Life Assurance Research Articles

Pengaruh Service Quality, Customer Trust, dan Customer Satisfaction terhadap Purchase Intention Dalam Personal Selling Produk Asuransi Jiwa

This research was made in purpose of examine and analyze the effect of service quality (SQ), Customer’s trust (CT) and satisfaction (CS) on purchasing decisions in the personal selling activities of PT. Prudential Sharia Life Assurance. The data was collected using a massive survey that had been created based on predetermined research indicators. The population in this research are active customers of PT. Prudential Sharia Life Assurance and as counted as 85 data of the respondents are used as the samples. The analytical method that had been used in this research is Structural Equation Modeling (PLS-SEM). The analytical results show that SQ, CT, and CS, along with personal selling have a significant effect on purchase intention. CS has a significant effect on personal selling, while SQ and CT have no significant effect on personal selling. Personal selling cannot mediate SQ and CT on PI. Personal selling can mediate CS on PI.
 Keywords: Service Quality (SQ); Customer Trust (CT); Customer Satisfaction (CS); Purchase Intention (PI); Life Assurance.

An Analysis of the Role of Waqf in the Food Industry as Quality of Life Assurance

The food industry is an important sector in a country because the availability of sufficient and stable food shows a country that is able to guarantee the quality of life of the community. Furthermore, waqf models are actively developed in Malaysia, especially in sectors such as housing, education, health and etc. Therefore, to guarantee the quality of life through the food industry, Waqf needs to be an economic tool that can help improve the food industry in line with the balance and stability of the country's food security. Thus, this study aims to identify the role of waqf in the food industry as a tool that helps improve the quality of life, especially in obtaining halal food. This study uses a qualitative research method, a library study by examining secondary sources related to waqf in the food industry, such as agricultural waqf, which has been practiced as one of the financing tools that can increase food resources. This study shows that waqf has an important role as a tool that can help in improving the food industry towards economic and social well-being to guarantee a quality of life. The findings of this study are expected to help stakeholders to further empower waqf institutions in developing a waqf model by current needs including waqf related to the halal food industry.

Pertanggungjawaban Perusahaan Asuransi Terhadap Pemegang Polis Yang Mengalami Status Polis Lapse (Kehilangan) Akibat Kelalaian Agen Dalam Pembayaran Angsuran Premi (Studi Kasus Putusan No.320/Pdt.G/2019/Pn Mdn)

The existence of an agreement is a condition that must be met for the validity of an agreement. The agreement regulates the rights and obligations, the importance of insurance in its development to advance the development of insurance. Paying the premium is not on time, so that the insurance claim submitted is rejected by the company, because it is already in a state of Lapse. Failure to pay is not the insured's fault, but the agent's fault for not paying the premium to the company. This study aims to find out how agents are regulated in insurance companies in Indonesia and how insurance companies are responsible for customers who experience policy lapse due to agent negligence in paying premiums. Normative juridical research methods. The nature of the research is analytical descriptive with a literature study approach (Library Research) and field studies at the Medan District Court (Case Study of Decision No.320/Pdt.G/2019/Pn Mdn). The results of the study explained that the defendant (PT. Prudential Life Assurance) was completely irresponsible and there was no good faith towards the plaintiff (yurnawilis) who claimed the insurance of the deceased insured. Ambun Sari (the plaintiff's biological mother), the case was also stated as obscuur libel (fuzzy) posita and the plaintiff's petitum were not related, it does not mean that the defendant was not responsible for insurance claims.

