Searching Dimensions and Directions for Digital Innovations Within the Insurance Industry

2021 ◽  
Vol 12 (2) ◽  
pp. 63-89
Author(s):  
Heini Hyttinen ◽  
Hannu Kalevi Kivijärvi ◽  
Anssi Öörni
Keyword(s):  
Insurance Industry ◽  
Principal Component ◽  
Knowledge Synthesis ◽  
Insurance Companies ◽  
Process Automation ◽  
Structured Interviews ◽  
Organizational Capability ◽  
Pension Insurance ◽  
Digital Innovation

Discovery of digital innovations is a key organizational capability for sustaining competitive advantage. Despite its importance, discovery of digital innovations is still ill understood. In this paper, the authors seek to provide a theory-based practice for digital innovation discovery. To meet this objective, they source the theories of knowledge and knowledge combination. Data for this case study were collected through semi-structured interviews and a quantitative questionnaire from three pension insurance companies. The data were analyzed by using principal component analysis and by constructing biplots based of the results. Two significant dimensions in the digitalization needs that guide knowledge synthesis were recognized: the importance of adopting the enabler and the volume of resources needed to adopt the enabler. A closer look at the enablers revealed that the most business-critical current digital business enablers for the pension insurance industry are business process automation, online services, and big data.

The Impact of MCAST Apprentices on Insurance Companies Operating in Malta - A Manager’s Perspective

2021 ◽  
Vol 5 (1) ◽  
pp. 127-153
Author(s):  
Joseph Schembri
Keyword(s):  
High Performance ◽  
Insurance Industry ◽  
Learning Experience ◽  
Cost Effective ◽  
Research Problem ◽  
Insurance Companies ◽  
Skilled Workers ◽  
Structured Interviews ◽  
Insurance Firms ◽  
The Impact

This study probes the MCAST insurance apprenticeship scheme and the impact of apprentices on the local insurance companies, acting as sponsors. This study is of particular relevance since the local insurance firms are experiencing growth but have the challenge of employee turnover and skills shortage. This research study investigates the work-based learning experience of students, the mentoring of apprentices and the supervising procedures adopted by MCAST and the insurance firms. The purpose is to analyse the impact of MCAST trainees on local insurance firms and depict practical recommendations to ameliorate the learning experience of the apprentices. The recommendations emanating from this study, assist MCAST to develop high-performance apprenticeship schemes and assist the local insurance industry, in the recruiting and training of young employees. This qualitative research gathers data through nine in-depth, semi-structured interviews and adopts the Grounded Theory Methodology to address the research problem and attain the stated objectives. The researcher adopts the constructivist approach incorporating an inductive and abductive stance. The findings emanating from the data illustrate the need to promote the insurance industry as a provider of stable and fulfilling careers with the possibility of job mobility. MCAST and the insurance firms need to enhance their collaboration to promote the insurance apprenticeship, among young learners, even at secondary level. An overhaul of the mentoring and supervising approach is needed to provide a work-based learning experience of excellence to MCAST apprentices. MCAST apprenticeship is considered by the insurance executives as the best training opportunity to recruit skilled workers and create networks. The scheme is cost effective to the firms and is considered as a long-term investment in human resources. A well-planned strategy to enhance collaboration and share knowledge between the leading VET provider of the Maltese Islands and the insurance industry is required for the benefit of the apprentices who are the future employees of the local insurance firms.

scholarly journals Factors Affecting Employees’ Work Passion in the Thai Insurance Industry

2019 ◽  
Vol 9 (4) ◽  
pp. 168
Author(s):  
Boonthipa Jiantreerangkool ◽  
Wasita Boonsathorn ◽  
Gary N. McLean
Keyword(s):  
Insurance Industry ◽  
Opportunity To Learn ◽  
Personal Characteristics ◽  
Insurance Companies ◽  
Financial Industry ◽  
Structured Interviews ◽  
Factors Affecting ◽  
Executive Managers ◽  
Definition Of ◽  
Work Passion

