Insurance Companies Research Articles

Knowledge, Attitude and Practice about Ayushman Bharat Digital Mission and Digital Health among hospital patients

ABSTRACT Aim: The Government of India launched the Ayushman Bharat Digital Mission (ABDM) to digitize the national healthcare system. The aim of this study was to estimate the knowledge, attitude and practice regarding the ABDM and benefits of digital health among urban patients, who are likely to be early adopters of digital technologies. Methods: We interviewed 150 outpatients above 18 years of age, in a hospital in urban Bengaluru, India. Our questionnaire captured the knowledge, attitude and practice regarding ABDM and Digital Health, including open-ended questions to evaluate perceptions of the benefits and concerns regarding digital health. Results: Most of the participants belonged to the upper and upper middle socioeconomic classes. Only 8% of participants knew about the ABDM, although their knowledge and practice related to other Government digital services, like National Teleconsultation services (eSanjeevani), Arogya Setu and DigiLocker, were high. Many participants perceived digital health to be beneficial, but there were serious concerns regarding data safety, data privacy and misuse of health data by insurance companies. Conclusion: We established a baseline survey for assessing the knowledge, attitudes and practices of ABDM and digital health among urban patients. The results suggest that implementation agencies of ABDM should increase the Information, Education and Communication (IEC) and devise new strategies to create awareness, disseminate correct information and address the concerns of citizens.

An equilibrium model of reinsurance pricing

Reinsurance is the insurance of insurance companies. We develop a dynamic equilibrium model for reinsurance pricing based on the supply and demand of reinsurance. In the model, an insurance company and a reinsurance company make decisions on the optimal reinsurance policy as a demander and a supplier of reinsurance, respectively. The reinsurance price is determined when the demand matches the supply. We incorporate the proportional reinsurance policy as well as investment opportunities into the framework. The high flexibility of this equilibrium pricing model paves a new way for studies of optimal reinsurance and reinsurance pricing.

Consumer Buying Behaviour Towards Life Insurance Post-COVID-19 in Ghana

The current study explores consumer buying behaviour towards life insurance among private basic school teachers in the Cape Coast Metropolis of Ghana, focusing on the post-COVID-19 landscape. Utilizing a descriptive survey design, data were gathered through a five-point Likert-type scale questionnaire and analyzed using various statistical methods, including frequencies, percentages, mean, standard deviation, and Pearson Product Moment Correlation. Using a population of 224 private school teachers, the results indicated that teachers primarily opt for life, hospital, and education support plans, signifying an aspiration to secure their future and further their education. The study underscores the imperative for financial resilience post-COVID-19 to protect the emerging middle class from reverting to poverty. Although teachers employ strategic coping mechanisms during the pandemic, they expressed concerns over delayed life policy settlements, which have compounded their challenges. Recommendations include targeted engagement by insurance companies at private basic schools to elucidate the benefits of life policies, as well as the formulation of insurance packages that offer effective risk coverage and promote long-term investment, rather than merely focusing on tax benefits.

Decision-based Data Distribution (D³): Enabling Users to Minimize Data Propagation in Privacy-sensitive Scenarios

In many scenarios, users have to communicate sensitive data with third parties such as doctors, lawyers, insurance companies, social workers, or online shops. Handing over personal data is necessary to use those services, but delegating tasks to increase efficiency still poses the risk that personal data might be leaked. To minimize this risk and further enhance the privacy of users, we propose an interaction concept that uses layered encryption of messages to provide a trade-off between privacy and usability. Users can choose which data is additionally encrypted in an inner layer, e.g. only for the eyes of their doctor, and which data is available in an outer (encrypted or unencrypted) layer for all staff members. Another benefit is the hiding of sensitive data from package inspection or crawling algorithms via emails, while less critical parts can still be processed by these systems via the partial access. To investigate this concept, we derive relevant use cases for form-based communication via email from a quantitative pre-study with 1011 participants, showing that general practitioners are the most suitable use case. We developed demonstrators for this use case and evaluated them in a qualitative study with 42 participants. Our results show that the possibility of minimizing the propagation of sensitive data through additional encryption is highly appreciated and the usage of form-based communication is a promising approach for digital transformation.

A review of Peyronie's disease insurance coverage.