Exploring the Link between Corporate Social Responsibility (CSR) and Customer Loyalty (CL) in the Funeral Assurance Industry in Zimbabwe: A Qualitative Analysis

This study explored the link between Corporate Social Responsibility (CSR) and Customer Loyalty (CL) in the Funeral Assurance Industry in Zimbabwe. Using a qualitative research methodology, the study examined the impact of Nyaradzo Life Assurance (Pvt) Ltd Company's CSR initiatives on recipient communities and individuals, and how these initiatives influenced CL. Data were collected from 60 participants using interviews and focus groups. The study found that Nyaradzo's CSR initiatives, including community development projects, education support to vulnerable groups, and environmental sustainability programs, were perceived positively by participants who were also the company's clients. The tree donation initiative, in particular, created a long-lasting emotional connection between clients and Nyaradzo, and this initiative was contributing towards the development of CL shown by the clients. The study also found that CSR initiatives that aligned with the customer's values and expectations, as determined by their contextual realities, were the ones that were more likely to influenced CL. Overall, the study highlighted the importance of CSR in developing CL in the funeral assurance industry in Zimbabwe, and the need for companies not only to align their CSR initiatives with the values and expectations of their clients but also to involve their clients in some their CSR initiatives.

Factors Affecting Community Management during Crisis for the Sustainability of Underprivilege People

Thailand prioritizes country development for sustainability, emphasizing local economy promotion and development via the Thailand 4.0 policy as the guideline for personnel potential enhancement to moving the country forward and competitiveness under a crisis and changing unpredictable circumstances. Therefore, risks are affecting the economy of the nation, community, and the living of people, particularly underprivileged people who has no life security and assurance. For this reason, the relevant agencies and communities should implement efficient management, so they are self-reliant and can survive. This research applied the concept of Sufficiency Economy to examine the factors affecting the success (primary factors and secondary factors) of community management during a crisis through the perspective of the community leaders council, who were the experts. Fuzzy Delphi Method (FDM) was used for data analysis based on experts’ consensus. The findings indicated that the significant criteria affecting the success of the crisis community management of the underprivileged people is “Crisis Leadership” and the most significant sub-criteria is “Opportunity from Crisis” (8.50), followed by “Reliability” (5.38) and then, “Household Economy” (5.13) and “Food Stability” (5.13), respectively. The research results are practical for planning and for application as the data to promote and assist the underprivileged people in Thailand based on the sufficiency economy philosophy approach so that they can deal with any crisis accordingly, which will help to save time and the budget.

Analysis of the Effect of Contribution Income, Claims on Tabarru Funds in the Sharia Business Unit of PT. Prudential Life Assurance Indonesia, 2016-2021

The background of this research is the increase in the number of claims paid by the company so that the large expenditure of company funds has an impact on the tabarru fund reserves. In general, the increasing number of claims paid by the company will have an impact on the tabarru reserve fund, which is feared when contribution income decreases, it indicates that the company's health is getting worse. More expenses than income. The purpose of this study was to determine the effect of Contribution Income and Claims on Tabarru Funds, both partially and simultaneously in the Sharia Business Unit of PT Prudential Life Assurance Indonesia in 2016-2021. This type of research is quantitative research with secondary data types originating from the annual financial reports of the PT Prudential Life Assurance Sharia Business Unit for the period 2016 to 2021 which originate from the company's official website, namely www.prudential.co.id. This research data collection technique uses datatime series with multiple linear regression analysis models to examine the effect of the independent variables on the dependent variable. The results showed that partially Contribution Income has a positive influence on Tabarru Funds with t count (72.09984) positive direction coefficient of 1.079889 with a probability of 0.0000 <t table (0.05). While Claims have a positive influence on Tabarru Funds with t count (2.699611) positive direction coefficient of 0.040033 with probability (0.0165) <0.05. Simultaneously Contribution Income and Claims together have a significant effect on the Tabarru Fund with f count (9534.203) and probability 0.000000 <0.05. The percentage of influence of the independent variables (Revenue Contributions and Claims) on the dependent variable (Tabarru Fund) is 99.9% while the rest is influenced by other variables not included in this research model. The recommendation from the results of this study for companies is to maintain the stability of contribution income by monitoring the smooth payment of participant contributions so that they continue to be active and increase the growth of new participants(new business) as well as being more selective in processing payments for claims submitted by each participant.

