scholarly journals Denmark

2020 ◽  
Vol 20 (252) ◽  
Author(s):  
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Nordic Countries ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Eu Member States ◽  
Work Related ◽  
Pension Schemes ◽  
High Penetration ◽  
The Eu

Denmark’s insurance sector is highly developed with a particularly high penetration and density in the life sector. Traditionally, work-related life insurance and pension savings are offered as a combined package, and life insurance companies dominate the market for mandatory pension schemes for employees. The high penetration explains the overall size of the insurance sector, which exceeds those of peers from other Nordic countries and various other EU member states. Assets managed by the insurance industry amounted to 146 percent of the GDP at end-2018, compared to 72 percent for the EU average.

E-commerce and portfolio allocations: A study on the Indian life insurance customers

2020 ◽  
Vol 1 (1) ◽  
pp. 36-46 ◽  
Author(s):  
Rajeev Kumar Ranjan ◽  
Shoaib Alam Siddiqui ◽  
Nitin Thapar ◽  
Shyam Singh Chauhan
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Personal Selling ◽  
Minimum Cost ◽  
Online Marketing ◽  
Insurance Companies ◽  
Purchase Behavior ◽  
Outcome Variable ◽  
Insurance Sector ◽  
The Impact

The paper attempts to find the impact of technology on the purchase behavior of consumers for insurance products. With the use of technology and e-commerce the adoption of insurance products had undergone a transformation. With the entry of private players the insurance sector has become very competitive (Jampala & Rao, 2005). With increased competition the life insurance industry is adopting innovative marketing practices to tap a larger market; the companies therefore are developing their capabilities of access-based penetration, distribution and sale to customers. The advances in technology have changed the way insurance products were marketed in India. Apart from the traditional agency channel, the companies are also exploring alternative channels like brokers, rural channels, online marketing, and e-commerce, etc. The personal selling based channels are the new innovative methods offering an effective reach at a minimum cost. To analyze the consumer purchase behavior the study used two-way ANOVA to determine the effect of two nominal predictor variables on a continuous outcome variable. The results of the study will assist the life insurance companies in improving their operations and efficiency.

Insurance Industry in India: Structure, Performance, and Future Challenges

2005 ◽  
Vol 30 (3) ◽  
pp. 93-120 ◽  
Author(s):  
S Krishnamurthy ◽  
S V Mony ◽  
Nani Jhaveri ◽  
Sandeep Bakhshi ◽  
Ramesh Bhat ◽  
...  
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Distribution Systems ◽  
Insurance Industry ◽  
Private Insurance ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Demand For Insurance ◽  
Market Shares ◽  
The Future

With the liberalization and entry of private companies in insurance, the Indian insurance sector has started showing signs of significant change. Within a short span of time, private insurance has acquired 13 per cent of the life insurance market and 14 per cent of non-life market. However, there is still a huge untapped demand for insurance. Insurance companies have a pivotal role in offering insurance products which meet the requirements of the people and, at the same time, are affordable. Some of the challenges faced by the insurance sector pertain to the demand conditions, competition in the sector, product innovations, delivery and distribution systems, use of technology, and regulation. To understand the growth and development and the future prospects of this sector, this colloquium addresses the following issues: What will be the demand for insurance? What types of innovative strategies of insurance education and awareness will we require to encourage the Indian consumers? With the changes following bank participation in insurance, will the nature of competition in this sector intensify? What kind of competitive and risk pressures will the insurance businesses experience? What are their implications for profitability, margins, and efficiency? The average size of the polices will continuously decline as the insurance companies increase the geographic coverage. As a result of this, the intermediation costs will go up. What are the implications of these on average costs? What will be the product market scenario? Has the insurance sector benefited from the knowledge base of global companies? To what extent have the technology gains in telecommunications, computer information, and data processing contributed to increased efficiency and productivity of insurance companies? The following key points emerged from the responses of the panelists: The future in life insurance will be determined by the increase in pure protection products, a refreshing look at unit-linked plans, launch of customized plans, and improved service levels. The insurance sector will grow steadily rather than rapidly. While the law and regulations are in place to ensure financial strength and solvency of insurers, the regulator's challenge lies in monitoring compliance. The opportunity for financial services is increasing all over the world. Big domestic companies with significant market shares in the local countries will have the opportunities to commence business in other markets. Keeping in mind the complexities of the industry, multi-product, multi-channel, and multisegment route needs to be followed for growth. The challenge of successfully implementing bancassurance lies in training the staff, integrating the insurance products, and ensuring best quality service. Agents in the insurance sector are critical for its success and, in order to gain competitive advantage, quality people are needed but attracting and retaining agents is a challenge.

