Productive Development Policies Research Articles

Development of New Products for Climate Change Resilience in South Africa—The Catastrophe Resilience Bond Introduction

Climate change has brought several natural disasters to South Africa in the form of floods, heat waves, and droughts. Neighbouring countries are also experiencing tropical cyclones, almost on a yearly basis. The insurance sector is faced with an increased level of climate change risk with individuals, corporates, and even the government approaching it for financial cover. However, with an increased level of competition in the insurance sector, (re)insurers must engage in massive product research and development. Therefore, this paper looks at the possibility of the insurance industry developing new products in the form of catastrophe resilience bonds (CAT R Bonds). A qualitative approach is used following content analysis of (re)insurers’ product development policies, marketing documents, company reports, and risk management reports as well as the Conference of Parties 27 and 28 resolution papers. The findings reveal that (re)insurers’ underwriting capacity, reinsurance protection, and innovative and creative product development increase because of CAT R Bonds. CAT R Bonds enhance the interaction between the capital market and money market, thereby giving speculative investors another investment option. Increased investment into new product development such as CAT R Bonds must continue in South Africa in pursuit of climate change resilience goals.

Travel insurance behaviors of digital nomads

PurposeThis study aims to reveal the travel insurance behavior of digital nomads systematically. For this purpose, the habits and preferences of digital nomads for travel and health insurance were investigated based on the problems they experience during their travels.Design/methodology/approachWithin the scope of multimethod qualitative research, the insurance behaviors of digital nomads were investigated in depth by using both interview and content analysis techniques for social media comments. In the first stage of the study, the interview technique was used to describe the main factors underlying the insurance behaviors of digital nomads. In the second stage, the comments of digital nomads on social media platforms were evaluated by content analysis and themes regarding the insurance behaviors of digital nomads were reached.FindingsThe inadequacies of the current global system and national order determine the travel insurance behavior of digital nomads, who are generally opposed to the existing order and tend to escape from authority and routine. It was found that digital nomads care about the speed at which insurance companies meet their demands, the coverage of insurance policies (medical and travel-related components of insurance) and the cost of insurance behavior.Research limitations/implicationsThis study aims to provide a new perspective to the literature by conducting multimethod qualitative research within the scope of the risks experienced by digital nomads and their travel insurance behavior. The study shows that digital nomads cannot escape from national regulations. They have to take out insurance in countries with low cost of living due to problems with the health system and security, and in some countries, it is due to country regulations. In practice, the study provides conclusions and recommendations for current and potential digital nomads, insurance companies and governments regarding the insurance behavior of digital nomads. In particular, the study concludes with recommendations for insurance companies in terms of insurance product development and the use of social policy tools for governments.Originality/valueThis study offers a perspective on the key factors underlying the travel insurance behavior of digital nomads.

Towards transformation of the growth and development strategy for Latin America and the Caribbean: The role of productive development policies

Towards transformation of the growth and development strategy for Latin America and the Caribbean: The role of productive development policies

EXAMINING THE ROLE OF MARKETING RESEARCH ON INCREASED PROFITABILITY IN NICON INSURANCE COMPANY KADUNA STATE NIGERIA

The objective of this study was to examine the influence of marketing research on the profitability of NICON insurance in Kaduna State, Nigeria. The study adopted survey research sampling the opinion of 14 staff of NICON Insurance, composed of senior management staff, administrative staff, and marketing staff. Their opinion was collected using a structured questionnaire. The data obtained was analyzed by tabulation and percentages, and the formulated hypotheses were tested using the Pearson Correlation Coefficient method. The findings revealed that marketing research exerts a statistically significant effect on NICON insurance profitability. More so, the study found that marketing research has a statistically significant effect on NICON insurance total premium. The study concluded that for insurance firms to maximize profit at an optimum level, they have to expand the scope of marketing research and development in order to eliminate the risk involved in today’s marketing trend. The study therefore recommended that NICON Insurance Kaduna State should fully embrace the marketing research tasks, and establish departments or units dedicated to this crucial task, staffing them with qualified and experienced personnel. They should also step up their research to deliver timely information on the development of insurance products and other aspects of their business. Furthermore, through market scenario research, they have to make a consistent effort to track the level of client satisfaction with their offerings.

