Insurance Brokers Research Articles

Optimization of Insurance Brokerage Institutions in Realizing the Trust of the Indonesian Community

Public trust in the Indonesian insurance business is shaken by the crisis that rocked multiple insurance companies. This study investigates insurance brokerage institutions’ involvement in Indonesia’s insurance activities and how to improve public trust. This research uses normative legal research by examining library materials or secondary data. In contrast, the nature of the research is analytically descriptive, depicting the existence of insurance brokerage institutions in the Indonesian insurance industry for further analysis to complete the picture of brokerage companies’ role in improving the industry. The research found that insurance brokers help insureds choose an insurance carrier, handle the claims process, and resolve claim disputes, making them crucial to Indonesian insurance. Brokers can gain public trust by increasing insurance literacy, transparency of insurance product information, helping consumers resolve insurance claims and advising the Financial Services Authority on insurance regulations. To gain public trust in insurance, the insurance industry should prepare a more effective and comprehensive set of regulations to prevent legal uncertainty and provide adequate legal protection to customers. At a micro level, every regulation prepared by the company can provide certainty. The company’s ethics and corporate governance policy is explicit.

User Perception of Smart Home Surveillance: An Integrative Review

Smart Home Technologies (SHTs) have recently become popular for a variety of purposes, including healthcare, entertainment, and convenience, among others. While SHT manufacturers promise to provide a range of services relating to home security, health and wellness, automated domestic tasks, entertainment, and beyond, user perceptions vary widely in terms of benefits and drawbacks. Moreover, surveillance studies researchers have warned against normalizing technologies that may exacerbate uneven power dynamics between users and household members, marketing companies, insurance brokers, law enforcement, and others. Through an analysis of the interdisciplinary literature stemming from computer science and engineering, gerontology, the social sciences, and related fields, we explore the extent to which these potential risks and related concerns are reflected upon by smart home users. This scoping review aims to explore SHT user perceptions of privacy attitudes, the purposes of smart home surveillance, risks and benefits, and impacts on home safety. Through our review of sixty-eight relevant studies, we found that many smart home users reported satisfaction over perceived benefits such as an increased sense of safety and home security. Many others displayed limited understandings of data collection practices or expressed privacy concerns. Nonetheless, SHT usage prevailed among these users. Others report a perceived trade-off between privacy and other factors, such as convenience, and some may have resorted to privacy cynicism, a coping mechanism for dealing with ubiquitous surveillance. In order to better understand SHT adoption trends despite concerns, exploring the conflict between user perceptions of privacy, understanding of SHT data collection purposes, risks and benefits, and home safety, is essential.

Utilisation of the site assessment energy indices for aquaculture in exposed waters: biology, technology, operations and maintenance

When moving from a very sheltered aquaculture site to a very exposed oceanic aquaculture site, the energy increases proportionally in a continuum. Lojek et al. (in review) considered the primary influential parameters (water current, wave height, wave period, wavelength and water depth) which influence the species, structure, technology, methods, and operational aspects of any aquaculture endeavour and investigated six possible indices which cover these variables. Added to advanced computer modelling, assisted by detailed and constant environmental monitoring, it may be possible to refine site selection, structure selection and design, species selection, equipment and logistic requirements and health and safety requirements. This manuscript has selected two indicative indices: Specific Exposure Energy (SEE) index and Exposure Velocity (EV) index from the potential equations provided by Lojek et al. (in review) and compared them with known operational aquaculture sites highlighting present structural capability and limitations. The two indices are also utilized to reflect on their suitability for assessing sample sites with respect to biological, technological, operational or maintenance aspects of aquaculture activities. The indices have shown themselves to be useful tools in the general assessment of the energy that will influence the species and structure selection at potential aquaculture sites. This information can help prospective fish farmers characterize their sites concisely and accurately to consultants, regulators, equipment vendors, and insurance brokers.

