scholarly journals Assessing Financial Resource Capability on Insurance Claims Management in Nigeria: The Moderating Role of Information Technology

2020 ◽  
Vol 13 (46) ◽  
pp. 279-291
Author(s):  
Osa Abraham Ehiorobo
Keyword(s):  
Information Technology ◽  
Insurance Industry ◽  
Sampling Technique ◽  
Study Data ◽  
Financial Resource ◽  
Insurance Companies ◽  
Financial Resources ◽  
Insurance Sector ◽  
Survey Strategy ◽  
Claims Management

Abstract This study examines the extent to which financial resource capability impacts claims management in the Nigerian insurance industry and also attempts to determine if this process is moderated by information technology. Given the numerous litigations arising from claims default, the Nigerian insurance sector has earned itself a bad reputation with the consequent customer apathy. However, it is also noteworthy that most of these insurance companies do not appear to possess the financial capacity to meet claims obligations as they arise, perhaps, due to low capitalisation, poor risk assessment and solvency constraints. The research is a quantitative design that utilises the survey strategy. It is predicated on a philosophical foundation of positivism and ontological orientation of objectivism. 17 insurance companies were included in the study using the stratified sampling technique. 280 questionnaires were distributed to the 17 sampled companies out of which 235 were returned and found usable for the study. Data was analysed using the Andy Hayes Process v3.3 for regression. Findings from the study revealed that financial resources and information technology have statistically significant relationship with claims management but the relationship between financial resources and claims management is not significantly moderated by information technology.

scholarly journals THE NIGERIAN INSURANCE INDUSTRY COMPETITIVE ADVANTAGE: THE ROLE OF INNOVATION CAPABILITY

2021 ◽  
pp. 059
Author(s):  
Sunday Abayomi Adebisi ◽  
Joyce M. Odiachi ◽  
Abdul-Hammed A. Sulaimon
Keyword(s):  
Competitive Advantage ◽  
Insurance Industry ◽  
Sampling Technique ◽  
Insurance Companies ◽  
Primary Data ◽  
Innovation Capability ◽  
Cross Sectional ◽  
Insurance Sector ◽  
Multistage Sampling

Emerging technologies have given rise to greater opportunities within the insurance sector with innovations upturning the traditional business model. This study examined competitive advantage and the relationship with innovation capability in Nigerian insurance sector. Employing a cross sectional research design, the study utilised primary data obtained from selected insurance companies through the use of a structured questionnaire. Multistage sampling technique was used and data collected was analysed using regression analysis. The findings revealed innovation capability had a significant influence on competitive advantage. The study concluded that there was a need to pay attention to this capability with a capacity to boost the activities of the industry and recommendations were made.

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.

INDUSTRIAL LINKAGE STRATEGIES AND THEIR ROLE IN BRIDGING THE EMPLOYABILITY GAP IN INSURANCE SECTOR

2022 ◽  
Vol 6 (2) ◽  
pp. 31-37
Author(s):  
Ben Kajwang
Keyword(s):  
Insurance Industry ◽  
Insurance Companies ◽  
High Tech ◽  
Journal Articles ◽  
Inclusion Criteria ◽  
Insurance Sector ◽  
Emerging Trends ◽  
Critical Skills ◽  
Talent Strategy ◽  
Increase In Productivity

Purpose: Industrial linkage strategies are necessary in any industry since they promote development of new products and technologies and access to new capabilities.The objective of this study is to identify the industrial linkage strategies and their role in bridging the employability gap in the insurance sector. The purpose of the study is to enable the readers understand  the emerging trends in the insurance industry that help to bridge the employability gap and the innovative programs and approaches that foster youth employability. Methods: A desktop literature review was used for this purpose. Relevant seminal references and journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over five years old. Conclusions: The study concluded that some of the industrial linkage strategies that have reduced the employability gap include; use of high-tech programs, the hierarchy of critical skills and industrial talent strategy. Their role in bridging the employability gap in the insurance sector has resulted in increase in productivity among employers and employees in the insurance sector. Recommendations: The study recommended that insurance companies should incorporate and partner the high- tech companies who are more digitized, reinvent their workforce models and come up with training programs to nurture and equip their employees with top talent and adaptable skills.

