Influence of AI and Machine Learning in Insurance Sector

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.

INDUSTRIAL LINKAGE STRATEGIES AND THEIR ROLE IN BRIDGING THE EMPLOYABILITY GAP IN INSURANCE SECTOR

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.

IMPLICATIONS OF YOUTH WORKFORCE ON EMPLOYEE ENGAGEMENT IN THE INSURANCE SECTOR

Purpose: Youth are considered as the most active age bracket in the working environment hence their impact in organizations such as the insurance sector cannot be ignored. The objective of this study is to discuss and analyze the implications of the youth workforce on employee engagement in the insurance sector. The purpose of this study is to help the readers understand the importance of youth workforce and their impact in the insurance sector once the youth are involved in favorable employee engagement practices. Methodology: The study adopted a desktop methodology. Desk research refers to secondary data or that which can be collected without fieldwork. Desk research is basically involved in collecting data from existing resources hence it is often considered a low cost technique as compared to field research, as the main cost is involved in executive’s time, telephone charges and directories. Thus, the study relied on already published studies, reports and statistics. This secondary data was easily accessed through the online journals and library Findings: The study found out that some of the implications of youth workforce on employee engagement are; adaptability to change, improved customer experience and satisfaction, employee retention, talent management, leadership development and improving the company’s brand and image. Unique contribution to theory, practice and policy: It therefore recommended that the insurance sectors should come up with the best strategies for employee retention of the youth workforce since they play a vital role in influencing the consumer behaviors. The insurance sectors should embrace youth marketing since it is one of the best advertising techniques that has led to increase in productivity and profitability of companies and customer satisfaction.

The Sustainable Finance Landscape in Germany

This chapter discusses the current trend of mainstreaming sustainable finance in Germany. It provides an overview of contributions of different stakeholders to this trend and sheds light on the evolution of the sustainable finance landscape in Germany, including banks, the insurance sector, rating agencies, nonprofits, and academia. EU regulations are currently driving change and promoting sustainable finance in Germany. New policy initiatives and regulations are closely monitored and discussed by diverse stakeholders, including organisations with a long-standing expertise in promoting responsible and ethical investments. Advocacy-oriented nonprofits critically address greenwashing and engage in debates on qualitative aspects. The sustainable finance trend is expected to gain further traction in Germany.

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

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.

The conception of the management control function: implementation and characteristics

This research aimed at deepening the empirical knowledge of the management control function in Lebanese insurance companies. It showed that, in the Lebanese insurance sector, the management control function is currently characterized by: (1) Its contingency (it may not formally exist, or it may exist structurally as an autonomous department, or it may be entrusted to the company's CFO or HR Director), (2) Heterogeneity of practices and activities in the field of administrative, financial or human resources management, and (3) A diversity of missions with a preponderance given to the supervision of activities or advice to management or the board of directors. This study also presented the construction of a typology of management control systems present in Lebanese insurance companies; a typology strongly determined by the contingency factors such as size, internationalization of the company as well as the conception of the management control function by the organization's governance.

Assessing the level of competitiveness of the insurance sector during economic crises: The example of Ukraine

In the context of the crisis in Ukraine, it is important to increase the competitiveness of the insurance sector as a measure of its stability and dynamism under various scenarios of economic development. The purpose of this paper is to assess the competitiveness of the insurance sector and determine the impact on its level of factors caused by economic crises. Using the method of integrated analysis, the index of competitiveness of the insurance industry is built, which considers the number of businesses, employment, sales, capital investment in the industry, insurance sector performance, share of profitable enterprises, and profitability of the insurance sector in Ukraine for 2012–2020. The results showed that the impact of the 2014–2015 crisis due to endogenous factors, namely political instability in the country and the devaluation of the hryvnia, led to a significant reduction in the competitiveness index of the insurance sector. At the same time, during the pandemic, the insurance sector is stabilized, as evidenced by the growth of sales and the share of profitable enterprises, as well as increasing profitability of insurance activities. The competitiveness index did not change significantly during the pandemic. To analyze the dependence of the integrated indicator of the competitiveness of the insurance sector on economic fluctuations during the crisis, regression equations are constructed. It is proved that the greatest impact on the competitiveness index of the insurance sector in times of crisis is exerted by changes in employment and the amount of capital investment.

The Private Healthcare Insurance sector: A victim of fraud

Regardless of the jurisdiction research has repeatedly highlighted that the ‘public’ see the insurance sector as an acceptable business to defraud. This article builds on this work but is different in that we draw on primary research, of which there is little, into the private healthcare insurance sector as a victim of fraud. We start by highlighting the types and volumes of fraud that the insurance sector encounters. This is followed with an examination of policing private insurance fraud in a neo-liberal context where individuals and organisations are responsible for risks. Then, we consider if the private healthcare insurance sector is precipitating and participating in its own victimisation. The methods used in this research to secure data are then explained. Finally we analyse how the key elements of the data might point to the private healthcare insurance sector potentially precipitating and participating in its own victimisation.