Peyronie's disease (PD) is a fibroproliferative disorder that causes an abnormal curve of the penis resulting in pain, discomfort, and erectile dysfunction with management options including correctional surgery, penile external/internal devices, shock wave therapy (SWT), intralesional Verapamil (IV), and collagenase Clostridium histolyticum injections. To investigate the insurance coverage of these treatment options. The authors performed a cross-sectional analysis of the top US insurance policies for coverage of PD. Companies were chosen based on their market share and enrollment. Their policies were identified through a Web-based search and telephone interviews, and the companies' medical necessity criteria were defined. The online policies were then re-examined for interval change 3 years later. There are significant discrepancies for in coverage for the different modalities of Peyronie's treatment. Of the 100 companies examined, only 54% of companies had a policy that directly addressed the treatment coverage for PD. The most covered treatment was CCH injections with 37 companies providing unanimous coverage (n = 37, 100%). Within this category, all companies required a palpable plaque as a requirement. Additionally, external/internal devices were unanimous covered by 18 companies (n = 18, 100%). Surgical treatment was covered by eight companies with six companies denying coverage (n = 8 vs. n = 6, 57.1% vs. 42.9%). IV was covered by two companies. The least covered treatment option was SWT which was universally denied by 19 companies (n = 19, 100%). Insurance coverage of PD should be aligned with current medical literature to better increase access to care. This study is limited by the updated policies of insurance companies and future applicability. Additionally, this study assumes that a written policy will provide coverage and may overestimate the actual extent of coverage. Finally, this study only addressed some of the common treatment options of PD and did not expand on all possible treatment options. Differing rates for modalities of treatment may present a barrier for patients to receive individualized and adequate treatment for PD.

Modelling of Claim and Pricing of Motor Insurance Based on Bonus-Malus System Considering the Frequency and Severity of Claims

This article proposes new distributions for claim frequency and severity, specifically tailored for a bonus-malus system in automobile insurance. The mixed Poisson with weighted quasi Lindley distribution is recommended for modeling claim frequency, while the mixed exponential with weighted quasi Lindley distribution is suggested for modeling claim severity. To estimate insurance premiums, the Bayesian method is employed, incorporating both frequency and severity distributions. The study validates the proposed models using real data from an Australian insurance company, which includes 67,856 policies. The assessment of model adequacy indicates that the Poisson-weighted quasi Lindley distribution is a suitable fit for modeling claim frequency, while the exponential-weighted quasi Lindley distribution is appropriate for modeling claim severity. Overall, the results suggest that the proposed models offer optimal premium estimations, considering both claim frequency and severity, which can lead to fairer pricing and increased customer appeal during claim occurrences compared to conventional models.

Practices Of Corporate Governance And Its Impact On Perceived Performance In Nepalese Life Insurance Companies

The goal of this research is to explore the ‘Practice of Corporate Governance and Its Impact on Perceived Performance in Nepalese Life Insurance Companies’. The study used a descriptive and causal comparative research design. The main variables of corporate governance identified include commitment to corporate governance, transparency and disclosure, alongside the structure and functioning of the board. In contrast, the perceived performance of the companies, measured through enhanced productivity and profitability, serves as the control variable. The analysis covers all 14 life insurance companies currently functioning in Nepal. To achieve the study's objectives, a judgmental sampling approach from the non-probability sampling method was adopted, while purposive sampling was applied to identify respondents for the questionnaires. Out of the 14 companies, five were selected as samples. The participants included specific employees from these companies, with a total of 106 respondents completing the questionnaire. The data were analyzed using a multiple linear regression model. The findings revealed that Nepalese life insurance companies exhibit strong adherence to corporate governance and their performance is also excellent; however, the connection between commitment to corporate governance, structure and functioning of the board, transparency and disclosure, and perceived performance appears to be quite weak. The research concluded that effective corporate governance have only a slight positive association with performance.