Insurance Product Innovation as an Entrepreneurial Innovation and Its Role In The Performance of Insurance Brokerage Firms in Kenya

Insurance Product Innovation as an Entrepreneurial Innovation and Its Role In The Performance of Insurance Brokerage Firms in Kenya

Development Trends of Insurance and Reinsurance Brokers in Georgia

Insurance is a very common and effective tool for managing financial risks. It also assumes the transfer of the risk in full or in part, but in this case the risk is transferred to the insurance company. Let's remember that insurance is one of the financial instruments of risk management, and not the only one. At the same time, it should be noted that insurance is a non-permanent instrument, and it cannot be used for all risks and in all risky situations. There are quite frequent cases when insurance is used together with other risk management tools, that is, it is part of the risk management program. Чачастую рашовые компании themselves require the client to reduce the existing primary risks with the help of physical instruments before signing the insurance contract. For example, in agriculture, it is completely unacceptable to manage risks there only by means of insurance. the first Keywords: insurance broker, insurance mediator, insurance product, sales channel, independent agent.

A comparative analysis of supply chain management between Portugal and Ireland

PurposeThis study investigates how insurance intermediaries in Portugal and Ireland evaluate supply chain management (SCM) practices within the insurance industry, specifically focusing on potential regional variations in their assessments.Design/methodology/approachA comparative research design was employed, collecting data through surveys administered to insurance brokers in Portugal and Ireland. These countries were chosen due to their well-developed intermediary-based insurance markets.FindingsThe results show that some dimensions of supply chain management are significantly different between Portugal and Ireland. Nevertheless, the insurance brokers from the two countries also share similar views on key aspects of supply chain management.Practical implicationsThis study offers valuable insights for insurance industry management, particularly regarding the dynamics of the insurer-intermediary relationship and the importance of catering to intermediary needs. The findings also highlight potential areas for European Union policy consideration, such as addressing potential asymmetries within the insurance sector across member states.Social implicationsImproved relationships and collaboration within the insurance supply chain can lead to enhanced access to insurance products and more tailored services for consumers.Originality/valueThis research addresses two key gaps in the literature. Firstly, it examines the insurer-intermediary relationship from the intermediary perspective, a viewpoint often neglected in prior research. Secondly, the study investigates and confirms the existence of regional variations in insurance SCM practices across two European countries.

Peculiarities of regulation of the insurance market in Russia and Kazakhstan

The paper examines the theoretical and practical aspects of mega-regulation of the insurance market in Russia. The author has made an attempt to identify the main trends in improving the activities of the Bank of Russia as a mega-regulator in the insurance market of Russia.The article provides an overview of the interpretations of the term "mega-regulation" in the works of Russian and foreign economists. A comparative analysis of the main indicators of the development of the insurance market in Russia and Kazakhstan, such as the fulfillment of basic prudential standards by Russian and Kazakh insurers and the number of insurance organizations, insurance brokers and actuaries; an analysis of relative indicators: the return on equity of insurers and indicators of financial stability of insurers in both countries. Based on the analysis, the peculiarities of the regulation of the insurance market in Russia and Kazakhstan were identified and ways to improve the regulator in both countries were proposed.

Investigation of Risks and Risk Management Practices in The Fast-Moving Consumer Goods Sector in Turkey with an Interview Study

In this study, it is aimed to examine the risks and risk management practices in the fast-moving consumer goods sector in Turkey through an interview study. In the study, semi-structured interviews were conducted with managers of businesses that produce and market fast-moving consumer goods. Five participants were interviewed from the audit unit, 15 from the finance-financial affairs unit, 10 from the general responsibility unit, three from the risk management, six from sales and one from the production unit. The risks that are considered critical for companies, the management of these risks, the risks posed by the pandemic, and the positions taken by companies regarding insurance, which is a risk management tool, were analyzed. 23 company officials who participated in the research stated that they had no risks that were not insured and that the necessary insurance was made for all risks. 29 company officials participating in the research stated that they received insurance brokerage services. 18 of those who receive insurance services work with one or more agencies, and 11 companies receive brokerage services. Representatives of 8 companies participating in the study stated that they did not know whether intermediary services were received or did not want to answer.

