Assurance Industry Research Articles

Wax Formation from Synthetic Oil Systems and Reservoir Fluids

In this work, an effort has been made to further improve the predictions of the wax formation conditions based on the previously proposed wax model ( Zuo, J. Y.; Zhang, D.; Ng, H.-J. An improved thermodynamic model for wax precipitation from petroleum fluids. Chem. Eng. Sci. 2001, 56 ( 24), 6941− 6947 ). The model framework consists of the three-parameter Peng−Robinson equation of state for describing the nonideality of the vapor and liquid phases and the predictive universal quasi-chemical (UNIQUAC) model proposed by Coutinho for the solid (wax) phase. The characterization procedure for plus fractions proposed by Zuo and Zhang ( Zuo, J. Y.; Zhang, D. Plus fraction characterization and PVT data regression for reservoir fluids near critical conditions. SPE 64520, 2000. ) has been modified and extended to reservoir fluids using high-temperature gas chromatography (HTGC) data. The wax model developed in this study has been applied to predict wax appearance temperature (WAT) and wax cut curves for a number of defined component systems, diesel fuels, and reservoir fluids. The average deviation of the predicted WAT is within 1.5 K at low and high pressures for defined component systems. For reservoir fluids, the predicted thermodynamic WAT locus tends to be much higher than the measured WAT. It is observed that a very small amount of wax precipitated in the fluids could shift the WAT to the measured WAT. The prediction of wax compositions in the solid phase is in good agreement with the experimental data. The results indicate that the proposed wax model is a useful tool to the flow assurance industry.

THE DISINTERESTED SELF

In naming his satirical version of a life assurance company The Anglo-Bengalee Disinterested Loan and Life Assurance Company Dickens was aiming at an already well-established tendency for life assurance companies to stress in their promotional enterprises the altruistic character of their business. So disinterested was the Anglo-Bengalee that ‘nobody can run any risk by the transaction except the office, which, in its great liberality is pretty sure to lose’ (1994, p. 419). While few life assurance companies would have pushed the claim that far it is certainly the case that the idea of ‘disinterestedness’ played a peculiar role in the nineteenth century life assurance industry. This paper explores how life assurance companies sought to overcome concerns about the safety and propriety of their business by promulgating particular ideas about life assurance as a pious, self-‘disinterested’ form of conduct. Throughout the nineteenth century life assurance operated as an exemplary technique of liberal government by offering a means of market-based self-rule that depended heavily on an emergent form of knowledge which blended together impartiality, self-interest and disinterestedness (Poovey 1998).

A validated macroscopic key to assess fin damage in farmed rainbow trout ( Oncorhynchus mykiss)

Fin damage, commonly referred to as fin erosion, has been highlighted as a welfare issue in farmed fish. An objective means for describing fin damage is required by both fish welfare researchers and the industry for quality assurance. For rapid quantitative assessments of fin size, 6-point photographic scales have been designed for small (< 50 g) and large (> 50 g) fish, covering the range of fin damage observed on rainbow trout on UK farms. Inter- and intra-operator tests show that scoring is consistent both within and between operators. An experienced operator can assess all 7 rayed fins on a fish within 2 min. Additional qualitative descriptors (splitting, exposed rays, haemorrhage, inflammation, scaring/thickening, kinking/folding) have also been developed to categorise resultant malformations to the fins.

Assurance Services as a Substitute for Law in Global Commerce

In this article we examine the rapid emergence and expansion of a private-sector compliance and enforcement infrastructure that we believe may increasingly be providing a substitute for public and legal regulatory infrastructure in global commerce, especially in developing countries where rule of law is weak and court systems are absent or inadequate. This infrastructure is provided by a proliferation of performance codes and standards, and a rapidly-growing global army of privately-trained and authorized inspectors and certifiers that we call the third-party assurance industry. The growth in the third party assurance business has been phenomenal in the last decade. The business first developed to facilitate making and carrying out private contracts, but in recent years, assurance services are being deployed for purposes that are more appropriately seen as regulatory in nature. Third-party assurance may thus be providing a new institutional structure through which private commercial exchange is being harnessed and regulated for essentially public purposes.

Understanding managerial propensity to participate in learning activities: the case of the Scottish life assurance industry

Against a background of continuing upheaval and change (increased competition and technological advances), an analysis of the barriers to participation in learning was undertaken through in-depth interviews with a sample of 61 mid-career managers from five of the largest life assurance institutions in Scotland. Utilising a 'grounded theory' methodology, a 'Model of Propensity to Participate in Learning Activities' was developed to determine the prevalence of both intrinsic (aspects associated with the individual learner) and extrinsic (aspects associated with the organisation or industry in which the learner operates) factors affecting participation in learning. Five intrinsic variables (Perceptual, Emotional, Motivational, Cognitive (General) and Cognitive (Vocational)) and three extrinsic variables (Culture, Management Development Culture and Physical Resources) were proposed, against which the managers were categorised according to their propensity to participate in learning initiatives.

