E-commerce and portfolio allocations: A study on the Indian life insurance customers

2020 ◽  
Vol 1 (1) ◽  
pp. 36-46 ◽  
Author(s):  
Rajeev Kumar Ranjan ◽  
Shoaib Alam Siddiqui ◽  
Nitin Thapar ◽  
Shyam Singh Chauhan
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Personal Selling ◽  
Minimum Cost ◽  
Online Marketing ◽  
Insurance Companies ◽  
Purchase Behavior ◽  
Outcome Variable ◽  
Insurance Sector ◽  
The Impact

The paper attempts to find the impact of technology on the purchase behavior of consumers for insurance products. With the use of technology and e-commerce the adoption of insurance products had undergone a transformation. With the entry of private players the insurance sector has become very competitive (Jampala & Rao, 2005). With increased competition the life insurance industry is adopting innovative marketing practices to tap a larger market; the companies therefore are developing their capabilities of access-based penetration, distribution and sale to customers. The advances in technology have changed the way insurance products were marketed in India. Apart from the traditional agency channel, the companies are also exploring alternative channels like brokers, rural channels, online marketing, and e-commerce, etc. The personal selling based channels are the new innovative methods offering an effective reach at a minimum cost. To analyze the consumer purchase behavior the study used two-way ANOVA to determine the effect of two nominal predictor variables on a continuous outcome variable. The results of the study will assist the life insurance companies in improving their operations and efficiency.

Consumers Awareness towards Insurance Companies and their

2017 ◽  
Vol 3 (2) ◽  
Author(s):  
G. Suresh Babu
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Private Insurance ◽  
Insurance Companies ◽  
Private Companies ◽  
Insurance Sector ◽  
The World ◽  
Innovative Products ◽  
Rate Of Returns ◽  
The Impact

The insurance sector is growing rapidly all over the world. The insurance industry is gaining key position in the world economy and playing a significant role to cover the life and business risk of millions. At present, the insurance industry is in a nascent stage. The impact of privatization in risk business in India has shown its impact on transformation from the state of monopoly to mushrooming companies offering innovative products to the Indians. The growth in the life insurance sector has shown new heights and the functioning of private companies has given tough challenge to Life Insurance Corporation of India. Within a short span of time, private insurance companies have acquired more than 25 per cent of the life insurance market. Many changes have taken place in the processes and procedures of insurance business in terms of its format and products as well the mindset, motives, interests, and expectations on the part of the customers also. The customers have become more vigilant, calculative and calibrated not only in terms of risk coverage but look forward for safety of investment and higher rate of returns on the saving in insurance sector

scholarly journals THE ANALYSIS OF CURRENT TRENDS IN THE INSURANCE SEGMENT OF THE FINANCIAL MARKET OF UKRAINE

2021 ◽  
pp. 130-139
Author(s):  
Yuriy Klapkiv ◽  
Volodymyr Svirskyi ◽  
Roman Shchur
Keyword(s):  
Life Insurance ◽  
Financial Literacy ◽  
Insurance Industry ◽  
Cash Flows ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Current Trends ◽  
The Impact

Purpose. Analysis of the state of the insurance services market of Ukraine, identification of the main problems of its development in modern conditions and determination of directions for improving the functioning of the insurance services market in Ukraine. Methodology of research. The scientific and methodological basis for the article are scientific works, monographs, materials of professional publications, Internet resources. During the research the methods of analysis and synthesis, system-functional method and method of comparative studies were used, with the help of which most modern tendencies, phenomena and processes in the market of insurance services are explained. Findings. The article is devoted to current trends of the insurance in Ukraine. The study examines the main trends in its development during 2016-2020. The dynamics of the number of insurance companies, the main indicators of insurers, the structure of gross and net insurance premiums of domestic insurers, reinsurance indicators are analyzed. Based on a dataset of Ukrainian insurance industry, we analyse the impact of transformation of the insurance sector. Based on the analysis, the main problems of the insurance services market of Ukraine are identified and proposals for improving its development are formulated. The results illustrate major tasks the industry is facing: enhancing the customer experience, improving its business processes, offering new products, and preparing for competition with other industries, imperfection of regulatory regulation of the insurance sector; underdevelopment of the life insurance segment and other types of insurance (agricultural, environmental, catastrophic risks and life insurance, cyber risks); low solvency of potential consumers of insurance services, low level of capitalization of insurance companies, lack of insurance culture, distrust of the insurance institution; fraud and neglect of the rights of policyholders by some insurance companies; low financial literacy of policyholders. Moreover, we identify key areas of change of the insurance services market of Ukraine: creation of a centralized online database of insurance contracts; improving the system of taxation of insurance activity; adaptation of Ukrainian legislation in the field of insurance to EU legislation; introduction of high technologies in insurance services; improvement of marketing management; creation of an export insurance system by establishing a special organization for export insurance and financing; introduction of insurance culture and traditions. Originality. A comprehensive approach to the analysis of the state of the insurance market as an important component of the financial sector of the economy with most of its inherent characteristics, functions and principles; economic space in which institutional units for the implementation of insurance services interact; a set of orderly cash flows between the subjects of the insurance market. Practical value. The results of the study can be the basis for further research to systematically address practical problems in this area, development and implementation of measures aimed to achieve accelerated progressive development of the insurance market to ensure socio-economic growth. Key words: insurance, insurance services, insurance services market.

