A GDPR Implementation Guide for the Insurance Industry

2018 ◽  
Vol 7 (4) ◽  
pp. 34-44 ◽  
Author(s):  
Xenofon Liapakis
Keyword(s):  
Human Rights ◽  
Data Protection ◽  
Insurance Industry ◽  
Fine Tuning ◽  
Insurance Company ◽  
Universal Statement ◽  
Productive Process ◽  
A Company

Data Protection has always been an issue of concern for businesses across the globe. Laws addressing the Universal Statement for Human Rights have been set as early as 1948 and, as years go by, awareness further strengthens legislative actions. Through his work at Interamerican insurance company, the author shows that alignment with legislation, though perceived as a resource-intensive, counter-productive process, may be turned into an opportunity for fine tuning, promoting the operations of a company, and raising the trust towards IT.

Life

2020 ◽  
pp. 8-32
Author(s):  
Benjamin Wiggins
Keyword(s):  
Public Relations ◽  
Insurance Industry ◽  
Theoretical Work ◽  
Business Practices ◽  
Insurance Company ◽  
Company Policy ◽  
History Of ◽  
A Company ◽  
History Of Race

Chapter 1 focuses on the early history of race-based insurance. When the Newark-based Prudential Insurance Company of America incorporated in 1875, it revolutionized the American insurance industry by offering policies to the working class for an affordable three cents per week. What made the Prudential doubly unique was that the company insured not simply industrial laborers, but also African American laborers. The company was not in the progressive vanguard, though. Rather, the Northern upstart, in contrast to its Southern competitors, simply had not thought to craft a company policy to explicitly ban African Americans from purchasing life insurance. Just five years after becoming the first insurer to cover black lives, the Prudential began to charge differential, race-based premiums and commenced a public relations effort to defend its discriminatory practices. This foundational chapter traces how the theoretical work of scientific racism became embedded in the business practices of American insurers.

Optimal premium pricing policy in a competitive insurance market environment

2012 ◽  
Vol 7 (2) ◽  
pp. 175-191 ◽  
Author(s):  
Athanasios A. Pantelous ◽  
Eudokia Passalidou
Keyword(s):  
Control Function ◽  
Insurance Industry ◽  
Automobile Insurance ◽  
Insurance Company ◽  
Pricing Policy ◽  
The Past ◽  
Discounted Utility ◽  
Finite Time Horizon ◽  
Using Data ◽  
A Company

AbstractIn this paper, we propose a model for the optimal premium pricing policy of an insurance company into a competitive environment using Dynamic Programming into a stochastic, discrete-time framework when the company is expected to drop part of the market. In our approach, the volume of business which is related to the past year experience, the average premium of the market, the company's premium which is a control function and a linear stochastic disturbance, have been considered. Consequently, maximizing the total expected linear discounted utility of the wealth over a finite time horizon, the optimal premium strategy is defined analytically and endogenously. Finally, considering two different strategies for the average premium of the market, the optimal premium policy for a company with an expected decreasing volume of business is derived and fully investigated. The results of this paper are further evaluated by using data from the Greek Automobile Insurance Industry.

scholarly journals Optimal Dividend and Capital Injection Problem with Transaction Cost and Salvage Value: The Case of Excess-of-Loss Reinsurance Based on the Symmetry of Risk Information

Symmetry ◽  
2018 ◽  
Vol 10 (7) ◽  
pp. 276 ◽  
Author(s):  
Qingyou Yan ◽  
Le Yang ◽  
Tomas Baležentis ◽  
Dalia Streimikiene ◽  
Chao Qin
Keyword(s):  
Transaction Cost ◽  
Risk Information ◽  
Insurance Company ◽  
Optimal Control Strategy ◽  
Ruin Time ◽  
Discounted Cost ◽  
Capital Injection ◽  
Surplus Process ◽  
Optimal Dividend ◽  
A Company

This paper considers the optimal dividend and capital injection problem for an insurance company, which controls the risk exposure by both the excess-of-loss reinsurance and capital injection based on the symmetry of risk information. Besides the proportional transaction cost, we also incorporate the fixed transaction cost incurred by capital injection and the salvage value of a company at the ruin time in order to make the surplus process more realistic. The main goal is to maximize the expected sum of the discounted salvage value and the discounted cumulative dividends except for the discounted cost of capital injection until the ruin time. By considering whether there is capital injection in the surplus process, we construct two instances of suboptimal models and then solve for the corresponding solution in each model. Lastly, we consider the optimal control strategy for the general model without any restriction on the capital injection or the surplus process.