The objectives of this study were to: 1) identify the perceived definition of staff work passion, and 2) explore perceived factors affecting staff work passion, both in the Thai insurance industry. The study was qualitative, using semi-structured interviews with open-ended questions. Participants were 36 key informants from life and non-life insurance companies in Thailand, including executive managers, middle managers, and staff, selected to maximize variation in responses. The definitions of staff work passion in the Thai insurance industry were comprised of five categories: happiness, pride, goal setting, personal efficacy, and job fit. Seven factors affecting work passion were highlighted: 1) the power of teamwork, 2) great support from leader, 3) work value, 4) challenge and variety of work, 5) supportive company policies, 6) gaining knowledge and opportunity to learn, and 7) providing good service to customers. These findings were incorporated into an employee work passion model adapted from Blanchard’s model. The model showed personal characteristics of individual as meanings of work passion; organization and job characteristics; and organizational role behaviours as factors affecting work passion. The model might apply to similar businesses within the financial industry, e.g., insurance brokerage companies, financial institutions, and stock and securities firms.

scholarly journals Determinants of Unethical Behavior by Stakeholders in the Medical Insurance Industry in Zimbabwe: An African Humanism (Hunhu/Ubuntu) Approach

2016 ◽  
Vol 5 (2) ◽  
pp. 63
Author(s):  
Sifile Obert ◽  
Zimbiti Phillip Okay ◽  
Chavunduka Desderio
Keyword(s):  
Organizational Performance ◽  
Insurance Industry ◽  
Case Study Research ◽  
Medical Insurance ◽  
Insurance Companies ◽  
Structured Interviews ◽  
Risky Behaviour ◽  
Chi Square ◽  
Ethical Practices ◽  
Qualitative Methodologies

There is a continuous decline in the performance of medical insurance companies in Zimbabwe resulting in these companies failing to meet their obligations to stakeholders as seen by failure to pay wages, policy holders’ medical bills and dividends to shareholders. While research shows <em>Hunhu/Ubuntu </em>as a requirement for ethical practices that bring about good business and moral practices, it does not show how <em>Hunhu/Ubuntu </em>influences stakeholders, employee behaviour and organizational performance. Due to this glaring gap, the study was designed to investigate: the causes of unethical behaviour in the medical insurance industry, the attributes of African Humanism and how it influences people’s behaviour in medical insurance firms. A case study research design was used where both quantitative and qualitative methodologies were employed. Closed and open-ended questionnaires, semi-structured interviews and focus group discussions were conducted. Chi-square tests were used for data analysis. Findings of the study show that <em>Hunhu/Ubuntu</em> moulds good behaviour and is essential for avoiding risky behaviour which curtails organizational performance<strong>.</strong>

scholarly journals Ecosystem of Innovation in Industry 4.0: the case of collaborations in Startups in Brazil

2018 ◽  
Vol 6 (12) ◽  
pp. 26-38
Author(s):  
Marcus Vinicius Gonçalves da Silva ◽  
Clarissa Figueredo Rocha ◽  
Vanessa Pagnoncelli ◽  
Letícia Aparecida Alves de Lima
Keyword(s):  
Open Innovation ◽  
Industry 4.0 ◽  
Chief Executive ◽  
Digital Transformation ◽  
Structured Interviews ◽  
Innovation Ecosystem ◽  
Digital Innovation ◽  
Sources Of Knowledge ◽  
Multiple Case

The article identifies how Research and Development (R&D) collaborations in startups can influence digital innovation in Brazilian manufactures. A qualitative multiple case study was performed with startups incubated at the Federation of Industries of Paraná (FIEP), through semi-structured interviews to the Chief Executive Officer (CEOs) and case document’s, applying the content analysis. The results indicate that the sources of knowledge of the startups and the collaboration with companies, universities, government development agencies and incubators, characterize the actions in the ecosystem of open innovation. It has been found that the complexity of the innovation ecosystem of startups is a strategic asset, and the nature of the collaborations is informal, coupled with a stage of maturity considered low in startups. This study contributes to highlight the nature, dynamics and progress of startup collaborations in the development of digital transformation, and the challenges for the leverage of Industry 4.0 in Brazil.

Managing adversity: understanding some dimensions of organizational resilience

2015 ◽  
Vol 38 (4) ◽  
pp. 346-366 ◽  
Author(s):  
Ihab Hanna Salman Sawalha
Keyword(s):  
Stock Exchange ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Key Factors ◽  
Structured Interviews ◽  
Term Survival ◽  
Content Type ◽  
Insurance Sector ◽  
Quantitative And Qualitative Research ◽  
The Impact