A Structural Equation Model of Governing Factors Influencing the Development of Sustainable Insurance Product in the Future

Designing and proposing sustainable insurance programs to insurance companies that run their businesses in Indonesia have been one of the insurers’ approaches to creating more stable and certain industry climate. Moreover, the Indonesian Financial Services Authority or OJK encourages financial services sector actors in creating, developing sustainable product innovations, and supporting financing of production activities that can create economic growth, social justice and environmental quality improvement. We conduct survey and analyze whether insurance companies in Indonesia are interested in implementing sustainable finance in insurance industry and developing sustainable insurance products. Participants’ responses depict insurance firms’ paradigm on sustainable insurance. In this study a framework is proposed for governing factors that impact the development of sustainable insurance product in the future such as the level of knowledge, readiness, and current sustainable insurance product development. To clarify the relationships, a structural equation model is utilized to examine the framework fit with the hypothesis for the four latent variables of this study. Acceptable goodness of fit is established for validity of the measurement model. The test of validity is accepted for the structural model in this study. The SEM results conclude that an insurer’s knowledge of sustainable finance principles affects the insurance firm’s readiness to implement sustainable insurance. Subsequently, the insurer’s readiness affects its current level of sustainable insurance product development. Eventually, the insurer’s knowledge and current development in sustainable insurance products have a positive effect on the insurance firm’s willingness to develop sustainable insurance products in the future. Thus, this study provides valuable information about factors affecting the development of sustainable insurance products in the future as a key for a successful implementation of sustainable finance in Indonesian insurance industry.

The Influence of Critical Success Factors of Innovative Insurance Product Development Concept Test towards Purchase Intention: An Empirical Study of Millennials and Generation Z as Target Market in Indonesia

The Influence of Critical Success Factors of Innovative Insurance Product Development Concept Test towards Purchase Intention: An Empirical Study of Millennials and Generation Z as Target Market in Indonesia

The Influence of Critical Success Factors of Innovative Insurance Product Development Concept Test towards Purchase Intention: An Empirical Study of Millennials and Generation Z as Target Market in Indonesia

The insurance industry faces numerous challenges, including intensifying competition, shifting customer expectations, and disruptive technological advancements. To navigate these challenges successfully, insurance companies must embrace innovation in product development. This approach enables them to meet the evolving needs of customers, adapt to market changes, and deliver greater value to their clientele. In Indonesia specifically, insurance companies face the considerable challenge of low insurance penetration, which has remained stagnant over the past five years from 2017 to 2021 (AAJI, 2022). Furthermore, insurance literacy and inclusion levels are alarmingly low, standing at only 19.40% and 13.15%, respectively, significantly below the Indonesian averages of 38.03% and 76.19% (OJK, 2019). Considering these challenges, PT Delta Echo Lima Insurance (placebo name and hereinafter named “DELI”) aims to address these issues by developing innovative, customer-centric insurance products and aspires to launch a ground-breaking insurance concept in Indonesia targeting Millennials and Generation Z. This research focuses on analyzing the characteristics of the target market and examining the correlation between critical success factors as key dimensions of the concept test for innovative insurance products and their influence on perceived innovation, perceived value, perceived price, and purchase intention. Additionally, an overall relationship model is established to provide a comprehensive understanding of the interconnections between these variables. To gather data, a quantitative approach was employed, utilizing questionnaires as the primary research instrument. The aim was to collect responses from two distinct groups of participants: Millennials and Generation Z. The collected data was then processed using the SmartPLS 3.0 software application, enabling the application of Partial Least Square Structural Equation Modelling (PLS SEM) analysis to derive insights and draw conclusions. This research provides valuable insights into the influence of critical success factors of innovative insurance product development concept tests on various aspects, including perceived innovation, perceived value, perceived price, and purchase intention among Millennials and Generation Z. The findings shed light on the unique characteristics of these target markets and highlight the significance of perceived value in driving customers' purchase intentions. By understanding these dynamics, insurance companies like PT DELI can better tailor their product development strategies to effectively cater to the needs and preferences of Millennials and Generation Z while addressing the challenges and opportunities within the Indonesian insurance industry.

