scholarly journals THE ROLE OF COLLECTIVE RISK MODELING PROCESSES AND RELATED APPLICATIONS IN MANAGING INTERNATIONAL INSURANCE COMPANIES

2021 ◽  
pp. 67-78
Author(s):  
Mohamed Daab Taha
Keyword(s):  
Modeling Processes ◽  
Insurance Companies ◽  
Risk Modeling ◽  
Collective Risk

E-Risk Insurance Product Design

2009 ◽  
pp. 64-72
Author(s):  
Arunabha Mukhopadhyay ◽  
Samir Chatterjee ◽  
Debashis Saha ◽  
Ambuj Mahanti ◽  
Samir K. Sadhukhan
Keyword(s):  
Joint Probability ◽  
Bayesian Belief Network ◽  
Intrusion Detection Systems ◽  
Insurance Companies ◽  
Risk Modeling ◽  
Financial Loss ◽  
Detection Systems ◽  
Collective Risk ◽  
Online Business ◽  
Risk Insurance

An online business organization spends millions of dollars on firewalls, anti-virus, intrusion detection systems, digital signature, and encryption, to ensure minimal security breach. Nonetheless, a new virus or a clever hacker can easily compromise these deterrents, resulting in losses to the tune of millions of dollars annually. To minimize the financial loss, we propose that online businesses should invest in e-risk insurance products as a complementary alternative, above the network security appliances. In this work, we develop a Copula aided Bayesian Belief Network (CBBN) model, to assist insurance companies to design e-insurance products. The CBBN model does an e-vulnerability assessment (e-VA) and e-risk quantification (e-RQ). We first draw a casual diagram (BBN) stating the probable reason for security failure in an organization. We assume the marginal distributions for each of the nodes of the diagram. Using the CBBN model we compute the joint probability of the constituent nodes of the BBN. Next the conditional probability of each of the occurrences of the malicious event is arrived at. We then assume a loss distribution, and using the principles of collective risk modeling, we arrive at the expected severity of the attack. The e-risk insurance companies compute the premium, by charging an extra (i.e., overloading and contingency loading), over the expected severity of attack.

Managing uncertainty in a general insurance company

1990 ◽  
Vol 117 (2) ◽  
pp. 173-277 ◽  
Author(s):  
C. D. Daykin ◽  
G. B. Hey
Keyword(s):  
Computer Model ◽  
Flow Model ◽  
Insurance Companies ◽  
Simulation Methods ◽  
Insurance Company ◽  
Practical Applications ◽  
General Insurance ◽  
Alternative Approaches ◽  
The Impact

AbstractA cash flow model is proposed as a way of analysing uncertainty in the future development of a general insurance company. The company is modelled alongside the market in aggregate so that the impact of changes in premium rates relative to the market can be assessed. An extensive computer model is developed along these lines, intended for use in practical applications by actuaries advising the management of genera1 insurance companies. Simulation methods are used to explore the consequences of uncertainty, particularly in regard to inflation and investments. Some comments are made on the role of actuaries in general insurance. Alternative approaches to describing the behaviour of an insurance firm in the market are considered.

The Appointed Actuary.

1987 ◽  
Vol 41 ◽  
pp. 559-629
Author(s):  
Edward A. Johnston
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Self Regulation ◽  
Professional Role ◽  
The Self ◽  
Insurance Companies ◽  
Prudential Supervision ◽  
Government Supervision ◽  
The Uk

1.1 A paper about the Appointed Actuary is essentially a paper about prudential supervision of life insurance companies. The system which has operated in the UK since the mid-1970's is only partly one of Government supervision. Through the professional role of the Appointed Actuary, it also contains elements of a system of self-regulation with the Institute and Faculty of Actuaries standing in place of SRO's. Unlike the self-regulatory arrangements of the Financial Services Act. though, this second part of the system has grown up by custom and practice and in certain respects it is not codified. However it enables the Insurance Companies Act to be operated successfully.

The Role of Pricing Research in Assessing the Commercial Potential of New Drugs in Development

2002 ◽  
Vol 44 (4) ◽  
pp. 1-23
Author(s):  
David Luery ◽  
David Hanlon
Keyword(s):  
Decision Making ◽  
Life Cycle ◽  
New Drugs ◽  
Insurance Companies ◽  
Commercial Potential ◽  
Development Life Cycle ◽  
Pricing Research

Pricing research has an important role to play in the go/no-go decisions taken to finance the progress of new drugs in development. There is a hierarchy in decision-making when it comes to determining the price of new drugs. Many different audiences (government, HMOs/insurance companies, formulary committees, physicians and patients) play a role in determining the price of new drugs. The questions then are when should we start pricing research, who should we talk to and what techniques should be used? This paper explores the role of pricing research throughout the eight- to ten-year development life cycle of new drugs. We examine the various pricing research approaches tailored to suit the different decision-marking audiences at the appropriate milestones in assessing the clinical and commercial potential of new drugs.

scholarly journals Psychological Capital of Employees’ Engagement: Moderating Impact of Conflict Management in the Financial Sector of Pakistan

