Poor Claims Settlement And Demand For Insurance Policies In Nigeria

2021 ◽  
Vol 8 (4) ◽  
pp. 53-64
Author(s):  
Omowumi Ayoni Momoh ◽  
Oyefemi Ismail O. Oyetunji
Keyword(s):  
Insurance Industry ◽  
Insurance Companies ◽  
Primary Data ◽  
Demand For Insurance ◽  
Insurance Policies ◽  
Chi Squared ◽  
Insurance Firms ◽  
And Control ◽  
Structured Questionnaire

This study investigates the poor claims settlement and demand for insurance policies in Nigeria to provide empirical evidence which would assist not only the insurance companies but also the policymakers by using these findings to design future insurance services and policies that can be geared towards promoting insurance market development. The population focused in the study included few licensed insurance firms in Nigeria. This is due to the fact that they dominate and control the larger interest in the market share. Primary data was used for this study through well-structured questionnaire. Chi- squared statistics and correlation with the tabulated contingency table on the basis of an assumptions were employed. The results show that poor claim settlement has significant effect on demand for Insurance policies in Nigeria and that there is long term and significant relationship between poor claim settlement and demand for insurance policies in Nigeria. The study therefore, recommends that insurance industry should be redefined through appropriate Acts, introducing competitions and innovations in the services so as to compete effectively and meet consumer needs by dealing with changing expectations of policyholders so as to ensure that satisfaction of all the parties are guaranteed.

Developing high performance work system for Indian insurance industry

2017 ◽  
Vol 66 (3) ◽  
pp. 320-337 ◽  
Author(s):  
Naval Garg ◽  
Bijender Kumar Punia
Keyword(s):  
Factor Analysis ◽  
High Performance ◽  
Rating Scale ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Primary Data ◽  
Content Type ◽  
Work System ◽  
High Performance Work System ◽  
Structured Questionnaire

Purpose Modern age witnessed an exponential growth of high performance work practices (HPWPs) at workplace. This phenomenal increase in quest of performance excellence has fascinated both researchers and practitioners. The purpose of this paper is to develop a conceptual model of HPWPs for insurance companies of India. Design/methodology/approach A structured questionnaire comprising of 35 HPWPs with a five-point rating scale has been used. Model is based on two important paradigm of HR practices – employees’ awareness and perception for HPWPs. Factor analysis is followed by confirmatory factor analysis to build a model of HPWPs for insurance industry in India. Findings Of the 35 practices 17 get reduced to most applicable practices constituting high performance work system (HPWS) for insurance industry. The paper arrives at appropriate model of HPWPs. Research limitations/implications Paper has successfully developed model for insurance companies. Taking clue from findings, insurance practitioners could deal with various HR related challenges in their respective companies. Originality/value The paper uses primary data collected using structured questionnaire to develop HPWS.

THE RELATIONSHIP BETWEEN INVESTMENT STRATEGIES AND PROFITABILITY IN THE INSURANCE INDUSTRY IN KENYA

2017 ◽  
Vol 2 (5) ◽  
pp. 51
Author(s):  
Roseline Njeri Iregi ◽  
Joshua Okeyo
Keyword(s):  
Insurance Industry ◽  
Secondary Data ◽  
Insurance Companies ◽  
Primary Data ◽  
Investment Strategies ◽  
International Equity ◽  
Passive Strategies ◽  
Insurance Firms ◽  
Descriptive Survey ◽  
The Relationship

Purpose: The Study sought to find the relationship between investment strategies and profitability in the insurance industry in KenyaMethodology: The study adopted a descriptive survey research design.This study used both primary data from the respondents of the research instruments and the secondary data available from the financial statements. The study took 50% of the population as the sample size. This yielded 22 insurance companies. Both qualitative and quantitative data was collected using a questionnaire that consisted of both open ended and close ended questions. Data was analyzed using Statistical Package for Social Sciences (SPSS) and results presented in frequency tables to show how the responses for the various questions posed to the respondents.Results: Results indicated that there is a positive and significant relationship between investment strategies and profitability, ROA and ROE of insurance companies. Specifically, it was revealed that passive strategies are more superior to active strategies as they enhance profitability. The results imply that insurance firms invest in local stocks, international equity, cash equivalents, bonds and investment in associates and subsidiaries in an effort to diversify.Unique contribution to theory, practice and policy: The study recommends that insurance firms should continue investing in local stocks, international equity, cash equivalents, bonds and investment in associates and subsidiaries in an effort to diversify their portfolio. It is also recommended that insurance firms should reduce their holdings in real estate to safeguard their liquidity. The study recommends that insurance firms should use passive strategies as opposed to active strategies as this would enhance their profitability. Passive strategies are less costly compared to the active strategies. 