Purpose – This study aims to explore how insurance organisations interpret organisational resilience; to identify potential objectives, elements and practices of organisational resilience within insurance organisations; and to investigate the impact of culture on resilience. Design/methodology/approach – An empirical study in the insurance industry in Jordan was undertaken. The population consists of all 28 insurance companies registered at the Amman Stock Exchange. Data were collected via a survey questionnaire followed by three semi-structured interviews. Findings – Results revealed that respondents understand the meaning of organisational resilience differently. Various factors constitute organisational resilience in Jordanian insurance organisations. Nevertheless, some key factors that have the potential to improve organisational resilience were missing. Culture influenced the level of organisational resilience considerably. Practical implications – This study provides insights into the factors that enable organisations to withstand future risks, which, in turn, ensures long-term survival. It also reveals how culture affects the level of organisational resilience. This paper provides a basis for policymakers in Jordan to start actively considering existing resources and cultural trends to introduce new frameworks for improving resilience in the insurance sector. Originality/value – This study is made in the context of an emerging economy; Jordan. It uses quantitative and qualitative research approaches. It is also one of the few studies to discuss resilience in relation to culture and within the insurance sector.

Characterisation of consumers of traditional foods: the case of Mexican fresh cheeses

2016 ◽  
Vol 118 (4) ◽  
pp. 915-930 ◽  
Author(s):  
Minerva Hidalgo-Milpa ◽  
Carlos Manuel Arriaga-Jordán ◽  
Alfredo Cesín-Vargas ◽  
Angélica Espinoza-Ortega
Keyword(s):  
Rural Communities ◽  
Principal Component ◽  
Well Being ◽  
Local Foods ◽  
Structured Interviews ◽  
Traditional Foods ◽  
Content Type ◽  
Power Of Choice

Purpose – The purpose of this paper is to characterize consumers of traditional foods, taking as case study fresh cheeses produced in a village, in Central Mexico. Design/methodology/approach – Semi-structured interviews were applied to a sample of 150 consumers, selected by non-probabilistic convenience sampling. A factorial analysis by principal component analysis was performed to the data, followed by a cluster analysis. Findings – Four factors were obtained, named: artisanship, health and well-being, liking, and satisfaction with the purchase. Three consumer groups were identified: practical, in the process of valorization, and with liking and tradition. The socioeconomic characteristics of consumers do not have a relationship in the classification of groups. It is concluded that the consumption of fresh cheeses is due to a number of social and cultural attributes, and in lesser proportion, to economic aspects. Originality/value – At present, as part of life in a dynamic society, people have the power of choice in the food they consume, a process that involves cultural, social, economic, political, and ideological aspects, established by the consumers themselves, or by a determined social group to which they belong. This has not been researched in Mexico. Being an emerging economy immersed in a rapid process of globalization, studies like this contribute in similar countries of Latin America and other places to find ways to valorize local foods and products that play important roles in the development of rural communities.

scholarly journals Model migration and rough edges: British actuaries and the ontologies of modelling

2019 ◽  
Vol 50 (1) ◽  
pp. 121-144 ◽  
Author(s):  
Arjen van der Heide
Keyword(s):  
Life Insurance ◽  
Real World ◽  
Insurance Industry ◽  
Turn Of The Century ◽  
Insurance Companies ◽  
Financial Instruments ◽  
No Arbitrage ◽  
Model Migration ◽  
Risk Neutral

The existing literature on modelling provides two main ways of viewing model migration: a modular view, which seeks to decompose models in their constitutive elements, and thus provides a view on what it is that migrates; and a practice-based view, which focuses on modelling as an activity, and understands a model as intricately entangled with its context of use. This article brings together these two sensitivities by focusing on ontologies of modelling. The paper presents a case study of the appropriation of modern finance theory’s ‘no-arbitrage’ models by British actuaries – a process that gradually unfolded at around the turn of the century and led to significant friction within the UK’s insurance industry. We can distinguish two main modelling ontologies: a ‘risk-neutral ontology’, which underpins no-arbitrage models and holds that the value of financial instruments is determined by ‘arbitrage’; and, a ‘real-world ontology’, which assumes that the economic world consists of real probabilities that may be approximated through a combination of archival-statistical methods and expert judgment. The appropriation of the risk-neutral modelling ontology was made possible by the declining legitimacy of actuarial expertise as ‘financial stewards’ of life insurance companies. The risk-neutral modelling ontology provided an ‘objective’ alternative to the traditional actuarial models, which explicitly required actuaries to make ‘prudent’ judgments. Despite the fact that the no-arbitrage modelling was considered an ‘objective’ affair, the valuation models that insurers use today are strongly shaped by political compromises, a result of the ‘rough edges’ of models.