A review of challenges, barriers, and opportunities for large-scale deployment of cool surfaces

Major urban centers are warming due to a combination of global and local phenomena. City governments are increasingly adopting strategies to mitigate the causes and impacts of extreme heat on their populations. Among these strategies are high solar-reflectance (cool) surfaces installed on building roofs and walls. Use of cool surfaces is a cost-effective and simple strategy that replaces conventional darker surfaces with surfaces that have a high reflectance to shortwave (solar) energy.This report reviews the recent history of cool-surface deployment efforts. This includes peer-reviewed literature, conference proceedings, and grey literature to identify challenges and barriers to wide-scale deployment of cool surfaces. We have also researched heat action plans and programs from cities and different codes and standards, as well as available incentive and rebate programs.The review identifies challenges, barriers, and opportunities associated with large-scale deployment of cool surfaces and categorizes them broadly as being related to product development & performance or policies & mandates. It provides a foundation upon which we intend to build a roadmap for rapidly accelerating future deployments of cool surfaces. This roadmap will address identified challenges and incorporate lessons learned from historical efforts to generate a practical and actionable plan.

Supply-side factors and uptake of insurance products among Ghanaian households

This study examines the influence of supply-side factors on uptake of insurance, as well the moderating effect of sales agent effectiveness on the interactions. A survey research design was adopted following a quantitative approach. The target population of this study comprised Ghanaian households of income earning groups (earning less than US$190; earning between US$191 and US$1,000; as well as earning US$1,000). Using a cross-sectional survey, a structured questionnaire was administered to 520 households that participated in the survey following a convenience sampling technique in line with the ethical considerations in social science research. The formulated hypotheses were tested using hierarchical regression analyses for the direct and moderating relationships. The results show that three supply-side factors influencing insurance uptake are insurance product design, customer service, and market positioning. The relationships between insurance product design, customer service, market positioning, and insurance uptake become stronger with higher levels of sales agent effectiveness. The implications for practice point to the need for a concerted effort on development of insurance products across the income brackets, offering insurance product cost suitable for each income group and providing adequate awareness to enhance uptake of insurance products.

How to secure an innovation grant for firms in new industries? Gender and resource perspectives

PurposeResearch on financing for entrepreneurship has consolidated over the last decade. However, one question remains unanswered: how does the combination of external finance, such as equity and debt capital, and internal finance, such as working capital, affect the likelihood of grant funding over time? The purpose of this study is to analyse the relationship between different sources of financing and firms' ability to fundraise via innovation grants and to examine the role of female chief executive officer (CEO) in this relationship. Unlike equity and debt funding, innovation grants manifest a form of innovation acknowledgement and visibility, recognition of potential commercialization of inovation.Design/methodology/approachThe authors use firm-level financial data for 3,034 high-growth firms observed in 2015, 2017 and 2019 across 35 emerging sectors in the United Kingdom (UK) to test the factors affecting the propensity of high-growth firms to secure an innovation grant as a main source of fundraising for innovation during the early stages of product commercialization.FindingsThe results do not confirm gender bias for innovation fundraising in new industries. This contrasts with prior research in the field which has demonstrated that access to finance is gender-biased. However, the role of CEO gender is important as it moderates the relationship between the sources of funding and the likelihood of accessing the grant funding.Research limitations/implicationsThis study does not analyse psychological or neurological factors that could determine the intrinsic qualities of male and female CEOs when making high-risk decisions under conditions of uncertainty related to innovation. Direct gender bias with regards to access to innovation grants could not be assumed. This study offers important policy implications and explains how firms in new industries can increase their likelihood of accessing a grant and how CEO gender can moderate the relationship between availability of internal and external funding and securing a new grant.Social implicationsThis study implicates and empirically demonstrates that gender bias does not apply in fundraising for innovation in new industries. As female CEOs represent various firms in different sectors, this may be an important signal for investors in new product development and innovation policies targeting gender bias and inclusion.Originality/valueThe authors draw on female entrepreneurship and feminist literature to demonstrate how various sources of financing and gender change the likelihood of grant funding in both the short and long run. This is the first empirical study which aims to explain how various internal and external sources of finance change the propensity of securing an innovation grant in new industries.