scholarly journals A Study on Labour Welfare Practices in Karnataka Soaps and Detergents Ltd, Bengaluru

2021 ◽  
Vol 9 (1) ◽  
pp. 38-46
Author(s):  
K B Ravindra
Keyword(s):  
Public Sector ◽  
Social Security ◽  
Industrial Relations ◽  
Well Being ◽  
Primary Data ◽  
The Public ◽  
Economy Globalization ◽  
Social Security Benefits ◽  
Structured Questionnaire

The importance of Labour Welfare in Industrialisation and Economic Development has been recognized globally. It is an important dimension in Industrial Relations, which includes overall welfare facilities designed to take care of well being of Employees and Workers. During the 1990s, the measures of economic reforms introduced in the country have given rise to a wave of rapid and radical changes in the structure and working of our economy. Globalization, Liberalisation, Privatisation, etc. have completely changed the functioning of the Indian Economy and forced the employees, workers, and their organizations to adapt and adjust by reorienting their ways to survive and thrive amidst the forces of change and competition. The aspect of Labour Welfare and Social Security has tremendous significance in the Public Sector, Private Sector and Multinational Organisations. It is firmly believed that money and environment given to employees is a long term investment and will never go waste. Against this backdrop, a detailed study has been conducted at Karnataka Soaps and Detergents Ltd, Bengaluru, a Public Sector Organisation. Primary data collected through a Structured Questionnaire from 100 respondents covering all levels and departments has revealed that most of the Labour Welfare and Social Security provisions are being satisfactorily provided by the company to its employees and workers. It is suggested that the company carefully look into those areas where employees/workers have expressed dissatisfaction. The article concludes by stating that if an organisation provides good welfare and social security benefits, then it will be able to procure and develop a unique pool of people who can continuously take the organization to new levels of growth and sustainability.

scholarly journals THE INFLUENCE OF THE CROWN CRISIS ON THE DEVELOPMENT OF INSURANCE BUSINESS IN THE WORLD

2021 ◽  
Author(s):  
Hanna Mamonova
Keyword(s):  
Negative Impact ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Demand For Insurance ◽  
Online Sales ◽  
The World ◽  
Future Challenges ◽  
Declining Demand ◽  
Insurance Business ◽  
The Impact

The article analyzes the impact of the COVID-19 pandemic on the world insurance market and some European countries. Separated economic indicators of the impact of the COVID-19 pandemic on the insurance business of the world are singled out. It was determined that the impact of the COVID-19 pandemic inspired declining incomes of insurers and households, rising unemployment, declining demand for insurance services, a significant decline in productivity of insurance companies, uncertainty about the future development of the insurance industry and the effects of the pandemic. The experience of the world insurers' struggle against the consequences of the COVID-19 pandemic has been studied and generalized. The latest tools that have allowed insurers around the world to mitigate or mitigate the negative impact of the crown crisis, in particular, are: the development of new insurance products; increasing the level of requirements for insurance services in terms of its relevance, price flexibility, mobility and transparency; transition of insurers to online sales of insurance services and online payments for insurance cases; direct funding of specific means of combating COVID-19; use of the latest technologies and innovative methods in the insurance business; introduction of a new mode of staff work in the activities of insurance companies. The transition of insurers to online sales of insurance services and online payments has revealed many unresolved issues regarding the insurer's cybersecurity. Insurers are forced to improve existing technologies and methods of control, to intensify training and information activities. The Crown Crisis has significantly increased the importance of modern underwriting. Therefore, insurers around the world are using the capabilities of artificial intelligence, alternative data sources and better forecasting models. Greater understanding of pandemic processes, gaining experience is needed not only to accelerate the way out of the modern pandemic, but also to form a stable insurance system to the inevitable future challenges. The study of positive experience in the functioning and development of insurance markets around the world in crises and shocks is useful for application in national practice.

scholarly journals Insurance Services with Special Reference to Star Health and Allied Insurance Company Limited

2019 ◽  
Vol 8 (2S8) ◽  
pp. 486-489
Keyword(s):  
Health Insurance ◽  
Insurance Industry ◽  
Insurance Company ◽  
Related Factors ◽  
Insurance Policies ◽  
Current Health ◽  
Company Limited ◽  
Major Factors ◽  
And Control ◽  
Indian Insurance