A new adaptive approach for bridging the gap in insurance premium estimation

This paper proposes a new adaptive approach called adaptive mean (ADM) that combines the strengths of trimming and winsorization to minimize the mean square error (MSE). ADM will contribute significantly to insurers by enabling them to mitigate risk exposure caused by inaccurate premium estimation and establish more precise premiums for their clients. Furthermore, the proposed mean offers several pros compared to the conventional mean. It facilitates the natural and intuitive calculation of risk loading, identifies and measures the impact of large claims, and analyzes premium susceptibility to skewed risk by capturing the tails of the relevant loss models. In addition, this paper reviews two established, robust credibility methods (trimming and winsorization). It compares them with our proposed method, resulting in a more reliable and robustly accurate method for credibility premium estimation. We presented and analyzed two real data sets from engineering insurance companies and the Wisconsin Office of the Insurance Commissioner to highlight the advances of ADM in minimizing the MSE and building more robust credibility models that are less vulnerable to outlier events and model uncertainty.

Minimizing the penalized goal-reaching probability with multiple dependent risks

We consider a robust optimal investment and reinsurance problem with multiple dependent risks for an Ambiguity-Averse Insurer (AAI), who wishes to minimize the probability that the value of the wealth process reaches a low barrier before a high goal. We assume that the insurer can purchase per-loss reinsurance for every class of insurance business and invest its surplus in a risk-free asset and a risky asset. Using the technique of stochastic control theory and solving the associated Hamilton-Jacobi-Bellman (HJB) equation, we derive the robust optimal investment-reinsurance strategy and the associated value function. We conclude that the robust optimal investment-reinsurance strategy coincides with the one without model ambiguity, but the value function differs. We also illustrate our results by numerical examples.

Market Penetration Strategy by Increasing Firm Competitiveness

To achieve successful market penetration, businesses must navigate complexities related to culture, legal frameworks, economic conditions, and competition. Businesses must decide whether to standardize their marketing strategies across different markets or adapt them to suit unique market characteristics. Competition is the ability to perform better, and faster. In facing competition, companies need to determine the right strategy, because in general companies are trying to survive, grow and develop. The purpose of the Market Penetration Strategy research by Increasing Company Competitiveness can include several aspects, namely, Assessing the company's strengths and weaknesses. Conducting market analysis to understand existing opportunities and challenges, including consumer preferences and behavior, and market trends and Developping an effective Market Penetration Strategy to increase market penetration, such as products, improving customer service, or competitive pricing strategies. This study uses a descriptive qualitative method to find out how PT. AJS Bumiputera markets its products, using market penetration to increase competitiveness, or to find out what the biggest challenges are in its market penetration strategy. This study uses a qualitative method as one of the methodologies in research that does not yet have a standard definition and is generally agreed upon for use. From the results of the study it is known that PT. Bumiputera Sharia Life Insurance, using market penetration through digital platforms such as social media, company websites, and online advertising campaigns to reach a wider audience. Organizing events, seminars, or workshops, related to finance or health. Providing education about the benefits of insurance products to the public, conducting direct promotions through telemarketing, or face-to-face marketing to introduce products directly.

The Effect of Workplace Facilities, Workload Management, and Job Flexibility on Employee Job Satisfaction in Insurance Companies in Indonesia

This study investigates the effect of workplace facilities, workload management, and job flexibility on employee job satisfaction in insurance companies in Indonesia. A quantitative research approach was employed, involving 75 respondents from various insurance firms. Data were collected using a structured questionnaire based on a 5-point Likert scale and analyzed using SPSS version 26. Pearson correlation and multiple regression analysis were used to assess the relationships between the variables. The results show that all three independent variables—workplace facilities, workload management, and job flexibility—have a significant positive effect on employee job satisfaction. Among them, workplace facilities had the strongest influence, followed by job flexibility and workload management. The model explained 60.3% of the variance in job satisfaction, highlighting the critical role these factors play in enhancing employee morale and retention. The findings provide practical insights for insurance companies to improve job satisfaction by focusing on creating supportive work environments, managing workloads effectively, and offering flexible work arrangements.

Emotional Intelligence in Insurance Leaders For Managing Business Communication with Generation Z

