connective tissue problem. In addition, there is significant overlap between EDS types and other kinds of connective tissue disorders. As a result, recognizing, diagnosing, and treating EDS is often challenging. What is Institutional betrayal? Institutional Betrayal here refers to a harmful action (i.e. commission) or lack of action (i.e. omission) on the part of a healthcare institution, individual provider/healthcare team, or insurance company. When a patient trusts that the healthcare system will act in their best interest, and trust is violated, institutional betrayal occurs. What is BITTEN? BITTEN is an acronym for Betrayal, Indicator, Trauma symptoms, Trust, Expectations, and Needs. It is a framework meant to capture previous problematic healthcare-related experiences in EDS patients, then to consider how those experiences influence a patient’s current symptoms, provider trust, future expectations in healthcare encounters, and on-going needs. Why was this done? EDS, like many rare diseases, is hard to recognize and manage. We aim to: Give voice to EDS patients and their common unmet needs and healthcare-related expectations. Highlight how healthcare providers can apply BITTEN to improve care practices in rare disease patient encounters. What did we do? Using a newly articulated applied model of healthcare, BITTEN, we analyzed the open-ended responses of EDS patients describing their unmet emotional and mental health needs. What did we find? Nearly half of EDS patients who indicated they had unmet needs reported experiencing institutional betrayal. EDS patients who reported institutional betrayal also expressed anger, a lack of trust in healthcare providers, negative expectations for future healthcare, and more unmet needs more frequently than EDS patients who did not report institutional betrayal. What does this mean? The EDS patients in this sample were not directly asked if they had experienced institutional betrayal, so the exact prevalence is not known. Furthermore, responses were obtained voluntarily via the internet, so caution should be taken when generalizing these findings. However, results indicate that too many patients with EDS have experienced healthcare betrayals; these experiences are associated with current anger and negative expectations for future healthcare interactions. The prevalence of past negative healthcare experiences, along with current unmet needs and future negative healthcare expectations in EDS patients who have experienced institutional betrayal, highlights the need for healthcare providers to tend to these experiences, mend patient-provider barriers, and provide higher quality healthcare.
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Alvarez, Ofelia A., Sandra Echenique, Hector Rodriguez-Cortes, et al. "Patient Perception on Health Care Delivery for Sickle Cell Disease and Opportunities for Quality Improvement." Blood 134, Supplement_1 (2019): 5862. http://dx.doi.org/10.1182/blood-2019-123215.
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The Health Resources and Services (HRSA)-sponsored Sickle Cell Disease (SCD)Treatment Demonstration Regional Collaborative Program, EMBRACE SCD Florida has three aims: 1. To educate providers about SCD, 2. To assess patients' perception on health care and barriers encountered, and 3. To increase hydroxyurea (HU) treatment as disease-modifying therapy. We report the patients' perception on health care delivery as assessed by surveys of 65 patients at two SCD centers in South Florida. All participants signed the IRB-approved informed consent/assent and completed a 46-question survey. Surveys addressed patient demographics, HU use, pain experienced, facility utilization and confidence in SCD doctors and primary care providers (PCPs). Parents represented 62 % of the sample respondents. There were 37 female and 28 male patients, with a mean age of 14.8 years, median 12 years (range 1-45). Patients were self-identified as SS (N=42, 65%), SC (N=8), sickle-β+ thalassemia (N=5), sickle-β0 thalassemia (N=2), other (N=1), and 7 (11%) did not know their genotype. Most (55%) were African-Americans; 26% Haitians, 12% Black non-African-American or other, and 6% were White. Nine percent were Hispanic. Insurance coverage was identified as Medicaid (75%), Managed Care Organization (7%), Medicare (13%), and private insurance (5%). Of the 44 patients with SS and Sβ0, 84% (N=37) received medical advice to take HU from SCD provider. In addition, 12 patients (4 unknown type, 5 Sβ+ and 3 SC) were advised to take HU for a total of 49 or 