Leading Insurance Companies Research Articles

Voices from within: Employee Perspectives in the Leading Insurance Company in Cagayan de Oro City

Since human people are an organization's most treasured asset, it is pivotal to learn how they can contribute to the organization efficiently, effectively and productively. This has been a tremendous challenge on the HR manager to evaluate actions and procedures that will progress the organization's efficacy. The aim of this qualitative study is to offer a wide-ranging notion of how human resource managers can enhance procedures to advance organizational performance in the leading insurance firm in Cagayan de Oro City. The study used a qualitative research design, concentrated on the transcendental phenomenological design of Husserl. Transcendental phenomenology (TPh), is a philosophical method to qualitative research design that pursues to comprehend human experience, it was established with noteworthy input from Husserl (Moustakas, 1994). Transcendental phenomenology is grounded on the principle that all previous assumptions (epoche) must be set away in order to see incidences through clear manifestations. By having this, it permits the factual implication of the phenomena to appear naturally alongside and within their exceptionality (Moustakas, 1994). Fifteen (15) individual participants from the insurance industry were involved in the study. In addition, semi-structured interview was created and conducted for triangulation purposes. After collecting relevant data from participant answers, a Thematic Approach was utilized to commence data analysis using Husserl's Phenomenological research design. The results showed that the factors influence the adoption of Strategic Human Resource Management Practices were competitive pressure, leadership and management and financial capability of the organization. Moreover, the participants indicated that the type of commitment that they have in their organization were continuance commitment, affective commitment and normative commitment. Furthermore, the participants gave answer on the influence of effective Strategic Human Resource Management practices in their organization which were employee involvement, employee retention and better organizational performance.

The Influence of Employee Commitment on Organizational Performance in the leading Insurance Companies in Cagayan de Oro City

The Influence of Employee Commitment on Organizational Performance in the leading Insurance Companies in Cagayan de Oro City

Exploring the Nexus of Perceived Organizational CSR Engagement, Job Satisfaction, Organizational Pride, and Involvement in CSR Activities: Evidence from an Emerging Economy

Corporate Social Responsibility (CSR) is becoming omnipresent in contemporary business environments given the growing awareness of the social role of business entities and their contribution to sustainable development. The research was conducted in order to explore the relationships between the perceived organizational engagement in CSR, job satisfaction due to CSR, organizational pride, and employees’ involvement in the company’s CSR activities. The research was conducted on a sample of employees in the life insurance department of a leading insurance company in Serbia, using a structured web questionnaire. Data analysis was performed on a sample of 138 respondents. Data were processed using Partial Least Squares Structural Equation Modeling (PLS-SEM), given the relatively small size of the sample, asymmetric data distribution, and the complexity of the relations. The study results point to a more influential role of CSR engagement in fostering organizational pride, compared to job satisfaction, with the latter as the most influential determinant of organizational involvement.

BANKRUPTCY RISK ASSESSMENT FOR INSURANCE COMPANIES UNDER UNCERTAINTY

The insurance market is an integral part of the country's financial system and is therefore extremely important for economic development. Any shocks in the insurance market may cause a slowdown in economic growth and development and have a negative impact on the country's financial system. The stability of the insurance market is ensured by the companies operating in it. That is why our analysis focuses on assessing the risk of insurance companies' bankruptcy and analyzing the main factors that affect the situation in the insurance market.This article analyzes the main approaches to assessing the risk of insurance companies depending on the size of the risk premium. A simple dynamic risk assessment model was applied.Our analysis of the literature has shown that general approaches to assessing the risk of insurance company failure depend on the overall situation in the country and the market itself. In countries with more frequent force majeure events, more complex and sophisticated models have been introduced to assess the required amount of risk premium to avoid bankruptcy.The market situation in Ukraine had been stable for a long time, but with the onset of the pandemic, certain problems began to arise. An analysis of one of the leading insurance companies in the market showed that before the war started, it had a bankruptcy risk close to zero. Unfortunately, it should be noted that military actions, which are force majeure circumstances, complicate the quantitative analysis, as Ukrainian companies do not have effective mechanisms to cover this type of risk.It is established that a company cannot arbitrarily determine the amount of risk premium based on its own needs. This value will also be influenced by external macroeconomic factors that will affect not only the overall economic situation but also all participants in the insurance market, including consumers of insurance services.