Modern business landscape, including the insurance industry, demands effective leadership to navigate the complex interpersonal dynamics, especially when working with Gen Z as the newest generation that enters the workplace. Gen Z employees, with their unique expectations and communication styles, seek leaders who offer transparency, authenticity, and emotional connection. This study explores the significant role of emotional intelligence (EI) in achieving leadership success within insurance companies. Emotional intelligence is increasingly recognized as a key factor in leadership effectiveness, influencing how leaders build relationships, make strategic decisions, and inspire their teams. Given the competitive nature of the insurance industry and its technological advancements, leaders must adeptly manage a multigenerational workforce and adapt to new challenges. This qualitative research explores how insurance leaders utilize EI to engage Generation Z, who prioritize diversity, collaboration, and flexible leadership. By understanding Generation Z's unique communication preferences, emotionally intelligent leaders enhance organizational performance and employee satisfaction. Drawing on current literature and interviews with leaders from an insurance company in Indonesia, this study finds that leaders with high emotional intelligence significantly boost employee engagement, satisfaction, and productivity. The findings emphasize the importance of integrating emotional intelligence into leadership practices to ensure resilience and competitiveness in the market, benefiting organizations by bridging generational gaps and empowering Gen Z employees.

Human Resource Accounting and Share Price Performance Evidence from Listed Insurance Firms in Nigeria

This study investigates the impact of Human Resource Accounting (HRA) on share price performance among listed insurance firms in Nigeria. Specifically, the study examines the effects of human capital efficiency, structural capital efficiency, capital employed efficiency, and the value-added intellectual capital coefficient (VAIC) on share price performance. This research adopts ex-post facto and descriptive research designs, utilizing data from 13 insurance firms listed on the Nigerian Exchange Group from 2012 to 2021. Random effect regression model was employed to address statistical issues ensuring robust results, after controlling for multicollinearity and heteroscedasticity. The findings reveal that human capital efficiency and capital employed efficiency significantly enhance share price performance, highlighting the importance of these factors in driving market valuation. Conversely, VAIC shows a significant negative impact on share price performance, suggesting that not all aspects of intellectual capital positively influence market outcomes in the insurance sector. These results contribute to a deeper understanding of how human resource investments affect financial performance, particularly in the context of emerging markets like Nigeria. Based on these findings, this study recommends among others that insurance firms should prioritize investments in human capital development through targeted training and continuous professional development. This approach will enhance employee productivity and innovation, which in turn would positively influence share price performance and contribute to the overall financial health and market competitiveness of the firm.

Impact of Human Resource Management Policies and Practices on Employee Motivation, Commitment and Performance

The primary goal of this study is to demonstrate how human resource management (HRM) policies and practices, which include employee job status, job security, internal promotion, and individualized rewards, have a substantial impact on employee motivation and commitment and their level of performance in the organization. Employees of commercial banks, insurance companies and financial companies at the managerial and assistant levels were included in this study. According to the study, there is a substantial and positive association between HRM policies and practices with that of employee motivation, and commitment. Similarly, a high level of employee motivation and commitment would contribute to the improvement of their level of performance in the institution as they accomplish the allocated duty based on their best efficiency, ability, and knowledge. It is the reason that management of the organization needs to focus on the improvement of employee job status, job security, internal promotion, and individualized rewards along with other variables of HRM policies and practices so that employees would feel motivated and committed to the accomplishment of assigned jobs. It is essential for the improvement of employee performance and also the overall performance of the organizations so that they can sustain and perform business activities in society for a long duration of time.

Blockchain-Driven Generalization of Policy Management for Multiproduct Insurance Companies

This article presents a Blockchain-based solution for the management of multipolicies in insurance companies, introducing a standardized policy model to facilitate streamlined operations and enhance collaboration between entities. The model ensures uniform policy management, providing scalability and flexibility to adapt to new market demands. The solution leverages Merkle trees for secure data management, with each policy represented by an independent Merkle tree, enabling updates and additions without altering existing policies. The architecture, implemented on a private Ethereum network using Hyperledger Besu and Tessera, ensures secure and transparent transactions, robust dispute resolution, and fraud prevention mechanisms. The validation phase demonstrated the model’s efficiency in reducing data redundancy and ensuring the consistency and integrity of policy information. Additionally, the system’s technical management has been simplified, operational redundancies have been eliminated, and privacy is enhanced.