중국 의료빅데이터의 프라이버시 정보 보호에 관한 고찰

A recent development of information technology (IT) has brought many changes to hospital treatment and medical administrative services. Healthcare using clinical data accumulated by electronic medical records is changing the industry paradigm. In addition, with the spread of mobile internet and wearable health devices, it has been possible to build an infrastructure for health data that can converge ‘health’ and ‘medical.’ It provides convenience and speed not experienced in traditional healthcare through medical institutions such as hospitals.
 On the other hand, the collection and utilization of medical big data in medicine and electronic medical records have brought about many changes in privacy projection. The privacy of patients is used in hospitals and other institutions in a way called ‘information privacy.’ In other words, privacy is used as a piece of ‘information’ and is used for disease treatment, medical research, and insurance product development. As medical big data is collected from various devices and reprocessed in various ways, however, the risk of personal privacy rights being infringed has increased. Although these risks are inherent, a legal basis is not perfectly established yet.
 Therefore, this study reviews the current status of medical big data utilization in China and analyzes various legal issues related to the privacy information of medical big data. Besides, the study examines the civil legal status and protection measureless of privacy inflammation on medical big data and then proposes legislative improvement measures.

Factors Influencing Bank Customers’ Orientations toward Islamic Banks: Indonesian Banking Perspective

During the COVID-19 pandemic, the Indonesian banking industry showed positive performance, high profitability, sustainable growth, and stability. Islamic banks grew by 9.50% and had a market share of 6.52 percent as of September 2021. This study aims to examine the industrial sector perspective on the factors that prevent consumers from becoming customers of Islamic banks, in particular the factors that influence consumer decisions not to become Sharia bank customers. This study used descriptive qualitative methods and in-depth interviews to confirm and obtain input from industry representatives regarding Islamic banks. Primary data collection was performed using a purposive sampling technique. Informants were head office officials, managers, heads of individual retail product development units, product features and policies, market education, marketing, customer acquisition, and individual retailers. The findings of this study are the existence of passive resistance of consumers to become customers of Islamic banks. In addition, there are obstacles for prospective customers of Islamic banks in responding to marketing stimuli due to the perception of risk, image, and weak marketing reach that have dominated passive resistance to Islamic banks (blocking effects). As a result, consumers prefer conventional banks and are less interested in becoming customers of Islamic banks. This means that there is no opposition to Islamic banks.

Mengembangkan Tapai Menjadi Beberapa Varian Melalui Festival Tapai Di Kota Pematang Siantar

Tapai is a snack produced from the fermentation process of carbohydrate food as a substrate by yeast. Tapai is a hitz snack with a variety of creations. Each region has potential that can be developed into superior products in that area. These superior products must be continuously developed so that they will become great. The development of this superior product will certainly support the development of the local economy of the area concerned. Local economic development will also support the community concerned to develop.
 Local economic development that is based on superior products cannot be carried out by entrepreneurs alone, there needs to be a relationship from the government and other stakeholders engaged in local economic development. Government support is certainly needed by making policies that support superior product development policies. Meanwhile, other stakeholders assist entrepreneurs in developing their products so that they can be developed and known outside the region.

보험업종사자의 전직(경업)금지와 영업비밀보호에 관한 소고

As the 4th Industrial Revolution was applied to the entire industry, many changes occurred in the financial industry, including the insurance industry. These changes can be examined through ① insurance product development·improvement and risk management through big data analysis, ② rapid and accurate insurance rate calculation and underwriting of insurance contract using A·I, ③ the simplification of insurance conclusion, insurance premium payment, and insurance payment procedures using block chain technology, ④ effective marketing and efficient contract maintenance and management tasks through chatbot. The pace of change in the insurance industry is increasingly accelerating due to numerous practical changes in a short period of time and normative changes such as the revision of related laws of insurance industry.
 With the rapid change of the insurance industry, phenomena such as ① diversification of the people working in the insurance industry, ② activation of job change of the people engaged in the insurance industry, and ③ advancement of technology or information required or used in the insurance industry are occurring. If the people engaged in the insurance industry changes their jobs frequently, the possibility of leakage of information or technology related to the insurance industry or infringement of trade secrets may occur. Since this can cause fatal damage to the insurer, it will be necessary to prepare a plan to prevent the leakage of such information and technology and to protect trade secrets.
 In this paper, in order to protect the interests of insurers, the validity of the contract for prohibition of job transfer, which is a pre-emptive remedy, not an ex-post remedy according to the Act on the Prevention of Unfair Competition and Trade Secret Protection, the Monopoly Regulation and Fair Trade Act, etc. And we would like to examine the effectiveness of the contract for prohibition of job transfer and review its application to the people engaged in the insurance industry.