Industry 4.0 and Its Effects on the Insurance Sector

2020 ◽  
pp. 251-266
Author(s):  
İsmail Yıldırım
Keyword(s):  
Industry 4.0 ◽  
Industrial Revolution ◽  
New Technologies ◽  
Production Systems ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Daily Lives ◽  
Insurance Sector ◽  
Organization And Management ◽  
Production Order

Industry 4.0 defines the fourth industrial revolution, a new level in the organization and management of products and production systems. This cycle consists of services that include the entire chain, including individualized customer requests, product development, production order, distribution, and recycling to the end user. One of the most important preconditions for the realization of the Industry 4.0 revolution is that companies have completed their digital transformations. New technologies and digitalization have brought a new understanding of insurance. Insurance companies are focused on four areas such as big data, artificial intelligence, internet of objects, and blockchain in the changing world. With the changing habits of consumers in their daily lives, new generation insurance needs emerged. The introduction of a new era shaped by the insurance industry with new products, services, competitors, and customer expectations will have various effects. This chapter describes how Industry 4.0 transforms the insurance sector.

Envisaging Business Integration in the Insurance Sector

2011 ◽  
pp. 1412-1419
Author(s):  
Silvina Santana ◽  
Vítor Amorim
Keyword(s):  
Communication Systems ◽  
Information Science ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Accurate Information ◽  
Electronic Business ◽  
Insurance Sector ◽  
New Business ◽  
Information And Communication ◽  
Potential Benefits

Data, information and knowledge are the heart of the insurance business. Each policy is composed of a set of data that can vary substantially. Risk management is a complex process that implies the availability of rich and accurate information and knowledge. In our fast moving world, connectivity and articulation between insurance industry players is therefore mandatory. Information and communication systems and technology (ICST) can provide this connectivity, allowing insurance partners to become closer and able to reach better negotiation, reducing response time and costs and probably creating new business opportunities (Strazewski, 2001). Insurance intermediaries (brokers and agents) are important players in this scenario. They act as consultants operating independently from insurance companies, being specialists in providing services to their clients, gathering the best solutions thanks to their vast knowledge of insurance companies’ products. Consequently, they achieve the best insurance contracts at the least cost (APROSE, 2005a, 2005b). Being a great value-adding activity, insurance mediation is also very complex. To operate in an effective and efficient way, intermediaries need to establish a good connection with all entities in the industry and electronic business can help insurance intermediaries’ business model in both business- to-business (B2B) and business-to-consumer (B2C) dimensions. In B2B, intermediaries establish relations with insurance companies, agents, banks and official entities. In B2C, intermediaries establish relations with their clients, giving them all the necessary assistance in a customized and fast way, since the first contact and during the policy’s whole life cycle, offering the best solutions according to their needs. However, in spite of all the apparent and potential benefits, intermediaries are not grasping all the advantages that electronic business can provide. This definitely relates to a very important issue, the integration level between the different players’ information systems. Analysing the situation from the intermediary perspective, this article exposes the problems faced by intermediaries and insurance companies all over the world when trying to integrate their business electronically and how these can be overcome so that partners can fully benefit from the opportunities here identified. The methodology used includes a deep case study involving a Portuguese intermediary having a significant level of integration with an insurance company. Results are compared with situations reported in other countries, leading to the conclusion that most of the problems and barriers here identified are being experienced worldwide. Conclusions bring significant implications for information science and technology (IS&T) and add important contribution and knowledge to research in this area.

Anti-Money Laundering in the Insurance Sector

2021 ◽  
pp. 108-127 ◽  
Author(s):  
İsmail Yıldırım ◽  
Abdul Rafay
Keyword(s):  
Money Laundering ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Proceeds Of Crime ◽  
Compliance Program ◽  
Main Components ◽  
Day By Day ◽  
Compensation Payments

The insurance sector mainly consists of insurance companies, insurance agencies, brokers, and reinsurers. For many years, false damages, without being linked to money, have undoubtedly been the most attractive aspect of the insurance industry. However, for quite some time, the insurance sector is also used by money launders to launder crime revenues due to the increasing volume of money transactions day by day. In order to mitigate the risk of money laundering, the insurance sector in Turkey is implementing the compliance program of Turkish Law No: 5549 on “prevention of laundering proceeds of crime.” The main components of this compliance program are the identification of the customers and reporting of suspicious transactions. It is concluded that the risk of money laundering should also be considered during damages and compensation payments, especially in life and pension companies. Policy and contract cancellations should be periodically reviewed, and the reasons for cancellations should be documented well.

