scholarly journals Going digital: case study of an Italian insurance company

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Galena Pisoni
Keyword(s):  
Value Chain ◽  
Design Thinking ◽  
New Technologies ◽  
Lessons Learned ◽  
Insurance Companies ◽  
Insurance Company ◽  
Content Type ◽  
Cyber Insurance ◽  
Insurance Policies ◽  
Cyber Risk

Purpose This paper aims to present the case of an Italian SME in the domain of insurance and how it approached its own digital transformation. Together with the founders of the SME, the author investigated the digital trends the company should adopt and identified where to intervene in the value chain of the company with new technologies available in the market. The research was focused on the following three sub-domains: a strategy for adoption of innovative digital solutions to improve the everyday operations of the company, platform connecting the company with the customers and analysis of cyber insurance policies to include in the portfolio of the company. Design/methodology/approach For the part on strategy for adoption of innovative digital solutions, the author performed literature review; for the part in which the study ideates new solution to better connect the company with the customers, the author relied on design thinking, creative facilitation and prototyping; and for the part on cyber insurance policies to include the portfolio, the author relied on data available from other insurance companies the SME collaborates with. Findings This paper presented the analysis on how an insurance SME can embrace digital innovation (via internal innovation, buying from startups, partnering with startups or investing in startups), how an SME can do internal innovation and come up with a simple tool to bring closer the insurers and their customers and types of new cyber risk policies to include in the portfolio to respond to the growing demand for cyber risk insurance. This paper provides useful insights and lessons learned from companies of similar size in the domain of insurance and discusses future extensions of inquiry. Originality/value Big insurance companies and incumbent for their digitization efforts rely on the freshly created InsurTechs wave of companies. In this paper, the author analyzes what small- and medium-sized insurance enterprises can do in this respect and showcases the approach an Italian SME took in this direction.

The cyber-insurance market in Norway

2019 ◽  
Vol 28 (1) ◽  
pp. 54-67 ◽  
Author(s):  
Hayretdin Bahşi ◽  
Ulrik Franke ◽  
Even Langfeldt Friberg
Keyword(s):  
Insurance Market ◽  
Insurance Companies ◽  
Supply Side ◽  
Insurance Company ◽  
Marine Insurance ◽  
Structured Interviews ◽  
Content Type ◽  
General Data Protection Regulation ◽  
Cyber Insurance ◽  
General Data

Purpose This paper aims to describe the cyber-insurance market in Norway but offers conclusions that are interesting to a wider audience. Design/methodology/approach The study is based on semi-structured interviews with supply-side actors: six general insurance companies, one marine insurance company and two insurance intermediaries. Findings The Norwegian cyber-insurance market supply-side has grown significantly in the past two years. The General Data Protection Regulation (GDPR) is found to have had a modest effect on the market so far but has been used by the supply-side as an icebreaker to discuss cyber-insurance with customers. The NIS Directive has had little or no impact on the Norwegian cyber-insurance market until now. Informants also indicate that Norway is still the least mature of the four Nordic markets. Practical implications Some policy lessons for different stakeholders are identified. Originality/value Empirical investigation of cyber-insurance is still rare, and the paper offers original insights on market composition and actor motivations, ambiguity of coverage, the NIS Directive and GDPR.

scholarly journals Measuring the effectiveness of intermediary loyalty programmes in the motor insurance industry: loyal versus non-loyal customers

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Manuel Leiria ◽  
Efigénio Rebelo ◽  
Nelson deMatos
Keyword(s):  
Insurance Industry ◽  
Binary Logistic Regression ◽  
Data Access ◽  
Insurance Companies ◽  
Insurance Company ◽  
Content Type ◽  
Customer Data ◽  
Insurance Policies ◽  
Motor Insurance ◽  
Value Propositions

PurposeThe insurance industry has not been able to effectively retain its customers and struggles to establish and maintain long-lasting relationships with them. The purpose of this paper is thus to identify the main factors that explain the cancellation of motor insurance policies by individual customers, considering the influence of intermediaries on their decisions.Design/methodology/approachThe data used in this research is based on a sample of 3,500 insurance policies that lapsed during the period of analysis between January and July 2017, against another sample of 3,500 policies that did not lapse, from a major insurance company in Portugal. Binary logistic regression was used for data analysis, using IBM SPSS software.FindingsAggressive tactics by insurance companies for customer acquisition may induce the cancellation of insurance policies. More valuable customers, the policies with higher premiums and recent claims, as well as the ancillary intermediaries and agents, are determinants of insurance cancellation. Conversely, the payment of policies by direct debit and without instalments reduces the probability of cancellations.Research limitations/implicationsThe main limitation of this study is the restriction on data access. Insurance companies are significantly resistant to sharing their customer data – including with academic researchers – even in an anonymised form.Practical implicationsThe paper highlights internal and external practices of insurance companies that should be reformulated to significantly improve their performance regarding product cancellation, related to customer information management, mistrust behaviours related to stakeholders and new value propositions that deepen the relationships with intermediaries.Originality/valueThis research developed a framework with which to identify the factors that are mainly associated with motor insurance cancellation and to predict its likelihood.

