Mapping the customer centric weather index insurance service design using quality function deployment

2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Pankaj Singh ◽  
Gaurav Agrawal
Keyword(s):  
Quality Function Deployment ◽  
Service Design ◽  
Index Insurance ◽  
Importance Rating ◽  
Customer Requirements ◽  
Weather Index ◽  
Quality Function ◽  
Content Type ◽  
Weather Index Insurance ◽  
Design Requirements

PurposeThe present paper aims to propose a framework on weather index insurance (WII) service design by using quality function deployment (QFD).Design/methodology/approachThis study utilizes QFD technique to propose a customer oriented framework on WII service design. In initial phase, customer and design requirements were gathered to derive the relationship between customers' and managers' voice for construct the house of quality (HOQ). Later on, prioritized customer and design requirements as QFD outcome were utilized to develop the action plan matrix in order to suggest the future action plans.FindingsThis study proposed a customer centric framework on WII service design to address the customer requirements. Findings show that adequate claim payments, hassle free prompt claim payment and transparency in losses computation are prioritized customer requirements with highest importance rating, whereas, accurate claim estimation, claim management system and advancement of technology are prioritized service design necessities with highest importance rating.Research limitations/implicationsThe proposed WII service design can enhance the quality of WII service by attain the higher standards of WII service in order to completely satisfy the customers.Practical implicationsThe proposed WII service design can provide a solution to the problems faced by WII industry by improve the customer's service experience and satisfaction.Originality/valueBased on best of author's knowledge, this paper first proposed a framework on WII service design by integrating customer and design requirements by using QFD.

Using a regional climate model to develop index-based drought insurance for sovereign disaster risk transfer

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Roman Hohl ◽  
Ze Jiang ◽  
Minh Tue Vu ◽  
Srivatsan Vijayaraghavan ◽  
Shie-Yui Liong
Keyword(s):  
Climate Model ◽  
Regional Climate ◽  
Meteorological Drought ◽  
Drought Indices ◽  
Index Insurance ◽  
Weather Index ◽  
Content Type ◽  
Risk Transfer ◽  
Central Java ◽  
Weather Index Insurance

PurposeExamine the usability of rainfall and temperature outputs of a regional climate model (RCM) and meteorological drought indices to develop a macro-level risk transfer product to compensate the government of Central Java, Indonesia, for drought-related disaster payments to rice farmers.Design/methodology/approachBased on 0.5° gridded rainfall and temperature data (1960–2015) and projections of the WRF-RCM (2016–2040), the Standardized Precipitation Index (SPI) and the Standardized Precipitation Evapotranspiration Index (SPEI) are calculated for Central Java over different time spans. The drought indices are correlated to annual and seasonal rice production, based on which a weather index insurance structure is developed.FindingsThe six-month SPI correlates best with the wet season rice production, which generates most output in Central Java. The SPI time series reveals that drought severity increases in future years (2016–2040) and leads to higher payouts from the weather index structure compared to the historical period (1960–2015).Practical implicationsThe developed methodology in using SPI for historical and projected periods allows the development of weather index insurance in other regions which have a clear link between rainfall deficit and agricultural production volatility.Originality/valueMeteorological drought indices are a viable alternative for weather index insurance, which is usually based on rainfall amounts. RCM outputs provide valuable insights into future climate variability and drought risk and prolong the time series, which should result in more robust weather index insurance products.

Modelling the barriers of weather index insurance service adoption integrating expert mining and ISM Fuzzy-MICMAC

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Pankaj Singh ◽  
Gaurav Agrawal
Keyword(s):  
Structural Model ◽  
Index Insurance ◽  
Second Phase ◽  
Literature Study ◽  
Weather Index ◽  
Content Type ◽  
Service Adoption ◽  
Customer Base ◽  
Weather Index Insurance ◽  
Fuzzy Micmac

PurposeThe purpose of this study is to explore and prioritize the barriers that affect weather index-insurance (WII) adoption among customers by utilizing interpretive structural modelling (ISM) and fuzzy-MICMAC.Design/methodology/approachThis paper utilized the combined approach in two phases. In first phase comprehensive literature study and expert mining method have been performed to identify and validate WII adoption barriers. In second phase, ISM has been utilized to examine the direct relationships among WII adoption barriers in order to develop a structural model. Further, fuzzy-MICMAC method has been utilized to analyse indirect relationships among barriers to explore dependence and driver power.FindingsThis study has identified 15 key barriers of WII adoption among customers and developed a structural model based on binary direct relationship using ISM. Later, the outcomes of ISM model have been utilized for analysing the dependence and driver power of each WII adoption barriers in cluster form using fuzzy-MICMAC. The customer awareness related WII adoption barrier are mainly at the top level, WII demand related barriers are in the centre and WII supply related barriers at the bottom level in ISM model.Practical implicationsThe findings offered important insights for WII insurers to understand mutual relationships amongst WII adoption barriers and assists in developing strategy to eliminate dominant key barriers in order to enhance their customer base.Originality/valueBased on best of author's knowledge this paper firstly integrates the ISM fuzzy-MICMAC method into identification and prioritization of barriers that affects WII adoption among customers.

