scholarly journals Application of customisation and personalisation in digital solutions of the non-life insurance market: a case study of Lithuanian, Latvian and Estonian e-sales platforms

2021 ◽  
Vol 13 (2) ◽  
pp. 68-82
Author(s):  
Gedas Baranauskas
Keyword(s):  
Life Insurance ◽  
Practical Knowledge ◽  
Single Case ◽  
Point Of View ◽  
Insurance Market ◽  
Insurance Companies ◽  
Theoretical Concepts ◽  
Baltic Countries ◽  
The Baltic

Abstract The Baltic non-life insurance market has not only continued recording a dynamic premium growth in the past three years but also has shown a significant transition to digital technologies and solutions. Here, the development of customised insurance products and systems, assessment of claims, and creation of personalised customer experience can be considered best practices in the application of theoretical concepts and, accordingly, require continuous studies from a scientific point of view. Therefore, the following research aims to present an as-is status of existing solutions of digital insurance platforms in Baltic countries and to clarify their compatibility with customisation, personalisation, and value co-creation features at the practical product and functional levels. Accordingly, a case-study method following a combination of a descriptive embedded single-case design and the state-of-the-art method was applied in the analysis of the non-life insurance market, its e-channel environment, and platforms of three Baltic countries — Lithuania, Latvia, and Estonia. The multidimensional assessment matrix has been designed to present the results of the case study analysis on the practical product and functional levels. Research results refer to an assumption that ideas and methods of Mass Customisation and Mass Personalisation concepts, as well as their combination with digital solutions, penetrate the analysed part of the non-life insurance market in the Baltic countries and result in a mutually useful outcome for insurance companies and end-users. The paper contributes to further theoretical investigation of digitalisation and digital transformation of the non-life insurance market in the Baltic countries, as well as the development of practical knowledge in combined management and IT solutions application.

scholarly journals Assessment of the Stability of Insurance Companies: The Case of Baltic Non-Life Insurance Market

2018 ◽  
Vol 32 (1) ◽  
pp. 102-111 ◽  
Author(s):  
Ilze Zariņa ◽  
Irina Voronova ◽  
Gaida Pettere
Keyword(s):  
European Union ◽  
Life Insurance ◽  
Value At Risk ◽  
Risk Measure ◽  
Market Competition ◽  
Solvency Ii ◽  
Insurance Market ◽  
Insurance Companies ◽  
Coverage Ratio ◽  
The Baltic

Abstract The study gives an overview of the Baltic non-life insurance market. The purpose of the research is to summarise stability statistics on solvency ratios, risk profiles and capital surplus, which was contained in Solvency and Financial Condition reports (SFCR) in 2016 published first time by non-life insurance companies in European Union and Baltic market (Latvia, Estonia, and Lithuania). Solvency II came into effect in 2016, and these reports have been prepared using the new requirements of the Solvency II framework. All non-life insurance companies are required to have eligible own funds at least equal to solvency capital requirement (SCR) in order to avoid supervisory intervention (own funds divided by SCR are required to be at least 100 %). The SCR is based on well known risk measure value at risk with 99.5 % confidence level over a one-year time horizon. Baltic non-life insurance companies were strong capitalized (median 155 %) in 2016. It means that all Baltic companies can survive even if 1 in 200 years events have occurred although Baltic solvency coverage ratio is lower than the median ratio in European Union (209 %). For Latvian non-life insurance market, solvency ratio median is the lowest in European Union comparing by countries. The authors have analysed the historical development of the market and have calculated financial ratios, Gini’s concentration index, as well as dissimilarity index. The authors have investigated the current and future internal and external risks and issues for the Baltic non-life insurance market, such as political environment, low-yield environment, and market competition due to new mergers and acquisitions (M&A) activities, and a new rule for accounting for insurance companies IFRS17.