Forensic Hypoglycaemia & Neuroglycopenia — A Clinical Legal Social Endocrinology Challenge for 2024, Forensic Law in Hypoglycaemia 4

Forensic Hypoglycaemia & Neuroglycopenia — A Clinical Legal Social Endocrinology Challenge for 2024, Forensic Law in Hypoglycaemia 4

보험비교플랫폼 규율 방향

Even after the insurance comparison and recommendation services of fintech companies, including big tech companies, were allowed as a regulatory special case, it took more time for the service to start. Now, big tech companies are allowed to enter the insurance market. This is desirable in that it has a net function of bringing competition to the insurance market, rationally adjusting the price of insurance products according to the market mechanism and increasing the convenience of insurance for consumers. However, it is now time to pay attention to prevent consumer damage by framing business conduct regulations well.
 Referring to overseas cases that have experienced such services and faced regulatory concerns before us, we can come to the conclusion that we do not need to be bound by the principle of same function, same regulation. Even among traditional insurance brokers and platform companies, there are significant differences between small fintechs and big techs in terms of market power and group structure. Even if they provide the same service, there is a need to establish an entity-based dual regulatory system. The Korean insurance market is expected to have a greater impact than in the West because it has not experienced traditional insurance brokerage services, and there will be a need for a stronger regulatory framework. As big tech is allowed to enter the new financial market of insurance, it should not accept the strengthened behavioral regulation as an unfair regulation. On the contrary, there is an advantage to expanding insurance services within the framework of legislative regulation if it proves its role in promoting the convenience and welfare of insurance consumers under enhanced behavioral regulation.
 For the time being, the system will be guided by the financial authorities, but we should prepare for legislation. While the focus will be on business conduct regulation, the framework for prudential regulation should also be discussed in stages.

Optimal insurance deductibles under limited information

When determining the optimal deductible level for an insurance policy, a policyholder faces two limitations. First, uncertainty arises from the randomness of future losses. Second, the opacity of the functional forms of the policyholder's loss distribution and utility function contributes to additional limitations. While the academic literature focuses on the former, we additionally include limited information on these functional forms in our model setting to reflect real-world decision-making. That is, we draw on an expected utility framework and analyze the relationship between optimal deductible levels under limited and full information. We also derive several decision rules under limited information in order to approximate the optimal deductible level under full information. To support real-world decision-making, these rules could be easily implemented in an online decision aid offered by an insurance broker, a comparison portal for insurance contracts or a consumer protection agency.

Professional indemnity insurance considerations when adopting modern methods of construction

Claire Meade and Stephen Hargreaves of insurance broker Griffiths & Armour provide an update of insurers' attitudes to MMC and implications for designers' insurance policies.

Administration’s Share of Personnel in Veterans Health Administration and Private Sector Care

Health care administrative overhead is greater in the US than some other nations but has not been assessed in the Veterans Health Administration (VHA). To compare administrative staffing patterns in the VHA and private (non-VHA) sectors. This cross-sectional study was conducted using US employment data from 2019, prior to pandemic-related disruptions in health care staffing, and was carried out between January 14 and August 10, 2023. A nationally representative sample of federal and nonfederal personnel in hospitals and ambulatory care settings from the American Community Survey (ACS), all employees reported in VHA personnel records, and personnel in health insurance carriers and brokers tabulated by the Bureau of Labor Statistics (BLS) were analyzed. VHA vs private sector health care employment, including 397 occupations grouped into 18 categories. The proportion of staff working in administrative occupations. Among 3 239 553 persons surveyed in the ACS, 122 315 individuals (weighted population, 12 501 185 individuals) were civilians working in hospitals or ambulatory care; of the weighted population, 12 156 988 individuals (mean age, 42.6 years [95% CI, 42.5-42.7 years]; 76.2% [95% CI, 75.9%-76.5%] females) were private sector personnel and 344 197 individuals (mean age, 46.2 years [95% CI, 45.7-46.7 years]; 63.8% [95% CI, 61.8%-65.8%] females) were federal employees. In clinical settings, administrative occupations accounted for 23.4% (95% CI, 23.1%-23.8%) of private sector vs 19.8% (95% CI, 18.1%-21.4%) of VHA personnel. After including 1 000 800 employees at private sector health insurers and brokers and 13 956 VHA Central Office personnel with administrative occupations, administration accounted for 3 851 374 of 13 157 788 private sector employees (29.3%) vs 77 500 of 343 721 VHA employees (22.5%). Physicians represented approximately 7% of personnel in the VHA (7.2% [95% CI, 6.1%-8.2%]) and private sector (6.5% [95% CI, 6.3%-6.7%]), while the VHA deployed more registered nurses (23.7% [95% CI, 21.6%-25.8%] vs 21.2% [95% CI, 20.9%-21.5%]) and social service personnel (6.3% [95% CI, 5.4%-7.1%] vs 4.9% [95% CI, 4.7%-5.0%]) than the private sector. In this study, administrative occupations accounted for a smaller share of personnel in the VHA compared with private sector care, a difference possibly attributable to the VHA's simpler financing system. These findings suggest that if staffing patterns in the private sector mirrored those of the VHA, nearly 900 000 fewer administrative staff might be needed.