Protecting Medical and Genetic Data

1997 ◽  
Vol 4 (4) ◽  
pp. 361-388 ◽  
Author(s):  
Keyword(s):  
Human Rights ◽  
Data Protection ◽  
Western Europe ◽  
Modern Society ◽  
Genetic Data ◽  
Human Rights Law ◽  
Council Of Europe ◽  
Basic Principles ◽  
East European ◽  
Separate Treatment

AbstractData protection was introduced in Western Europe in the early 1970s and now also extends to Central and East European countries. It is a remarkable example of the response given by Human Rights law to the challenges of modern society. The applications of science and technology in the fields of informatics and biomedicine have produced results unforeseen by any legislator. Regulation has been developed under the leadership of the Council of Europe. It aims at laying down basic principles of data protection but without blocking the future. The author presents a historical survey of the Council of Europe's two main treaties relevant to protection of medical and genetic data, those of 1981 (data protection) and 1997 (bioethics) and of several other texts. He concludes that the European Human Rights Convention should be reinforced with specific provisions on 'medical human rights' and on data protection. He also comes out in favour of separate treatment of traditional medical files and genetic data.

scholarly journals Review On Application of Data Mining in Life Insurance

2018 ◽  
Vol 7 (4.5) ◽  
pp. 159
Author(s):  
Vaibhav A. Hiwase ◽  
Dr. Avinash J Agrawa
Keyword(s):  
Risk Factors ◽  
Data Mining ◽  
Life Insurance ◽  
Insurance Industry ◽  
Feature Space ◽  
Machine Learning Techniques ◽  
High Dimensional ◽  
Insurance Company ◽  
Financial Loss ◽  
Life Insurance Company

The growth of life insurance has been mainly depending on the risk of insured people. These risks are unevenly distributed among the people which can be captured from different characteristics and lifestyle. These unknown distribution needs to be analyzed from        historical data and use for underwriting and policy-making in life insurance industry. Traditionally risk is calculated from selected     features known as risk factors but today it becomes important to know these risk factors in high dimensional feature space. Clustering in high dimensional feature is a challenging task mainly because of the curse of dimensionality and noisy features. Hence the use of data mining and machine learning techniques should experiment to see some interesting pattern and behaviour. This will help life insurance company to protect from financial loss to the insured person and company as well. This paper focuses on analyzing hidden correlation among features and use it for risk calculation of an individual customer.  

scholarly journals Analisis Kepuasan Pengguna Website Asuransi Untuk Peningkatan Pelayanan Asuransi Studi Kasus www.Cakrawalaproteksi.Com

2020 ◽  
Vol 1 (1) ◽  
Author(s):  
Syafitri Mona Sari ◽  
Firdaus Firdaus ◽  
A. Haidar Mirza
Keyword(s):  
Social Media ◽  
Customer Satisfaction ◽  
Insurance Industry ◽  
Expected Value ◽  
Insurance Company ◽  
Simple Analysis ◽  
Internet Users ◽  
The Difference

Currently, technology has developed quite rapidly and covers all aspects, including in the insurance industry. Almost every insurance company has a website or social media that can be accessed by all internet users as a means of promotion and transactions. PT. Asuransi Cakrawala Proteksi is an insurance company that also carries out promotions through websites and social media. This research will discuss the customer satisfaction of PT. Asuransi Cakrawala Protection with the role of social media. Customer satisfaction is determined by looking at the difference between the actual value received and the expected value using the website and social media Facebook. From calculating the level of customer satisfaction with ServQual dimensions and simple analysis, a strategy will be produced to maintain or increase customer satisfaction.

scholarly journals Insurance Services with Special Reference to Star Health and Allied Insurance Company Limited

2019 ◽  
Vol 8 (2S8) ◽  
pp. 486-489
Keyword(s):  
Health Insurance ◽  
Insurance Industry ◽  
Insurance Company ◽  
Related Factors ◽  
Insurance Policies ◽  
Current Health ◽  
Company Limited ◽  
Major Factors ◽  
And Control ◽  
Indian Insurance

Medical coverage is budgetary instrument with which individuals are shielded against catastrophic financial weight emerging from unforeseen disease or damage. Having a well working protection system ensures pooling of assets to cover dangers. The medical coverage segment in India is in a beginning stage and a mere 9% of the complete populace is secured under any plan of medical coverage since Health Insurance policies are administrations and henceforth elusive in nature. So there is no prompt shot of acknowledging the services whether fortunate or unfortunate. Indian Insurance Industry has encountered a swelling impact after globalization and the progression of the economy. After the financial advancement, the paradigm changed from focal arranging, direction and control to showcase driven improvement. The level of buying of medical coverage shifts from individual to individual. It relies on numerous variables. The elements can be classified into individual, social, financial, mental and friends related factors. On the off chance that the health insurance business wishes to pull its weight in forming this immense market, it needs to examine the major factors impacting the buy of medical coverage arrangements, With rivalry developing perpetually, insurers need to be in the nonstop procedure of item advancement concoct inventive approaches to contribute toward actualizing the administration's need of offering medical coverage to poor. The current health insurance projects required considerable changes to make them increasingly effective and socially helpful.