scholarly journals Digital Transformation in Indian Insurance Industry – A Case Study

2021 ◽  
pp. 184-196
Author(s):  
Jayameena Desikan ◽  
A. Jayanthila Devi
Keyword(s):  
New Technologies ◽  
Insurance Industry ◽  
Customer Experience ◽  
Digital Transformation ◽  
Insurance Companies ◽  
Insurance Company ◽  
Insurance Sector ◽  
Innovative Products ◽  
Iot Devices

Purpose: In India, the insurance industry has grown rapidly in the last decade, introducing many innovative products. India's insurance industry is vital to the country's economy. Digital Transformation have a drastic impact on the Insurance sector. Digitization results in future innovative designs and launch innovative products which help insurance companies and the customers. Digital innovation is transforming the way how the insurance companies work with industries by integrating IoT devices with health insurance which will also benefit the customers. In this paper, we will analyze and understand how HDFC ERGO has implemented digital transformation that has enhanced operational efficiencies and completely transformed service deliveries and customer experience in the insurance industry. Objectives: To do analysis and review on the digital transformation in the insurance company and how it has impacted the operational efficiencies, service deliveries and customer experience. Design/Methodology/Approach: This company analysis was done by analyzing and referring different sources like online sources, such as websites, blogs, scholarly articles, web articles, and using Technology Analysis as a framework. Findings/Result: Digital transformation and how it impacts insurance company in terms of its operational efficiency, service deliveries and customer experience are discussed. Analysis done to find how the organization should stay ahead in implementing the digital technologies and how digital transformation helps the insurance industry to explore new technologies and provides innovative ideas to improve organizational efficiency Originality/Value: Based on the information and the data available, digital transformation and its impact in the insurance company in the current state is analyzed. Paper Type: A Case study analysis done on the digital transformation in the HDFC ERGO general insurance company.

Sharing Economy Risks: Opportunities or Threats for Insurance Companies? A Case Study on the Iranian Insurance Industry

2019 ◽  
pp. 343-360
Author(s):  
Meisam Ranjbari ◽  
Zahra Shams Esfandabadi ◽  
Simone Domenico Scagnelli
Keyword(s):  
Insurance Industry ◽  
Sharing Economy ◽  
Insurance Companies

scholarly journals Fraud and Abuse in the Saudi Healthcare System: A Triangulation Analysis

2020 ◽  
Vol 57 ◽  
pp. 004695802095462
Author(s):  
Wadi B. Alonazi
Keyword(s):  
Health Insurance ◽  
Healthcare System ◽  
Insurance Industry ◽  
Rejection Rate ◽  
Healthcare Services ◽  
Macro Level ◽  
Insurance Companies ◽  
Structured Interviews ◽  
Health Insurance Companies ◽  
Micro Level

In the insurance industry, the majority of fraud and abuse cases fall into a limited number of patterns, yet false claims normally lead to negative national, local, and organizational effects. Through monitoring the exploitative and abusive behavior commonly found in healthcare services, this paper aims to analyze initiatives implemented by governmental and related healthcare insurance agencies in Saudi Arabia to reduce moral offenses. To accomplish this objective, major governmental health insurance policy documents were analyzed at the macro-level. At the meso-level, semi-structured interviews were conducted with five health insurance professionals on measures undertaken to prevent such incidents. At the micro-level, the critical factors of fraudulent behaviors were analyzed using a retrospective analysis. Data were retrieved from anti-fraud records of ten leading health insurance companies and the focus was mainly on individuals involved in unethical practices between 2014 and 2019. After a full audit was completed, the results concluded that the Saudi healthcare system is composed of twenty-six cooperative health insurance agencies and over 5,202 health services providers. The official documents contain the details of various moral hazard measures. On annual average, more than 196 fraudulent cases were reported with a claim rejection rate of approximately 15%. The majority of fraud cases were reported in dental services with invalid card usage, followed by obstetrics-gynecology services (47 and 113 cases, respectively). Females tended to make up most deceit cases in obstetrics-gynecology with a high level of abuse (95% confidence interval: −83.398 to −24.202; P < .003 and −28 > 638 to −7.362; P < .005, respectively). This study ultimately identifies basic measures employed at the macro-level to reduce moral hazards. However, such measures are not intended to be coherently implemented at the micro-level, especially by health insurance companies and healthcare providers.

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