The Digitalization in Insurance Broker Industry: How Artificial Intelligence Affect This Industry

This qualitative research explores the impact of digitalization, with a particular focus on artificial intelligence (AI), on the insurance broker industry. In-depth interviews and focus group discussions were conducted with eight senior-level employee and eight younger participants from technology and operations departments, also from client-facing positions. The research aimed to analyze the impact of digitalization, especially artificial intelligence, to the insurance broker industry and to explore whether artificial intelligence is capable to replace an insurance broker role. The findings indicate that digitalization, including the adoption of AI, has brought about significant advancements in the industry. Digitalization efforts have led to streamlined processes, reduced costs, improved data analysis, and enhanced customer experiences. The findings of this research highlight the importance of taking a deliberate and strategic approach to digitalization and AI adoption in the insurance broker industry. Companies should use technology to increase efficiency while maintaining the human-centric elements that are essential for developing strong client relationships and providing tailored insurance solutions.

온라인 플랫폼의 보험상품 비교·추천 서비스에 대한 연구

The online insurance product comparison and recommendation service is a new sales method that changes from the existing face-to-face sales method of insurance agencies to an online service. In addition, large online platform companies such as Naver Pay, Kakao Pay, and Toss are also trying to enter new businesses. The online platformʼs entry into the insurance industry has advantages such as innovation in the insurance market due to increased competition, expansion of consumer accessibility and choice, and customer satisfaction through provision of customized services. On the other hand, there are disadvantages such as heated competition between platform companies and insurance companies, commission issues, financial alienation issues, and monopoly by a few dominant platforms. The main purpose of financial authorities introducing this service is to increase consumer convenience, so the service should be operated and regulated in a way that ensures maximum consumer interest and protection. In the case of the EU and UK, it is clarified that acts such as comparing insurance products and providing information using media such as the Internet correspond to “insurance sales” through “insurance Distribution Directive,” and non-insurance companies are required to register as insurance brokers to sell insurance. In addition, we regularly evaluate the impact of the spread of insurance price comparison sites on the insurance industry and continuously announce system improvement plans to correct problems occurring in the recruitment market. It is necessary for Korean financial authorities to identify problems with price comparison websites occurring in the UK and preemptively prepare guidelines or clear regulatory standards for compliance and prohibitions of comparative service providers. Lastly, it is necessary to carefully consider allowing Big Tech to enter the insurance industry after monitoring cases such as those in the UK and establishing regulations to offset risks to some extent.

Assessing a Model of Customer Rage: Does Customer Entitlement Moderate Relationships Between Rage Emotions, Expressions and Behaviors?

Across travel and tourism services research, studies investigating “customer rage” typically prioritize the direct point-of-consumption, often within airport, airline, or hotel contexts. However, the sector is awash with intermediaries (e.g., travel agencies, insurance brokers, booking platforms), which serve as primary points-of-contact capable of shaping customer expectations. Accordingly, the consequences of service failure therein are nuanced and complex. Yet, extant research often portrays service failure as unilateral (i.e., solely the firm in question’s responsibility), overlooking one core demand-side characteristic: the customer’s sense of entitlement. Thus, while this study draws upon the Iranian travel agency setting (as a service intermediary) to assess a model of customer rage, it also explores whether customer entitlement moderates the relationships between customers’ rage emotions, expressions, and behaviors. Doing so, 736 survey responses were analyzed. Findings demonstrate how customer rage emerges in response to service failure, alongside the conditions under which customer entitlement moderates relationships therein.