Public understanding of artificial intelligence through entertainment media.

Artificial intelligence (AI) is becoming part of our everyday experience and is expected to be ever more integrated into ordinary life for many years to come. Thus, it is important for those in product development, research, and public policy to understand how the public’s perception of AI is shaped. In this study, we conducted focus groups and an online survey to determine the knowledge of AI held by the American public, and to judge whether entertainment media is a major influence on how Americans perceive AI. What we found is that the American public’s knowledge of AI is patchy: some have a good understanding of what is and what is not AI, but many do not. When it came to understanding what AI can do, most respondents believe that AI could “replace human jobs” but few thought that it could “feel emotion.” Most respondents were optimistic about the future and impact of AI, though about one third were not sure. Most respondents also did not think they could develop an emotional bond with or be comfortable being provided care by an AI. Regarding the influence of entertainment media on perceptions of AI, we found a significant relationship (p < 0.5) between people’s beliefs about AI in entertainment media and their beliefs about AI in reality. Those who believe AI is realistically depicted in entertainment media were more likely to see AIs as potential emotional partners or apocalyptic robots than to imagine AIs taking over jobs or operating as surveillance tools.

Pengaruh Premi, Risiko, Kualitas Pelayanan Islami terhadap Minat Menjadi Nasabah Asuransi Prudential Syariah Bogor

In the current era of globalization, the insurance world in Indonesia is experiencing very sharp competition between insurance companies and makes the company the most superior. The company's competition is not except for insurance service companies. Every insurance company hopes to achieve its goals, grow every year, and achieve success. This success can come from affordable insurance premiums, minimal risk and good service quality. This study aims to see the effect of premium, risk and quality of Islamic services on interest in becoming a customer at Prudential Syariah Bogor Insurance. The method used in this study is a quantitative method. The population in this study is the Bogor Sharia Prudential Insurance customers with a sample of 80 respondents. The data analysis method used is SEM-PLS. research results show that: 1) The premium variable has a positive and significant effect on interest in becoming a customer, 2) The risk variable has a positive but not significant effect on interest in becoming a customer, 3) Islamic service quality variable has a positive and significant effect on interest in becoming a customer. For Prudential Syariah Bogor Insurance can conduct research and risk measurement for the development of insurance products so that they can offer insurance products that facilitate a wider variety of risks, the greater the public's desire to use insurance services.&#x0D;

Pengaruh Premi, Risiko, Kualitas Pelayanan Islami terhadap Minat Menjadi Nasabah Asuransi Prudential Syariah Bogor

In the current era of globalization, the insurance world in Indonesia is experiencing very sharp competition between insurance companies and makes the company the most superior. The company's competition is not except for insurance service companies. Every insurance company hopes to achieve its goals, grow every year, and achieve success. This success can come from affordable insurance premiums, minimal risk and good service quality. This study aims to see the effect of premium, risk and quality of Islamic services on interest in becoming a customer at Prudential Syariah Bogor Insurance. The method used in this study is a quantitative method. The population in this study is the Bogor Sharia Prudential Insurance customers with a sample of 80 respondents. The data analysis method used is SEM-PLS. research results show that: 1) The premium variable has a positive and significant effect on interest in becoming a customer, 2) The risk variable has a positive but not significant effect on interest in becoming a customer, 3) Islamic service quality variable has a positive and significant effect on interest in becoming a customer. For Prudential Syariah Bogor Insurance can conduct research and risk measurement for the development of insurance products so that they can offer insurance products that facilitate a wider variety of risks, the greater the public's desire to use insurance services.&#x0D;

Rural Tourism Development in Guilan: A Grounded Theory Study (Case Study: Rahmatabad and Blukat District in Rudbar County)