E-Insurance :A Platform For Insurance Penetration In India

2019 ◽  
Vol 118 (6) ◽  
pp. 90-93
Author(s):  
L. Terina Grazy ◽  
Dr.G. Parimalarani
Keyword(s):  
Insurance Industry ◽  
Cost Effective ◽  
Online Marketing ◽  
Insurance Companies ◽  
The Internet ◽  
Insurance Sector ◽  
The People ◽  
Cost Effective Approach ◽  
Time And Energy ◽  
Work Done

E-commerce is a part of Internet Marketing. The arrival of Internet made the world very simple and dynamic in all the areas. Internet is the growing business as a result most of the people are using it in their day to day life. E-commerce is attractive and efficient way for both buyers and sellesr as it reduce cost, time and energy for the buyer. No surprise the insurance sector has become quite active within the internet sphere. Most insurance companies are offering policies to be brought online and also the portals for paying premiums. It actually saves from hassles involved in going to an insurance office and spend hours to get the insurance work done. Insurance has become an important and crucial aspect of life. Online insurance is the best and most cost effective approach of taking the insurance deal. This paper focused on influence of online marketing on the insurance industry in India, usage of internet in India , the internet penetration in India and the online sale of insurance product by the insurance sector.

scholarly journals Impact of premium reserve on life insurance investments in the Western Balkans

2021 ◽  
Vol 16 (2) ◽  
pp. 355-376
Author(s):  
Jelena Tomašević ◽  
Milijana Novović-Burić ◽  
Ljiljana Kašćelan ◽  
Vladimir Kašćelan
Keyword(s):  
Financial Market ◽  
Life Insurance ◽  
Insurance Companies ◽  
Strong Positive Correlation ◽  
Western Balkans ◽  
Insurance Sector ◽  
Correlation And Regression Analysis ◽  
Country Level ◽  
Financial Investments ◽  
The Impact

The growing importance of life insurance in the world imposes a greater need for research in this area, particularly in the Western Balkans where the trend of growth has been closely accompanied by life insurance for the past two decades. Taking into consideration that life insurance companies are significant participants in the financial market, this research paper examines the impact of the premium reserve on the volume of financial investments of life insurance companies in Western Balkan countries, based on aggregate data on country level. In order to test its effect, linear correlation and regression models were used, based on data collected for the period 2006-2016. Additionally, comparative analysis was used to compare the position of life insurance companies in financial markets. The results obtained by applying correlation and regression analysis showed that there is a strong positive correlation between premium reserve and financial investments in all of the aforementioned countries in the region. This result is an important strategic guideline for the regulators and policymakers to make advancements in the life insurance sector as well as in the financial market of the Western Balkans.

scholarly journals A Study on Impact of FDI on Selected Private Sector Insurance Companies in India

2017 ◽  
Author(s):  
C.K. Hebbar ◽  
Meenakshi Acharya
Keyword(s):  
Private Sector ◽  
Negative Impact ◽  
Insurance Industry ◽  
Secondary Data ◽  
Insurance Companies ◽  
Insurance Markets ◽  
Insurance Sector ◽  
Previous Level ◽  
The Impact ◽  
Indian Insurance

India is one among the most promising emerging insurance markets in the world. Indian insurance sector was liberalised in 2001. The insurance industry in India has undergone transformational changes over the last 15 years. In July 2014, the Cabinet Committee on Economic Affairs (CCEA) approved 49% FDI in insurance from the previous level of 26%. This paper aimed at examining the impact of FDI on the performance of selected private sector insurance companies. The study is based on secondary data and it is a descriptive study. This paper found that FDI had a significant positive as well as negative impact on areas which were studied in the paper.

