scholarly journals The Effect of Marketing Deceptive Practices on the Organizational Mental Image from Customer Viewpoint (Analytical Study of the Insurance Industry)

2019 ◽  
Vol 27 (2) ◽  
pp. 44-66
Author(s):  
Majed Abdul Amir Mohsen ◽  
Ahmad Abdul Reda Enad
Keyword(s):  
Insurance Industry ◽  
Mental Image ◽  
Service Marketing ◽  
Marketing Mix ◽  
Insurance Market ◽  
Insurance Companies ◽  
The Impact ◽  
The Relationship ◽  
Important Activity

This study aimed to address the concept of deceptive marketing in the most important activity of companies, i.e., marketing, which is the lifeline on which companies depend on the process of financing and product selling. Additionally, through marketing, companies can communicate directly with customers, and this activity includes marketing practices that are deceptive or misleading. The study dealt with the presentation of the components of the marketing mix, and how each component can include deceptive or misleading practices. Marketers practice customer manipulation with the intention of changing customers' behavior and attitudes towards achieving the greatest possible profit in lesser time. With the spread of marketing deception and marketing fraud in various areas, the phenomenon is growing not only in product marketing but also in service marketing, especially insurance services, as many marketers and sales representatives believe that success and profit-making are associated with those practices. The study addressed many factors facilitating these practices, as well as the ways in which marketing deception is practiced and the impact of such practice on the perceptions that form in the minds of customers about companies. One of the most important objectives of the study was to substantiate the relationship between the dimensions of marketing deception and the dimensions of the mental image of the organization by relying on the statistical analysis of the initial data of the study, which was collected through questionnaire that was prepared for this purpose and distributed to a random sample of 225 customers of insurance companies operating in the insurance market in Iraq.   The most important findings of the study show that deceptive marketing practiced through the service marketing mix, among other dimensions, affects the mental image that the customers hold towards the organization in negative and varying ways. This study presents a number of recommendations, the foremost of which is the necessity of educating marketers and companies about the negativity of deceptive practices on the company in the long term, as well as paying attention to the mental image held by customers towards the insurance companies because of its impact on the formation of positive impressions towards the company, and thus increasing market share of the company through its reputation in the insurance  market .  

scholarly journals The Main Features of the Modern World Market of Insurance Services

2021 ◽  
Vol 4 (519) ◽  
pp. 36-41
Author(s):  
K. V. Drymalovska ◽  
◽  
R. O. Kyryliuk ◽  
Keyword(s):  
Western Europe ◽  
Insurance Industry ◽  
World Market ◽  
Insurance Market ◽  
Insurance Companies ◽  
Modern World ◽  
The World ◽  
Effective Policy ◽  
Main Components ◽  
The Impact

As competition in international and national markets intensifies, it is important to create a system to protect economic actors from potential threats and adverse factors. To solve these issues, it is necessary to ensure the effective functioning of the insurance market, which is one of the important components of financial security. Without the developed insurance market, it will be impossible to ensure the social and economic progress of the country, its corporate security, welfare etc. The current state of the world insurance market has certain features, which makes it possible to adapt to the change of the modern world and improve the work of the insurance industry. To create a clear insurance market, it is necessary to develop an effective policy as to the insurance activities of both the insurer and the reinsurers, as well as to establish solvency insurance systems. The development of the insurance market is accompanied by many economic, regulatory, organizational, methodological and personnel issues. The publication is aimed at studying and distinguishing the peculiarities of development of the world market of insurance services. On the basis of studying the works of scholars, the main features of the modern insurance market are provided; key signs of the insurance industry are presented; statistical information on trends in the insurance market development during 2019 in the following regions: North and Latin America, Western Europe, Asia, European developing countries. The impact of COVID-19 on the state of the insurance industry in Europe has been characterized. As result of studying the key trends in the future development of the insurance market, the main components that are necessary for the formation of an effective policy of insurance companies in the context of COVID-19 have been formed as follows: digitalization, innovation, analytics, feedback.