A Study of Takaful Pakistan: Evidence from Hemayah Takaful Peshawar

This study is about the management and general affair of EFU Hemayah Takaful Peshawar office, which is a sub brand of EFU Life Assurance Limited representing the Window Takaful Operations of the company. This study was conducted through informal interviews and personal observations. To know how and to what extent did the technological advancement bring changes in management activities? The main purpose of this study is to provide the students an opportunity to work and see the implementation of their background professional studies. Hemayah is a dedicated Shariah compliant window Takaful brand, it provides a wide range of Shariah-compliant financial plans.

Improving Insurance Operations in Nigeria Through the Digital Technologies

This paper aims to evaluate the impact of digitalization technologies on the insurance industry in Nigeria. Data were obtained from primary sources only. The primary data were collected through the mailed questionnaires that were administered to selected Chartered Insurers in Nigeria. The questionnaires were designed to reveal issues on digital transformation in Insurance industry in Nigeria. Seventy (70) questionnaires were sent to the respondents across the country in the six Geo-Political zones in Nigeria. It is noteworthy that 45% of the respondents were the Chief Executive Officers of different insurance companies, 30% of them were at Senior Manager Level of the Life Assurance Companies while the remaining 25% were the General Managers of Underwriting, Claims, Marketing and Human Resources Departments. It was found out that Nigerian Insurance companies as well as the NAICOM had transformed more than 40% of their services into digital technology. Besides, the research further revealed that almost every insurance company in Nigeria has a digital platform. The research recommends that the Federal Government should create sufficient budgetary allocation to invest in InsurTech and improve the training of the staff of the Government owned insurance companies such as NICON, Nigeria Reinsurance Corporation, LASACO, on the acquisition of digital skills. This will quickly encourage and mandate the private owned insurance companies to equally invest in InsurTech and arrange digital training for their staff so as to acquire digital skills necessary for the full digital transformation. The National Assembly should also amend the existing Constitutions on big data and recommend strict penalties for cybersecurity breaches. All these will disrupt the insurance services in Nigeria.

The Influence of Internal and External Factors on Profits of Sharia Life Insurance Units in Indonesia (2016-2020 Period)

Purpose: This study aims to analyze the long-term and short-term impact and influence of premiums, investment returns, inflation and exchange rates on Islamic insurance companies.Design/Method/Approach: This research uses associative which aims to determine the relationship of two or more variables with a quantitative approach. The data collection technique is by using the financial statements of each life insurance company in the sharia business unit. In addition, this study also uses data from government publication reports such as OJK, Bank Indonesia and BPS. The method used is panel data regression and ARDL to determine the long-term and short-term effects.Findings: The results show that from several companies sampled in the study, it is known that the companies that have the most influence on premiums, investment returns, inflation and exchange rates on sharia life insurance profits are PT. Prudential Life Assurance. This is because based on the company's financial statements the premium rate at PT. Prudential Life Assurance since 2016-2020 continues to increase significantly every year. Based on the ARDL method, it is known that in the short term all variables have a significant effect on profits, while in the long term premiums and the exchange rate have a significant effect on profits while investment and investment returns have no effect on profits in the long term.Originality/Values: The contribution of this research can provide information and be used as a reference in research on the analysis of the influence of internal factors and external factors on the profit of Islamic life insurance in Indonesia. In addition, it is hoped that this research will be used as a reference material in determining the decision to use a company's insurance services and with this research it is expected to be a reference for the government to be able to improve the sharia life insurance industry in its development.

Claims Payment, Risk-Based Capital as Determinants of Life Assurance Companies’ Profitability in Nigeria