scholarly journals Denmark

2020 ◽  
Vol 20 (252) ◽  
Author(s):  
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Nordic Countries ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Eu Member States ◽  
Work Related ◽  
Pension Schemes ◽  
High Penetration ◽  
The Eu

Denmark’s insurance sector is highly developed with a particularly high penetration and density in the life sector. Traditionally, work-related life insurance and pension savings are offered as a combined package, and life insurance companies dominate the market for mandatory pension schemes for employees. The high penetration explains the overall size of the insurance sector, which exceeds those of peers from other Nordic countries and various other EU member states. Assets managed by the insurance industry amounted to 146 percent of the GDP at end-2018, compared to 72 percent for the EU average.

Market structure, efficiency and profitability of insurance companies in Ghana

2015 ◽  
Vol 10 (4) ◽  
pp. 648-669 ◽  
Author(s):  
Abdul Latif Alhassan ◽  
George Kojo Addisson ◽  
Michael E. Asamoah
Keyword(s):  
Market Structure ◽  
Life Insurance ◽  
Insurance Industry ◽  
Consumer Welfare ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Markets ◽  
Ample Evidence ◽  
Content Type ◽  
The Impact

Purpose – The purpose of this paper is to examine the impact of the regulatory-driven market structure on firm pricing behaviour by testing the structure-conduct-performance (S-C-P) hypothesis for both life and non-life insurance markets in Ghana. Design/methodology/approach – Using a panel data on 14 life and 22 non-life insurers from 2007 to 2011, the authors employed the Herfindahl Hirschman Index and concentration ratio as proxies for the S-C-P hypothesis while efficiency scores were estimated using the data envelopment analysis technique to proxy for the efficient structure (ES) hypothesis. The dependent variable, profitability was measured as return on assets while controlling for size, underwriting risk, leverage, GDP growth rate and inflation. The models were estimated using the panel corrected standard errors of Beck and Katz (1995) and random effects estimations. Findings – The results from the empirical estimation provide ample evidence in support for ES hypothesis for both life and non-life insurance markets. While conflicting results was found for SCP hypothesis in the non-life insurance market, it was rejected in the life insurance market. The findings also point to an increasing level of competition in both life and non-life insurance industry in Ghana though they still remain concentrated with the life insurance sector having high levels of efficiency compared to the non-life sector. Practical implications – The findings of the study will enhance the understanding of firm behaviour in the new markets created to shape regulatory and competition policies of the regulator to promote consumer welfare while ensuring a stable industry to enhance its role in economic development. Originality/value – This is the first study to test the market power and efficient hypotheses on the insurance industry in Ghana. To the best of the author’s knowledge, this study is the first to examine the determinants of profitability in the non-life insurance market.

scholarly journals Influencing Factors of Corporate Performance of Life Insurance Companies – Evidence from China

2018 ◽  
Vol 7 (2) ◽  
pp. 219
Author(s):  
Maoguo Wu ◽  
Yanyuan Wang
Keyword(s):  
Life Insurance ◽  
Corporate Performance ◽  
Insurance Industry ◽  
Channel Structure ◽  
Policy Implications ◽  
Insurance Companies ◽  
Chinese Government ◽  
Life Insurance Industry ◽  
State Pension ◽  
The Impact

At present, the life insurance industry in China is still in the initial stage of development, which is characterized by limited scale, low penetration rate and low intensity. However, the large population base, the proliferation of middle classes, and the continuously improving socio-economic environment in China imply underlying developmental opportunities for the life insurance industry. Gaps in state pension have appeared owing to the issue of aging population, which signals that insurance companies with commercial properties may become an integral part of resident endowment. Ever since 2014, Chinese government has implemented numerous policies that are beneficial to the life insurance industry, for instance, diversifying investment channels of premiums, allowing a certain proportion of premiums in risky investments, and removing the restriction that the rate of return on common stakeholders’ equity (ROE) of participating insurance is capped at 5%. This paper constructs a panel data of 36 Chinese life insurance companies from 2010 to 2014. A serial of preliminary tests are taken in order to avoid spurious regression. By dint of the fixed effect model and panel threshold model, the paper analyzes the relation between operation-related factors and the corporate performance of life insurance companies. According to empirical findings, bancassurance income rate, professional insurance agency income rate, participating insurance income rate, group insurance income rate, company scale and solvency adequacy ratio are negatively correlated with corporate performance. When life insurance companies are associated with banks in capitals, bancassurance income rate positively influences corporate performance. The paper also investigates the impact of specific marketing channel structure and product structure on corporate performance. Policy implications are proposed accordingly.

