scholarly journals FEATURES OF THE ASSESSMENT OF THE FINANCIAL CONDITION OF LIFE INSURANCE COMPANIES IN AN INDEPENDENT REGION: PRIORITIES FOR INSURANCE BUSINESS AND CLIENTS

2020 ◽  
Vol 1 (32) ◽  
pp. 147-157
Author(s):  
Yu. M. Melnychuk ◽  
O. B. Shkolenko ◽  
O. A. Vinnytska ◽  
T. O. Korniienko
Keyword(s):  
Life Insurance ◽  
Insurance Companies ◽  
Financial Condition ◽  
Insurance Business

Effective Customer Support System of Life Insurance Companies

2014 ◽  
Vol 4 (2) ◽  
Author(s):  
Rajesh Srivastava ◽  
Dr. Preeti Sharma
Keyword(s):  
Life Insurance ◽  
Economies Of Scale ◽  
New Technologies ◽  
Insurance Industry ◽  
Integrated Approach ◽  
Customer Experience ◽  
Disruptive Innovation ◽  
Insurance Companies ◽  
Insurance Business ◽  
Strategic Imperative

Increased competition, new technologies and the shift in power from the provider to the customer have produced unrelenting pressure on life insurance business. The market forces point to one overwhelming strategic imperative: customer-focused strategy. Customers are willing to build long-term relationships based on trust and mutual respect with firms that provide a differentiated and personalized service offering. Over the past few years, life insurance industry responded to intensified competition and high customer attrition by entering each other’s markets to capture greater “wallet share” and ostensibly lower their economies of scale. The service delivery process is influenced by quality of personnel, information technology, internal processes, human resource practices, and even an institution’s own change orientation. Now a day’s customers are demanding seamless, multi-channel sales and service experiences. Simultaneously, other players are looking for opportunities to invade this space or to redefine it through disruptive innovation. The result is forcing life insurance companies to examine a more balanced, integrated approach to the customer experience and growth. This research, we analyze the need, preference and satisfaction of customers in life insurance business and provide perspective on how to improve the customer experience.

scholarly journals INTERNATIONAL EXPERIENCE IN REGULATING LIFE INSURANCE COMPANIES

2020 ◽  
Vol 6 (4(73)) ◽  
pp. 59-63
Author(s):  
Yu.K. Harakoz
Keyword(s):  
Life Insurance ◽  
Solvency Ii ◽  
Insurance Companies ◽  
Accurate Assessment ◽  
Regulation And Supervision ◽  
Bank Regulation And Supervision ◽  
The Russian Federation ◽  
Insurance Business ◽  
Special Rules ◽  
Business Entities

The growth of the life insurance segment encourages the state supervisory authority for the activities of insurance business entities to create conditions for its sustainable development, including through the introduction of a risk-based approach to the regulation and supervision of insurance companies –the Solvency II Directive. The Solvency II Directive is similar in concept to the risk-based approach to Bank regulation and supervision (Basel II). The expected results of its introduction are an adequateand comprehensive assessment of the risks of the insurance company's activities, compliance of the amount of capital with the level and profile of risks taken, as well as transparency and special rules for disclosure of information about its activities. Increasing growth rates in the insurance market and prospects for increasing the level of supervision by the Central Bank of the Russian Federation require life insurance companies to implement practical methods for assessing their capital, which are based on the most accurate assessment of their risks

scholarly journals ANALYSIS OF COMPETITIVE POSITIONS OF INSURANCE COMPANIES IN THE NON-LIFE INSURANCE MARKET IN UKRAINE

2019 ◽  
pp. 88-94
Author(s):  
O. Pakhnenko ◽  
O. Zhuravka ◽  
V. Podhorna ◽  
A. Sukhomlyn
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Motor Vehicle ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Premiums ◽  
Property Insurance ◽  
Financial Condition