Intelligence and its impact on managerial effectiveness and career success (evidence from insurance sector of Pakistan)

2016 ◽  
Vol 35 (4) ◽  
pp. 505-516 ◽  
Author(s):  
Usman Aslam ◽  
Muhammad Ilyas ◽  
Muhammad Kashif Imran ◽  
Ubaid Rahman
Keyword(s):  
Career Success ◽  
Cultural Intelligence ◽  
Sampling Technique ◽  
Simple Random Sampling ◽  
Insurance Companies ◽  
Managerial Effectiveness ◽  
Job Outcomes ◽  
Content Type ◽  
Cognitive Intelligence ◽  
Insurance Sector

Purpose – The purpose of this paper is to investigate the theoretical linear model on intelligence, i.e. emotional, social, cognitive, and cultural intelligence and its impact on managerial effectiveness and career success in the perspective of insurance sector of Pakistan. Design/methodology/approach – Data collected from 202 managers of insurance companies by using structured questionnaires’ and simple random sampling technique. Multiple regression analysis has used to check the simultaneous effect of multiple types of intelligence on managerial job outcomes. Findings – The results of research revealed that emotional, social, and cognitive intelligence have positive effect on managerial effectiveness and career success. Emotional intelligence is one of the strongest predictor that has significant impact of managerial effectiveness compared to other types of intelligence. Conversely, cultural intelligence has insignificant relation with managerial effectiveness and career success. There are very rare studies conducted to explore the role of multiple types of intelligence to improve managerial job outcomes in the context of insurance sector. This study proved that the transformation of business from production era to relationship-based era increases the importance of multiple types of intelligence to become an effective manager. Research limitations/implications – Moreover, this study contributes in theoretical literature and explores new dimensions for future researchers, practitioners’, and management consultants to recognize the effectiveness of intelligence especially in services sector organizations. Data collected from one sector and by using one point of time raised the issue of common method variance and causality. Originality/value – This study has examined the overarching model on intelligence. Researchers did not find a single study that has addressed the multiple types of intelligence and its impact on managerial outcomes in the perspective of insurance sector.

scholarly journals Impact of Authentic Leadership Style on Job Satisfaction: Case of Insurance Sector in Bosnia and Herzegovina

2019 ◽  
Vol 9 (1) ◽  
pp. 299
Author(s):  
Ajana Sakic ◽  
Nereida Hadziahmetovic ◽  
Natasa Tandir
Keyword(s):  
Job Satisfaction ◽  
Bosnia And Herzegovina ◽  
Leadership Style ◽  
Authentic Leadership ◽  
Insurance Industry ◽  
Business Environment ◽  
Insurance Companies ◽  
Job Commitment ◽  
Insurance Sector ◽  
Employees Satisfaction

Managing good employees in the current competitive business environment is one of the difficulties an organization is facing in order to accomplish their objectives. Having in mind that employees’ feelings, spirit regarding the job, commitment and engagement are among the biggest factors that should never be overlooked by the organization. All of these factors as well as their reactions to various aspects of the job and organization will seriously affect employees’ performance, involvement and engagement. Organizational leadership is one of the vital factors in all organizations as well as one of the key strategies to accomplish this purpose. This research inspects and tests the influence of authentic leadership style on employees’ satisfaction with their jobs in insurance companies from Bosnia and Herzegovina. Many industries and organizations, in particular the insurance industry, can benefit by this research with different advantages: learn about the enhancement and advantages of authentic leadership, suggestions for workers fulfillment and how authentic leadership can impact employees’ motivation and engagement. Regression analysis was conducted to test the hypothesis. Results indicate that authentic leadership style has significant effect on employees’ job satisfaction.

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 Effects of Underwriting and Claims Management on Performance of Property and Casualty Insurance Companies in East Africa

2017 ◽  
Vol 13 (13) ◽  
pp. 358
Author(s):  
Caren B. Angima ◽  
Mirie Mwangi
Keyword(s):  
Financial Performance ◽  
East Africa ◽  
Management Practices ◽  
Linear Regression Analysis ◽  
Secondary Data ◽  
Multiple Linear Regression Analysis ◽  
Insurance Companies ◽  
Insurance Sector ◽  
General Insurance ◽  
Claims Management

The insurance sector plays an important role in service economy of any country by underwriting of risks inherent in most sectors thus providing a sense of peace to most economic entities. Performance of general insurance companies is expected to be related to various factors, including optimal underwriting and prompt and efficient claims management functions. This study investigated the effect of underwriting and claims management practices on the performance of general insurance firms in East Africa. The study employed multiple linear regression analysis using primary and secondary data collected from 82 general insurers in Kenya, Uganda and Tanzania. The findings show that there is a significant positive relationship between underwriting and claims management practices employed by the firms and non-financial performance, but the relationship with financial performance was insignificant. The implication is that a profit oriented insurance firm should embrace a claims function that is closely related with the underwriting and pricing of the firm’s portfolio for meaningful results. It is recommended that general insurance companies focus on other important factors besides underwriting and claims management order to improve overall financial performance.

Sign in / Sign up

Export Citation Format

Share Document