scholarly journals Regulating Big Data effects in the European insurance market

2017 ◽  
Vol 8 (1) ◽  
pp. 6-15 ◽  
Author(s):  
Donatella Porrini
Keyword(s):  
Big Data ◽  
New Technologies ◽  
Distribution Channels ◽  
Insurance Market ◽  
Insurance Companies ◽  
Individual Privacy ◽  
Regulatory Measures ◽  
European Insurance ◽  
The Individual ◽  
Different Sources

The article analyzes the regulatory framework in the insurance market in connection with the advent of Big Data, such as information collected from different sources that can be manipulated by new technologies. The use of Big Data offers significant opportunities to the insurance companies in terms of digitization of the distribution channels and greater knowledge of the customers, which is instrumental to a more effective identification of the individual’s risk profile, as well as improvement of the competitiveness. However, regulatory measures are needed for a proper use of Big Data in terms of respect of the individual privacy, potential discrimination and constraint on competition.

Development of the Insurance Market in Ukraine in the Context of Transformation Changes

2021 ◽  
Vol 26 (1) ◽  
pp. 185-189
Author(s):  
Nataliia Shyshpanova ◽  
◽  
Olena Bodnar ◽  
Keyword(s):  
Information Technologies ◽  
New Technologies ◽  
Digital Technologies ◽  
Developed Countries ◽  
Insurance Market ◽  
Insurance Companies ◽  
Change Models ◽  
Innovative Technologies ◽  
The Developed Countries ◽  
The Individual

Abstract. The article substantiates the feasibility of ensuring the development of the insurance market in Ukraine in the context of digital transformations. It has been determined that the latest digital technologies are penetrating deeper into the global insurance market, without bypassing any area of activity, but the volume of the insurance market in Ukraine is several times less than in the developed countries of the world. The indicated factors which restrain the development of the insurance market in Ukraine and characterized existing problems of the insurance market lead to low confidence in the companies of the sector and do not allow it to develop properly. It has been established that in modern conditions of digital transformations, insurance companies widely use innovative technologies that ensure the achievement of both short-term effects and long-term competitive advantages. The directions of digitalization of the insurance market in Ukraine have been characterized and it has been substantiated that the processes of digital transformation based on the development of information technologies of insurance companies contribute to increasing competitiveness. In order to improve the situation in the domestic insurance market and maintain competitive positions, insurance companies should actively use European and world experience, introduce and change models of insurance functioning, and intensively introduce innovative technologies in insurance activities. The use of new technologies and management models in practice will increase the efficiency of the provision of insurance services, require insurance companies to develop new insurance products, taking into account the individual wishes of customers, and will also contribute to expanding the scope of using insurance as a method of risk transfer in an integrated risk management system, as well as will ensure the creation of a unique competitive advantage for those insurance companies that are able to introduce innovative digital technologies in accordance with the individualized requests of customers

INNOVATIVE POTENCIAL IN INSURANCE – THE INDIVIDUAL AND INSTITUTIONAL CUSTOMERS EVALUATION

2018 ◽  
Vol 19 (1) ◽  
pp. 139-150
Author(s):  
Dorota Olszewska ◽  
Jadwiga Synowiec
Keyword(s):  
New Technologies ◽  
Free Market ◽  
Distribution Channel ◽  
Corporate Image ◽  
Insurance Market ◽  
Insurance Companies ◽  
Business Success ◽  
Business Partners ◽  
Starting Point ◽  
The Individual