Intelligent finance and change management implications

Change management is the embodiment of an enterprise’s core competence. It provides competitive differentiation and effectively adapts to the ever-changing world. This paper explores the implications of intelligent finance on change management and provides insights into how organizations can effectively manage change to achieve the desired outcomes. The study examines the case of Ping An (Ping An Insurance (Group) Company of China, Ltd.), a leading insurance company in China that has successfully implemented intelligent finance and change management strategies. The paper begins with a literature review that provides an overview of the concept of intelligent finance, the relevance of change management in the context of intelligent finance, models, and frameworks for intelligent finance, and approaches to change management. The study then presents a case analysis of Ping An, including descriptive statistics, inferential statistics, regression analysis, and qualitative findings. The paper concludes with implications for practice and theory, contributions of the study, and recommendations for future research. Overall, this paper contributes to the growing literature on intelligent finance and change management and provides practical insights for organizations seeking to adopt intelligent finance.

Functional roles of the insurance broker in the agricultural insurance market

In modern conditions, the agricultural sector is one of the most risky branches of economy. Every year, farmers face significant losses due to various natural disasters, diseases and other factors that negatively affect their productivity. That is why insurance has become one of the most important tools that help farmers reduce their risks and maintain stability in the industry. However, in order for the insurance to be effective, it is necessary to choose the right insurance product and the company that provides such services. This is where insurance brokers come to the rescue, having the necessary knowledge and experience to help clients find the best solutions. One of the main functional roles of an insurance broker in the agricultural insurance market is to help clients choose an insurance product. Brokers must be familiar with all types of insurance that exist in the market and have an understanding of their advantages and disadvantages. They must be ready to provide clients with professional advice and recommendations on choosing the optimal insurance product, taking into account the specifics of business and the risks that may arise. In addition, insurance brokers play an important role in interaction with insurance companies. They should have a good relationship with the leading insurance companies and be aware of their offers and terms. This allows brokers to find the best conditions for their clients and negotiate optimal insurance conditions. Also, insurance brokers provide their clients with professional support and consulting throughout the entire insurance period. They help with the preparation of documents, conduct negotiations with insurers, ensure compliance with the terms of the insurance contract, help resolve disputes and other problems. In addition, insurance brokers play an important role in improving the agricultural insurance system as a whole. They provide insurance companies with feedback on customer reactions to insurance products and conditions, which allows them to improve and adapt them to customer needs. So, we can conclude that insurance brokers play an important role in the agricultural insurance market. They help clients find the best insurance products, provide them with professional support and advice, and contribute to the improvement of the insurance system as a whole. Therefore, choosing an insurance broker in the agricultural insurance market is an important step for farmers and other participants in this industry.

State of personal insurance in the Kyrgyz Republic at the present stage of development in the conditions of the COVID-19 pandemic

The article discusses the current state of personal insurance in the Kyrgyz Republic, which is a very significant financial instrument for maintaining the stability of the welfare of the country's population. The legislative definition of the concepts of insurance activity, the insurer, the insured, the contract of personal insurance, the grounds for concluding a contract of personal insurance are being studied. The classification of types of personal insurance according to various criteria is given. Life insurance services provided by individual insurance companies of the republic are considered. The dynamics of insurance premiums and insurance payments of several leading insurance companies in Kyrgyzstan in recent years in the context of the ongoing financial and economic crisis caused by the COVID-19 pandemic are analyzed. In the current period, insurance companies have demonstrated an increase in the volume of insurance premiums and insurance payments for personal insurance. At the same time, the development of life insurance (accumulative) remains at a low level. For further progressive movement of this segment of insurance, it is necessary to implement several key tasks.