Medical coverage is budgetary instrument with which individuals are shielded against catastrophic financial weight emerging from unforeseen disease or damage. Having a well working protection system ensures pooling of assets to cover dangers. The medical coverage segment in India is in a beginning stage and a mere 9% of the complete populace is secured under any plan of medical coverage since Health Insurance policies are administrations and henceforth elusive in nature. So there is no prompt shot of acknowledging the services whether fortunate or unfortunate. Indian Insurance Industry has encountered a swelling impact after globalization and the progression of the economy. After the financial advancement, the paradigm changed from focal arranging, direction and control to showcase driven improvement. The level of buying of medical coverage shifts from individual to individual. It relies on numerous variables. The elements can be classified into individual, social, financial, mental and friends related factors. On the off chance that the health insurance business wishes to pull its weight in forming this immense market, it needs to examine the major factors impacting the buy of medical coverage arrangements, With rivalry developing perpetually, insurers need to be in the nonstop procedure of item advancement concoct inventive approaches to contribute toward actualizing the administration's need of offering medical coverage to poor. The current health insurance projects required considerable changes to make them increasingly effective and socially helpful.

The Impact of MCAST Apprentices on Insurance Companies Operating in Malta - A Manager’s Perspective

2021 ◽  
Vol 5 (1) ◽  
pp. 127-153
Author(s):  
Joseph Schembri
Keyword(s):  
High Performance ◽  
Insurance Industry ◽  
Learning Experience ◽  
Cost Effective ◽  
Research Problem ◽  
Insurance Companies ◽  
Skilled Workers ◽  
Structured Interviews ◽  
Insurance Firms ◽  
The Impact

This study probes the MCAST insurance apprenticeship scheme and the impact of apprentices on the local insurance companies, acting as sponsors. This study is of particular relevance since the local insurance firms are experiencing growth but have the challenge of employee turnover and skills shortage. This research study investigates the work-based learning experience of students, the mentoring of apprentices and the supervising procedures adopted by MCAST and the insurance firms. The purpose is to analyse the impact of MCAST trainees on local insurance firms and depict practical recommendations to ameliorate the learning experience of the apprentices. The recommendations emanating from this study, assist MCAST to develop high-performance apprenticeship schemes and assist the local insurance industry, in the recruiting and training of young employees. This qualitative research gathers data through nine in-depth, semi-structured interviews and adopts the Grounded Theory Methodology to address the research problem and attain the stated objectives. The researcher adopts the constructivist approach incorporating an inductive and abductive stance. The findings emanating from the data illustrate the need to promote the insurance industry as a provider of stable and fulfilling careers with the possibility of job mobility. MCAST and the insurance firms need to enhance their collaboration to promote the insurance apprenticeship, among young learners, even at secondary level. An overhaul of the mentoring and supervising approach is needed to provide a work-based learning experience of excellence to MCAST apprentices. MCAST apprenticeship is considered by the insurance executives as the best training opportunity to recruit skilled workers and create networks. The scheme is cost effective to the firms and is considered as a long-term investment in human resources. A well-planned strategy to enhance collaboration and share knowledge between the leading VET provider of the Maltese Islands and the insurance industry is required for the benefit of the apprentices who are the future employees of the local insurance firms.

A Note on the Asset-Specific Nature of Life Insurance Firms

1997 ◽  
Vol 8 (3) ◽  
pp. 167-176
Author(s):  
Mike Adams
Keyword(s):  
Life Insurance ◽  
Transaction Cost Economics ◽  
Insurance Industry ◽  
Asset Specificity ◽  
Specific Nature ◽  
Life Insurance Industry ◽  
Long Duration ◽  
Insurance Firms ◽  
Physical Assets

The concept of asset specificity is an important feature of the transaction-cost economics literature. This literature predicts that asset specificity – which embraces physical assets, specialist human capital and intangibles such as brands – fosters greater certainty in complicated transactions of long duration. The business of life insurance is a classical example of complex and long-term exchange between the owners and managers of the firm and its customers. This note thus examines the concept of asset specificity and considers its relevance to the life insurance industry. To stimulate further research four hypotheses are put forward.

EFFECT OF PENETRATION PRICING STRATEGY ON THE PROFITABILITY OF INSURANCE FIRMS IN KENYA.