Factors Influencing Solvency Margin of the Egyptian Insurance Companies

Factors Influencing Solvency Margin of the Egyptian Insurance Companies

The Effect of Financial Soundness Level on Premium Growth of Companies Listed in AASI

Analyze how the effect of financial health level as measured by liquidity ratio, investment balance ratio with liabilities, investment income ratio, claim expense ratio, tabarru' fund change ratio, and risk-based capital ratio on premium growth of Islamic insurance companies listed in the Indonesian Sharia Insurance Association (AASI) for the period 2018-2022. Quantitative research using panel data regression analysis with SPSS 26 program.There is a significant influence between the variable ratio of investment income on the growth of premiums of Islamic insurance companies indicated by a partial significance test value of 0.044 <0.05 and there is also an influence between the variable ratio of changes in tabarru's funds on the growth of Islamic insurance premiums indicated by a partial significance test value of 0.007 <0.05. Meanwhile, there is no influence between the variables of liquidity ratio, investment balance ratio with liabilities, claim expense ratio, and risk-based capital (RBC) ratio on the growth of premiums of Islamic insurance companies.

Enterprise Risk Management and Performance of Insurance Companies

Purpose: This research aims to investigate the impact of risk identification (RI), risk assessment (RA), risk mitigation (RM), and risk management (RMG) on institutional performance (IP). The objective is to analyze both individual and combined effects of these risk management practices on institutional outcomes.Methods: The study used descriptive and causal research design. The data were collected using structured questionnaire with five-point likert scale, targeting 151 managers, officers, and department heads from both life and non-life insurance sectors from Rupendehi district. The correlation analysis was used to examine the relationships between variables and Stepwise regression analysis to explore the effect.Results: It reveals that RA, RM and RMG had significant positive effect on institutional performance at individual level. When they are analyzed in single model RA and RM were only found significant. RI, while consistently positive, was found to be statistically insignificant across all models. RA and RM are significant variables of institutional performance, while RI and RMG play lesser roles.Conclusion: it is necessary to acquire deeper understanding on how risk management practices enhance institutional outcomes.

Capital Structure and Profitability of Non-Life Insurance Company in Nepal

Purpose: The study aims to find out the non-life insurance firms in Nepal that create profit using capital. The research closely examines several important factors like business size (Size), liquidity ratio (LQ), total debt to total assets (TDR) and equity to total assets (ETA).Methods: Secondary data were gathered from annual reports and financial statements of twelve non-life insurance firms in Nepal which provided basis for this descriptive and explanatory research design with quantitative research approach. This study used multiple regression analysis and Pearson correlation to find important impact and associations by SPSS data analysis.Results: Debt ratios and ROA and ROE have a negative association that implies too much leverage reduces profitability. Although lowering risk depends mostly on liquidity, it also lowers assets returns. This is seen by the liquidity ratio and it greatly reduces ROA but has little effect on ROE. The equity ratio reveals how difficult it is to deploy equity correctly with a strong negative connection with ROA and a great negative link with ROE. Further illustrating the advantages of economies of scale, organizational size positively links with returns on Assets (ROA). All academics, legislators and practitioners agree that the expansion and competitiveness of the insurance sector depend on a sound capital structure.Conclusion: According to the study, non-life insurance firms need to improve profitability by means of strategic capital structure management. Managers need to monitor whether the company has adequate liquidity and a good debt equity ratio or not if the company wants to improve overall financial success.

The Development of the Life Insurance Market in Central and Eastern European Countries

Motivation: The need to implement the process of economic transformation in the recent past is what significantly differentiates the countries of Central and Eastern Europe from other members of the European Union. Integration into the financial system of the European Union has been an important factor influencing the process of transformation of the life insurance sector and the establishment of the level of competition, as well as the quality and scope of insurance services offered. In addition, the improvement in the macroeconomic situation and the increase in household income have had a significant impact on the growth in demand for insurance products from the life insurance segment. Despite positive changes, the insurance market of Central and Eastern European countries remains a relatively underdeveloped market, and its structure, unlike that of Western European countries, is dominated by property insurance. This points towards a need for further research into the determinants of life insurance market growth in this region of Europe. Aim: The aim of this paper is twofold. The first part presents an assessment of the level of development of the life insurance market in ten countries of Central and Eastern Europe over the period 2011-2021 using the method of multivariate comparative analysis in dynamic terms. The second part of the paper is devoted to an attempt to identify the determinants of the development of this market using econometric models for panel data. Results: The life insurance market varies widely among the group of countries considered. The trends of change during the period under consideration were also different. The most severe downturn in the life insurance market was recorded in Poland and the Czech Republic. Significant development was observed in Lithuania and Latvia, countries with an underdeveloped market in the past. The econometric models used confirmed the impact of economic development on the life insurance market.