INNOVATIVE POTENCIAL IN INSURANCE – THE INDIVIDUAL AND INSTITUTIONAL CUSTOMERS EVALUATION

2018 ◽  
Vol 19 (1) ◽  
pp. 139-150
Author(s):  
Dorota Olszewska ◽  
Jadwiga Synowiec
Keyword(s):  
New Technologies ◽  
Free Market ◽  
Distribution Channel ◽  
Corporate Image ◽  
Insurance Market ◽  
Insurance Companies ◽  
Business Success ◽  
Business Partners ◽  
Starting Point ◽  
The Individual

Dynamically changing insurance market and the growing expectations of customers and business partners, intensified competition cause the need of constant introduction or improvement of modern solutions. It is highly connected to innovations. It should be stressed that the transformation of Polish economy and the process of emerging of more and more new private companies caused, on the one hand the reduction of government role in economy and on the other hand it forced companies to obey free market rules, which characterizes the adjusting to environment and the growing share in the market. For the positive creation of corporate image the open attitude of managers and directors becomes extremely important. They are aware of the importance of innovation in company life. This novelty is being spotted by the surroundings of the company, and specifically by its business partners. The positive assessment of innovation is often the starting point of making new business relations. The negative assessment can make them difficult. A good company image is nowadays one of the most basic company aims, and the condition of business success. The creation of good company image by emphasizing the high level of innovation among potential customers (insurance agents, brokers) became one of the basic tasks for insurance companies, because the growth of the company depends on customers. Insurers being aware of the importance of innovation are forced to create such systems, which allows the introduction of new technologies in the process of selling new policies in every distribution channel. The aim of this article is to present the essence of the innovation on the insurance market and to show its significance in the customers appreciation. This article consists of two parts. The first part is theoretical and presents the characteristic of insurance market innovation and its significance in the development of branch. The second part of this publication contains empirical material such as data taken from survey studies conducted in 2016, in the field of innovation evaluation seen from main insurance participants perspective (individual and institutional customers). The research was conducted in Wielkopolska area on the sample of 180 individual and 151 institutional customers (MSP).

Development of the Insurance Market in Ukraine in the Context of Transformation Changes

2021 ◽  
Vol 26 (1) ◽  
pp. 185-189
Author(s):  
Nataliia Shyshpanova ◽  
◽  
Olena Bodnar ◽  
Keyword(s):  
Information Technologies ◽  
New Technologies ◽  
Digital Technologies ◽  
Developed Countries ◽  
Insurance Market ◽  
Insurance Companies ◽  
Change Models ◽  
Innovative Technologies ◽  
The Developed Countries ◽  
The Individual

Abstract. The article substantiates the feasibility of ensuring the development of the insurance market in Ukraine in the context of digital transformations. It has been determined that the latest digital technologies are penetrating deeper into the global insurance market, without bypassing any area of activity, but the volume of the insurance market in Ukraine is several times less than in the developed countries of the world. The indicated factors which restrain the development of the insurance market in Ukraine and characterized existing problems of the insurance market lead to low confidence in the companies of the sector and do not allow it to develop properly. It has been established that in modern conditions of digital transformations, insurance companies widely use innovative technologies that ensure the achievement of both short-term effects and long-term competitive advantages. The directions of digitalization of the insurance market in Ukraine have been characterized and it has been substantiated that the processes of digital transformation based on the development of information technologies of insurance companies contribute to increasing competitiveness. In order to improve the situation in the domestic insurance market and maintain competitive positions, insurance companies should actively use European and world experience, introduce and change models of insurance functioning, and intensively introduce innovative technologies in insurance activities. The use of new technologies and management models in practice will increase the efficiency of the provision of insurance services, require insurance companies to develop new insurance products, taking into account the individual wishes of customers, and will also contribute to expanding the scope of using insurance as a method of risk transfer in an integrated risk management system, as well as will ensure the creation of a unique competitive advantage for those insurance companies that are able to introduce innovative digital technologies in accordance with the individualized requests of customers

scholarly journals Regulating Big Data effects in the European insurance market

2017 ◽  
Vol 8 (1) ◽  
pp. 6-15 ◽  
Author(s):  
Donatella Porrini
Keyword(s):  
Big Data ◽  
New Technologies ◽  
Distribution Channels ◽  
Insurance Market ◽  
Insurance Companies ◽  
Individual Privacy ◽  
Regulatory Measures ◽  
European Insurance ◽  
The Individual ◽  
Different Sources