Factors affecting farmers’ willingness to purchase weather index insurance in the Hainan Province of China

2015 ◽  
Vol 75 (1) ◽  
pp. 103-113 ◽  
Author(s):  
Jia Lin ◽  
Milton Boyd ◽  
Jeffrey Pai ◽  
Lysa Porth ◽  
Qiao Zhang ◽  
...  
Keyword(s):  
Background Information ◽  
Index Insurance ◽  
Probit Regression ◽  
Weather Index ◽  
Basis Risk ◽  
Content Type ◽  
Factors Affecting ◽  
Weather Index Insurance ◽  
Main Challenge ◽  
Willingness To Purchase

Purpose – The purpose of this paper is to explain the factors affecting farmers’ willingness to purchase weather index insurance for crops in China, in the Province of Hainan, and to also provide additional background information on weather index insurance. Design/methodology/approach – A survey of 134 farmers was undertaken in Hainan, China, regarding their willingness to purchase weather index insurance. A probit regression model was used, and a number of variables were included to explain willingness of farmers to purchase weather index insurance. Findings – In total, 11 of 15 variables in the model are found to be statistically significant in explaining farmers’ willingness to purchase weather index insurance. Research limitations/implications – First, farmers’ interest in weather index insurance may be limited due to basis risk. Second, some farmers may not sufficiently understand weather index insurance and so may not purchase it, and a considerable portion of farmers may also require a subsidy if they are to purchase weather insurance. Practical implications – Weather index insurance may provide a lower cost alternative than traditional crop insurance, however, basis risk remains a main challenge. Originality/value – This is the first study to quantitatively study the factors affecting the willingness of farmers to purchase weather index insurance for agriculture in the province of Hainan, China.

scholarly journals Combining service design and discrete choice experiments for intervention design: An application to weather index insurance

MethodsX ◽  
2021 ◽  
Vol 8 ◽  
pp. 101513
Author(s):  
Naira Dehmel ◽  
Ylva Ran ◽  
Matthew Osborne ◽  
Arjan Verschoor ◽  
Fiona Lambe ◽  
...  
Keyword(s):  
Discrete Choice ◽  
Service Design ◽  
Choice Experiments ◽  
Discrete Choice Experiments ◽  
Index Insurance ◽  
Intervention Design ◽  
Weather Index ◽  
Weather Index Insurance

The impact of weather index insurance on agricultural technology adoption evidence from field economic experiment in China

2019 ◽  
Vol 11 (4) ◽  
pp. 622-641
Author(s):  
Yingmei Tang ◽  
Yue Yang ◽  
Jihong Ge ◽  
Jian Chen
Keyword(s):  
Technology Adoption ◽  
Field Experiment ◽  
Rural China ◽  
Rural Households ◽  
Agricultural Technology ◽  
Index Insurance ◽  
Weather Index ◽  
Content Type ◽  
Weather Index Insurance ◽  
The Impact

Purpose The purpose of this paper is to empirically investigate the impact of weather index insurance on agricultural technology adoption in rural China. Design/methodology/approach A field experiment was conducted with 344 rural households/farmers in Heilongjiang and Jiangsu Provinces, China. DID model was used to evaluate farmers’ technology adoption with and without index insurance. Findings The results show that weather index insurance has a significant effect on the technology adoption of rural households; there is a regional difference in this effect between Heilongjiang and Jiangsu. Weather index insurance promotes technology adoption of rural households in Heilongjiang, while has limited impact on those in Jiangsu. Weather, planting scale and risk preference are also important factors influencing the technology adoption of rural households. Research limitations/implications This research is subject to some limitations. First, the experimental parameters are designed according to the actual situation to simulate reality, but the willingness in the experiment does not mean it will be put into action in reality. Second, due to the diversity of China’s climate, geography and economic environment, rural households are heterogeneous in rural China. Whether the conclusion can be generalized beyond the study area is naturally questionable. A study with more diverse samples is needed to gain a fuller understanding of index insurance’s effects on farmers in China. Originality/value This research provides a rigorous empirical analysis on the impact of weather index insurance on farmers’ agricultural technology adoption through a carefully designed field experiment.