Indian Life Insurance Market and Corporate Performances: A Study of Selected Firms

2016 ◽  
Vol 4 (1) ◽  
Author(s):  
Joy Chakraborty ◽  
Partha Pratim Sengupta
Keyword(s):  
Market Share ◽  
Life Insurance ◽  
Market Concentration ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurers ◽  
Company Limited

In the pre-reform era, Life Insurance Corporation of India (LICI) dominated the Indian life insurance market with a market share close to 100 percent. But the situation drastically changed since the enactment of the IRDA Act in 1999. At the end of the FY 2012-13, the market share of LICI stood at around 73 percent with the number of players having risen to 24 in the countrys life insurance sector. One of the reasons for such a decline in the market share of LICI during the post-reform period could be attributed to the increasing competition prevailing in the countrys life insurance sector. At the same time, the liberalization of the life insurance sector for private participation has eventually raised issues about ensuring sound financial performance and solvency of the life insurance companies besides protection of the interest of policyholders. The present study is an attempt to evaluate and compare the financial performances, solvency, and the market concentration of the four leading life insurers in India namely the Life Insurance Corporation of India (LICI), ICICI Prudential Life Insurance Company Limited (ICICI PruLife), HDFC Standard Life Insurance Company Limited (HDFC Standard), and SBI Life Insurance Company Limited (SBI Life), over a span of five successive FYs 2008-09 to 2012-13. In this regard, the CARAMELS model has been used to evaluate the performances of the selected life insurers, based on the Financial Soundness Indicators (FSIs) as published by IMF. In addition to this, the Solvency and the Market Concentration Analyses were also presented for the selected life insurers for the given period. The present study revealed the preexisting dominance of LICI even after 15 years since the privatization of the countrys life insurance sector.

scholarly journals Mechanisms of Protection from Interest Rate Risk with Reference to the Life Insurance Market in Montenegro

2018 ◽  
Vol 7 (1) ◽  
pp. 17-42
Author(s):  
Milijana Novović Burić ◽  
Vladimir Kašćelan ◽  
Milivoje Radović ◽  
Ana Lalević Filipović
Keyword(s):  
Risk Management ◽  
Interest Rate ◽  
Life Insurance ◽  
Financial Management ◽  
Financial Stability ◽  
Interest Rate Risk ◽  
Economic Security ◽  
Insurance Market ◽  
Insurance Companies ◽  
Rate Risk

Abstract Insurance companies are facing major challenges that point to the need for control process and risk management. Risk management in insurance has a direct impact on solvency, economic security, and overall financial stability of insurance companies. It is very important for insurance companies to adequately calculate risks to which they are exposed. Asset liability management (ALM), as an integrated approach to financial management, requires simultaneous decision-making about categories and values of assets and liabilities in order to establish the optimum volume and the ratio of assets and liabilities, with the understanding of complexity of the financial market in which financial institutions operate. ALM focuses on a significant number of risks, whereby the emphasis in this paper will be on interest rate risk which indicates potential losses that may reflect in a lower interest margin, a lower value of assets or both, in terms of changes in interest rates. In the above context, the aim of this paper is to show how to protect from interest rate changes and how these changes influence the insurance market in Montenegro, both from the theoretical and the practical point of view. The authors consider this to be an interesting and very important topic, especially because the life insurance market in Montenegro is underdeveloped and subject to fluctuations. Also, taking into account the fact that Montenegro is a country that has been making serious efforts to join the EU, it is expected that insurance companies in Montenegro will strengthen their financial position in the market even using the ALM traditional techniques, which is shown in this paper.

scholarly journals Verifying Theoretical Concepts of Performance Management Framework

2018 ◽  
pp. 815-824
Author(s):  
Reno Renaldi Tibyan ◽  
Dermawan Wibisono ◽  
Mursyid Hasan Basri
Keyword(s):  
Performance Management ◽  
Balanced Scorecard ◽  
Single Case ◽  
Group Discussion ◽  
Theoretical Concepts ◽  
Management Framework ◽  
Verification Method ◽  
The Balanced Scorecard ◽  
Verification Process

