scholarly journals An Analysis on Attrition Rate and Job Satisfaction of Employees in Insurance Sector

2019 ◽  
Vol 13 (01) ◽  
Author(s):  
Srajan Kumar Singh ◽  
Arun Kumar Misra ◽  
Anil Kumar Awasthi
Keyword(s):  
Job Satisfaction ◽  
Insurance Industry ◽  
Lower Degree ◽  
Attrition Rate ◽  
Insurance Benefits ◽  
Insurance Sector ◽  
Great Responsibility ◽  
High Attrition Rate

Man has found out himself many things to make himself and his near dear ones happy. Insurance is one such invention of man. It is not just the reluctant entry and the periodical reminders for paying the premium and the last receipt of the claim money which may look large or a mere pittance depending upon the policy was in force earning handsome bonus or increase in capital. Insurance industry is one of the better tools to protect personal benefits as well as economical benefits to country. Insurance benefits society as a whole, not just who hold insurance. It is one of the largest industries in the field of employment too. Insurance industry has given employment to millions of employees. It has been well said that great achievements come with great responsibility and so with great ups and downs. This sector has witnessed high attrition rate and lower degree of job satisfaction in its employees. The purpose of this paper is to identify the factors causing these problems and to suggest some possible solutions.

High Attrition Rate Determinants: Case Study of the Malaysian ICT Sector

2017 ◽  
Vol 16 (03) ◽  
pp. 1750030
Author(s):  
Elsadig Musa Ahmed ◽  
Tan Khai Yang
Keyword(s):  
Job Satisfaction ◽  
Negative Relationship ◽  
Talent Management ◽  
Attrition Rate ◽  
Job Stability ◽  
Managerial Support ◽  
Job Opportunity ◽  
Ict Companies ◽  
High Attrition Rate

This study attempts to establish the factors determining high attrition rate for Information and Commiunication Technology (ICT) sector in Malaysia. The high attrition rate determinants include job opportunity, job stability, job satisfaction, managerial support and talent management. The sampling techniques for this study are based on purposive and non-probability approach where the sampling process only involved employees from ICT companies with Multimedia Supercorridor (MSC) status in Malaysia. The questionnaire has been delivered to 300 employees from local and multinational ICT companies with MCS status in Malaysia via email. Out of 300 questionnaires sent out, 115 questionnaires were received and 8 were not completed, thus the overall response rate for the study is 35.67%. Based on the result, four determinants (job opportunity, job stability, managerial support and talent management) were found having positive relationship with attrition rate for ICT sector in Malaysia. However, job satisfaction was found to be having a negative relationship with the attrition rate for ICT sector in Malaysia. This study identified the most important determinants that cause high attrition rate for ICT sectors in Malaysia. The findings of this study expected to help organisations in ICT sectors to have better guidance and clearer direction while implementing employee retention strategies to reduce the attrition rate.

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.

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.

AN EMPIRICAL STUDY OF INDIAN INSURANCE INDUSTRY POST GLOBAL FINANCIAL CRISIS

2015 ◽  
Vol 6 (01-02) ◽  
Author(s):  
Anis Ur Rehman ◽  
Yasir Arafat Elahi ◽  
Sushma .
Keyword(s):  
Financial Crisis ◽  
Global Financial Crisis ◽  
Insurance Industry ◽  
Primary Data ◽  
Policy Recommendations ◽  
Insurance Sector ◽  
The World ◽  
The Impact ◽  
The New Deal

India has recently emerged as a major political and economic power in the world. The financial crisis that engulfed the world in 2008 needed developing countries like India to lead the rescue and recovery, instead of G7 westerns countries who dealt with such crisis in the past. Recently, discussions and negotiations are going amongst G20 countries regarding a new global financial architecture (G-20 Summit, 2008). The outcome will affect the relevant industries in India and hence it is a public interest issue for the actuarial profession in the country. Increased and more intrusive and costly regulations and red tapes are likely to be a part of the new deal (Economic Survey 2009-10). The objective of this paper is to study the perception of higher level authorities in Insurance sector regarding the role of regulator in minimizing the impact of global financial crisis. The primary data has been collected from 200 authorities in insurance industry. The data has been analyzed with statistical tools like MS-Excel. On the basis of the findings, various measures and policy recommendations for insurers have been suggested to minimize the impact of crisis.

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.

IndiaFirst Life Insurance: Planning Next-Level Growth by Corporate Entrepreneurship

2021 ◽  
pp. 097226292110109
Author(s):  
Amarpreet Singh Ghura ◽  
Abhishek
Keyword(s):  
Human Resource ◽  
Life Insurance ◽  
Insurance Industry ◽  
Corporate Entrepreneurship ◽  
Business Leader ◽  
Insurance Sector ◽  
Human Resource Policies ◽  
Life Insurance Industry ◽  
Customer Delight ◽  
Annual Premium

IndiaFirst Life Insurance (IFLI) became the 23rd entrant in India’s life insurance industry by launching its operations in November 2009 (IndiaFirst Life Insurance, 2015). IFLI went on to break-even within 6 years of its inception by declaring maiden profits in FY 2015–2016 (IndiaFirst Life Insurance, 2015). The company stated its vision as—‘To become a Life Insurance and Pension business leader that provides significant value to all its stakeholders enabling a true customer delight’ (IndiaFirst Life Insurance, 2015). In order to implement its vision, IFLI worked its human resource policies and processes around the ‘Employees First’ approach (IndiaFirst Life Insurance, 2015). These processes had helped IFLI to become the fastest-growing company in the life insurance sector, and it was ranked 12th amongst the private insurers in terms of market ranking in individual annual premium equivalent for FY 2016–2017 ( Times of India, 2017). The company aimed to become a top 10 life insurance provider in the next few years in India in terms of retail premium business ( Times of India, 2017).

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.

Application of the Extended Gompertz Model in Analyzing Insurance Growth

2020 ◽  
Vol 11 (1) ◽  
pp. 9
Author(s):  
Leonard MUSHUNJE ◽  
Maxwell MASHASHA
Keyword(s):  
Economic Development ◽  
Statistical Analysis ◽  
South African ◽  
Insurance Industry ◽  
Gompertz Model ◽  
Growth Function ◽  
Growth Patterns ◽  
Cumulative Distribution ◽  
Insurance Sector ◽  
Cumulative Function

The South African insurance sector is experiencing a positive growth as the nation is on high quality economic growth and development. However, there is little attention with regards to research on the growth analysis, hence the researchers aim to bridge the gap by analyzing the growth using a mathematically based approach. To verify the wide spread phenomenon behind insurance growth an extended Gompertz model (EGM) which is a member of the unified Richards family was used. The quantitative approach by means of functional limits, the cumulative distribution approach, initial value problem (IVP) and the qualitative derivative approach were used to fully analyze the model. We managed to derive a cumulative function was derived which can be used to estimate the number of insurance growth indicators. The maximum carrying capacity of an insurance industry was estimated using the IVP which in our case is time dependent hence does not concur with other Gompertz related works. Using both the qualitative and derivative approach, a growth function which produced the same pattern with the original Gompertz curve with K(t) as the asymptotically stable and non-constant growth limit were deduced. Hence we can conclude that the growth of insurance sectors does follow a sigmoid shape with non-constant maturity levels. Lastly, we performed a statistical analysis of the nexus between insurance sector growth and economic development using GDP and insurance indicators (net premiums) data. From the statistical analysis done the results showed a positive relationship between the two. This showed that, insurance sector indeed plays a significant role towards economic development and as such their growth patterns should be well attended.

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