75% of all patients surveyed. Seventy-eight percent (N=38) of those agreed to be treated, and 22% (N=11) declined HU. Eighty-four percent of those who agreed to be treated (N=32) reported taking HU as prescribed. Those patients who have received HU identified many barriers: lack of money to pay (N=5), nausea (N=5), hair loss (N=1), do not like the taste (N=8), do not like to take medications so they either do not take it frequently (N=7) or force themselves to take it (N=12), lack of effectiveness for their pain (N=10), and forgetting to take HU (N=18). Eighteen of 49 (37%) said they had no problems taking HU. We asked all patients about their pain experience. Of the 63 who responded, 30 (47.6%) said pain was managed well all the time, whereas the rest perceived difficulties in pain management: 20 (31.7%), 12 (19%), and one (1.6%) perceived their pain was managed well 75% of time, 50% of the time, and 25% or less of the time, respectively. The frequency of taking pain medications was variable among patients. The most common frequency of taking pain medications was several times a month (24 of 63 or 38%), but ranged from taking pain medication daily (N=9, 14%) to never or almost never (N=10, 16%). The emergency room (ER) was the first place they would go to when they get sick. One patient reported he prefers staying home. Patients reported a median of two ER visits (range 0-45) and two hospitalizations (range 0-30) in the previous 12 months. Almost all (92%) patients reported having a PCP. Sixty-seven percent visited the PCP 1-3 times per year, whereas 88% visited the SCD doctor 4-12 times per year. Whereas 68.3% patients trusted their PCP to manage their SCD, their level of trust with the SCD doctor was 95.2% (p <0.01). Similarly, 68% patients agreed that both the PCP and the SCD doctor should share responsibilities in their care. The table shows what participants considered most important for their PCP and their SCD doctor to know or learn about SCD. The most common single thing participants would change about the health care system was insurance/health care coverage (N=7), improved communication with providers (N=4), better care (N=2), or to have a cure for SCD (N=2). Six would not change anything. Eighty-four percent of patients did not know how to contact Sickle Cell Disease of America (SCDAA). Nine patients or parents (14%) felt discriminated against by health providers (N=3, doctors, nurses, pharmacy) and others (N=6, employers, classmates, others) as a result of their SCD. We identified five opportunities for quality improvement: 1. Improve pain control as 52.4% patients viewed their pain was sub-optimally managed, 2. Further examine and decrease barriers for HU treatment, 3. PCP education, as 31.7% of patients lacked trust in their competence, 4. Educate and encourage patient interaction with community-based organizations like SCDAA, and 5. Explore policy change in health care insurance coverage. Table Disclosures Alvarez: Forma Therapeutics: Consultancy; Novartis: Consultancy. Clay:Novartis: Speakers Bureau. Black:NHLBI: Research Funding; Micelle BioPharma: Research Funding; Pfizer: Research Funding; Sancilio and Company: Research Funding; Sanofi: Consultancy; Prolong Pharmaceuticals: Consultancy; Novartis: Research Funding; HRSA: Research Funding. Osunkwo:Novartis: Consultancy, Speakers Bureau; Pfizer: Consultancy; Terumo: Speakers Bureau; Micella Biopharma: Other: DSMB member.
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Pratiwi Hidayah Ndaru, Amandhita, and Yuli Soesetio. "Early Warning System Analysis of General Insurance Companies." KnE Social Sciences, July 14, 2021. http://dx.doi.org/10.18502/kss.v5i8.9349.
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This research aimed to examine the effect of an Early Warning System on insurance company performance. The sample included insurance companies listed on The Financial Services Authority (OJK) in 2016-2018. Fifty samples were obtained through purposive sampling. Data were analysed using regression. The results showed that the loss ratio, liquidity ratio, technical reserve ratio and age of the insurance company affected their performance, but not consistently across the three regression test methods. Meanwhile, the retention ratio did not affect the performance of insurance companies consistently. These results suggest that Indonesian insurance companies having a tendency to prioritize public trust to increase the insurance business.
 Keywords: Early Warning System, Insurance Company Performance, Indonesia General Insurance