The study assessed the relationship between claims payment, risk-based capital and profitability of Life Assurance Companies in Nigeria. There are fourteen listed life insurers in the industry where data of six insurers were randomly selected from the companies` annual reports for the periods of 2011-2019. The data were made available in the Nigerian Insurers Association Digest. Ex-post factor research design was employed. Findings show that claims payment, proxied by Net Claim, Net Premium and Net Expenses and Risk-Based Capital have significant effect on profitability of life Insurance Companies in Nigeria. Four hypotheses were tested. The first hypothesis showed the p-value of 0.0095<0.005, confirming that Net Claim has significant effect on Profitability of listed Life Assurance Companies in Nigeria. The second hypothesis showed that, Net Premium has significant influence on Profitability of listed Life Assurance Companies in Nigeria with a p-value of 0.0081<0.05. The third hypothesis showed a coefficient of 0.003, p < 0.05), indicating that there is significant relationship between Expenses Ratio and Profitability of Life Assurance Companies in Nigeria. Finally, the fourth confirmed that Risk-Based Capital has significant effect on Profitability of listed Life Assurance Companies in Nigeria with a p-value 0.0089>0.05. The study therefore concluded that the life insurance companies should put in place strategies to ensure proper management of Net Claim, Net Premium, Net Expenses and Risk-Based Capital and also entrust these in the hands of experts to yield high results. The study recommended that the claim managers should work in cooperation with other sections of the insurer from the policy formation stage to its cessation to promote timely payment of genuine claims and increase the profitability of insurance firms through effective cost control.

Claims Payment, Risk-Based Capital as Determinants of Life Assurance Companies' Profitability in Nigeria

Claims Payment, Risk-Based Capital as Determinants of Life Assurance Companies' Profitability in Nigeria

Claims Payment, Risk-Based Capital as Determinants of Life Assurance Companies' Profitability in Nigeria

Claims Payment, Risk-Based Capital as Determinants of Life Assurance Companies' Profitability in Nigeria

Poisson Incorporated Credibility Regression Modelling of Systematic Mortality Risk for Populations with Finite Data

This study considered the modeling of systematic mortality risk for populations with finite data using the Poisson incorporated Credibility regression model. For novelty, we have included the credibility regression approach to modelling mortality by assuming the number of annual deaths follow a Poisson distribution. Our model shows improvement in precision levels when estimating mortality risk compared to classical models used in European countries. We have illustrated that our model works optimally when using Kenyan mortality data, comparing male and female lives under the different strategies, thus making better predictions than the classical Lee–Carter (LC) and Cairns–Blake–Dowd (CBD) models. The mean absolute forecast error (MAFE), mean absolute percentage forecast error (MAPFE), root mean square error (RMSE), and root mean square forecast error (RMSFE) under the incorporated credibility regression model are much lower than the values obtained without incorporation of the Buhlmann credibility approach. The findings of this research will help insurance companies, pension firms, and government agencies in sub-Saharan countries model and forecast systematic mortality risks accurately. Finally, the results are essential in actuarial modelling and pricing, thus making life assurance products affordable for most people in low-income African countries.

Pengaruh Perceived Value dan Trust terhadap Loyalitas Nasabah Asuransi Syariah Prudential

According to Islamic law, Islamic insurance is an effort to protect each other and help between many people and parties through investment or assets, or among many people and parties through investment in the form of assets or tabarru'. Risk through contract (contract). This study aims to determine the effect of perceived value and trust on the loyalty of Prudential Islamic insurance customers, both in part and in general. The method used in this research is the quantitative method. The survey data was obtained from the survey by searching for the sample using the Slovin method. Survey was conducted on 83 customers of PT Prudential Life Assurance Syariah Division Tebing Tinggi. Questionnaire using hypothesis testing using SPSS software version 25 and using linear data using multiple linear regression analysis. The result of this research is that the variables of perception, perceived value and trust, have a positive and significant effect on loyalty. Second, the variable iperceived value also has a positive and significant effect on loyalty, and the itrust variable also has a positive and significant impact on the loyalty of Prudential Islamic insurance customers.
 Kata kunci : Perceived Value, Trust, Loyalty, Sharia Insurance

Implementasi Strategi Personal Selling Bagi Agen Asuransi

The marketing mix is an important item that insurance businesses undertake in order to grow the number of clients in a new period of increasingly harsh competition in the insurance world. Insurance firms must also develop a promotional mix in order to engage with potential clients and build their customer base. Personal Selling is a part of the promotional mix that involves a corporation giving an oral presentation to one or more potential consumers with the goal of selling the goods or services on offer. Primary and secondary data are the two types of data used. Field research and visits to the library are examples of data collection approaches.The descriptive data analysis method was performed with qualitative data gathered through direct data from the company. The findings revealed that PT. Prudential Life Assurance Binjai's personal selling operations include not only presentations and detailed explanations, but also seminars and training for potential consumers. The agency also interacts through a variety of channels in order to deliver good results. Prospecting - Information Gathering - Targeting - Allocating - Communicating - Selling - Servicing are the functions of personal selling activities at PT. Prudential Life Assurance. As a result, personal selling efforts were carried out from the beginning to the end.
 Keywords: Implementation, strategy, personal selling, agent