The paper explores the practical aspects of forming a competitive environment in the non-life insurance market of Ukraine and analyzes the competitiveness and financial performance of leading insurance companies. Based on the analysis of non-life insurance market concentration indicators, the authors concluded that there is no clear leader in this market, the level of market concentration is negligible. Based on the analysis of non-life insurance market leaders by volume of gross insurance premiums in the whole market and by main types of non-life insurance (CASCO, motor vehicle liability insurance, property insurance, fire and catastrophe risk insurance, CARGO, health insurance) the authors found that the leadership of insurance companies in the market does not mean their leadership in all types of non-life insurance; some insurance companies specialize in certain types of insurance and not being leaders in the insurance market at all occupy leading positions in certain segments of non-life insurance market. In order to provide a general assessment of the competitiveness of individual insurance companies in the non-life insurance market, the following indicators were selected: the volume of gross insurance premiums, gross insurance payments, insurance reserves and the amount of equity. In order to assess the size of market share of an individual insurance company in a more objective way, it is suggested to calculate the average share of the insurance company. The calculations made it possible to identify the leaders of the non-life insurance market in 2018 and to explore the dynamics of changes in their competitive position during 2016-2018. For the three insurance companies that have been identified as the leaders of the Ukrainian market non-life insurance in 2018 (“UNIKA”, “AXA Insurance” and “PZU Ukraine”), the authors analyzed the main indicators of their financial condition, namely the profitability of insurance services, profitability of sales, return on assets, return on equity, overall liquidity, absolute liquidity and autonomy. It was found that all the analyzed insurance companies are profitable, however, among the three leading Ukrainian insurance companies, the most effective in 2018 was the insurance company “PZU Ukraine” and the least profitable – “UNIKA”. Keywords: competitiveness, insurance company, market concentration, market share, competition.

scholarly journals ANALYSIS OF THE MAIN INDICATORS OF THE INSURANCE COMPANY’S FINANCIAL STABILITY USING SIMULATION MODELLING

2019 ◽  
Keyword(s):  
Simulation Model ◽  
Life Insurance ◽  
Financial Stability ◽  
Simulation Modelling ◽  
Insurance Companies ◽  
Insurance Fund ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Mathematical Methods ◽  
Financial Condition

The purpose of insurance is to accumulate funds to fulfill obligations to its clients, as well as to invest further in the expansion of insurance activities and the development of the country's economy. The success of insurance companies depends to a large extent on their financial status, that is, financial stability and solvency. The financial condition of an insurance company is characterized by the indicators that describe its ability to develop and successfully operate in a competitive market environment. The stable financial condition of the insurer is a guarantee of development in the conditions of the market economy and an insurance of the stability of the development of the insurance market in the country. The purpose of this research is to assess the financial stability of a non-life insurance company and to analyze the main factors affecting it with the use of computer simulation modelling. The simulation model covers the main processes of the non-life insurance company and is based on the application of financial analysis methods, economic and mathematical methods, and modern simulation technologies. Based on the simulation model, the financial stability of the insurance company is assessed, namely the analysis of the insurance company’s profitability, income, expenses, indicators of profitability; the coefficients of financial stability of the insurance fund and the level of insurance reserves for the analysis of the adequacy of the insurance fund are calculated; the actual and normative solvency margin is calculated for controlling the fulfillment of solvency conditions; the solvency ratio (autonomy) is calculated; the equity ratio is calculated and an analysis of the adequacy of equity is carried out. The developed simulation model can be used to increase the level of planning and analytical reporting, to improve methods of conducting insurance operations, to plan and forecast the activity, and to increase the validity of managerial decisions.

