scholarly journals THE IMPACT OF TECHNOLOGICAL DEVELOPMENT ON INSURANCE COMPANIES

2019 ◽  
Vol 1 (18) ◽  
pp. 73
Author(s):  
Dejan Pušara
Keyword(s):  
Information And Communication Technologies ◽  
Technological Development ◽  
Insurance Industry ◽  
Business Environment ◽  
Modern Technology ◽  
Insurance Companies ◽  
Fundamental Parameter ◽  
Risk Modeling ◽  
Business Decision ◽  
The Impact

In the contemporary business environment, the fundamental parameter for the successful subsistence of the competitive advantages is keeping pace with the contemporary trends. This also applies to the insurance industry, regardless of how conservative it is considered to be. Information and Communication Technologies influence all business sectors of the insurance companies. The users are increasingly reaching for the Internet as tools of research of insurance prices and products, and possibilities are opening up for the insurers through the new distribution channels. Innovations of the existing products and the development of the new ones represent the driving force behind the evolution of the entire insurance sector. Investing in the modern technology through information systems and risk modeling software makes administrative work easier, and has a significant role in the strategic-business decision-making process.

scholarly journals THE INFLUENCE OF THE CROWN CRISIS ON THE DEVELOPMENT OF INSURANCE BUSINESS IN THE WORLD

2021 ◽  
Author(s):  
Hanna Mamonova
Keyword(s):  
Negative Impact ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Demand For Insurance ◽  
Online Sales ◽  
The World ◽  
Future Challenges ◽  
Declining Demand ◽  
Insurance Business ◽  
The Impact

The article analyzes the impact of the COVID-19 pandemic on the world insurance market and some European countries. Separated economic indicators of the impact of the COVID-19 pandemic on the insurance business of the world are singled out. It was determined that the impact of the COVID-19 pandemic inspired declining incomes of insurers and households, rising unemployment, declining demand for insurance services, a significant decline in productivity of insurance companies, uncertainty about the future development of the insurance industry and the effects of the pandemic. The experience of the world insurers' struggle against the consequences of the COVID-19 pandemic has been studied and generalized. The latest tools that have allowed insurers around the world to mitigate or mitigate the negative impact of the crown crisis, in particular, are: the development of new insurance products; increasing the level of requirements for insurance services in terms of its relevance, price flexibility, mobility and transparency; transition of insurers to online sales of insurance services and online payments for insurance cases; direct funding of specific means of combating COVID-19; use of the latest technologies and innovative methods in the insurance business; introduction of a new mode of staff work in the activities of insurance companies. The transition of insurers to online sales of insurance services and online payments has revealed many unresolved issues regarding the insurer's cybersecurity. Insurers are forced to improve existing technologies and methods of control, to intensify training and information activities. The Crown Crisis has significantly increased the importance of modern underwriting. Therefore, insurers around the world are using the capabilities of artificial intelligence, alternative data sources and better forecasting models. Greater understanding of pandemic processes, gaining experience is needed not only to accelerate the way out of the modern pandemic, but also to form a stable insurance system to the inevitable future challenges. The study of positive experience in the functioning and development of insurance markets around the world in crises and shocks is useful for application in national practice.

scholarly journals The impact and importance of new technologies in business development in context of economic diversity

2017 ◽  
Vol 11 (1) ◽  
pp. 698-710 ◽  
Author(s):  
Oana-Georgiana Ciobanu ◽  
Daniela Mihaela Neamţu
Keyword(s):  
Generation X ◽  
New Technologies ◽  
Technological Development ◽  
Qualitative Comparative Analysis ◽  
Business Environment ◽  
Management Style ◽  
Group Method ◽  
Continuous Innovation ◽  
Two Generations ◽  
The Impact