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.

Intellectual capital and profitability in an emerging insurance market

2017 ◽  
Vol 33 (1) ◽  
pp. 2-19 ◽  
Author(s):  
Nicholas Asare ◽  
Abdul Latif Alhassan ◽  
Michael Effah Asamoah ◽  
Matthew Ntow-Gyamfi
Keyword(s):  
Intellectual Capital ◽  
Value Added ◽  
Ordinary Least Squares ◽  
Insurance Market ◽  
Insurance Companies ◽  
Content Type ◽  
Life Insurers ◽  
Main Driver ◽  
The Impact ◽  
The Relationship

Purpose The purpose of this paper is to examine the relationship between intellectual capital (IC) and profitability of insurance companies in Ghana. Design/methodology/approach Data on 36 life and non-life insurance companies from 2007 to 2011 are employed to estimate the value added intellectual coefficient of Pulic (2004, 2008). Using return on assets and underwriting profit as indicators of profitability, the ordinary least squares panel corrected standard errors of Beck and Katz (2005) is used in estimating the relationship in the presence of serial correlation and heteroskedasticity. Leverage, underwriting risk and insurers’ size are used as control variables. Findings Non-life insurers have high IC performance comparative to life insurers. This study finds a significant positive relationship between IC and profitability of insurers in Ghana while human capital efficiency is the main driver of insurers’ IC performance. Practical implications The study discusses relevance of IC for management of insurance companies in Ghana and other emerging insurance markets in Africa. Originality/value This appears to be the first study to examine the impact of IC on profitability of a developing insurance market in Africa.

scholarly journals Effective Factors of Service Marketing Mix on Tourist Satisfaction: A Case Study

2019 ◽  
Vol 15 (7) ◽  
pp. 1 ◽  
Author(s):  
Mahfuzur Rahman ◽  
Mohammad Shariful Islam ◽  
Md. Al Amin ◽  
Rebaka Sultana ◽  
Md. Imran Talukder
Keyword(s):  
Measurement Techniques ◽  
Service Marketing ◽  
Marketing Mix ◽  
Decision Makers ◽  
Tourist Satisfaction ◽  
Research Gap ◽  
Relationship Of ◽  
The Impact ◽  
The Relationship

The core goal of the study is to examine the relationship between the service marketing mix and tourist satisfaction. The study also attempted to measures the impact of each element of service marketing on tourist satisfaction at Ahsan Manzil in Bangladesh. In order to attain the goal of the research, a good number of extant literature was reviewed and a structured questionnaire was developed to meet the research gap. Based on the studied variables non probabilistic convenience sampling method used to collect data from a sample of 250 respondents who visited the place and seven causal hypothesize was developed. Statistical measurement techniques employed for the study are descriptive, correlation, regression, ANOVA used and cronbach alpha measured the internal consistency of variables. Data analysis executed by using SPSS 20.0. The findings of the study revealed a positive linear relationship of all variables with tourist satisfaction except promotional activities. The novelty of the paper is that it exhibited the consequences of tourists’ satisfaction and dissatisfaction to guide decision-makers and to keep the specific focus on promotional activities.

scholarly journals INSURANCE MARKET: PANDEMIC STRATEGY AND FORECAST FOR THE FUTURE

2021 ◽  
pp. 61-67
Author(s):  
Наталья Олеговна Козырева
Keyword(s):  
Working Conditions ◽  
Russian Federation ◽  
Insurance Industry ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Premiums ◽  
The Future ◽  
The Russian Federation ◽  
The Impact