Multinational Enterprises and Institutional Regulation in the Life-Insurance Market in Spain, 1880–1935

2008 ◽  
Vol 82 (1) ◽  
pp. 87-114 ◽  
Author(s):  
Jerònia Pons Pons
Keyword(s):  
World War I ◽  
International Business ◽  
Life Insurance ◽  
Multinational Enterprises ◽  
External Factors ◽  
Insurance Companies ◽  
World War ◽  
Regulatory Requirements ◽  
Insurance Sector ◽  
Insurance Business

The number of multinationals in the life-insurance sector expanded during the first era of globalization. Many of these firms gravitated to Spain, attracted by factors such as the country's small number of national companies and minimal regulatory requirements. Toward the end of the nineteenth century, however, the Spanish government began to impose more institutional regulations, increasing the guarantees, deposits, and reserves required of insurance companies. In response, American and British multinationals began to leave the Spanish market, propelled both by the new requirements and by a series of external factors that obliged American companies to reduce their international business. Finally, the economic disruption that accompanied the outbreak of World War I convinced American and British multinationals to withdraw from the Spanish insurance business.

Financial Condition Assessment

2001 ◽  
Vol 7 (4) ◽  
pp. 519-584 ◽  
Author(s):  
J.P. Ryan ◽  
P.R. Archer-Lock ◽  
A.J. Czernuszewicz ◽  
N.R. Gillott ◽  
P.H. Hinton ◽  
...  
Keyword(s):  
United Kingdom ◽  
Life Insurance ◽  
Condition Assessment ◽  
Insurance Companies ◽  
Regulatory Regime ◽  
Financial Condition ◽  
The United Kingdom

ABSTRACTThis paper explores an approach to assessing the adequacy of capital resources for non-life insurance companies. It examines the range of risks faced by these companies and the factors that influence the analysis of their impact on an organisation's financial condition. The paper considers how the actuarial profession may contribute to this process, with particular reference to the regulatory regime envisaged in the United Kingdom.

scholarly journals Claim Settlement of Life Insures in Nepal

2017 ◽  
Vol 5 ◽  
pp. 27-43
Author(s):  
Damodar Basaula
Keyword(s):  
Life Insurance ◽  
Interdisciplinary Studies ◽  
Insurance Companies ◽  
Well Performance ◽  
Life Insurers ◽  
Stage Of Development ◽  
The Status ◽  
Total Claim ◽  
Insurance Business ◽  
Infant Stage

Claim management has been vital area of the life insurance business. Life insurance of Nepal seems still in infant stage; however the success of life insurance companies may largely depend upon the claim management. This paper has attempted to state and analyze five years’ status of the performance of claim settlement made by life insurers especially on the basis of total claim received; claim paid and claim outstanding aspects. This paper describes the status of current situation of claim settlement in life insurance market. The literature review indentified the lapses and gaps of the claim settlement in Nepalese Life Insurance Companies. The study concludes that present claim settlement status of Nepal has been seen in growing stage of development in terms of total claim. Some of the life insurers have made tremendous improvement in paying claim in the range of 90.96% to 98.49%. Some life insurers established earlier have not demonstrated well performance in settling claim and some newly set companies have made satisfactory growth. Janapriya Journal of Interdisciplinary Studies, Vol. 5 (December 2016), page: 27-43

scholarly journals Life insurance: features, present state and problems

2021 ◽  
Vol 11/2 (-) ◽  
pp. 29-33
Author(s):  
Oksana PONOMAROVA ◽  
Viktoriia SYNYPOSTOL ◽  
Alina SHTANKO
Keyword(s):  
Life Insurance ◽  
Social Protection ◽  
Insurance Market ◽  
Insurance Companies ◽  
Social Stability ◽  
Insurance Risk ◽  
Insurance Premiums ◽  
Financial Condition ◽  
Inhibiting Factors ◽  
General Insurance

