scholarly journals AN ANALYSIS OF CRUCIAL SKILLS REQUIRED IN THE MODERN WORKPLACE BY INSURANCE SECTOR EMPLOYERS

2021 ◽  
Vol 5 (1) ◽  
pp. 35-41
Author(s):  
Ben Kajwang
Keyword(s):  
Soft Skills ◽  
Insurance Industry ◽  
Global Market ◽  
Insurance Companies ◽  
Unique Contribution ◽  
Journal Articles ◽  
Organizational Strategies ◽  
The Public ◽  
Insurance Sector ◽  
Modern Workplace

Purpose: The insurance industry is one of the industries that have experienced the Fourth Industrialization Revolution due to the ever-changing technology which will greatly affect the future of labour market. As a result, most insurance companies are reinventing their business and organizational strategies in order to modernize their workplace as well as acquire employers and employees with skills that can adapt to the new changes in technology. The objective of this study was to analyze the crucial skills required in the modern workplace by insurance sector employers. The aim of this study was to help the readers understand the crucial skills required by employees in the modern workplace and their importance in the insurance sector. Methodology: 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. Findings: Most insurance sectors aim to remain efficient and competitive in the rapidly changing global market. The challenge that affects the competitiveness and productivity of insurance sector are closely linked with the lack of the crucial skills necessary in the modern workplace. It is evident that from this review, researchers have emphasized on acquiring of various crucial skills that adapt to the ever-evolving technology in the modern workplace and specifically in the insurance sector. Unique contribution to theory, practice and policy: The following are the recommendations were made: Insurance sectors should oftenly conduct training programs that will enable insurance providers gain essential skills that align with the evolving technology in this industry. Employers should not focus on gaining professional and technical skills only but also learn the soft skills that are essential when interacting with colleagues and customers. Insurance providers should document their work ethics to the public even if it’s through the online platform.

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.

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.

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.

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.

FACTORS INFLUENCING CAPITAL ADEQUACY IN BUSINESS ORGANIZATIONS: A CASE OF KENYA’S INSURANCE INDUSTRY

2017 ◽  
Vol 2 (4) ◽  
pp. 1
Author(s):  
Lewis Wanja Jane ◽  
Dr. Aloys B. Ayako ◽  
Mr. William Kinai
Keyword(s):  
Regression Analysis ◽  
Insurance Industry ◽  
Calculated Data ◽  
Capital Requirements ◽  
Capital Adequacy ◽  
Insurance Companies ◽  
Unique Contribution ◽  
Analysis Model ◽  
Factors Influencing ◽  
Beta Coefficient

AbstractPurpose: The purpose of this study was to determine the factors influencing capital adequacy in business organizations.Methodology: A case study design was. The study consisted of 46 insurance companies. The data is quantitative and secondary data collection method was used. The study used descriptive and regression approach in data analysis. Using Statistical Package for Social Sciences (SPSS) regression analysis model was calculated. Data was presented in tables and graphs.Results: Regression analysis showed that ownership listing status had a beta coefficient of (-16.614) and that it was statistically insignificant (0.329). Regression analysis showed that dividend payout ratio had a beta coefficient of -0.455 and that it was statistically significant (0.000). Regression analysis showed that the profitability ratio had a beta coefficient of 0.485 and that it was statistically significant (0.000). Regression analysis showed that the liquidity ratio had a beta coefficient of 0.226 and that it was statistically significant (0.000). Regression analysis showed that the cost of capital had a beta coefficient of -0.566 and that it was statistically insignificant (0.125).Unique contribution to theory, practice and policy: The study recommended that insurance Regulatory Authority should put in measures to make the insurance companies adhere to the recent regulations and policies which require the companies to have minimum capital requirements and hence in turn increasing capital adequacy.

Investment Portfolio Performances of Public Sector General Insurance Firms in India: An Empirical Approach

2017 ◽  
Vol 6 (1) ◽  
pp. 61-75
Author(s):  
Joy Chakraborty ◽  
Sankarshan Basu
Keyword(s):  
Public Sector ◽  
Multiple Linear Regression Model ◽  
Insurance Companies ◽  
The Public ◽  
Insurance Sector ◽  
General Insurance ◽  
Long Run ◽  
Insurance Firms ◽  
Investment Portfolios ◽  
The Impact

Deregulation of the Indian insurance sector has witnessed the rise of private players in the Indian general insurance sector post-1999. Though the four major public sector general insurers still continue to dominate the Indian general insurance market, an abrupt rise in the number of private players has raised concerns upon the solvency position of the public sector general insurance companies in safeguarding their policyholders’ interests. The major reason for this concern could be attributed to the existing investment portfolios of the general insurance firms, the impact of which has been felt upon their solvency position. The present study investigated the investment portfolios of the four major public sector general insurance firms in India involved in multiline businesses, and its subsequent impact upon their solvency position. The application of the multiple linear regression model has been employed to investigate the solvency determinants of the public sector general insurance firms in view of their short-term and long-term investment portfolios, covering the study period from 2005–2006 to 2014–2015. The findings of the study have pointed out the necessity for the four public sector general insurers to focus on certain key investment variables in their investment portfolios in ensuring a sound solvency position in the long run.

scholarly journals A Study on Impact of FDI on Selected Private Sector Insurance Companies in India

2017 ◽  
Author(s):  
C.K. Hebbar ◽  
Meenakshi Acharya
Keyword(s):  
Private Sector ◽  
Negative Impact ◽  
Insurance Industry ◽  
Secondary Data ◽  
Insurance Companies ◽  
Insurance Markets ◽  
Insurance Sector ◽  
Previous Level ◽  
The Impact ◽  
Indian Insurance

India is one among the most promising emerging insurance markets in the world. Indian insurance sector was liberalised in 2001. The insurance industry in India has undergone transformational changes over the last 15 years. In July 2014, the Cabinet Committee on Economic Affairs (CCEA) approved 49% FDI in insurance from the previous level of 26%. This paper aimed at examining the impact of FDI on the performance of selected private sector insurance companies. The study is based on secondary data and it is a descriptive study. This paper found that FDI had a significant positive as well as negative impact on areas which were studied in the paper.

scholarly journals Introduction: The European Union, the Insurance Industry and the Public-Private Mix in Healthcare

2020 ◽  
pp. 1-26
Author(s):  
Cyril Benoît ◽  
Marion Del Sol ◽  
Philippe Martin
Keyword(s):  
European Union ◽  
Insurance Industry ◽  
Welfare States ◽  
Health Coverage ◽  
The European Union ◽  
The Public ◽  
Insurance Sector ◽  
Selection Processes ◽  
Private Actors ◽  
Public Private Mix

AbstractResearch has paid little attention to date on how the European Union (EU) affects private (usually voluntary) health insurance at domestic level and more broadly, the political economy of the public-private mix in healthcare. Our argument in this Introduction is that EU law and regulation is, essentially, likely to do so through the provisions applicable to the insurance sector as a whole. We then explain why it could potentially be a vehicle for transformative changes of private health insurers, and why, by extension, it could interact with the prior effects of domestic policy choices in healthcare. Ultimately, such interactions could also help change the nature and scope of health coverage. On the basis of these statements, we develop an analytical approach to elucidate, characterize and prove this influence. We then outline the research design and case selection processes and discuss the various methods applied in the nine contributions to this book. After a short summary of their respective findings, we reflect in a concluding section on how they echo wider debates in the literature on the role of private actors in contemporary Welfare States and on EU influence in healthcare.

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