2019 ◽  
Vol IV (III) ◽  
pp. 115-123
Author(s):  
Muhammad Asif ◽  
Muhammad Azizullah Khan ◽  
Malik Adil Pasha
Keyword(s):  
Conflict Management ◽  
Psychological Capital ◽  
Financial Sector ◽  
Insurance Companies ◽  
Investment Companies ◽  
History Of ◽  
Brokerage Firms ◽  
The Relationship ◽  
Goals And Objectives

Human capital is the backbone of any business and its behavior reflects how the company would achieve its goals and objectives in its business. This study examines the relationship between psychological capital (PC) and employees’ engagement (EE) with the moderating role of conflict management (CM) in the financial sector of Pakistan. A questionnaire composed of established scales were administered to 278 employees in the financial sector, including various banks, investment companies, real estate companies, insurance companies, and brokerage firms at Islamabad. After determining the reliability, the model was analyzed with the help of correlation and regression. Research indicates that PC positively influences EE. This relationship improves further positively when conflicts are handled effectively. Overall, this effort contributes to the existing literature on the history of worker’s involvement by examining the direct impact of PC and CM on EE and moderation of CM.

scholarly journals Hlutverk vátryggingafélaga við úrlausn umhverfislegra vandamála

2015 ◽  
Vol 11 (1) ◽  
pp. 87
Author(s):  
Lára Jóhannsdóttir ◽  
Snjólfur Ólafsson ◽  
Brynhildur Davíðsdóttir
Keyword(s):  
Environmental Issues ◽  
Insurance Companies ◽  
Group Differences ◽  
Faroe Islands ◽  
Loss Prevention ◽  
Insurance Sector ◽  
Climate Policies

The purpose of this paper is to discuss the role of insurance companies in solving environmental issues. Environmental issues we now face are many of such magnitude and severity that it is not just up to governments or heavy polluting companies to deal with them, everyone needs to contribute including authorities, institutions, corporations and individuals. Insurance systems differ between countries, but due to the size of the insurance sector and integration with almost every aspect oft society, insurers can be a powerful ally when it comes to implementing environment and climate policies of authorities. The article is based on a Ph.D. research of one of the authors which conducted a multi-case study of 16 Nordic insurance companies in the Åland Islands, Faroe Islands, Iceland, Denmark, Finland, Norway, and Sweden. The companies are divided into two case groups; the Islands group and the Mainland group. Differences in actions/inactions were evident between the case groups, meaning that most of the examples used are from the Mainland group. The environmental and climate change focus areas of the Mainland group are 1) products and services, 2) loss prevention and claim settlement, 3) investments, 4) companies own operation, 5) follow-up, and 6) insurers as a driving force of actions. In case of the Islands companies they mainly focus on loss prevention and few factors that affect their daily activities. Theoretical and practical contribution of the study is to highlight the role and contribution of insurance companies in dealing with environmental issues.

Organizational Culture and Effect on Organizational Performance

2017 ◽  
pp. 1314-1328
Author(s):  
Anas M. Bashayreh
Keyword(s):  
Organizational Culture ◽  
Organizational Performance ◽  
Significant Relationship ◽  
Study Data ◽  
Insurance Companies ◽  
Culture Dimensions ◽  
Policies And Procedures ◽  
The Relationship ◽  
Organizational Expectations

Organizational culture is an important part to be considered by dynamic organizations in order to develop some competitive advantage to ensure enhanced organizational performance. This study aims to close the gap between understanding the role of organizational culture and the effect on organizational performance among the employees in insurance companies. The objective of this study is to examine the relationship between the dimensions of organizational culture and organizational performance among insurance companies operating in the Jordanian market. A sample of 240 respondents that were selected randomly from insurance companies participated in this study. Data were collected by survey questionnaire. Both descriptive and influential statistic namely frequency, mean, and multiple regression were used to analyze the data. The result shows that there is limited significant relationship between organizational expectations, encourage development, behavioral styles, and stability and communication and organizational performance. The results also showed that a significant relationship exists between policies and procedures and organizational performance. This study explored the results of the effect of organizational culture dimensions on organizational performance and to assess which organizational culture dimensions have a larger marginal impact on organizational performance. This study improved the managers' understanding on a way to improve organizational culture dimensions that have a vital impact on overall performance.

The Role of the Attorney in a Private Practice

2017 ◽  
pp. 199-205 ◽  
Author(s):  
A. Steven Frankel
Keyword(s):  
Private Practice ◽  
Vital Role ◽  
Insurance Companies ◽  
Critical Importance ◽  
Legal Professionals ◽  
Private Practitioners ◽  
Fee Structure ◽  
Broad Variety

This chapter addresses the broad variety of legal professionals that private practitioners may need to consult. Topics include pre-practice concerns for unlicensed individuals and the issues that arise when one builds, maintains, and enhances a private practice. Attorneys can be of critical importance in the areas of marketing, establishing a fee structure and payment practices, adding colleagues, and responding to difficult and/or threatening clients. Other situations in which attorneys can play a vital role include responding to licensing board complaints, malpractice lawsuits, and criminal complaints, as well as interactions with insurance companies and planning for practice transition and termination. Suggestions are provided for how to locate good attorneys, how to work with attorneys, and how to stop working with them when necessary.

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