The article analyzes the regulatory framework in the insurance market in connection with the advent of Big Data, such as information collected from different sources that can be manipulated by new technologies. The use of Big Data offers significant opportunities to the insurance companies in terms of digitization of the distribution channels and greater knowledge of the customers, which is instrumental to a more effective identification of the individual’s risk profile, as well as improvement of the competitiveness. However, regulatory measures are needed for a proper use of Big Data in terms of respect of the individual privacy, potential discrimination and constraint on competition.

scholarly journals Innovation in education: problems and ways of their solution

2020 ◽  
Vol 210 ◽  
pp. 18054
Author(s):  
Uliana Milhaleva
Keyword(s):  
Education System ◽  
New Technologies ◽  
Innovative Development ◽  
New Approach ◽  
Factors Affecting ◽  
Modern Education ◽  
Professional Activities ◽  
Innovation In Education ◽  
Starting Point ◽  
The Individual

This article analyzes the problems of modern education, and on the basis of this analysis, a search for a new approach to the formation of not only necessary knowledge, but also skills in the learning process is conducted. It will be about contextual, cross-contextual and existential skills, their improvement and transformation. Such skills should be developed in modern educational centers, which, in turn, should become the starting point of an individual educational route. It is the individual approach and new technologies that will help to form a personality adapted to professional activities in a rapidly changing world. The article also classifies the factors affecting the modern education system, they are divided into three main groups: social, technological and geopolitical. This classification, in turn, is used to study the strategies of innovative development of the educational system in Russia.

Prioritizing Risk-level Factors in Comprehensive Automobile Insurance Management: A Hybrid Multi-criteria Decision-making Model

2020 ◽  
pp. 097215092093228
Author(s):  
Zahra Shams Esfandabadi ◽  
Meisam Ranjbari ◽  
Simone Domenico Scagnelli
Keyword(s):  
Insurance Market ◽  
Insurance Companies ◽  
Risk Level ◽  
Automobile Insurance ◽  
Two Phase ◽  
Analytic Hierarchy ◽  
Factors Affecting ◽  
Risk Levels ◽  
Fuzzy Delphi ◽  
The Individual

An efficient risk-level prediction for newly proposed insurance policies plays a significant role in the survival of companies in the highly competitive insurance market. In Iran, risk assessment in comprehensive automobile insurance, which is a part of motor insurance, is only based on the vehicle attributes without proper consideration of personal and behavioural characteristics of driver(s). As a result, pricing is unfair in most of the cases and this can put insurance companies in an unfavourable financial position due to attracting high-risk drivers instead of low-risk ones. In this scenario, to identify and prioritize important factors affecting risk levels and to move towards a fair ratemaking, a two-phase process based on fuzzy Delphi method (FDM) and fuzzy analytic hierarchy process (FAHP) is proposed in this research. Additionally, similarity aggregation method (SAM) is applied to combine the individual fuzzy opinions of the surveyed experts into a group fuzzy consensus opinion. The results of this empirical study contribute to the insurance market of Iran by proposing appropriate weighting of the relevant risk factors to support stakeholders and policymakers for assessing risks more accurately, as well as designing more effective databases and insurance proposal forms.

scholarly journals The insurance market in the young population of Ciudad Nezahualcóyotl

2019 ◽  
pp. 9-14
Author(s):  
Mónica Álvarez-García ◽  
Carlos Guerrero-Ibarra ◽  
Silvia Gutiérrez-Jiménez ◽  
Margarita Larios-Calva
Keyword(s):  
Young People ◽  
Quantitative Research ◽  
New Technologies ◽  
Cell Phones ◽  
Insurance Market ◽  
Insurance Companies ◽  
Young Population ◽  
Market Sector ◽  
National Insurance ◽  
General Director