В статье рассматривается влияние пандемии COVID19 на страховой рынок России в 2020 г. с прогнозом на 2021 г. Основной целью является исследование влияния пандемии короновируса на страховую отрасль, основные задачи: 1) проанализировать показатели по сборам страховой премии за 2020 г.; 2) рассмотреть способы адаптации страховых компаний к новым условиям работы; 3) выявить тенденции и сделать прогноз развития рынка страховых услуг на 2021 г. Объектом исследования является: страховой рынок, предметом - особенности работы страховщиков во время пандемии COVID19. Научная новизна заключается в исследовании деятельности страховщиков в РФ в условиях пандемии, снижения продаж, дистанционной работы. The article examines the impact of the COVID19 pandemic on the Russian insurance market in 2020 with a forecast for 2021. The main goal is to study the impact of the coronavirus pandemic on the insurance industry, the main tasks are: 1) to analyze the indicators on the collection of insurance premiums for 2020; 2) consider ways of adapting insurance companies to new working conditions; 3) identify trends and forecast the development of the insurance market in 2021. The object of the study is the insurance market and peculiarities of the work of insurers during the COVID19 pandemic. The scientific novelty lies in the study of the activities of insurers in the Russian Federation in the context of a pandemic, declining sales, teleworking.

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.

scholarly journals Future investment value of China’s listed life insurance companies’ H shares from the perspective of secondary market

2020 ◽  
Vol 218 ◽  
pp. 04012
Author(s):  
Lixin Yang
Keyword(s):  
Interest Rate ◽  
Life Insurance ◽  
Insurance Industry ◽  
Secondary Market ◽  
Insurance Companies ◽  
Market Demand ◽  
Life Insurance Industry ◽  
The Future ◽  
The Impact

China’s life insurance industry has just started in the 1990s after the reform and opening up, and its development experience is obviously insufficient, and it has not gone through a very complete life insurance development cycle. No matter from the actuarial technology, the professional level of the agent, the popularization time of the agent system, or the management experience, it is far from the developed areas of the world’s life insurance industry. In addition, many professional investors are worried about the future prospects of China’s life insurance industry because of the long-term existence of a low interest rate environment. However, after reading detailed materials (research papers, books, reviews, etc.), the final conclusion of this report is different from that of other too cautious investors . This report holds that: the current situation and prospect of China’s life insurance H shares meet the conditions of Davis double-click, and the main investors in the secondary market will encounter a unique opportunity to obtain excess returns by investing in domestic insurance H shares. On the level of objective factors, we analyze from the following four aspects: (I) the potential demand for life insurance in China will continue to increase significantly in the future; (II) most of the representative life insurance companies in China have low valuations; (III) the possible style switching in China’s secondary market is conducive to the rise of blue chips such as life insurance companies; (IV) from the long-term perspective of history, the insurance index has significantly outperformed the Shanghai Composite Index, which represents the market. In terms of subjective factors, we consider them from the following four perspectives: (I) the development and problems of life insurance industry in Japan and Taiwan; (II) on the liability side, China’s life insurance industry vigorously develops new products with high business value, so as to resist the impact of low interest rates; (III) the diversification of asset allocation at the investment end of China’s life insurance industry can make the profit of life insurance industry not limited by the interest rate; (IV) the change of service quality at the supply side is conducive to the life insurance companies to tap the potential market demand in China.

scholarly journals Insurance Companies and the Efficiency of Financial Intermediation in Nigeria

2019 ◽  
Vol 1 (1) ◽  
pp. 21-33
Author(s):  
Demehin James Adeniyi ◽  
Adewole Joseph Adeyinka ◽  
Iyodo Babayaro
Keyword(s):  
Financial Intermediation ◽  
Insurance Industry ◽  
Financial System ◽  
Secondary Data ◽  
Insurance Companies ◽  
Insurance Claims ◽  
Vital Part ◽  
The Impact ◽  
The Relationship ◽  
Insurance Expenditure