Purpose – This paper aims to discuss the verification process of the theoretical concepts of the proposed performance management (PM) framework in practice. Design/methodology/approach – A case study based on a focus group discussion (FGD) method is used to describe the application a PM framework and the implementation of a PM system in a case organisation. Findings – The findings show that the case organisation has been applying the Balanced Scorecard framework and show that it needs to add some important aspects to the framework to support the better implementation of its PM system. Research limitations/implications – This paper is based on a single case study due to the need for an effective FGD in a selected organisation. Originality/value – The study drives the development of PM research in the use of a theoretical verification method to confirm the application of the theoretical concepts of PM framework in practice.

My address is the Soviet Union – or is it? Baltic identity in souvenir production within the Soviet discourse

2021 ◽  
pp. 135918352110524
Author(s):  
Triin Jerlei
Keyword(s):  
Soviet Union ◽  
Baltic States ◽  
Baltic Countries ◽  
The Soviet Union ◽  
Vernacular Culture ◽  
New Type ◽  
The 1960S ◽  
The Baltic ◽  
Local Materials

In the 1960s, tourism in the Soviet Union underwent radical changes. While previously the focus had been on showcasing the rapid modernization of the empire, this new type of tourism focused on introducing foreigners to the regional vernacular culture in the Soviet Union. As the number of tourists increased, the need for wider mass production of souvenirs emerged. This research focuses on the identity of souvenirs produced in Baltic states as a case study for identifying the existence and nature of regionalism within the Soviet system. This study found that within Baltic souvenir production, two separate types of identities manifested. Firstly, the use of national or vernacular symbols was allowed and even promoted throughout the Soviet Union. A famous slogan of the era was ‘Socialist in content, national in form’, which suggested that national form was suitable for conveying socialist ideals. These products were usually made of local materials and employed traditional national ornament. However, this research identified a secondary identity within the souvenirs manufactured in the Baltic countries, which was based on a shared ‘European past’. The symbol often chosen to convey it was the pre-Soviet Old Town, which was in all three states based on Western and Central European architectural traditions. This research suggests that this European identity validated through the use of Old Town as a recurring motif on souvenirs, distinguished Baltic states from the other regions of the Soviet Union. While most souvenirs manufactured in the Soviet Union emphasized the image of locals as the exotic ‘Other’, Baltic souvenirs inspired by Old Town conveyed the idea of familiarity to European tourists.

Diffusion of Innovations Theory

2010 ◽  
pp. 242-276
Author(s):  
Francisco Chia Cua ◽  
Tony C. Garrett
Keyword(s):  
Diffusion Of Innovations ◽  
Practical Knowledge ◽  
Single Case ◽  
Research Problem ◽  
Business Case ◽  
Diffusion Of Innovations Theory ◽  
Top Down ◽  
Upper Management ◽  
Complex Relationships

The literature review on case study design does not explain how the complex relationships (the issues) in a case study are identified. A top down approach, borrowing from argumentation theory, is a distinct contribution of this chapter which introduces the diffusion of innovations (DOI) as a research problem theory applied to the examination of a business case involving the replacement of enterprise systems by a large risk-averse public sector university in Australasia. The business case document is intended to diffuse the innovation to upper management for funding. But, there is a lack of diffusion study about the business case stage (the process) and the business case document (the outcome) as the construct that affects the innovation and its diffusion. A crucial component of the said diffusion research is designing the case study and mitigating the risks of theory-practice inconsistencies. Critical to mitigating that threat are the complex relationships (issues) that should be thoroughly identified. The context of the research provides experiential practical knowledge and analytical lenses to understand the essential components of a case study and the controversies affecting the rigour in the research design. This makes the top down approach of identifying the issues a good methodological base of designing a single-case study in a particular context. It can be useful to post-graduate and PhD students.