When customers are willing to disclose information in the insurance industry

2018 ◽  
Vol 36 (6) ◽  
pp. 1015-1033 ◽  
Author(s):  
Philipp Hendrik Steiner ◽  
Peter Maas
Keyword(s):  
Conceptual Model ◽  
Information Disclosure ◽  
Customer Value ◽  
Structural Equation ◽  
New Technologies ◽  
Insurance Industry ◽  
Group Analysis ◽  
Insurance Companies ◽  
Insurance Company ◽  
Content Type

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).

scholarly journals Lessons learned: intentional implementation of second makerspaces

2019 ◽  
Vol 47 (1) ◽  
pp. 37-47 ◽  
Author(s):  
Heather Moorefield-Lang
Keyword(s):  
Design Methodology ◽  
Design Thinking ◽  
Planning Process ◽  
Research Participant ◽  
Lessons Learned ◽  
The Body ◽  
Planning Study ◽  
Content Type ◽  
Scholarly Publications ◽  
Study Results

Purpose What happens when a librarian outgrows their maker learning location or transfers to a new library? The purpose of this study is to explore the planning process for second and/or new library makerspaces. Is the planning more intentional? Is there more focus on how the makerspace should be put together for the community served? Is the community further involved? This study will explore those questions and more. Design/methodology/approach Using content analysis, the perspectives of practicing librarians in the achievement of subsequent makerspaces are examined. Data include librarian interviews, an analysis using NVivo 11 through the lens of design thinking, and a final review using member checking by each research participant. Findings Makerspaces continue to grow in popularity in school and public/community libraries. What is unexplored is the moving from a first makerspace to the implementation of a second and/or new maker learning location. More intentional planning is involved. The community served by the library is further engaged in the planning. Study results illustrate the value that community insight and intentional planning play in the design and implementation of makerspaces. Originality/value Makerspaces in libraries continue to grow in popularity; in turn, the body of peer-reviewed, scholarly publications also continues to grow. Librarians in the field are beginning to move from their first to second makerspaces. This study investigates those perspectives. Much can be gained from the experiences of those who have implemented their second or third makerspace.

scholarly journals From summative to developmental

2019 ◽  
Vol 27 (3) ◽  
pp. 241-248 ◽  
Author(s):  
Carolyn Steele Gray ◽  
James Shaw
Keyword(s):  
Integrated Care ◽  
Design Thinking ◽  
Complex Interventions ◽  
Service Design ◽  
Lessons Learned ◽  
Portal System ◽  
Contextual Influences ◽  
Content Type ◽  
Advantages And Disadvantages ◽  
Patient Reported

Purpose Models of integrated care are prime examples of complex interventions, incorporating multiple interacting components that work through varying mechanisms to impact numerous outcomes. The purpose of this paper is to explore summative, process and developmental approaches to evaluating complex interventions to determine how to best test this mess. Design/methodology/approach This viewpoint draws on the evaluation and complex intervention literatures to describe the advantages and disadvantages of different methods. The evaluation of the electronic patient reported outcomes (ePRO) mobile application and portal system is presented as an example of how to evaluate complex interventions with critical lessons learned from this ongoing study. Findings Although favored in the literature, summative and process evaluations rest on two problematic assumptions: it is possible to clearly identify stable mechanisms of action; and intervention fidelity can be maximized in order to control for contextual influences. Complex interventions continually adapt to local contexts, making stability and fidelity unlikely. Developmental evaluation, which is more conceptually aligned with service-design thinking, moves beyond these assumptions, emphasizing supportive adaptation to ensure meaningful adoption. Research limitations/implications Blended approaches that incorporate service-design thinking and rely more heavily on developmental strategies are essential for complex interventions. To maximize the benefit of this approach, three guiding principles are suggested: stress pragmatism over stringency; adopt an implementation lens; and use multi-disciplinary teams to run studies. Originality/value This viewpoint offers novel thinking on the debate around appropriate evaluation methodologies to be applied to complex interventions like models of integrated care.

scholarly journals INCREASING THE COMPETITIVENESS OF INSURANCE COMPANY PRODUCTS AND SERVICES USING ECONOMIC AND MATHEMATICAL MODELING METHODS

