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2022 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Darshan Kumar ◽  
Mark Eshwar Lokanan

Purpose This paper aims to advance the professional knowledge, experience and expertise of anti-money laundering (AML) professionals by focusing on how money laundering (ML) impacts a variety of financial institutions (FIs) and in what ways the FIs can retaliate to detect, prevent and mitigate the risk of ML. Design/methodology/approach This paper use data from secondary sources. Many FI cases have been included such as a bank money service business (MSB) and insurance companies. Findings There should be a culture of compliance in organizations. Upper management, such as a designated committee or board members, should set the tone of compliance. Money launderers take advantage of every possible opportunity to convert illicit proceeds into clean proceeds with any institution or profession. Originality/value This paper used a case study approach to study the nuances of money laundering activities in various jurisdictions.


Author(s):  
Martin Lacher ◽  
Winfried Barthlen ◽  
Felicitas Eckoldt ◽  
Guido Fitze ◽  
Jörg Fuchs ◽  
...  

Abstract Introduction Adequate patient volume is essential for the maintenance of quality, meaningful research, and training of the next generation of pediatric surgeons. The role of university hospitals is to fulfill these tasks at the highest possible level. Due to decentralization of pediatric surgical care during the last decades, there is a trend toward reduction of operative caseloads. The aim of this study was to assess the operative volume of the most relevant congenital malformations at German academic pediatric surgical institutions over the past years. Methods Nineteen chairpersons representing university-chairs in pediatric surgery in Germany submitted data on 10 index procedures regarding congenital malformations or neonatal abdominal emergencies over a 3-year period (2015 through 2017). All institutions were categorized according to the total number of respective cases into “high,” “medium,” and “low” volume centers by terciles. Some operative numbers were verified using data from health insurance companies, when available. Finally, the ratio of cumulative case load versus prevalence of the particular malformation was calculated for the study period. Results From 2015 through 2017, a total 2,162 newborns underwent surgery for congenital malformations and neonatal abdominal emergencies at German academic medical centers, representing 51% of all expected newborn cases nationwide. The median of cases per center within the study period was 101 (range 18–258). Four institutions (21%) were classified as “high volume” centers, four (21%) as “medium volume” centers, and 11 (58%) as “low volume” centers. The proportion of patients operated on in high-volume centers varied per disease category: esophageal atresia/tracheoesophageal fistula: 40%, duodenal atresia: 40%, small and large bowel atresia: 39%, anorectal malformations: 40%, congenital diaphragmatic hernia: 56%, gastroschisis: 39%, omphalocele: 41%, Hirschsprung disease: 45%, posterior urethral valves: 39%, and necrotizing enterocolitis (NEC)/focal intestinal perforation (FIP)/gastric perforation (GP): 45%. Conclusion This study provides a national benchmark for neonatal surgery performed in German university hospitals. The rarity of these cases highlights the difficulties for individual pediatric surgeons to gain adequate clinical and surgical experience and research capabilities. Therefore, a discussion on the centralization of care for these rare entities is necessary.


2022 ◽  
Author(s):  
Nitin Prajapati

The Aim of this research is to identify influence, usage, and the benefits of AI (Artificial Intelligence) and ML (Machine learning) using big data analytics in Insurance sector. Insurance sector is the most volatile industry since multiple natural influences like Brexit, pandemic, covid 19, Climate changes, Volcano interruptions. This research paper will be used to explore potential scope and use cases for AI, ML and Big data processing in Insurance sector for Automate claim processing, fraud prevention, predictive analytics, and trend analysis towards possible cause for business losses or benefits. Empirical quantitative research method is used to verify the model with the sample of UK insurance sector analysis. This research will conclude some practical insights for Insurance companies using AI, ML, Big data processing and Cloud computing for the better client satisfaction, predictive analysis, and trending.


Author(s):  
Jiwook Jang ◽  
Yan Qu ◽  
Hongbiao Zhao ◽  
Angelos Dassios

Abstract Innovations in medicine provide us longer and healthier life, leading lower mortality. Sooner rather than later, much greater longevity would be possible for us due to artificial intelligence advances in health care. Similarly, Advanced Driver Assistance Systems (ADAS) in highly automated vehicles may reduce or even eventually eliminate accidents by perceiving dangerous situations, which would minimize the number of accidents and lead to fewer loss claims for insurance companies. To model the survivor function capturing greater longevity as well as the number of claims reflecting less accidents in the long run, in this paper, we study a Cox process whose intensity process is piecewise-constant and decreasing. We derive its ultimate distributional properties, such as the Laplace transform of intensity integral process, the probability generating function of point process, their associated moments and cumulants, and the probability of no more claims for a given time point. In general, this simple model may be applicable in many other areas for modeling the evolution of gradually disappearing events, such as corporate defaults, dividend payments, trade arrivals, employment of a certain job type (e.g., typists) in the labor market, and release of particles. In particular, we discuss some potential applications to insurance.