The study examined the relationship between insurance companies and financial intermediation in Nigeria.The insurance industry is a vital part of the entire financial system. Apart from commercial banks, insurance companies contribute significantly to financial intermediation of the economy. Despite the fact that insurance companies are vital part of Nigerian financial system, Nigerian insurance companies have been struggling to meet up with their objective of enhancing sound financial intermediation efficiency. The objective of this study is to examine the relationship between Total insurance claims and Total insurance Income, Total insurance expenditure in order to determine the impact of insurance companies on financial intermediation efficiency in Nigerian insurance sector.This study relied basically on secondary data which are obtained from Central Bank of Nigeria statistical bulletin (CBN) and National Insurance Commission (NAICOM) annual report.The method of data analysis employed to achieve the stated objective is multiple regression analyses. It was revealed that there exist a positive or strong correlation between the dependent variable and independent variable in the insurance efficiency equation. Independent variables has been found as an increasing function of Dependent variable, this means that there is an increase in the level at which insurance companies fulfil their customers claims. It was also discovered that the parameter of total insurance income and other insurance expenditure in relationship with total insurance claim is statistically significant. The study therefore recommends that policies should be formulated to address firm-specifics and macroeconomic fundamentals that will drive down the high wedge between total insurance claims and total insurance income to further strengthen the efficiency of financial intermediation which will impact positively on economic growth. The study also recommends that there is need to strengthen the supervisory framework to curb tendencies for rent seeking behaviour of insurance company’s management.

scholarly journals Insurance Companies and the Efficiency of Financial Intermediation in Nigeria

2019 ◽  
pp. 21-33
Keyword(s):  
Financial Intermediation ◽  
Insurance Industry ◽  
Financial System ◽  
Secondary Data ◽  
Insurance Companies ◽  
Insurance Claims ◽  
Vital Part ◽  
The Impact ◽  
The Relationship ◽  
Insurance Expenditure

The study examined the relationship between insurance companies and financial intermediation in Nigeria. The insurance industry is a vital part of the entire financial system. Apart from commercial banks, insurance companies contribute significantly to financial intermediation of the economy. Despite the fact that insurance companies are vital part of Nigerian financial system, Nigerian insurance companies have been struggling to meet up with their objective of enhancing sound financial intermediation efficiency. The objective of this study is to examine the relationship between Total insurance claims and Total insurance Income, Total insurance expenditure in order to determine the impact of insurance companies on financial intermediation efficiency in Nigerian insurance sector.This study relied basically on secondary data which are obtained from Central Bank of Nigeria statistical bulletin (CBN) and National Insurance Commission (NAICOM) annual report.The method of data analysis employed to achieve the stated objective is multiple regression analyses. It was revealed that there exist a positive or strong correlation between the dependent variable and independent variable in the insurance efficiency equation. Independent variables has been found as an increasing function of Dependent variable, this means that there is an increase in the level at which insurance companies fulfil their customers claims. It was also discovered that the parameter of total insurance income and other insurance expenditure in relationship with total insurance claim is statistically significant. The study therefore recommends that policies should be formulated to address firm-specifics and macroeconomic fundamentals that will drive down the high wedge between total insurance claims and total insurance income to further strengthen the efficiency of financial intermediation which will impact positively on economic growth. The study also recommends that there is need to strengthen the supervisory framework to curb tendencies for rent seeking behaviour of insurance company’s management.

Risk Attitude and Corporate Investment under Output Market Uncertainty: Evidence from The Mekong River Delta, Vietnam

2016 ◽  
pp. 59-70
Author(s):  
Ninh Le Khuong ◽  
Nghiem Le Tan ◽  
Tho Huynh Huu
Keyword(s):  
Negative Relationship ◽  
Risk Attitude ◽  
Business Strategies ◽  
Risk Averse ◽  
Market Uncertainty ◽  
Firm Investment ◽  
Output Market ◽  
The Impact ◽  
The Relationship

This paper aims to detect the impact of firm managers’ risk attitude on the relationship between the degree of output market uncertainty and firm investment. The findings show that there is a negative relationship between these two aspects for risk-averse managers while there is a positive relationship for risk-loving ones, since they have different utility functions. Based on the findings, this paper proposes recommendations for firm managers to take into account when making investment decisions and long-term business strategies as well.

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