2021 ◽  
Author(s):  
Mykhailo Demydenko ◽  
Ihor Pistunov
Keyword(s):  
Mathematical Model ◽  
Social Activity ◽  
Insurance Companies ◽  
Comprehensive System ◽  
Insurance Company ◽  
Competitive Advantages ◽  
Insurance Policy ◽  
Insurance Policies ◽  
The Impact

The competitiveness of an insurance company depends on the competitiveness of the products and services it introduces in the market. The competitive advantages of the insurance company are expressed in the attractiveness and competitiveness of insurance policies. An economic and mathematical model of increasing the competitiveness of the insurance company is proposed, which allows to calculate the integrated indicator of competitiveness of the insurance policy based on a comprehensive system of indicators characterizing the reliability of the insurance company, quality of its services, competitiveness, social activity. To analyze the impact of these indicators on the competitiveness of the insurance policy and identify areas for improving the efficiency and competitiveness of the insurance company. The competitiveness of an insurance company depends on the competitiveness of the products and services it introduces in the market. The assessment of the quality of insurance company services is compliance with the needs, requirements, and insurance interests of customers. This assessment is performed each time an individual client chooses to cooperate with an insurance company that meets his insurance interests and wishes. Therefore, the overall competitiveness of the enterprise depends on the competitiveness of products and services offered on the market. The competitive advantages of the insurance company are expressed in the attractiveness and competitiveness of insurance policies. The insurance market in recent years has shown consistently high growth, which makes it attractive for doing business. In these conditions, the task of modeling the activities of the insurance company in a highly competitive market environment becomes relevant. A mathematical model of increasing the competitiveness of the insurance company is proposed, which allows to calculate the integrated indicator of competitiveness of the insurance policy based on a comprehensive system of indicators characterizing the reliability of the insurance company, quality of its services, competitiveness, social activity. With the proposed model, insurance companies can objectively assess their weaknesses and strengths to ensure continuous growth and decent competition in a competitive market environment. The model allows you to select performance indicators and perform modeling and determine the consequences of changes in this indicator, analyze the impact of these indicators on the competitiveness of insurance policies and identify areas for improving the efficiency and competitiveness of the insurance company. By conducting such experiments, insurance companies can make more informed choices and decisions, analyze areas of competitiveness, and more efficiently allocate resources.

DESIGN-ED: a pedagogical toolkit to support K-12 teachers’ emergency transition to remote online education

2020 ◽  
Vol 121 (5/6) ◽  
pp. 331-339
Author(s):  
Paul Flynn
Keyword(s):  
Online Education ◽  
Design Research ◽  
Design Thinking ◽  
Lessons Learned ◽  
Iterative Refinement ◽  
Design Development ◽  
Content Type ◽  
Online Engagement ◽  
Educational Engagement ◽  
K 12

Purpose K-12 educators face persistent and nascent challenges as they grapple with making an emergency transition to remote online modes of engaging with their students. Crossing the digital divide that exists between multi-site educational engagement is challenging. This paper aims to address the particular challenge of maintaining or, perhaps re-conceptualising, the constructs that support social interaction in the face-to-face setting. A second pressing challenge is considering issues of equity when making the emergency transition to remote online engagement that are, in the physical classroom, somewhat mitigated by practitioners and the systems that support them. Design/methodology/approach DESIGN-ED is the output of a design-based research study. Findings However, in the rush to support this transition, it is possible that such challenges could be exacerbated if practitioners are not supported by a sustainable pedagogical process to frame their engagement with K-12 students in remote online formats. This paper explores these nascent challenges, presents a conceptual framework and explicates a subsequent design research model the form of a practitioner focussed “toolkit” that has the consideration of equity at its core. The “DESIGN-ED Toolkit” adopts and adapts a contemporary, effective and rapidly iterative design process from industry known as design thinking. Research limitations/implications The core components of this this process (empathy, definition, ideation, prototype and test) are pedagogically translated for use in complex and dynamic educational settings such as remote online engagement. Practical implications Lessons learned from the design, development and iterative refinement of this toolkit over three years are presented, and affordances of engaging with such a process are explored. Originality/value Lessons learned from the design, development and iterative refinement of this toolkit over three years are presented, and affordances of engaging with such a process are explored.

scholarly journals Passenger insurance on the Russians railway transport. Automated subsystem of voluntary insurance against passengers accidents on the railway transport bases on the automated control system “Express”

2018 ◽  
Vol 77 (1) ◽  
pp. 27-33
Author(s):  
A. T. Sungatullina ◽  
I. B. Gumina ◽  
G. A. Antonova
Keyword(s):  
Control System ◽  
Insurance Companies ◽  
Insurance Company ◽  
Railway Transport ◽  
Long Distance ◽  
Automated Control ◽  
Insurance Policies ◽  
Automated Control System ◽  
Compulsory Insurance ◽  
The Moment