Medical insurance in the Ukrainian social security system

Undoubtedly, health insurance is an important type of social insurance. The purpose of the study is to determine the place of health insurance in the social security system of Ukraine. Theoretical approaches to the interpretation of the concept of «health insurance» were analyzed in the article. In the modern scientific literature, health insurance is mostly considered both as a type and form of personal insurance and as a form of social protection in the field of health care. It has been established that the concept of health insurance is practically absent in the current legal acts of Ukraine. The author proves that health insurance occupies a prominent place in the country's social security system. Health insurance is a type of social insurance. According to the study, health insurance can be classified according to various criteria, including: the nature of financing, the form and the type of insured. The main types of social benefits and material support for health insurance are analyzed. The authors state that the analysis of regulatory documents has shown that there is a discrepancy in the financing of health insurance, which significantly affects its development. The modern health insurance market in Ukraine was studied, in particular, the indicators of 10 leading insurance companies (insurance premiums, insurance payments and the level of payments) were analyzed. It was found that USG (including Globus), Universalna and Unika had the highest level of payments. The theoretical and statistical analysis has revealed and justify a number of problems and obstacles to the establishment and development of health insurance in Ukraine, including, for example, insufficient awareness of citizens about health insurance opportunities, the need to improve the regulatory framework for health insurance, and the unreadiness of the existing health care infrastructure to provide tangible benefits in obtaining medical services by insured persons. As a result, the authors stated that health insurance in Ukraine has significant prospects for development, and a number of measures need to be implemented.

Formation of the mechanism of innovative development of insurance companies in the market environment

Ensuring the efficient operation and development of companies in the insurance services market in the context of globalization and growing international competition is possible only through the development and implementation of innovations. The object of the study is the services of insurance companies. Theoretical and methodological foundations of the formation of the mechanism of innovative development of companies in the insurance services market in modern economic conditions have been studied. A rating analysis of insurance companies in Ukraine was carried out and their innovative development in the market environment was substantiated. Based on the insurance protection system, an analysis was made of the use of the resources of the insurance company and the level of earmarked funds. Analysis of studies has shown that the leading insurance companies are financially stable and provide high guarantees for the preservation, accumulation and timely payment of funds. The activity of the leading company in the insurance services market of the PJSC "Insurance group TAS" (Ukraine) is considered. The analysis of experts and its position in the market of insurance services is carried out. The results of the analysis allow us to state a stable increase in its market position in terms of insurance premiums, payments and reserves. The forecasting of economic indicators based on trend models, based on the idea of extrapolation, was carried out, the results of which indicate that the gross amount of the insurance company in the planned year will increase by 21.09% compared to 2019. It is proposed to ensure the innovative development of the insurance company through the implementation of the "Full Business Protection" program. It has been proven that its implementation will allow the insurance company to ensure continuous and stable operation. The components of the strategy of innovative development of the insurance company have been formed. A mechanism has been formed for the strategic innovative development of insurance companies, which includes 4 blocks: planning, implementation, analysis and control

Contextualizing the Universe of PSAK 74 [IFRS 17] in Indonesia and Insurance Industry Vigilance Through the Cosmology of “Yoga Kshema”

This research aims to answer two main questions about the impacts of implementing IFRS 17 on the insurance industry in Indonesia, and the readiness of the industry to implement the latest insurance accounting standard. This study employed the qualitative research inquiry using an interpretive paradigm. The data in this study were sourced from the results of an extensive literature study to synthesize knowledge related to the implementation of IFRS 17 in Indonesia. Several interviews were conducted with academics and insurance practitioners to validate the knowledge. The collected data were analyzed by utilizing the case study analysis procedure. The results of the analysis are used to be conceptually implemented in one of the leading insurance companies in Indonesia. This study concludes that the insurance sector in Indonesia has experienced a major obstacle related to the competence of accountants during the preparation of IFRS 17 implementation. In addition, a major overhaul of the company's accounting information system is necessary to meet all the IFRS 17 requirements. This research contributes to providing insightful knowledge for the Indonesian insurance industry regarding crucial changes in the company's financial reporting system as a result of IFRS 17 implementation.