Consumers Awareness towards Insurance Companies and their

2017 ◽  
Vol 3 (2) ◽  
Author(s):  
G. Suresh Babu
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Private Insurance ◽  
Insurance Companies ◽  
Private Companies ◽  
Insurance Sector ◽  
The World ◽  
Innovative Products ◽  
Rate Of Returns ◽  
The Impact

The insurance sector is growing rapidly all over the world. The insurance industry is gaining key position in the world economy and playing a significant role to cover the life and business risk of millions. At present, the insurance industry is in a nascent stage. The impact of privatization in risk business in India has shown its impact on transformation from the state of monopoly to mushrooming companies offering innovative products to the Indians. The growth in the life insurance sector has shown new heights and the functioning of private companies has given tough challenge to Life Insurance Corporation of India. Within a short span of time, private insurance companies have acquired more than 25 per cent of the life insurance market. Many changes have taken place in the processes and procedures of insurance business in terms of its format and products as well the mindset, motives, interests, and expectations on the part of the customers also. The customers have become more vigilant, calculative and calibrated not only in terms of risk coverage but look forward for safety of investment and higher rate of returns on the saving in insurance sector

scholarly journals Trends in Marketing of New Insurance Schemes and Distribution: An Empirical Study on Indian Life Insurance Sector

2015 ◽  
Vol 9 (2) ◽  
pp. 61-81
Author(s):  
Suman Kalyan Chaudhury ◽  
Sanjay Kanti Das
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Financial Stability ◽  
Free Market ◽  
Insurance Industry ◽  
Private Insurance ◽  
Insurance Market ◽  
Insurance Companies ◽  
Current Status ◽  
Insurance Sector

Insurance has been an integral part of financial services system and recognised as a cornerstone of a country’s financial health and symbol of progress. Insurance provides for the financial security of citizens and their families. The present paper discusses the role of marketing in insurance distribution of life insurance sector in India as insurance offers a valuable investment advices and serves as an effective step towards both individual and national financial stability. The waves of globalisation have deeply influenced the insurance sector worldwide. Financial globalisation has been strongly supported by globalisation of insurance. With the increase in trade, direct investment and portfolio investment, there has been an ever growing demand for insurance services particularly in the emerging markets. Globalisation of insurance market, as a part of the overall process of liberalisation in emerging and other countries enabled the foreign insurance companies to enter in those countries and benefited both. Triggered by the sound fundamentals in global economy and internationalisation of world markets, several countries turned towards free market regimes in banking and insurance, putting an end to several decadeold state-owned controlled markets. There was a remarkable progress in the Indian insurance industry soon after the acceptance and adaptation of LPG in the year 1991. After 1991, the Indian life insurance industry has geared up in all respects, as well as it has been forced to face a lot of healthy competition from many national as well as international private insurance players. It is also reported by Swiss Re and Munich Re that there would be 20-25 percent growth in life and health insurance market by 2015, particularly in India and China. In this paper an effort is made to study the current status and challenges faced by the life insurance business houses in India.Journal of Business and Technology (Dhaka) Vol.9(2) 2014; 61-81

scholarly journals THE ANALYSIS OF CURRENT TRENDS IN THE INSURANCE SEGMENT OF THE FINANCIAL MARKET OF UKRAINE

2021 ◽  
pp. 130-139
Author(s):  
Yuriy Klapkiv ◽  
Volodymyr Svirskyi ◽  
Roman Shchur
Keyword(s):  
Life Insurance ◽  
Financial Literacy ◽  
Insurance Industry ◽  
Cash Flows ◽  
The State ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Sector ◽  
Current Trends ◽  
The Impact