2017 ◽  
Vol 2 (3) ◽  
pp. 93
Author(s):  
Perminus Kariuki Nyaga ◽  
Mr. Wilson Muema
Keyword(s):  
Pricing Strategy ◽  
Insurance Companies ◽  
Primary Data ◽  
Pricing Strategies ◽  
Descriptive Research ◽  
Research Designs ◽  
The Status ◽  
Insurance Firms ◽  
Product Costs ◽  
Positive Effect

Purpose: The objectives of the study were to establish the To determine the effect of penetration pricing strategy on the profitability of insurance firms in Kenya.Methodology:The descriptive research design was preferred to other research designs because it reports the status of study variables. The population of study was the 45 insurance companies operating in Kenya as at 31st December 2012. Data was drawn from a period of five (5) years that is 2008-2012. The sample of this study was 10% of the sales workforce which comprised of 900 employees from the 45 insurance companies. The sample was generated by purposively sampling two employees from each insurance company.The researcher collected primary data with the help of a questionnaire. The primary data obtained from the questionnaires was summarized and analyzed by use of descriptive and inferential statistical techniques.Results:Regression and correlation results indicated that there was a statistically significant and positive relationship between penetration pricing strategies and profitability. These results implied that penetration pricing has a positive effect on the profitability of insurance companies.Policy recommendation: The study recommends that insurance companies put in place measures assess the most effective pricing strategy to reduce product costs and thus increase profitability whenever such a strategy is used.

scholarly journals EFFECT OF ECONOMY PRICING STRATEGY ON THE PROFITABILITY OF INSURANCE FIRMS IN KENYA.

2017 ◽  
Vol 2 (3) ◽  
pp. 66
Author(s):  
Perminus Kariuki Nyaga ◽  
Mr. Wilson Muema
Keyword(s):  
Pricing Strategy ◽  
Insurance Companies ◽  
Primary Data ◽  
Pricing Strategies ◽  
Descriptive Research ◽  
Research Designs ◽  
The Status ◽  
Insurance Firms ◽  
Product Costs ◽  
Positive Effect

Purpose: The objectives of the study were to establish the effect of economy pricing strategy on the profitability of insurance firms in KenyaMethodology:The descriptive research design was preferred to other research designs because it reports the status of study variables. The population of study was the 45 insurance companies operating in Kenya as at 31st December 2012. Data was drawn from a period of five (5) years that is 2008-2012. The sample of this study was 10% of the sales workforce which comprised of 900 employees from the 45 insurance companies. The sample was generated by purposively sampling two employees from each insurance company.The researcher collected primary data with the help of a questionnaire. The primary data obtained from the questionnaires was summarized and analyzed by use of descriptive and inferential statistical techniques.Results:Regression and correlation results indicated that there was a statistically significant and positive relationship between economy pricing strategies and profitability. These results implied that economy pricing has a positive effect on the profitability of insurance companiesPolicy recommendation: The study recommends that insurance companies put in place measures assess the most effective pricing strategy to reduce product costs and thus increase profitability whenever such a strategy is used.

scholarly journals EFFECT OF OPTIMIZATION PRICING STRATEGY ON THE PROFITABILITY OF INSURANCE FIRMS IN KENYA.

2017 ◽  
Vol 2 (3) ◽  
pp. 119
Author(s):  
Perminus Kariuki Nyaga ◽  
Mr. Wilson Muema
Keyword(s):  
Positive Relationship ◽  
Pricing Strategy ◽  
Insurance Companies ◽  
Primary Data ◽  
Descriptive Research ◽  
Price Optimization ◽  
Research Designs ◽  
The Status ◽  
Insurance Firms ◽  
Product Costs

Purpose: The objective of the study was to establish the effect Optimization Pricing Strategy on The Profitability of Insurance Firms in Kenya.Methodology:The descriptive research design was preferred to other research designs because it reports the status of study variables. The population of study was the 45 insurance companies operating in Kenya as at 31st December 2012. Data was drawn from a period of five (5) years that is 2008-2012. The sample of this study was 10% of the sales workforce which comprised of 900 employees from the 45 insurance companies. The sample was generated by purposively sampling two employees from each insurance company.The researcher collected primary data with the help of a questionnaire. The primary data obtained from the questionnaires was summarized and analyzed by use of descriptive and inferential statistical techniques.Results:Regression and correlation results indicated that there was a statistically significant and positive relationship between price optimization strategies, strategies and profitability.Policy recommendation: The study recommends that insurance companies put in place measures assess the most effective pricing strategy to reduce product costs and thus increase profitability whenever such a strategy is used.

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