Determining Competitive Advantages of Insurance Companies in Ukraine

Purpose: The study aims to analyze and determine the competitive advantages of insurance companies in Ukraine in order to increase their competitiveness on the basis of economic and mathematical modeling. Approach/Findings: Detailed analysis of performance indicators of the leading insurance companies in Ukraine was carried out. Based on economic and mathematical modeling, their competitive advantages were calculated. Factors that most significantly affect the competitiveness of an insurance company were determined. Originality/Value: The study includes a holistic and systematic approach to determining the competitive advantages of insurance companies in the Ukrainian market based on factor analysis of their performance. This study provides additional opportunities for strategic management of a company. The proposed approach can be the basis for implementing simulation experiments of an insurance company to determine the most significant indicators of its work to increase competitiveness. Practical Implications: Model calculations, carried out in the work, made it possible to determine the position and opportunities of companies in the Ukrainian insurance market, factors that increase the competitiveness of insurance companies, as well as directions for improving their development strategies. Research Limitations/Future Research: Research prospects are associated with further improvement of indicators that are system-forming in determining competitive advantages of insurance companies in Ukraine. Paper type: Empirical

Statistical analysis of activity of insurance companies of Ukraine by cluster analysis tools

The financial and economic activity of the leading insurance companies of Ukraine is analyzed, as the global pandemic COVID-19 has made significant adjustments in the activities without exaggeration of all companies, both nationally and globally. Therefore, the analysis of the insurance companies of the national economy is very important issue, because the accumulation of financial resources of insurance companies can be used as domestic investment in the national economy. The surveyed insurance companies: Alliance, Asuka, Arsenal Insurance, Alpha Insurance, Uniqa during the crisis period of 2019–2021, managed to maintain their position in the market of insurance services, and even improved their financial results, because insurance services are now more relevant than ever. The development of financial resources of insurance companies can be one of the levers of financing and investing in strategically important aspects of consumer life, such as health insurance, both locally (communities, regions) and more globally nationally, such as life insurance in general and insurance for example risky professions such as medics, including primary care, rescuers, military. In our opinion, more in-depth research of the insurance market of the national economy will make it possible to prepare the change in legislation and structure the economic activities and cooperation of national insurers, in order to improve the activities and monitoring of state regulatory institutions. In order to do this, in this paper we propose to use the tools of cluster analysis, using modern software with elements of artificial intelligence. The financial results of the main national insurance companies are studied, and due to modern tools of cluster analysis, we have clustered the studied insurance companies, using modern information programs Matlab, have made calculations in user-friendly interface. and have constructed the dendrogram that clearly represents the clusters formed. Modeling based on cluster analysis makes it possible to combine leading insurance companies into clusters of financial performance, which will allow and strengthen synergies between national insurers, which in turn will strengthen the exchange of experience, and possibly customer bases between existing insurance companies, and it is convenient for investors to consider companies united in insurance groups in order to invest investment resources.

Primena inovativnog koncepta "mindfulness" u organizacionoj i akademskoj praksi

The paper presents the importance, basic determinants, as well as the best world practice of one of the leading insurance companies in Europe, If P&C Insurance and technology giant Google in the field of application of innovative Mindfulness concept with the aim of improving the total performances of employees. The above examples are addressed in the argument of growing importance and broader application of the innovative concept towards the development of employee potential through the development of emotional intelligence, cognitive abilities, but also through stress reduction. The main goal is to point out to the management of companies, as well as to other authors and researchers, the importance of this concept, which gives ever more positive results in the direction of improving the overall performance of employees and, consequently, the overall performance of organizations in order to achieve a sustainable competitive advantage.

Insurers’ responses to cyber crime: Evidence from Russia

This study aims to identify effective responses to cyber crime in the insurance industry. Survey responses from Moscow-based employees holding key positions in the leading insurance companies have been collected. The study analyses awareness of, attitudes to, and approaches to cyber security, as well as the incidence and impact of breaches or attacks. According to the experts, complying with laws or regulations and preventing fraud or theft are the main reasons for investing in cyber security. Phishing, viruses, and unauthorised use of computers, networks or servers by staff are the most widely spread threats to cyber security. Russian insurers often undertake additional staff training or change their policies in response to cyber breaches. Strategic recommendations were elaborated for industry professionals.