Developing Risk Skills: An Investigation of Business Risks and Controls at Prudential Insurance Company of America

2001 ◽  
Vol 16 (2) ◽  
pp. 291-313 ◽  
Author(s):  
Paul L. Walker ◽  
William G. Shenkir ◽  
C. Stephen Hunn
Keyword(s):  
Risk Assessment ◽  
Corporate Culture ◽  
Life Insurance ◽  
Control Environment ◽  
Insurance Company ◽  
Special Committee ◽  
Business Professionals ◽  
Poor Control ◽  
Assurance Services ◽  
A Company

The Prudential Insurance Company was involved in the largest life insurance churning scam of the 1980s and early 1990s. At the time, Prudential had weak business controls, and its corporate culture was characterized as ineffective and loose. However, this scandal is rooted in something deeper than a poor control environment. Prudential was a company facing several risks; many company decisions allowed these risks to have a dramatic impact on the company. As a result, its weak control environment came to the forefront, allowing the churning scam to reach its record levels. This case demonstrates the value of identifying and assessing risks in an organization. Further, the case demonstrates how to build control solutions to match the risks. Learning how to manage risks is a valuable skill for business professionals. In fact, the AICPA's Special Committee on Assurance Services (AICPA 1997), also known as the Elliott Committee, identified risk assessment as one of the emerging assurance services offered by CPAs.

The Electronic Surveillance of Public Assemblies

2011 ◽  
pp. 59-68 ◽  
Author(s):  
Haralambos Anthopoulos
Keyword(s):  
Human Rights ◽  
Data Protection ◽  
Electronic Surveillance ◽  
Combined Analysis ◽  
The Public ◽  
European Court ◽  
Political Views ◽  
Protection Legislation ◽  
The Right ◽  
Shed Light

The electronic surveillance of public assemblies has been an issue highly debated in the Greek public arena. The circumstances that brought this internationally contested topic in the public focus were the parliamentary introduction of Law 3625/2007 in Greece and the legislative enactment of an exemption from the data protection legislation for all police activities involving data processing during public assemblies. This paper will argue that the electronic surveillance of public assemblies affects both the privacy of political views (political privacy) and the activism (public anonymity) of a citizen. Along this line, the paper offers a combined analysis of the right to data protection [Art. 9A] and the right to free assembly [Art. 11] as acknowledged in the Greek Constitution (1975/86/01/08). As underlined, both rights constitute the basis for the protection of political privacy and public anonymity and preclude any legislatively posed limitations to their enjoyment. In the end, three key cases of the European Court of Human Rights shed light to the legitimacy of such a ‘panoptic’ surveillance of public assemblies.

Fundamental notions

2020 ◽  
pp. 26-53
Author(s):  
Raphaël Gellert
Keyword(s):  
Risk Management ◽  
Human Rights ◽  
Data Protection ◽  
European Convention ◽  
Comprehensive Overview ◽  
Iso Standards ◽  
Depth Analysis ◽  
Proportionality Test ◽  
Proportionality Principle

The goal of this chapter is twofold. First, it provides a comprehensive overview of two key notions: risk and regulation. In the case of risk this includes the following. An explanation of risk and risk management, including an appraisal and description of the technical notion of risk as it appears in ISO Standards. It also provides for a discussion of some of the key methods for assessing and managing risks, including some of the main drawbacks and criticisms that have been raised against the use of risk management. In the case of regulation, it includes a more in-depth analysis of the notion, and of its constitutive elements; a discussion on the conflation between law and regulation; and a discussion on what exactly the object of regulation is. These discussions of key caveats pertaining to these two notions serve as the backbone of many of the analyses carried out in later chapters (e.g. understanding data protection in the light of the constitutive elements of regulation, discussing various methods for data protection risk management, etc). Second, beyond these caveats, this chapter also shows and contrasts how both risk and regulation can be analysed as a matter of two balancing exercises with associated safeguards, and hence, as variations around the proportionality principle. A grid at the end of the chapter summarises this, with reference to the European Convention on Human Rights proportionality test.

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