Strategi Pemasaran Agen Dalam Mempertahankan Loyalitas Nasabah di PT Prudential Life Assurance Cabang Binjai


 Prudential Life Assurance, a branch of Binjai, is a company engaged in insurance. In an effort to increase sales of insurance policies in Binjai City generally use several marketing strategies. The marketing strategy is implemented by the insurance agent/consultant of the company. This type of research is descriptive with a qualitative approach. Data collection used by using interviews, study documentation and observation. The study in this research is to find out "Agent Marketing Strategy in Maintaining Customer Loyalty at PT Prudential Life Assurance Binjai branch with research aspects: insurance products, premium prices, promotions, places, people and physical facilities. The results showed that the branch of PT. Prudential Life Assrance Binjai branch has been able to carry out the marketing strategy created and determined by the company through several patterns, namely mobilizing its agents/consultants to the maximum in the field with adequate knowledge about insurance products and benefits so that they have the ability to explain them to potential customers/prospective consumers and marketing patterns in a comprehensive manner. Online through the company's website which is promoted through various electronic media. The technical marketing of various types of insurance owned by the company is done by moving agents/consultants to visit from house to house (door to door). communities that have been targeted by agents/consuls previously. The second technique is to hold meetings with groups of people both in offices and plantation companies and other economic institutions so that the sale of policies can be done collectively. Thus the branch company PT. Prudential Life Assurance Binjai branch managed to increase sales of insurance policies from the previous year, 2017. The conclusion of the research is that with a marketing strategy by visiting prospective customers from house to door (door to door) conducting marketing to many people at once in various agencies and companies, the company Prudential Life Assurance insurance at the Binjai branch has succeeded in gradually increasing sales of insurance policies from 2015-2021.
 
 Keywords: Strategy, Marketing, Prudential Life Assurance Binjai

Personal Selling Dalam Meningkatkan Penjualan Polis Asuransi PT Prudential Life Assurance Syariah Cabang Binjai

This research was conducted at PT. Prudential Life Assurance Medan branch. The type of research used is descriptive qualitative research and field research, using document study tools, interviews and observations. The final step in the research method is data analysis. There are 200 licensed marketers. Both work actively and passively. The number of customer premiums fluctuates every year. So the results of the study show that the level of sales of policies and premiums cannot be separated from the popularity and image of a good company in the eyes of the community and the competence of a marketer or agent in personal selling activities carried out as well as the efforts made by agents who play a role in maintaining and increasing market share. market by always maintaining good communication with policyholders.
 Keywords: Personal Selling, Sales, Insurance Policy

Influence Leadership Transformational, Discipline Work, and Work Stress on Performance Employee on PT. Titans Agency Prudential Life Assurance in Surabaya

Purpose: This research is to find out and analyze whether Transformational Leadership has an effect on Work Stress, to find out and analyze whether Work Discipline has an effect on Work Stress, to know and analyze whether Transformational Leadership has an effect on Performance Employees, to.
 Design/methodology/approach: The sample data in this study were 16 respondents. Analysis which is used is Path Analysis (Path Analysis).
 Findings: The results of this study show that Leadership Transformational no there is influence significant to work stress at PT. Titans Agency Prudential Life Assurance, Work Discipline does not exist significant influence on Work Stress at PT Titans Agency Prudential Life Assurance, Leadership Transformational there is influence significant negative to Performance Employee on PT Titans Agency Prudential Life assurance, Discipline Work there is positive significant effect on Employee Performance at PT Titans Agency Prudential Life Assurance, Work Stress has a significant negative effect on Employee Performance at PT Titans Agency Prudential Life Assurance,.
 Research limitations/implications: Find out and analyze whether Work Discipline has an effect on Employee Performance, to find out and analyze whether work stress has an effect Against Employee Performance.
 Practical implications : This study leader PT Titans Agency Prudential Life Assurance recommended for adjusting work deadlines with stress work which given to employee. So that employee could complete which always Chase target.
 Originality/value: This paper is original
 Paper type: a Research Paper