Bounded rationality and the adoption of weather index insurance

2018 ◽  
Vol 78 (1) ◽  
pp. 116-134 ◽  
Author(s):  
Oliver Mußhoff ◽  
Norbert Hirschauer ◽  
Sven Grüner ◽  
Stefan Pielsticker
Keyword(s):  
Risk Management ◽  
Bounded Rationality ◽  
Controlled Trial ◽  
Observational Research ◽  
Simulation Game ◽  
Index Insurance ◽  
Weather Index ◽  
Content Type ◽  
Weather Index Insurance ◽  
Willingness To Adopt

Purpose The purpose of this paper is to check which role-bounded rationality might play as an explanation for farmers’ missing willingness to adopt weather index insurance (WII). WII is an innovative risk management instrument that causes low administration and regulation costs. Moreover, index insurance is plagued neither by moral hazard nor by adverse selection. Nonetheless, WII has been little used to date in agriculture. Design/methodology/approach An extra-laboratory experiment in the form of a multi-period, single-person business simulation game is conducted with farmers as experimental subjects to investigate the reasons for the low willingness to adopt WII. Findings First, the demand for WII decreases as the premium loading increases. Second, a transparent communication of the loading reduces demand, indicating that farmers refrain from transactions if they feel that the other party earns (too) much money. Third, communicating to farmers that the index insurance has been subsidized raises demand even though insurance costs in terms of loading are kept constant. This can be taken as an indication that farmers interpret subsidies as a signal for profitable action. Originality/value Using an experimental approach and going beyond observational research, this study investigates the prominent question of farmers’ risk management and innovation adoption behavior, and, in particular, the behavioral effect of subsidies. Using a randomized controlled trial, the real behavior of real subjects with real incentives is studied under controlled experimental conditions. Compared to prior studies, the external validity of the experiment is improved by recruiting farmers instead of a convenience group of students.

Meso-level weather index insurance

2015 ◽  
Vol 75 (1) ◽  
pp. 31-46 ◽  
Author(s):  
Ron Weber ◽  
Wilm Fecke ◽  
Imke Moeller ◽  
Oliver Musshoff
Keyword(s):  
Risk Reduction ◽  
Reduction Potential ◽  
Index Insurance ◽  
Cotton Production ◽  
Weather Index ◽  
Content Type ◽  
Meso Level ◽  
Weather Index Insurance ◽  
Risk Aggregation ◽  
Weather Insurance

Purpose – Using cotton yield, and rainfall data from Tajikistan, the purpose of this paper is to investigate the magnitude of weather induced revenue losses in cotton production. Hereby the authors look at different risk aggregation levels across political regions (meso-level). The authors then design weather index insurance products able to compensate revenue losses identified and analyze their risk reduction potential. Design/methodology/approach – The authors design different weather insurance products based on put-options on a cumulated precipitation index. The insurance products are modeled for different inter-regional and intra-regional risk aggregation and risk coverage scenarios. In this attempt the authors deal with the common problem of developing countries in which yield data is often only available on an aggregate level, and weather data is only accessible for a low number of weather stations. Findings – The authors find that it is feasible to design index-based weather insurance products on the meso-level with a considerable risk reduction potential against weather-induced revenue losses in cotton production. Furthermore, the authors find that risk reduction potential increases on the national level the more subregions are considered for the insurance product design. Moreover, risk reduction potential increases if the index insurance product applied is designed to compensate extreme weather events. Practical implications – The findings suggest that index-based weather insurance products bear a large risk mitigation potential on an aggregate level. Hence, meso-level insurance should be recognized by institutions with a regional exposure to cost-related weather risks as part of their risk-management strategy. Originality/value – The authors are the first to investigate the potential of weather index insurance for different risk aggregation levels in developing countries.