A Study on Consumer Behaviour of Buying Products towards Insurance Policies in India

In spite of the fact that India has the world's second-highest population, the nation's median sales of life insurance products remain significantly less than those in several Western along with Asian countries. As a result, the insurance market in india is seen as highly promising by both international and domestic insurance firms investigating to increase their presence and revenue. The business of insurance has far-reaching positive effects, from providing consumers with more options to ensuring a steady supply of long-term capital for businesses and governments. Since insurance is a relatively untapped market, this development will lead to a surge in demand for both insurance company employees and independent insurance brokers and advisors.
 Insurance policies are created to ease the economic strain left behind by a breadwinner's death on his or her loved ones. Diversity, opportunity, advantages, and profitability have all been added to the product lineup thanks to the expansion of the item line. However, the worker is hesitant about buying insurance services because he or she refuses to embrace the danger to his or her life, is uninterested in the benefits that are intended for others and cannot predict the future. The results show that in India's developing finances, many consumers listen to the guidance of their brokers before committing to an insurance coverage. We use the concept of scheduled behaviour to show that individual's perceptions of social standards have a major role in whether or not they would acquire insurance. It was also discovered that social factors had a role in policy decisions. Customers can choose poor choices and purchase insurance plans that could not adequately cover their costs. Consumers in this fast expanding market require more information and awareness campaigns.

Optimal cashback in a cooperative framework for peer-to-peer insurance coverages

AbstractThe challenges of using technology in the insurance field are opening new horizons for developing and distributing innovative products. Among these, peer-to-peer insurance schemes attract the interest of policyholders and insurance companies. Different types of peer-to-peer insurance have been introduced, from pure models to hybrid ones, as in the case of the broker model. In this paper, we focus on the broker model, where the groups of peers are formed by an insurance broker according to similar risk characteristics. The participants in the network pay an initial contribution defined by a cooperative rule that must be transparent and shared. A part or the whole of the collected contributions is set aside in a common fund. At the end of the year, if the common fund is sufficient to pay for the claims, the members obtain the excess over-retained premiums that is shared according to a capital allocation rule. We propose a cashback distribution mechanism based on the participant’s marginal contribution to the risk, framing the issue in a cooperative game and applying the concept of Shapley value to define an optimal allocation rule of the remaining capital. A numerical application based on a portfolio of motor third-party liability policies is developed to show how the model works.

Refurbishments of existing structures: risk and insurance considerations

Sam Hiller of insurance broker, Gallagher, summarises the insurance challenges of refurbishment projects that structural engineers may find it helpful to be aware of.

Strategi Bauran Humas dalam Membangun Citra Positif Asosiasi Perusahaan Pialang Asuransi dan Reasuransi Indonesia

The decline in insurance penetration levels in recent years has been caused by the increasing number of cases of default by life insurance companies, as well as the revocation of business licenses for the insurance broker industry by the Financial Services Authority (OJK), which has resulted in lower interest among the insurance community. This incident became an obstacle for the Association of Indonesian Insurance and Reinsurance Broker Companies (APPARINDO) in carrying out a public relations strategy to build a positive image. This research aims to find out what public relations strategies are used by APPARINDO in building a positive image of the company, and what challenges are faced when implementing the public relations strategy. The method used in this research is a qualitative descriptive method by collecting primary data through interviews from selected informants and secondary data, namely the results of documentation and direct observation. The informants in this research were the Secretariat General of APPARINDO, the Department of Public Relations and Promotion, and the Head of the Secretariat. The results show that APPARINDO implements the public relations mix strategy or PENCILS developed by Thomas L. Harris. The strategies implemented include Publications, Events, News, Community Engagement, Lobbying and Negotiations, and Social Responsibility.