Tingkat Pemahaman dan Jasa Agen Dalam Meningkatkan Minat Calon Nasabah Menjadi Peserta Asuransi Syariah di PT Prudential Life Assurance Cabang Binjai Timur


 Insurance agents play an important role for insurance businesses as they help them in marketing and selling their goods to potential customers. Due to the need for an insurance business representative, he or she must be familiar with the insured. Insurance products and how to sell insurance products are two topics that interest me. Even if an agent holds a sharia insurance license, this does not guarantee that he or she is competent. Based on the situation stated above, the following is the formulation of the problem to be written: 1. At PT. Prudential Life Assurance East Binjai Branch, how sensitive is the participant to sharia insurance? 2. Why might agents in the PT. Prudential Life Assurance East Binjai Branch be interested in becoming sharia participants? 3. How do you assess the level of understanding of PT. Prudential Life Assurance Binjai Timur Branch agents and agent services in relation to your desire to become a sharia insurance customer? The findings of the study are as follows: The level of comprehension of sharia insurance agents might be found in the medium or quite understanding groups because these agents are prospective insurance clients. The understanding category also includes the level of understanding of sharia insurance agents. Understand what sharia insurance is and how it might benefit you. Insurance agents' services are highly valued because they are the driving force behind insurance firms. Agents are needed in the community for a variety of reasons, including educating the public on how to learn about, understand, use, and enjoy life insurance services. At PT. Prudential Life Assurance Branch East Binjai, the importance of knowledge and the role of agents in business ethics is an endeavor to reconcile a company's strategic goals with the needs of morality.
 Keywords: Agent Understanding Level, Agent function ,Customer Interest

CUSTOMER RETENTION STRATEGIES AND PROFITABILITY AMONGST INSURANCE COMPANIES IN KENYA: A CASE OF LIBERTY LIFE ASSURANCE CO. LTD

This study sought to investigate the influence of customer retention on profitability of insurance companies in Kenya using Liberty Life Assurance Company Ltd as a proxy. The Specific objectives of the study were to examine the effect of product quality assess the effect of quality customer service, and to establish the influence of firms service/product pricing on profitability. The theories of Assimilation, Contrast, and Assimilation-Contrast guided this current study. Descriptive and correlational design were used on a target population of 2, 653 customers who have held life policies since 2010 with Liberty Life Assurance Co. The sample of the study consisted of 347 respondents. A questionnaire was used to collect primary data from customers while a structured interview schedule was used to collect qualitative data from 10 managers. Validity of instruments was ensured by consulting experts from Business Administration Department, Africa Nazarene University. Reliability of instruments was achieved through test-retest method on randomly selected 39 customers, whereby Cronbachs Alpha of 0.849 was calculated from the obtained data. Qualitative data was analyzed through thematic analysis while correlation and regression analysis were used to analyze the relationship between customer retention strategies and profitability in Liberty Life Ltd, Kenya. The study findings showed that 40.4% changes in profitability at Liberty Life Assurance is attributed to the customer retention strategies investigated by the study (R2 =0.4042). Findings also showed that product quality (β=0.428) quality of services (β=1.188) and product pricing (β=0.601) all are significant predictors {F (1, 338) =88.495, P<0.05} of profitability at Liberty Life. It is concluded that product quality, quality of services, and product pricing are critical customer retention strategies for enhancing firm profitability. The study therefore recommends insurance should adopt corporate social responsibility practices as well as flexibility mode of premium payment to improve and stabilize their customer base. Further research should be done on the influence of expanded benefits in insurance product packages on customer retention and profitability.