Purpose. Analysis of the state of the insurance services market of Ukraine, identification of the main problems of its development in modern conditions and determination of directions for improving the functioning of the insurance services market in Ukraine. Methodology of research. The scientific and methodological basis for the article are scientific works, monographs, materials of professional publications, Internet resources. During the research the methods of analysis and synthesis, system-functional method and method of comparative studies were used, with the help of which most modern tendencies, phenomena and processes in the market of insurance services are explained. Findings. The article is devoted to current trends of the insurance in Ukraine. The study examines the main trends in its development during 2016-2020. The dynamics of the number of insurance companies, the main indicators of insurers, the structure of gross and net insurance premiums of domestic insurers, reinsurance indicators are analyzed. Based on a dataset of Ukrainian insurance industry, we analyse the impact of transformation of the insurance sector. Based on the analysis, the main problems of the insurance services market of Ukraine are identified and proposals for improving its development are formulated. The results illustrate major tasks the industry is facing: enhancing the customer experience, improving its business processes, offering new products, and preparing for competition with other industries, imperfection of regulatory regulation of the insurance sector; underdevelopment of the life insurance segment and other types of insurance (agricultural, environmental, catastrophic risks and life insurance, cyber risks); low solvency of potential consumers of insurance services, low level of capitalization of insurance companies, lack of insurance culture, distrust of the insurance institution; fraud and neglect of the rights of policyholders by some insurance companies; low financial literacy of policyholders. Moreover, we identify key areas of change of the insurance services market of Ukraine: creation of a centralized online database of insurance contracts; improving the system of taxation of insurance activity; adaptation of Ukrainian legislation in the field of insurance to EU legislation; introduction of high technologies in insurance services; improvement of marketing management; creation of an export insurance system by establishing a special organization for export insurance and financing; introduction of insurance culture and traditions. Originality. A comprehensive approach to the analysis of the state of the insurance market as an important component of the financial sector of the economy with most of its inherent characteristics, functions and principles; economic space in which institutional units for the implementation of insurance services interact; a set of orderly cash flows between the subjects of the insurance market. Practical value. The results of the study can be the basis for further research to systematically address practical problems in this area, development and implementation of measures aimed to achieve accelerated progressive development of the insurance market to ensure socio-economic growth. Key words: insurance, insurance services, insurance services market.

scholarly journals Evaluation of the harmonization process of the Czech insurance market with the single insurance market of the EU

2004 ◽  
Vol 52 (6) ◽  
pp. 239-252 ◽  
Author(s):  
Viktória Čejková ◽  
Eva Vávrová
Keyword(s):  
Life Insurance ◽  
Insurance Industry ◽  
Insurance Market ◽  
Insurance Companies ◽  
Business Sector ◽  
The European Union ◽  
The Czech Republic ◽  
Harmonization Process ◽  
Global Indicators ◽  
The Eu

For the Czech insurance industry, it has been 13 years since the passage of the Insurance Act in 1991, which did away with the monopoly and allowed competition in this business sector. In our evaluation, we can state that the positives outweigh the negatives. A relatively high pace of growth in total premiums written was achieved and the ratio of premiums written to GDP increased, up to 4,0% in 2002. In comparison with EU countries, the Czech insurance market is behind in 2 global indicators: the ratio of premiums written to GDP and the share of life insurance in total premiums written. The Czech insurance market must count on greater competition from foreign insurance companies, as the Czech Republic was May 1, 2004, accepted as a member of the European Union.

Using Servqual Model For Comparative Service Quality Analysis Of The Indian Non-Life Insurance Sector

Paradigm ◽  
2010 ◽  
Vol 14 (2) ◽  
pp. 56-63 ◽  
Author(s):  
Dr. Rohit Kumar ◽  
Dr. Manjit Singh
Keyword(s):  
Service Quality ◽  
Private Sector ◽  
Life Insurance ◽  
Insurance Industry ◽  
Quality Analysis ◽  
Insurance Companies ◽  
Quality Level ◽  
Insurance Sector ◽  
The Government

Delivering of quality services to the customers has become an indispensable factor for success and survival in today’s competitive insurance environment. The post-liberalized insurance industry in India has been witnessing a discernible shift from the seller to the buyers’ market. The present study is an endeavor to assess the comparative service quality level of the Government owned and Private Sector Non-life Insurance Companies in the post liberalized environment using SERVQUAL approach. For analyzing the customers’ perception and expectation towards service quality of non-life insurance companies, a modified SERVQUAL type questionnaire relevant to the insurance industry was constructed. An attempt has been made to examine the significant gap between the service quality of government owned and private sector non-life insurance companies by using t-test on the gaps (P-E) on all the items of seven dimensions.