Purpose- Rural tourism, in the perspective of developed economies, is considered as a context-based experience that has a broad range of attractions. Also, it can increase the opportunities to provide services to local communities. Thus, their maintenance has become an integral part of the rural economy. In this regard, the study explored the understanding of rural development in Rudbar County, Guilan province. Design/methodology/approach- This study, in terms of goal is applied-developmental, in terms of paradigm is qualitative, and in terms of method is a grounded theory which is based on an inductive approach. The statistical population consisted of two groups of key rural informants and tourists of Rudbar County. Using a purposive sampling, 18 people were selected by snowball method and data were collected applying in-depth and semi-structured interviews, reaching saturation. To analyze the narratives, three stages of open, axial and selective coding method were used. Findings- Findings showed that the vital commodities of rural in Rudbar are the supply of a mixture of approaches such as ecotourism, agrotourism and participatory approaches such as the view of scenic byways. In the elevated villages near Darfak peak, the commodities are long hiking or cycling alongside Sefidrood River as well as heritage areas. Also, in the development of rural in the study area, the categories of products of the destination, space opportunities of the destination, infrastructure of the destination, cultural support and beliefs of the destination, responsible participation of the destination, cultural acceptance of the destination, marketing for the destination, human capital of the destination, employment in the destination were important. The most important category (core category) was known as tourism product development policy. Research limitations/implications- Lack of proper access to infrastructures such as mobile coverage accessibility, Internet and accommodation opportunities, frequent cut-offs of tap water in some villages for long hours, and access to tourists and key local informants were among the problems in the way of this study. Practical implications- In order to achieve the development of rural tourism, it is suggested that special attention be paid to the development policy of Guilan product supply in different dimensions. Since most of the incoming tourists to Guilan are nature tourists, increasing the village's service such as improving mobile and Internet access, improving the village's water and electricity quality, travel agency offices and active tour operators in the villages, automobile repair shops, local food restaurants and eco-resorts are vital. Originality / Value- A grounded theory systematically examines phenomena in their natural state in the form of regular steps. In this method, generalization is not the purpose. Instead, the goal is to understand the phenomenon and its various dimensions.

POTENSI ASURANSI SYARIAH DI SUMATERA UTARA

This study aims to analyze the influence of product development variables, market expansion and market share on the potential of sharia insurance in North Sumatra Province, and also to establish a development strategy model in the Sharia insurance industry. This research uses quantitative descriptive statistic research approach and also strategy development approach with SWOT analysis model. The population in this study is the people of North Sumatra with the model of withdrawal of stratfikasi samples by taking several districts / cities in the Province of North Sumatra, namely Medan, Binjai, Deli Serdang, Sibolga, Pematang Siantar and Padangsidempuan. Product development variable regression coefficient of 0.469; this means that if the insurance company develops the product will experience an increase of one unit, then the potential of sharia insurance will increase by 0.469 units The coefficient of variable regression of market expansion is 0.892; this means that if the market share increases by one unit, the potential meal of Sharia insurance will increase by 0.892 units The coefficient of variable regression of market share is 0.048; this means that if the market share increases by one unit, The Potential meal will increase by 0.048 units assuming other independent variables of fixed value. Sharia insurance product development strategy model in North Sumatra with SWOT analysis approach is located in Quadrant 1 (Aggressive). Where it has a good value weight in the internal environment at the position of strength (Strength) and the weight of value in the external environment is good at the position of opportunity (Opportunity). It can be concluded that if the SWOT diagram is in quadrant 1 (Aggressive), it shows sharia insurance companies in northern Sumaetra Province have opportunities and many forces that encourage the use of these opportunities. Quadrant 1 supports an aggressive (growth oriented strategy).

Rules for Co-manufacturing and Governance of Insurance Products by an Insurance Undertaking and an Insurance Broker in the Light of Insurance Distribution Regulations

The entry into force of the Directive (EU) of the European Parliament and of the Council on the distribution of insurance, the Commission Delegated Regulation (EU) supplementing Directive (EU) 2016/97 of the European Parliament and of the Council with regard to product oversight and governance requirements for insurance undertakings and insurance distributors, as well as the Insurance Distribution Act of 15 December 2017 have created new opportunities for cooperation between insurance companies and brokers involving insurance products co-manufacturing and management. Such cooperation remains an exception to the principle of inadmissibility of brokers’ permanent contractual relationship with insurance undertakings, specified in Article 30 para. 1 point 2 of the Insurance Distribution Act. The article presents legal provisions relating to an insurance product manufacturing and governance and contracts regulating such cooperation. Its authors seek to answer a question whether it is necessary to maintain brokers’ independence from insurance undertakings in the course of an insurance product development and governance, and finally discuss the benefits and risks resulting from it.