Insurance Industry in India: Structure, Performance, and Future Challenges

2005 ◽  
Vol 30 (3) ◽  
pp. 93-120 ◽  
Author(s):  
S Krishnamurthy ◽  
S V Mony ◽  
Nani Jhaveri ◽  
Sandeep Bakhshi ◽  
Ramesh Bhat ◽  
...  
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Distribution Systems ◽  
Insurance Industry ◽  
Private Insurance ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Demand For Insurance ◽  
Market Shares ◽  
The Future

With the liberalization and entry of private companies in insurance, the Indian insurance sector has started showing signs of significant change. Within a short span of time, private insurance has acquired 13 per cent of the life insurance market and 14 per cent of non-life market. However, there is still a huge untapped demand for insurance. Insurance companies have a pivotal role in offering insurance products which meet the requirements of the people and, at the same time, are affordable. Some of the challenges faced by the insurance sector pertain to the demand conditions, competition in the sector, product innovations, delivery and distribution systems, use of technology, and regulation. To understand the growth and development and the future prospects of this sector, this colloquium addresses the following issues: What will be the demand for insurance? What types of innovative strategies of insurance education and awareness will we require to encourage the Indian consumers? With the changes following bank participation in insurance, will the nature of competition in this sector intensify? What kind of competitive and risk pressures will the insurance businesses experience? What are their implications for profitability, margins, and efficiency? The average size of the polices will continuously decline as the insurance companies increase the geographic coverage. As a result of this, the intermediation costs will go up. What are the implications of these on average costs? What will be the product market scenario? Has the insurance sector benefited from the knowledge base of global companies? To what extent have the technology gains in telecommunications, computer information, and data processing contributed to increased efficiency and productivity of insurance companies? The following key points emerged from the responses of the panelists: The future in life insurance will be determined by the increase in pure protection products, a refreshing look at unit-linked plans, launch of customized plans, and improved service levels. The insurance sector will grow steadily rather than rapidly. While the law and regulations are in place to ensure financial strength and solvency of insurers, the regulator's challenge lies in monitoring compliance. The opportunity for financial services is increasing all over the world. Big domestic companies with significant market shares in the local countries will have the opportunities to commence business in other markets. Keeping in mind the complexities of the industry, multi-product, multi-channel, and multisegment route needs to be followed for growth. The challenge of successfully implementing bancassurance lies in training the staff, integrating the insurance products, and ensuring best quality service. Agents in the insurance sector are critical for its success and, in order to gain competitive advantage, quality people are needed but attracting and retaining agents is a challenge.

Managing adversity: understanding some dimensions of organizational resilience

2015 ◽  
Vol 38 (4) ◽  
pp. 346-366 ◽  
Author(s):  
Ihab Hanna Salman Sawalha
Keyword(s):  
Stock Exchange ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Key Factors ◽  
Structured Interviews ◽  
Term Survival ◽  
Content Type ◽  
Insurance Sector ◽  
Quantitative And Qualitative Research ◽  
The Impact

Purpose – This study aims to explore how insurance organisations interpret organisational resilience; to identify potential objectives, elements and practices of organisational resilience within insurance organisations; and to investigate the impact of culture on resilience. Design/methodology/approach – An empirical study in the insurance industry in Jordan was undertaken. The population consists of all 28 insurance companies registered at the Amman Stock Exchange. Data were collected via a survey questionnaire followed by three semi-structured interviews. Findings – Results revealed that respondents understand the meaning of organisational resilience differently. Various factors constitute organisational resilience in Jordanian insurance organisations. Nevertheless, some key factors that have the potential to improve organisational resilience were missing. Culture influenced the level of organisational resilience considerably. Practical implications – This study provides insights into the factors that enable organisations to withstand future risks, which, in turn, ensures long-term survival. It also reveals how culture affects the level of organisational resilience. This paper provides a basis for policymakers in Jordan to start actively considering existing resources and cultural trends to introduce new frameworks for improving resilience in the insurance sector. Originality/value – This study is made in the context of an emerging economy; Jordan. It uses quantitative and qualitative research approaches. It is also one of the few studies to discuss resilience in relation to culture and within the insurance sector.

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