The article reviews the ways of insurance in railway transport, namely compulsory insurance of the civil liability of the carrier for causing damage to life, health, property of passengers and voluntary insurance of passengers on the basis of the management system for passenger transportations in the automated control system “Express”. In the case of compulsory insurance, a railway ticket for a longdistance train is a confirmation that the passenger is insured. No additional documents are needed. In the case of voluntary insurance, a passenger can purchase a voluntary insurance policy at the railway ticket office or through the website www: //rzd.ru. The ACS “Express” gives the opportunity for a passenger to issue a travel document for a long distance train and a policy of voluntary insurance against accidents in one of four insurance companies: PJSC “Rosgosstrakh”, LLC “Renaissance Insurance Group”, JSC “Insurance Company BLAGOSOSTOYANIE”, JSC “Insurance Company of the Gas Industry” (SOGAZ). At the moment each insurance company offers insurance premium of 3 par values with the relevant insurance amounts. The cost of voluntary insurance policies depends only on the sum insured and does not depend on such factors as the duration of the trip, the train category or the age of the insured. Insurance coverage is valid during the trip from the moment of announcement of boarding, but not earlier than 30 minutes before departure, and ends no later than one hour after the arrival of the insured passenger to the destination station, provided that it is located on the territory of the railway station or terminal. The insurance contract is concluded for one trip in longdistance railway transport. The information technology of voluntary insurance creates for passengers more attractive conditions, the comfort and safety of passenger transportation increases. The article provides the functional description and report examples of developed and implemented in the industrial operation software and analysis complex on the basis of the ACS “Express”, which includes automated work stations (AWS) “Insurance companies and complexes”, “Voluntary insurance” and “Inquiry on insured passengers by train”. This software and analytical complex implements tasks that ensure the formation of reference and analytical information, operational financial reporting on the sold voluntary insurance policies and monitoring of the demand indicators of insurance policies and insurance companies.

scholarly journals Insurance Distribution Carried Out by Insurers in Spain

2020 ◽  
pp. 179-195
Author(s):  
Javier Vercher-Moll
Keyword(s):  
Insurance Companies ◽  
Insurance Company ◽  
Governance System ◽  
Legal Requirements ◽  
Insurance Policies ◽  
New Policies ◽  
The Impact

AbstractIn this chapter I analyze the impact that Directive 2016/97 has on insurance companies. The new requirements for employees who distribute the insurance policies of the insurance company increase the protection for customers. In addition, these new requirements lead to a reform of the governance system of the insurance company. New policies, new procedure manuals are necessary to carry out the distribution of insurance by the insurance company. Therefore, I will study the new legal requirements and their impact on the Spanish regulations.

scholarly journals Cyber Insurance Ratemaking: A Graph Mining Approach

Risks ◽  
2021 ◽  
Vol 9 (12) ◽  
pp. 224
Author(s):  
Yeftanus Antonio ◽  
Sapto Wahyu Indratno ◽  
Rinovia Simanjuntak
Keyword(s):  
Graph Mining ◽  
Risk Model ◽  
Critical Issue ◽  
Insurance Companies ◽  
Infection Rates ◽  
Network Characteristics ◽  
Cyber Insurance ◽  
Competitive Prices ◽  
Unweighted Network ◽  
Cyber Risk

Cyber insurance ratemaking (CIRM) is a procedure used to set rates (or prices) for cyber insurance products provided by insurance companies. Rate estimation is a critical issue for cyber insurance products. This problem arises because of the unavailability of actuarial data and the uncertainty of normative standards of cyber risk. Most cyber risk analyses do not consider the connection between Information Communication and Technology (ICT) sources. Recently, a cyber risk model was developed that considered the network structure. However, the analysis of this model remains limited to an unweighted network. To address this issue, we propose using a graph mining approach (GMA) to CIRM, which can be applied to obtain fair and competitive prices based on weighted network characteristics. This study differs from previous studies in that it adds the GMA to CIRM and uses communication models to explain the frequency of communications as weights in the network. We used the heterogeneous generalized susceptible-infectious-susceptible model to accommodate different infection rates. Our approach adds up to the existing method because it considers the communication frequency and GMA in CIRM. This approach results in heterogeneous premiums. Additionally, GMA can choose more active communications to reflect high communications contribution in the premiums or rates. This contribution is not found when the infection rates are the same. Based on our experimental results, it is apparent that this method can produce more reasonable and competitive prices than other methods. The prices obtained with GMA and communication factors are lower than those obtained without GMA and communication factors.

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