Dynamically changing insurance market and the growing expectations of customers and business partners, intensified competition cause the need of constant introduction or improvement of modern solutions. It is highly connected to innovations. It should be stressed that the transformation of Polish economy and the process of emerging of more and more new private companies caused, on the one hand the reduction of government role in economy and on the other hand it forced companies to obey free market rules, which characterizes the adjusting to environment and the growing share in the market. For the positive creation of corporate image the open attitude of managers and directors becomes extremely important. They are aware of the importance of innovation in company life. This novelty is being spotted by the surroundings of the company, and specifically by its business partners. The positive assessment of innovation is often the starting point of making new business relations. The negative assessment can make them difficult. A good company image is nowadays one of the most basic company aims, and the condition of business success. The creation of good company image by emphasizing the high level of innovation among potential customers (insurance agents, brokers) became one of the basic tasks for insurance companies, because the growth of the company depends on customers. Insurers being aware of the importance of innovation are forced to create such systems, which allows the introduction of new technologies in the process of selling new policies in every distribution channel. The aim of this article is to present the essence of the innovation on the insurance market and to show its significance in the customers appreciation. This article consists of two parts. The first part is theoretical and presents the characteristic of insurance market innovation and its significance in the development of branch. The second part of this publication contains empirical material such as data taken from survey studies conducted in 2016, in the field of innovation evaluation seen from main insurance participants perspective (individual and institutional customers). The research was conducted in Wielkopolska area on the sample of 180 individual and 151 institutional customers (MSP).

Prioritizing Risk-level Factors in Comprehensive Automobile Insurance Management: A Hybrid Multi-criteria Decision-making Model

2020 ◽  
pp. 097215092093228
Author(s):  
Zahra Shams Esfandabadi ◽  
Meisam Ranjbari ◽  
Simone Domenico Scagnelli
Keyword(s):  
Insurance Market ◽  
Insurance Companies ◽  
Risk Level ◽  
Automobile Insurance ◽  
Two Phase ◽  
Analytic Hierarchy ◽  
Factors Affecting ◽  
Risk Levels ◽  
Fuzzy Delphi ◽  
The Individual

An efficient risk-level prediction for newly proposed insurance policies plays a significant role in the survival of companies in the highly competitive insurance market. In Iran, risk assessment in comprehensive automobile insurance, which is a part of motor insurance, is only based on the vehicle attributes without proper consideration of personal and behavioural characteristics of driver(s). As a result, pricing is unfair in most of the cases and this can put insurance companies in an unfavourable financial position due to attracting high-risk drivers instead of low-risk ones. In this scenario, to identify and prioritize important factors affecting risk levels and to move towards a fair ratemaking, a two-phase process based on fuzzy Delphi method (FDM) and fuzzy analytic hierarchy process (FAHP) is proposed in this research. Additionally, similarity aggregation method (SAM) is applied to combine the individual fuzzy opinions of the surveyed experts into a group fuzzy consensus opinion. The results of this empirical study contribute to the insurance market of Iran by proposing appropriate weighting of the relevant risk factors to support stakeholders and policymakers for assessing risks more accurately, as well as designing more effective databases and insurance proposal forms.

Bringing Back the Person into Behavioural Personality Science Using Big Data

2020 ◽  
Vol 34 (5) ◽  
pp. 670-686
Author(s):  
Karl–Heinz Renner ◽  
Stephanie Klee ◽  
Timo von Oertzen
Keyword(s):  
Big Data ◽  
Literature Review ◽  
New Technologies ◽  
Research Topics ◽  
Personality Psychology ◽  
Individual Person ◽  
New Methods ◽  
Data Collection And Analysis ◽  
History Of ◽  
The Individual

Behaviour and the individual person are important but widely neglected topics of personality psychology. We argue that new technologies to collect and new methods to analyse Big (Behavioural) Data have the potential to bring back both more behaviour and the individual person into personality science. The call for studying the individual person in the history of personality science, the related idiographic/nomothetic divide, as well as attempts to reconcile these two approaches are briefly reviewed. Furthermore, different meanings of the term idiographic and some unique selling points that emphasize the importance of idiographic research are highlighted. A nonexhaustive literature review shows that a wealth of behaviours are considered in extant personality studies using such Big Data but only in a nomothetic way. Against this background, we demonstrate the potential of Big Data collection and analysis with regard to four idiographic research topics: (i) unique manifestations of common traits and the resurgence of personal dispositions, (ii) idiographic prediction, (iii) intraindividual consistency versus variability of behaviour and (iv) intraindividual personality trait change through intervention. Methodological, ethical and legal pitfalls of doing Big Data research with individual persons as well as potential countermeasures are considered.

scholarly journals The insurance market in the young population of Ciudad Nezahualcóyotl