The compliance function in banks

The Basel Committee on Banking Supervision under the auspices of the Bank for International Settlements (BIS) published a consultation paper in late 2003 on the compliance function in banks. The aim of the consultation paper is to set out the views of banking supervisors and provide basic guidance for banks. Whereas there is no attempt to prescribe a uniform approach, a clear set of general principles is laid down for the role of the compliance function within banking organisations. Furthermore, recognition is given to the fact that diversity exists between banks with respect to their internal organisation of the compliance function and also to diversity in the legal and regulatory environment affecting the compliance function across jurisdictions. The core objectives of this paper are to examine the BIS approach to the compliance function and look at how this is likely to evolve. The authors draw on experience from the UK life assurance industry where substantial inroads have been made to embed a compliance competent culture within such types of financial institutions. A partnership approach is highlighted as essential to achieving a viable and meaningful compliance function. Finally, an ethical approach is explored as the possible future direction for banks. The first section reviews the new principles for the compliance function; the second section describes issues that arise; the third section analyses a partnership approach and explores an ethical approach; and the final section provides a summary and conclusion.

Mobilization advances life insurance’s march

New technology shows human beings at their most innovative. As soon as a development is no longer adequate to serve a particular purpose, a refinement made possible by technology will bridge the gap. In the life assurance industry, e‐business implementation has played a major role in assisting personnel to satisfy customer requirements and to provide individualized services.

Prediction of lean to fat tissue ratio of pork belly by specific gravity

There is a need for an accurate, economical, nondestructive, and rapid procedure for determining the lean to fat tissue ratio of pork belly or bacon slab. Relationship between specific gravity of various fat/lean ratios in different shapes was investigated using regression analysis. Accuracy of the prediction equation was examined. Specific gravity of sample was neither affected by weight nor by shape. The correlation coefficient between fat percent and specific gravity is 0.98, which is highly significant. Of the variation in fat percent, 96.3% is explained by the variation in specific gravity. Within the range of one standard error, 26 out of 31 verification samples with various weight are included. Data suggested that specific gravity can be used to predict fat percent of pork belly with a fair degree of accuracy. Predicting fat ratio should be helpful to the consumer as well as to industry for quality assurance.

Gamekeepers and Gamekeeping: Assuring Bristol's Place within Life Underwriting

In this paper I report on research which traces out the fields-of-learning of underwriters working in the life assurance industry in Bristol. Throughout the 1970s, 1980s, and into the 1990s, the financial services sector in Bristol, like that of many regional financial centres in the United Kingdom, grew significantly. Of particular note has been the local expansion, through relocation and new firm formation, of the life assurance industry. I argue that underwriting, concerned as it is with the management and production of risk, plays a central role in defining and distinguishing life assurance as a distinctive form of economic activity. By placing underwriting in Bristol within the wider configurations of the life underwriting community-of-practice I seek to determine the role of local actants in constituting insurantial practices. I argue that the city of Bristol is a significant space within the geography of life underwriting and, in turn, the manufacture of life assurance risk. However, in attempting to assess exactly how significant, some of the limitations of thinking about financial space in terms of regional and network topologies become apparent. In taking seriously the anthropology of financial communities-of-practice, institutions, and ‘network(ing)s’ I conclude that we may therefore need to think about financial centres and financial space in new ways.

Research highlights major untapped market for quality assurance and quality control industry

Research highlights major untapped market for quality assurance and quality control industry

Transparent With-Profits — Freedom with Publicity

ABSTRACTWith-profits business has flourished for over a century as a means of providing access to equity-type investment whilst smoothing the volatility risk. Today's world demands greater transparency, and with-profits has come under increasing criticism in this regard. The Working Party concludes that it remains good value as an investment vehicle and suggests how its transparency can be significantly improved.The paper first analyses the characteristics of with-profits, which it notes has been permitted for stakeholder pensions. It then analyses the various criticisms of with-profits and considers how they can be rebutted without destroying its essential nature, pre-supposing the implementation of the Association of British Insurers' (ABI) Raising Standards scheme.The paper concludes that greater transparency is both necessary for rebuttal and also achievable without destroying the with-profits concept, to this end proposing a model for the internal analysis of identified classes of with-profits business and the inclusion of specified additional information in the statutory returns to the regulators. It also proposes that policyholders be given slightly more information than is specified under Raising Standards. Finally the paper analyses the implications for the life assurance industry, which it considers acceptable.

Re-scaling the economic geography of knowledge and information: constructing life assurance markets

This paper examines the geography of economic knowledge through research on ‘fields-of-learning’ within financial services. The paper argues that the current interest in knowledge and information has its roots in the concept of the learning economy and debates around globalisation and localisation. By exploring the way in which knowledge has been mobilised and conceptualised by theorists writing from each of these perspectives the paper argues that our understanding of the geography of economic knowledge is in danger of becoming fixed around a polarised local-tacit/global-explicit understanding of knowledge. With the aid of Michael Polanyi’s theory of tacit knowing, and the work of Bruno Latour I offer an alternative account whereby geographies are constructed and do not emerge merely as a consequence of the perceived properties of tacit or explicit dimensions of knowledge. These arguments are illustrated through an examination of some of the knowledge networks which constitute the marketing and product development process within the life assurance industry.