Developing the C-shaped QFD 3D Matrix for service applications with a case study in banking services

2018 ◽  
Vol 35 (1) ◽  
pp. 109-125 ◽  
Author(s):  
Arash Shahin ◽  
Elham Bagheri Iraj ◽  
Hossein Vaez Shahrestani
Keyword(s):  
Performance Indicators ◽  
Quality Function Deployment ◽  
Service Design ◽  
Service Performance ◽  
Customer Requirements ◽  
Banking Services ◽  
Content Type ◽  
3D Matrix ◽  
Design Characteristics

Purpose The purpose of this paper is to develop the C-shaped quality function deployment (QFD) 3D Matrix for service applications. Design/methodology/approach The C-shaped QFD 3D Matrix proposed by Vezzetti et al. (2016) has been developed for simultaneous analysis of the relationships among three sets of factors of customer requirements, service design characteristics and service performance indicators. The three sets of factors have been determined and based on their interrelationships, 3D and concurrent houses of quality have been formed. Then, service design characteristics and service performance indicators have been prioritized. The obtained priorities have been also compared with traditional concurrent model of QFD. Findings The findings obtained from the traditional and developed approach seem different, implying that applying the C-shaped QFD 3D Matrix provides a more real perspective of concurrent engineering and the results in different set of priorities of service factors. Research limitations/implications The case study was limited to banking services. If the developed approach is used in other institutes, the prioritization of service design characteristics and service performance indicators might be changed. Originality/value Compared to Vezzetti et al. (2016) who proposed the C-shaped QFD 3D Matrix for analyzing interrelationships among two customers and a provider, or two providers and a customer, in this paper, the C-shaped QFD 3D Matrix has been developed for analyzing interrelationships among three sets of factors of customer requirements, service design characteristics and service performance indicators.

Efficacy of weather index insurance for mitigation of weather risks in agriculture

2019 ◽  
Vol 35 (4) ◽  
pp. 584-616
Author(s):  
Pankaj Singh ◽  
Gaurav Agrawal
Keyword(s):  
Integrative Review ◽  
Index Insurance ◽  
Weather Index ◽  
Content Type ◽  
Body Of Knowledge ◽  
Weather Index Insurance ◽  
Weather Risk ◽  
Meta Analyses ◽  
Weather Risks ◽  
Made In

Purpose The purpose of this paper is to review research on weather index insurance (WII) for mitigating the weather risk in agriculture and to identify research gaps in current available literature through integrative review. Design/methodology/approach This paper is based on the integrative review method as proposed by Whittemore and Knafl. QualSysts tool was adopted for assessing the quality appraisal of articles. Reporting followed the Preferred Reporting Items for Systematic Reviews and Meta-Analyses (PRISMA) guidelines. Findings Detailed critical analysis of content reveals that WII studies are growing and shifting from traditional to the newest themes. Efficacy of WII is significantly influenced by the impacts of climate change. This paper generates a conceptual framework by synthesizing the published literature on WII. Research limitations/implications This paper will be used to improve the WII practices and influence public policy. It is also beneficial in research by contributing to the systematic body of knowledge and useful for researchers to analyze the past and present status with future prospects of further studies on WII. Originality/value The paper is the original work of the author. To the best of authors’ knowledge, this is the first paper on integrative review on the efficacy of WII. An attempt has been made in the current paper to critically examine the studies of WII.

An integrated ANP–QFD approach for prioritization of customer and design requirements for digitalization in an electronic supply chain

2020 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Deepu TS ◽  
Ravi V
Keyword(s):  
Supply Chain ◽  
Quality Function Deployment ◽  
Analytic Network Process ◽  
Lead Times ◽  
Customer Requirements ◽  
Content Type ◽  
Supply Chain Efficiency ◽  
Network Process ◽  
Term Basis ◽  
Design Requirements

PurposeSupply chain efficiency can be enhanced by integrating the activities in supply chain through digitalization. Advancements in digital technologies has facilitated in designing robust and dynamic supply chain by bringing in efficiency, transparency and reduction in lead times. This research tries to identify and prioritize the customer requirements and design requirements for effective integration of supply chain through digitalization.Design/methodology/approachThe key nine customer requirements and 16 design requirements applicable for an electronics company were shortlisted in consultation with the experts from the company and academia. An integrated analytic network process (ANP) and quality function deployment (QFD) methodology has been applied for prioritizing the customer and design requirements. The relative importance and interdependence of these requirements were identified and a House of Quality (HOQ) is constructed.FindingsThe HOQ constructed has prioritized and identified interrelationships among customer requirements and design requirements for effective supply chain digitalization. These findings could be effectively used by managers for planning the objectives on long-term, medium-term and short-term basis.Originality/valueThis study tries to bridge the gap of identifying and prioritizing the design and customer requirements for effective supply chain integration through digitalization. The results could aid practicing managers and academicians in decision-making on supply chain digitalization process.

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