2022 ◽  
Vol 6 (1) ◽  
pp. 1-9
Author(s):  
Jens Malthe Molyneux ◽  
◽  
Henrik Soren Matheson ◽  

The insurance plays an essential role in economic development by alleviating business risks occasioned by abrupt and disastrous incidents in established and developing nations. Thus, the research assessed the financial role of insurance on economic development in Denmark. The research adopted the descriptive research design. The target population was 200 insurance companies. The research study sampled 100 participants that were chosen from the target population of 200. The sampling technique that was considered the most appropriate was stratified. Questionnaires were utilized to gather the data. The study results showed that insurance is significant in impacting the economic development in Denmark. Insurance activity improves families and organizations' financial stability and helps with competitiveness and the growth of trade and business. Insurance companies help businesses mitigate risk and protect their employees, thus spurring economic development. In addition, insurance companies help finance economic development projects. The study recommended that more emphasis should be developed by all the stakeholders in Denmark, including the government, to ensure the insurance companies are sustainable. The regulatory authorities should establish policies to make it attractive for its residents to patronize the insurance business. This would certainly translate to enhanced insurance investment and more outcomes to the development of the economy because insurance investment has a positive link with GDP. Insurance policies must be made mandatory for people and enterprises to motivate and shield financiers and ensure sustained economic growth. Keywords: Insurance, Economic Development, Denmark


2022 ◽  
pp. 1-24
Author(s):  
Pengcheng Zhang ◽  
David Pitt ◽  
Xueyuan Wu

Abstract The fact that a large proportion of insurance policyholders make no claims during a one-year period highlights the importance of zero-inflated count models when analyzing the frequency of insurance claims. There is a vast literature focused on the univariate case of zero-inflated count models, while work in the area of multivariate models is considerably less advanced. Given that insurance companies write multiple lines of insurance business, where the claim counts on these lines of business are often correlated, there is a strong incentive to analyze multivariate claim count models. Motivated by the idea of Liu and Tian (Computational Statistics and Data Analysis, 83, 200–222; 2015), we develop a multivariate zero-inflated hurdle model to describe multivariate count data with extra zeros. This generalization offers more flexibility in modeling the behavior of individual claim counts while also incorporating a correlation structure between claim counts for different lines of insurance business. We develop an application of the expectation–maximization (EM) algorithm to enable the statistical inference necessary to estimate the parameters associated with our model. Our model is then applied to an automobile insurance portfolio from a major insurance company in Spain. We demonstrate that the model performance for the multivariate zero-inflated hurdle model is superior when compared to several alternatives.


2022 ◽  
Vol 6 (2) ◽  
pp. 31-37
Author(s):  
Ben Kajwang

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.


2022 ◽  
pp. 1-23
Author(s):  
Luis Otero-González ◽  
Pablo Durán-Santomil ◽  
Darine Marouf
Keyword(s):  

2022 ◽  
Vol 21 (1) ◽  
pp. 25-33
Author(s):  
Al Tasya Fitrah ◽  
Nuri Aslami

Insurance is one of the references to meet the needs and feelings of security in the face of uncertainties that may arise in people's lives and the risks that will be experienced by the company.  Insurance is one of the financial facilities (financial) of domestic life, both in the face of the risk of death and in the face of property risk. In this case, the position of the insurance agent of an insurance company is very strategic, because through this agent the company can market or sell its products to prospective consumers. Agents are also very valuable business assets. An insurance agent is a person who works alone or works in a commercial organization, represents and acts on behalf of an insurance company or sharia insurance company, who is qualified to represent the company. One of the successes of Sharia insurance companies is in the field of marketing. In addition, the agent also plays a role in carrying out activities for the community by introducing financial plans and risk management in insurance and agents also play a role in selecting risk to the customer. customer, assess and measure the extent to which risks that may arise, and determine the best approach to deal with specified risk. Marketing in Islamic insurance requires the ability to recruit, encourage, develop and sell privately (direct communication between sellers and prospective customers and arousing customer interest in the product until the customer is interested in buying the product). Keywords: Insurance, Agent, Marketing Capabilitie, Insurance Customer.


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