The essence of life insurance, its features and advantages in comparison with other kinds of insurance is considered. Influence of changes of insurance payments on change of level of payments is analyzed and the interrelation between insurance premiums and insurance payments is found out. The forecast for 2021–2023 on insurance premiums and payments accordingly is constructed. In connection with this, the study of the life insurance market in Ukraine and the identification of the main problems of its development is currently quite relevant. Life insurance plays an important role in ensuring security and social stability in the country. Considering the economic essence of life insurance, it should be noted its feature, which is a combination of properties of insurance protection and savings. In this regard, in the general insurance market of the country, its structural segment has specific features in defining the basic concepts of insurance risk and insured event. Yes, insurance risk is based on the unpredictability of the event. The brake on the development of the life insurance market in Ukraine is that the capitalization and financial condition of the vast majority of insurance companies is unsatisfactory and does not ensure their competitiveness even in the domestic market. The limited amount and imperfect structure of financial savings of most insurers prevent them from becoming an effective institution of social protection and investment in the Ukrainian economy. Among the inhibiting factors should also be noted the limited investment activities of insurers. It is defined the basic problems that hinder the development of life insurance in Ukraine.

scholarly journals Accountability answers company insurance life based investing against the risk of failure to pay for policyholders

2022 ◽  
Vol 6 ◽  
Author(s):  
Selvi Harvia Santri ◽  
Yaswirman Yaswirman ◽  
Kurnia Warman ◽  
Wetria Fauzi
Keyword(s):  
Financial Institutions ◽  
Life Insurance ◽  
Joint Ventures ◽  
Research Method ◽  
Insurance Companies ◽  
Director General ◽  
Insurance Company ◽  
Insurance Claims ◽  
Study Results ◽  
Insurance Business

The problem of this research is how to regulate investment-based life insurance in Indonesia and the liability of investment-based life insurance companies against the risk of default by policyholders. This study uses a research method that has an empirical juridical type. The study results explain that the regulation of investment-based life insurance in Indonesia is regulated in Law Number 40 of 2014 concerning Business Per Insurance, OJK Regulation Number 23/POJK.05/2015 concerning Insurance Products and Marketing and Decree of the Chairman of BPPM and Financial Institutions Number KEP-104/ BL/2006 concerning Investment-based life insurance products. PP Number 87 of 2019 concerning insurance companies in the form of joint ventures, RI's Financial Decree Number 422/KMK.06/2003 and Director General of Financial Institutions Decree Number 2475/LK concerning investment insurance products and forms of liability of default insurance companies must fulfill the contents of the agreement insurance that gives rise to the rights and obligations of the insured reciprocally. However, Law Number 40 of 2014 concerning Insurance Business does not fully regulate violations in the insurance business and does not regulate how the insurance company is responsible for the company's inability to fulfill insurance claims.

scholarly journals Insurance and Its Business in Nepal

2012 ◽  
Vol 7 (1) ◽  
pp. 70-79 ◽  
Author(s):  
Jas Bahadur Gurung
Keyword(s):  
Correlation Coefficient ◽  
Life Insurance ◽  
Insurance Companies ◽  
Business Studies ◽  
Insurance Policies ◽  
Total Investment ◽  
Insurance Business

This study aims mainly to analyze the performance of insurance business in Nepal. The data used in this study is mainly quantitative and analysis has been carried out by using simple percentage and correlation coefficient. The study reveals that there are altogether 25 insurance companies viz. 8 life insurance and 16 non-life insurance and one offer both life and non-life services. They have altogether 340 branch offices in Nepal. The growth of insurance policies for both life and non-life insurance companies has been increasing and significant during the study period. Similarly, the progressive trend of premium collection reached to 48 percent for non-life and 37.06 percent for life insurance in FY 2066/67 and contributed 1.70 percent in GDP of the economy. Moreover, the investment of insurance companies has been positive but fluctuating over the period under study. However, the correlation coefficient between total premium collection and total investment is positive with r=0.97 and significant as its PE is only 0.0163. These facts reveal that the performance of insurance business in Nepal is satisfactory.The Journal of Nepalese Business Studies Vol. Vii, No. 1, 2010-2011Page : 70-79Uploaded date: July 8, 2012

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