Software quality assurance in Australia: an update

Three recent events are likely to have a significant impact on the future direction of software quality in Australia: the Kean Report, the redevelopment of Australian standard AS3563 and a review of Government purchasing policy as a result of a change of Commonwealth Government. These events, and their subsequent impacts, could have implications and could provide lessons for the software quality assurance industry internationally. These lessons concern: providing adequate education for purchasers, suppliers and auditors on what ISO9000 is all about; implementing appropriate ISO9000-compliant quality management systems, particularly for small and medium sized enterprises; defining an appropriate role for government; and utilizing effective guidance for adopting ISO9001 to software development.

Customer complaints in the National Health Service

This paper addresses the role of consumer complaints in the flourishing quality assurance industry within the National Health Service (NHS), and considers the traditional ethos of complaints within the service. The advent of the internal market is considered as one of a range of factors which may change attitudes of NHS staff to complaints. In evaluating how complaints services might develop relevant literature is reviewed and recent national data on complaints procedures are cited.

Black customers' perceptions of service quality in the life assurance industry

With this research we sought to evaluate black customers' perceptions of service quality in the life assurance industry. Personal interviews were conducted nationwide with 165 policy holders of a company. Altogether 18 of the company's managers from various regions filled in the questionnaire for comparison purposes. The difficulties experienced in doing research in disadvantaged communities were highlighted. This could be a challenging area for future research as the specific needs of consumers in this important market are still largely unknown to marketers and service providers. The pilot study revealed that it was necessary to simplify the scales that are usually used, to phrase the questions in the terminology used by the consumer and to rescale the responses. It was established that the criteria used by black customers in the life assurance industry to assess service quality were different from those of Parasuraman, Zeithaml Berry but the generally held view that expectations of service quality are higher than perceptions was upheld. Cluster analysis and ANOVA revealed that perceptions of service quality varied among customers with different socio-economic backgrounds.

A comparison of the perceptions of sales management and salespeople towards sales force motivation and demotivation

The importance of sales force motivation is reflected in a large number of studies researching factors which salespeople believe act as motivators. However, the issue of the degree of congruence between the perceptions of sales management and their salespeople has been neglected. This study of life assurance sales forces indicates that there are considerable differences between the factors sales management perceive as motivators (and demotivators) and those the sales force regard as important for their motivation. The general implication is that sales management must periodically check their assumptions about what motivates their salespeople. For the life assurance industry, the findings suggest that a strategic review of compensation and promotional systems employed by most of the companies in the sample is warranted.

Energy for 1000 years: introduction to discussion

To conclude the excellent and highly authoritative set of papers, the Organizers hope that this final discussion will be one of the most important parts of the meeting, one in which we would value particularly comments and impressions from some of you not involved so closely with the program m e as are many of us. Energy for 1000 years. How very appropriate it has been for the Royal Society to have organized this meeting. The motto chosen by our early Fellows for our Coat of Arms in 1663 was ‘Nullius in Verba’, which expressed their determination that all statements should be verified by an appeal to the facts. The statements we have heard on all aspects of the fast reactor system have been justified most comprehensively, starting from a sound understanding of the underlying science through development of the technology and engineering to demonstration by large-scale operational experience. Here I think we should pay tribute to the work of outstanding scientists in many countries whose pioneering work laid such firm foundations for the later technical developments - work not just in the physics of the breeding process but including the complex interplay of many specialities - solid state phenomena, radiation and separation chemistry, thermodynamics and metallurgy among others. This scientific base has stood us in good stead in the face of changing requirements from licensing authorities and the general public for ever greater assurance on safety and environmental issues and from industry for assurance on performance and economics before embarking on anything new.

Projecting the spread of AIDS into the general population—application to life assurance

ABSTRACTThe following paper sets out the actuarial basis for the Cologne Re model projecting the spread of AIDS. We project new infections, new AIDS cases, and deaths for the sexually active population and demonstrate the effect on the German life assurance industry.

Join the DOTS and Make a Picture.

The Guinness Book of Records once claimed that the number π to a million decimal places, printed in full and bound in book form, was the Most Boring Book in the World. To the uninitiated, the Department of Trade Returns of U.K. life offices must seem to be in the same class, and when I chose the topic I wondered if this might affect the welcome which this paper would receive. For anyone with a professional interest in life offices, however, the Returns are too important to ignore. They contain the greatest amount of published data on the U.K. life assurance industry, they form an essential prop of our liberal supervisory system and they ought to be a line of defence against tighter controls.Life assurance has always been unusual in attracting long term contractual savings in large amounts. This was even more true a century ago than it is today, as there were no great pension funds or unit trusts. Human nature being what it is, this led some to view life assurance with more enthusiasm than sense. The mid-nineteenth century saw numerous small life offices set up, many of which were soon in trouble and it became common for such offices to be taken over by others. This was not so bad when the business was transferred to a larger, sounder office but quite often the new proprietor was an office in no better state than that taken over.

Life assurance applications: The role of computers in the life assurance industry

A communications forum has been set up for DP and user managers in the life assurance industry. The forum discussed the use of mainframes, and the rise of micros in branch offices. Mainframe databases need to be redesigned for greater flexibility.