Abstract In a globalized world, led and connected by and through technology, gadgets and perpetual and intense technological development, the business environment and the trajectory travelled by entrepreneurs in the process of creation and development of a business, becomes more and more challenging and complex. Continuous innovation has become mandatory and „adaptability” became the keyword for the success of any entrepreneurial actions. In this socio-economic context, an organization must find, through entrepreneurs or managers, the courage to face the uncertainty and be always prepared to adopt radical solutions, so that, can provide sustainability of the business through competitiveness. The purpose of this research started from the need for adaptability and flexibility of the Romanian entrepreneurial environment to the trends in the digital era, in order to maintain the level of competitiveness and to develop sustainably. The objective of this scientific approach is to conduct a qualitative comparative analysis relating to the importance and the impact of new technologies in the development and sustainability of a business. The comparison will be made through the eyes of two main categories of actors in the creation and development of a business namely entrepreneurs and managers from two consecutive generations - generation X (born between 1965 and 1980) and generation Y (born between 1980 and 1995). The methodology used in this study is qualitative research through focus group method, and it aims to be highlighted the changes occurred in leadership and management style of a business/organization, by observing and comparing the two generations' attitudes towards change, towards new, towards the digital component, and the intent of the use of new technologies, and more than that, their impact on the management style.

scholarly journals Digital and Intelligent Public Administration: transformations in the era of artificial intelligence

2018 ◽  
Vol 18 (71) ◽  
pp. 55-87 ◽  
Author(s):  
Juan Gustavo Corvalán
Keyword(s):  
Artificial Intelligence ◽  
Public Administration ◽  
Information And Communication Technologies ◽  
Industrial Revolution ◽  
New Technologies ◽  
Technological Development ◽  
Digital Era ◽  
Challenges And Opportunities ◽  
Information And Communication ◽  
The Impact

This article addresses the impact of the digital era and it specifically refers to information and communication technologies (ICT) in Public Administration. It is based on the international approach and underscores the importance of incorporating new technologies established by the United Nations and the Organization of American States. Thereon, it highlights the Argentine Republic national approach towards ICT, and how it has moved towards a digital paradigm. It then emphasizes on the challenges and opportunities that emerge from the impact that artificial intelligence has in transforming Public Administration. Finally, it concludes that the key challenge of the Fourth Industrial Revolution is to achieve a boost towards a Digital and Intelligent Administration and government, which promotes the effectiveness of rights and an inclusive technological development that assures the digital dignity of people.  

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 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.

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 The Main Features of the Modern World Market of Insurance Services

2021 ◽  
Vol 4 (519) ◽  
pp. 36-41
Author(s):  
K. V. Drymalovska ◽  
◽  
R. O. Kyryliuk ◽  
Keyword(s):  
Western Europe ◽  
Insurance Industry ◽  
World Market ◽  
Insurance Market ◽  
Insurance Companies ◽  
Modern World ◽  
The World ◽  
Effective Policy ◽  
Main Components ◽  
The Impact

As competition in international and national markets intensifies, it is important to create a system to protect economic actors from potential threats and adverse factors. To solve these issues, it is necessary to ensure the effective functioning of the insurance market, which is one of the important components of financial security. Without the developed insurance market, it will be impossible to ensure the social and economic progress of the country, its corporate security, welfare etc. The current state of the world insurance market has certain features, which makes it possible to adapt to the change of the modern world and improve the work of the insurance industry. To create a clear insurance market, it is necessary to develop an effective policy as to the insurance activities of both the insurer and the reinsurers, as well as to establish solvency insurance systems. The development of the insurance market is accompanied by many economic, regulatory, organizational, methodological and personnel issues. The publication is aimed at studying and distinguishing the peculiarities of development of the world market of insurance services. On the basis of studying the works of scholars, the main features of the modern insurance market are provided; key signs of the insurance industry are presented; statistical information on trends in the insurance market development during 2019 in the following regions: North and Latin America, Western Europe, Asia, European developing countries. The impact of COVID-19 on the state of the insurance industry in Europe has been characterized. As result of studying the key trends in the future development of the insurance market, the main components that are necessary for the formation of an effective policy of insurance companies in the context of COVID-19 have been formed as follows: digitalization, innovation, analytics, feedback.

scholarly journals THE IMPACT OF THE INDUSTRIAL REVOLUTION 4.0 ON THE INSURANCE INDUSTRY AND WHETHER OF THE ASSETS AND INVESTMENTS PLAY A ROLE TO INVESTMENT YIELD?