The insurance market in Mexico has grown slowly even though crime has increased in recent years, this is due to the lack of risk prevention culture within the population. Regarding young people, nowadays with the advance of new technologies, the use of cell phones, tablets, laptops and video games has increased. Likewise, for them, the favorite means of transport are "motorcycles and bicycles," which is why some insurance companies are working to offer new and diverse products, thus seeking a change in the use of insurance by the future customers: the "Millennials." Insecurity is one of the great problems that afflict our country. It has gone from car and house theft, to the theft of the vehicles most used by young people: motorcycles. According to figures from the Mexican Association of Insurance Institutions (AMIS), motorcycles of the Italika and Honda brands were among the 10 most stolen insured vehicles in the period from May 2017 to April 2018 (eldictamen.mx). Regarding cell phones, Anatel (National Communications Association) General Director Gabriel Székely said that in 2016, 900 thousand were stolen, while 2017 exceeded one million (heraldodemexico.com.mx). The general objective of this project is to find out if Millennials currently have a culture of insuring their belongings against theft and if this new market sector of young people can be considered. A documentary review and descriptive-quantitative research was carried out in Bosques de Aragón, Nezahualcóyotl, with a sample of 122 young people between 15 and 29 years of age. In the documentary review it was detected that car and life policy insurances are the most sold by insurance companies. According to the National Insurance and Bail Bonding Commission (CNSF), in this regard, the insurance companies have the possibility of creating new and better services that can cover the equipment currently being used by young people and, at the same time, increase their market. The results obtained show that 89% of the population investigated considers that it is important to have insurance and 36% have one, mainly for cars or life, but they never mentioned having electronic equipment or motorcycles insured.

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 Trends and risks of modern insurance

2019 ◽  
Author(s):  
Nadiia SOLOVEI ◽  
Yana SUKHOPER
Keyword(s):  
Risk Factors ◽  
Insurance Industry ◽  
Insurance Market ◽  
Insurance Companies ◽  
Modern World ◽  
Present Stage ◽  
Business Partners ◽  
Management Measures ◽  
Systematic Risks ◽  
Insurance Business

The article is devoted to the analysis of trends in the development of the insurance market and the risks that accompany it. The factors of influence are investigated, the classification of risks of insurers on development of appropriate management measures is given. The specific nature of the risks associated with the digitalization of information in the insurance industry and the various options for protection against them are considered. Any activity of enterprises in the domestic market can be characterized by an increased degree of state or systematic risks, the influence of which in the modern world is compounded by the new risks for business of translating information into digital form. The functional purpose of an insurance business is to protect other entities from the possible risks, but the insurance business itself is also exposed to certain risk factors that may impede the performance of insurance activities. The functioning of the insurance market at the present stage is accompanied by new risks that may affect the effectiveness of insurers. It is this that raises the relevance and importance of this issue on the systematization of insurance business risks and the recommendations for managing them. The purpose of this article is to review the trend of development of the modern insurance market, to systematize risk factors and to develop recommendations for risk management of the insurance market at the present stage. The main reasons for which risk situations arise in the operation of insurance companies are external factors, namely the actions of competitors, insurers, business partners. Exacerbation of competition increases the dependence of performance indicators of the insurer on the level of competitiveness of the institution or its services.

scholarly journals DEVELOPMENT OF INTERNET INSURANCE UNDER THE NEW CONDITIONS

2021 ◽  
Author(s):  
Nataliia Prykaziuk ◽  
Tetiana Motashko ◽  
Yuliia Kondratenko
Keyword(s):  
Financial Literacy ◽  
Insurance Industry ◽  
Distribution Channel ◽  
Insurance Market ◽  
Insurance Companies ◽  
Related Services ◽  
Advantages And Disadvantages ◽  
On Line ◽  
Willingness To Use ◽  
Insurance Development

The article is devoted to the study of internet insurance development in the light of the new circumstances, including its catalysts and inhibitors. The relevance of the topic chosen is based on the fact that such distribution channel as internet insurance helps to minimize face-to-face contact while insurance services distribution, that plays important role during the pandemic of Covid-19. On the basis of the conducted research different approaches to the definition of "internet insurance" were considered and generalized definition was determined. The article examines the current state of the Ukrainian insurance market and its tendencies. The way of internet insurance development in China and its impact on the whole insurance industry was analyzed. Determined insurance services consumers’ willingness to use digital distribution channels, that showed significant growth in the past year. Although the insurance market in Ukraine is characterized by a low level of insurance culture and there are contradictions in the legislation of the insurance field, insurance companies tend to use innovations, including internet insurance. There are two internet insurance systems: on-line and off-line, which are characterized by different levels of internet use. Matrix of on-line and off-line internet insurance services of top 10 Ukrainian insurance companies in terms of gross insurance premiums is characterized. Insurance companies use combination of internet insurance system and related services based on internet technologies to attract consumers by more personalized offers. Analysis of internet insurance products number and available related services is carried out. Despite benefits of internet insurance there are some problems to deal with. Advantages and disadvantages of internet insurance are analyzed. Prospects for the development of internet insurance in Ukraine are substantiated. In order to enhance development of internet insurance, it is necessary to improve the current legislation of Ukraine and financial literacy. An important point is the use of international experience.