scholarly journals A STUDY ON SERVICE QUALITY PERCEPTION OF POLICYHOLDERS ABOUT PRIVATE LIFE INSURANCE COMPANIES IN TIRUNELVELI DISTRICT

2017 ◽  
Vol 5 (6) ◽  
pp. 619-626
Author(s):  
C.Eugine Franco ◽  
I Meenakshi
Keyword(s):  
Service Quality ◽  
Life Insurance ◽  
Insurance Industry ◽  
Private Life ◽  
Insurance Companies ◽  
Business Success ◽  
Infrastructure Development ◽  
Quality Perception ◽  
Insurance Sector ◽  
Important Means

Insurance sector plays a very important role in the development of any economy also, as it provides long term funds for infrastructure development and at the same time strengthens the risk taking ability. The current scenario in the insurance industry is a complex and competitive environment tinged with little stability. With the liberalization and globlisation in insurance, service quality has become an important means of differentiation and path to achieve business success. Such differentiation based on service quality can be a key source of competitiveness for insurance companies and hence have implication for leadership in such organizations. With the increasing demands of customer, insurance sector has become competitive. The purpose of the present study is to measure the service quality perception of customers about Private Life Insurance Companies.

scholarly journals Has Accession to the European Union Affected the Efficiency of Croatian Insurance Companies?

2021 ◽  
Vol 24 (1) ◽  
pp. 67-98
Author(s):  
Maja Pervan ◽  
Marijana Ćurak ◽  
Tomislava Pavić Kramarić
Keyword(s):  
Technical Efficiency ◽  
Life Insurance ◽  
Insurance Industry ◽  
Returns To Scale ◽  
Insurance Companies ◽  
Data Envelopment ◽  
The European Union ◽  
Average Increase ◽  
Life Insurance Industry ◽  
The Eu

Abstract Accession of Croatia to the EU brought legal, regulatory and market changes for the insurance companies. The question that arises is whether the new environment in which the companies operate has improved their efficiency. Accordingly, the aim of this paper is to separately estimate the efficiency of non-life and life insurance industry in Croatia and to compare it through the period before (2009-2012) and after (2013-2018) Croatian accession to the EU. The research is based on the Data Envelopment Analysis and the obtained results indicate an average increase in overall technical efficiency in both, non-life and life sector in period after Croatia’s accession to the EU. Still, this increase was not proved to be significant. Additionally, although increase in pure technical efficiency was significant in non-life sector, an insignificant slight decrease is recorded in life sector. Finally, insurers conducting (non)life business activities are mainly operating at increasing returns to scale.

scholarly journals Consumer Protection Regulations in Life Insurance industry and its challenges: An empirical analysis from Indonesia

2018 ◽  
Vol 7 (4.9) ◽  
pp. 241
Author(s):  
Agustinus Nicholas L Tobing ◽  
. .
Keyword(s):  
Dispute Resolution ◽  
Consumer Protection ◽  
Life Insurance ◽  
Financial Literacy ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Financial Industry ◽  
Insurance Sector ◽  
Life Insurance Industry ◽  
Financial Scandals

Trust is a crucial factor in the financial industry. Some financial scandals that had impacted Indonesia include the economic crisis in 1998 and have encouraged the regulator to apply adequate consumer protection for the people of Indonesia. In addition, the existence of adequate consumer protection will have a direct impact on the Indonesian financial industry, especially the life insurance sector where the penetration rate is still low in the last 10 years. In the Indonesian context, the implementation of consumer protection is immature and inconsistent. Based on empirical research, this paper explored the existing conditions of consumer protection implementation across life insurance industry in Indonesia. Moreover, this paper also analyzed the perception of the benefits and the challenges in implementing such requirements. The study found that consumer protection is still at the work in progress stage, inconsistent and not optimally implemented although there are number of benefits and risks if it were implemented as required. This condition has arisen due to the lack of regulator’s commitment in the consistent implementation, lack of assurance on the quality, improper selling process, as well as limitations in capability and competence in the appointed dispute resolution body. This study suggests a number of actions: [1] Periodic regulator quality assurance for the quality of implementation in the form of assurance review and sanctions impose; [2] strengthening the need based selling for life insurance companies; [3] developing an effective and measurable financial literacy and financial inclusion programs for consumers; [4] building a life insurance product and process related competency and capability of the arbitrator and mediator from the appointed dispute resolution; and [5] establishing awareness and the existence of the dispute resolution body across cities in Indonesia. 

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