2020 ◽  
Vol 8 (2) ◽  
pp. 345-351
Author(s):  
Iskandar Muda ◽  
Hafizah ◽  
Bunga Aditi ◽  
Hermansyur ◽  
Erlina
Keyword(s):  
Financial Services ◽  
Financial Stability ◽  
Industrial Revolution ◽  
Insurance Industry ◽  
Least Square Method ◽  
Partial Least Square ◽  
Least Square ◽  
Insurance Companies ◽  
Insurance Company ◽  
The Impact

Purpose of the study: This research aims to know the influence of the Industrial Revolution 4.0 era on the insurance industry on the side of assets and Investment insurance companies to Investment Yield Sharia Insurance in Indonesia. Methodology: This type of research is explanatory research. This type of research data is secondary data sourced from the Financial Services Authority (OJK) Republic of Indonesia period in 2016-2107. The tool of analysis in this research is the Partial Least Square method using Smart PLS statistics. Main Findings: The results are an influence of Assets and Investment on Investment Yield on insurance companies in the Industrial Revolution 4.0 era. In the era of the industrial revolution, 4.0 potential insurance improve economic growth through several aspects, namely promote financial stability. Facilitate trade and commercial activities. mobilize domestic savings. Offering a variety of risk management on capital. Increase more efficient allocation of capital and reduce the risk of loss and can increase Investment Yield for shareholders and stakeholders. Applications of this study: This research is the observation only on Sharia Insurance Company sample while other issuers are not observed in this study and this research implies that sharia insurance issuers are growing and contributing to their shareholders and shareholder. Novelty/Originality of this study: The first time observing the Sharia Insurance industry industrial Revolution 4.0 era and previous research to observe in Sharia banking.

scholarly journals Impact De-Tarrification in Modeling Motor Insurance Premium in Malaysia

2019 ◽  
Vol 8 (3) ◽  
pp. 7394-7400
Keyword(s):  
Risk Factors ◽  
Insurance Industry ◽  
Risk Profile ◽  
Insurance Premium ◽  
Insurance Companies ◽  
Good Service ◽  
Motor Insurance ◽  
Premium Calculation ◽  
Rating Factor ◽  
The Impact

De-tariffication has become a hot topic for Malaysian motor insurers after effectively implemented on 1 July 2017. Generally, the insurance companies need to set a rating factor for their premium before calculating the price on selected premium. Typically, these rating factors are based on the risk profile of the policyholder. That means, the price of the premium determined by the risk factors from the profile of the policyholder. The aim of this research to investigate the impact after de-tariff implemented among the motor insurance industry. This research also investigates the effect of de-tariff on the Good Service Tax (GST) in the premium calculation. Multiple Linear Regression (MLR) was used to determine the most significant rating factor that influence the calculation of the premium received by the motor insurance industry. Once these k rating factors and parameters are identified, the value of premiums can be calculated by taking into account these rating factors and parameters in the de-tariff formula and comparing with the existing model. The result of the study indicates that de-tariff model has lower premium compared to Malaysia tariff model. Furthermore, GST is also found to have a significant impact on the motor insurance premium, where policyholders are required to pay higher premiums than non-GST premiums. The results will help the insurance companies to find new formulas in considering new rating factors and improve the accuracy of premium calculations.

scholarly journals Digitalisation in the Food Industry – Case Studies on the Effects of IT and Technological Development on Companies

2020 ◽  
Vol 12 (4) ◽  
pp. 77-92
Author(s):  
Judit Nagy ◽  
Zsófia Jámbor ◽  
Anna Freund
Keyword(s):  
Information And Communication Technologies ◽  
Corporate Culture ◽  
Food Industry ◽  
Technological Development ◽  
Communication Technologies ◽  
Analytical Framework ◽  
Growth Strategy ◽  
Labour Shortage ◽  
Information And Communication ◽  
The Impact

In recent decades as a result of the development of information and communication technologies (ICT) and the Internet, we have witnessed major changes in companies. The ICT support of the processes is becoming more and more extensive and comprehensive, which enables the realization of digitalisation. The interconnection of processes, machines, people in a single network makes another level of optimisation available. The changes turned up by digitalisation are not only technological, but they also have an impact on the company's organisation and strategy. Our study aims to create an analytical framework and map the opportunities that digitalisation promises in the food industry and the organisational changes that ICT and technological development bring, with special emphasis on the impact on strategy, employees, and corporate culture. Our results show that companies are not consciously engaged in digitalisation yet, but they exploit their opportunities and make improvements in this sense. Adaptation of digital solutions is often forced by the labour shortage, the pressure to achieve higher efficiency and thus to remain competitive and to service the growth strategy.

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