scholarly journals Albanian Insurance Market Analyses and their Business Model

2018 ◽  
Vol 7 (3) ◽  
pp. 157-177
Author(s):  
Merita Bejtja
Keyword(s):  
Business Model ◽  
Financial Market ◽  
Free Market ◽  
Business Community ◽  
Insurance Market ◽  
Financial Supervision ◽  
Insurance Companies ◽  
Past Century ◽  
Insurance Company ◽  
Wide Range

Abstract The insurance market in Albania has been started to operate in the last years of centralized socialist system. It was represented by state insurance Company INSIG. It was the first important segment of the financial market to develop faster once Albania entered into the free market economy model on the last decade of the past century. It is the largest and most advanced market in non-banking financial sector. Together with investment funds, pension funds securities markets those are under the supervision of Albanian Financial Supervision Authority, not Central Bank. The insurance market, has had a lot development and positive growth in terms of wide range of products offer and the geographically expansion all over the country and in some neighboring countries in the Balkan region where Albanian population live. This potential is based on the favorable economic conditions, improved regulatory and supervisory system, low market penetration rate, as well as, on business community and population, which are dynamic and easily adaptable. The Insurance Industry has been undergoing dramatic changes during the last ten years. This industry can help the business companies and other entities on having economic and financial support, mitigating their risks and losses as well from natural disasters or other uncertainties. This sector can give a good support on social development and financial contribution on economy by reducing the risk of future losses. There are a lot of empirical research based on financial analyses of Albanian Insurance Companies in which you can see a causal relationship between insurance sector effects in economic growth by bearing risk on business investment. The study of qualitative and quantitative information on Main Insurance Company in Albania, their business model and risk drivers shows the development stage and challenges and steps needs to be in line with EU directives. Incorporation of international best practices combined with an efficient regulatory and supervisory approach will certainly play a very big role in the non-banking financial market development and growth.

RENEWAL AND RECONSTRUCTION IN WORLDWIDE ENERGY INSURANCE MARKETS—TOWARDS A MORE COMPETITIVE 2000

1997 ◽  
Vol 37 (1) ◽  
pp. 594
Author(s):  
W.N. Grierson ◽  
I. P. Curtin
Keyword(s):  
Financial Stability ◽  
Oil And Gas ◽  
New Technologies ◽  
Objective Assessment ◽  
Oil Industry ◽  
Influential Factors ◽  
Insurance Market ◽  
Insurance Companies ◽  
Insurance Markets ◽  
Year 2000

Whilst the over-riding aim of insurance for oil and gas explorers/producers is to provide financial stability to their operations, the recent fortunes of the market, and consequently the availability and pricing of the protection it provides have been more volatile than any objective assessment would allow.Following record underwriting losses in the late 1980s and early 1990s, which quite literally bankrupted a large number of names and underwriters at Lloyds as well as several of the smaller speciality energy insurance companies, the market has been undergoing a period of significant change. This paper provides a 'snap shot5 of the current position, including reference to major influential factors such as:the changing structure of the market and the emergence and effect of new underwriting capital;the progress of the 'renewal and reconstruction' program at Lloyds-still the undoubted international leader in energy insurance;the increase in capacity of oil industry mutuals and other alternatives to the traditional insurance market;the effects of new technologies on pure risk;the safety imperative worldwide; andglobal loss trends and possible effects of escalating weather-related catastrophes.The paper reaches the conclusion that whilst nothing in the oil industry is certain, the combination of factors currently in play should provide a more competitive and stable energy insurance market for Australian explorers/producers into the year 2000.

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