2019 ◽  
pp. 9-14
Author(s):  
Mónica Álvarez-García ◽  
Carlos Guerrero-Ibarra ◽  
Silvia Gutiérrez-Jiménez ◽  
Margarita Larios-Calva
Keyword(s):  
Young People ◽  
Quantitative Research ◽  
New Technologies ◽  
Cell Phones ◽  
Insurance Market ◽  
Insurance Companies ◽  
Young Population ◽  
Market Sector ◽  
National Insurance ◽  
General Director

The insurance market in Mexico has grown slowly even though crime has increased in recent years, this is due to the lack of risk prevention culture within the population. Regarding young people, nowadays with the advance of new technologies, the use of cell phones, tablets, laptops and video games has increased. Likewise, for them, the favorite means of transport are "motorcycles and bicycles," which is why some insurance companies are working to offer new and diverse products, thus seeking a change in the use of insurance by the future customers: the "Millennials." Insecurity is one of the great problems that afflict our country. It has gone from car and house theft, to the theft of the vehicles most used by young people: motorcycles. According to figures from the Mexican Association of Insurance Institutions (AMIS), motorcycles of the Italika and Honda brands were among the 10 most stolen insured vehicles in the period from May 2017 to April 2018 (eldictamen.mx). Regarding cell phones, Anatel (National Communications Association) General Director Gabriel Székely said that in 2016, 900 thousand were stolen, while 2017 exceeded one million (heraldodemexico.com.mx). The general objective of this project is to find out if Millennials currently have a culture of insuring their belongings against theft and if this new market sector of young people can be considered. A documentary review and descriptive-quantitative research was carried out in Bosques de Aragón, Nezahualcóyotl, with a sample of 122 young people between 15 and 29 years of age. In the documentary review it was detected that car and life policy insurances are the most sold by insurance companies. According to the National Insurance and Bail Bonding Commission (CNSF), in this regard, the insurance companies have the possibility of creating new and better services that can cover the equipment currently being used by young people and, at the same time, increase their market. The results obtained show that 89% of the population investigated considers that it is important to have insurance and 36% have one, mainly for cars or life, but they never mentioned having electronic equipment or motorcycles insured.

scholarly journals Investment Activities of Polish Insurance Companies Before and After Solvency II

2021 ◽  
Vol 13 (1) ◽  
pp. 229-242
Author(s):  
Daniel Szaniewski
Keyword(s):  
Life Insurance ◽  
New Technologies ◽  
Distribution Channels ◽  
Solvency Ii ◽  
Insurance Companies ◽  
Legal Regulations ◽  
Legal Basis ◽  
Domestic Life ◽  
Before And After ◽  
The One

Abstract Insurance companies operate in a turbulent, constantly changing environment. The insurance market plays an important role in the economy. On the one hand, it is characterized by the dynamic development of services based on new technologies and distribution channels, and on the other hand, it is subject to transformations related to changes in the scope of conducting insurance activities – including new legal regulations – and has to counter global challenges, such as the crisis which started in 2007 on the American financial market. In such realities, insurers must manage their investment activities. The article indicates the legal basis of the restrictions applicable to insurance companies in relation to their investment activities. The Solvency II system is discussed and the most important differences from its predecessor – Solvency I – are presented, and there is an analysis of the structure of investments of domestic life and non-life insurance companies.

EUROPEAN VECTOR OF DEVELOPMENT OF THE INSURANCE COMPANIES INVESTMENT ACTIVITY

2017 ◽  
pp. 84-87
Author(s):  
Viktor Smoliak
Keyword(s):  
Associate Professor ◽  
Insurance Market ◽  
Insurance Companies ◽  
Market Development ◽  
Insurance Company ◽  
Investment Activity ◽  
European Insurance ◽  
Simon Kuznets

UDC 368   Viktor Smoliak, PhD, Associate Professor. Kharkiv National Simon Kuznets University of Economics. European vector of development of the insurance companies investment activity. The article investigates Ukrainian insurance market problems and peculiarities of the insurance companies investment activity. The author defined the differences between Ukrainian insurance companies investment activity and European insurance companies investment activity. There are justified the main directions of development of Ukrainian insurance market in the article.   Keywords: insurance, insurance company, investment activity, insurance market, development of insurance.

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