scholarly journals Pedagogical and learning theories and the improvement and development of lesson and learning studies

2015 ◽  
Vol 4 (3) ◽  
pp. 186-193 ◽  
Author(s):  
Ulla Runesson
Keyword(s):  
Design Methodology ◽  
Practical Knowledge ◽  
Point Of View ◽  
Learning Theories ◽  
Learning Study ◽  
Special Issue ◽  
Content Type ◽  
Theoretical Concepts

Purpose – It has been suggested that, if pedagogical and learning theories are integrated into lesson and learning study, a systematic construction of pedagogical knowledge is possible (Elliott, 2012). In this Special Issue, it is reported how theory and theoretical concepts can add value to lesson and learning study. The purpose of this paper is to introduce the Special Issue and explore the above concepts. Design/methodology/approach – This paper presents the Special Issue papers thematically and the main issues are discussed. Findings – Together the papers suggest that pedagogical theories and theorizing practice may contribute to the improvement of teachers’ practical knowledge and knowledge about teachers’ professional tasks and objects. Furthermore, some theories and theoretical concepts hitherto under-exploited in lesson and learning study are presented and discussed from the point of view how these might improve the quality of the studies. Originality/value – As a total, this collection of papers bring out issues about the role of pedagogical and learning theories and how these could inform lesson and learning study.

scholarly journals Trust – the Intangible Asset of Policyholder Behavior on Insurance Market

2016 ◽  
Vol 63 (s1) ◽  
pp. 125-136 ◽  
Author(s):  
Gabriela-Mihaela Mureşan ◽  
Gabriel Armean
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Positive Impact ◽  
Multiple Correspondence Analysis ◽  
Insurance Market ◽  
Insurance Companies ◽  
Intangible Asset ◽  
Computer Assisted ◽  
Initial Sample

Abstract Our analysis aims to identify the typology of consumers’ behavior on insurance market. The initial sample consisted of 1579 individuals who were randomly selected by Metro Media Transilvania (MMT) with the Computer-Assisted Telephonic Interview (CATI) method. Using the Multiple Correspondence Analysis (MCA) and logistic regression, we are showing that higher levels of trust, pleasant experiences, income and education have a positive impact on insurance development. This theoretical approach is relatively new as there are no specialized studies to investigate the intangible asset in insurance companies in Romania’s case. This article should help the insurers to understand the role of trust and the importance of pleasant experiences in selling financial services such as life insurance and voluntary private pension.

scholarly journals Stackelberg Equilibrium Premium Strategies for Push-Pull Competition in a Non-Life Insurance Market with Product Differentiation

Risks ◽  
2019 ◽  
Vol 7 (2) ◽  
pp. 49
Author(s):  
Søren Asmussen ◽  
Bent Jesper Christensen ◽  
Julie Thøgersen
Keyword(s):  
Differential Game ◽  
Product Differentiation ◽  
Life Insurance ◽  
Diffusion Approximation ◽  
Risk Process ◽  
Stackelberg Equilibrium ◽  
Insurance Market ◽  
Insurance Companies

Two insurance companies I 1 , I 2 with reserves R 1 ( t ) , R 2 ( t ) compete for customers, such that in a suitable differential game the smaller company I 2 with R 2 ( 0 ) < R 1 ( 0 ) aims at minimizing R 1 ( t ) − R 2 ( t ) by using the premium p 2 as control and the larger I 1 at maximizing by using p 1 . Deductibles K 1 , K 2 are fixed but may be different. If K 1 > K 2 and I 2 is the leader choosing its premium first, conditions for Stackelberg equilibrium are established. For gamma-distributed rates of claim arrivals, explicit equilibrium premiums are obtained, and shown to depend on the running reserve difference. The analysis is based on the diffusion approximation to a standard Cramér-Lundberg risk process extended to allow investment in a risk-free asset.

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