Factors influencing and dynamics of the agricultural insurance market

The article is aimed at identifying modern features of insurance in the agricultural sector of the Ukrainian economy and defining the factors of influence on the agricultural insurance market. The article discloses interpretation of the terms of «insurance» and «agricultural insurance» and also presents the types of possible risks arising in the activities of agricultural enterprises. The performance indicators of leading insurance companies in the field of agricultural insurance are analyzed. The current state and dynamics of insurance of agricultural risks, which arise both in the field of crop production and in livestock, are researched. This will allow predicting the future prospects of the market for insurance services and products, as well as finding possible optimal ways to solve the problems of product insurance, faced by the agricultural producers. The main factors influencing the efficiency of the insurance market in the agricultural insurance sector are allocated. The basic principles of insurance of agricultural products with the State support are analyzed. It is defined that the further development of agricultural insurance should be directed towards creating a profitable and safe environment for all participants in the agricultural market, which provides for the distribution of risks between agricultural producers, processing enterprises, banks, insurance companies and the State. The agricultural insurance of risks creates possibilities for advantageous harmonizing the interests of participants in the agricultural insurance market and the State as a party whose first priority is to ensure stable economic growth.

Integration of banks and insurance companies activities in Ukraine

The article reveals the essence of modern bancassurance and new challenges and prospects for its development in Ukraine. The definition of “bancassurance” is theoretically substantiated and the general financial and economic characteristics of Ukrainian banks is given. The normative indicators of commercial institutions are analyzed along with the main risks affecting banking and insurance activities, the possibility of their leveling are determined. The study provides theoretical and practical information on the process of banks capital of and insurance companies merging, financial and economic analysis of JSC PrivatBank – one of the largest banks in modern Ukraine, and the assessment of the financial stability of its insurance partners. The insurance Ukrainian market study concerning the detection of possible prospects for cooperation with the studied bank was done. The calculations suggest that PrivatBank can cooperate with the leading insurance companies, such as AXA Insurance and Providna recommended as new partners. It is established that bancassurance technologies have a significant place at the current stage of development of the domestic financial market. Using a large customer base and a wide network of branches and outlets, banking experts expect that revenues from the sale of insurance products in 2021 may amount to 15% of total bank revenues, as the volume of bank insurance in JSC CB PrivatBank is growing quite rapidly. The activity of banks in market conditions is subject to its general laws, and therefore requires the development of a viable mechanism for managing financial activities, aimed at increasing the competitiveness of banks. Thus, the ability of bank managers to determine the degree of financial stability of their bank as well as that of the competing banks and counterparties is essential in making decisions. Therefore, the search for ways to optimize the financial condition of the bank is one of the principles of further rapid development of the banking system in Ukraine.

Dealing with Misselling: Impact of Behavioural Interventions on Insurance Agents

This case study is about misselling of insurance policies and associated ethical challenges in a leading insurance company. Pro-organisational ethical violations mostly remain unnoticed and are often protected by implausible explanations. In the long run, persistent rationalisation makes malpractices a norm. The present work describes the interventions applied by a consulting firm to bring behavioural integrity. The consulting firm found that socialisation, rationalisation and institutionalisation considerably influenced people’s behaviour at the workplace and normalised unethical behaviour of insurance agents. It architected the behaviour of salespeople by specifically designed interventions through self-control mechanism and nudges. These interventions developed integrity in employees and reduced the number of cautions, warnings and terminations.

Impact of Individual Life Assurance System (ILAS) on the Net Benefits of EFU Life in Pakistan

This case study explored the impact of the Individual Life Assurance System (ILAS) on the net benefits of EFU Life, a leading insurance company in Pakistan. EFU Life implemented ILAS in order to overcome the challenge of technical limitations and unavailability of modules. The study conducted a survey of people across all departments in EFU Life to assess the performance of ILAS on the company net benefits. The research framework was formulated based on the Delone Model in the context of Pakistan [13]. This study added the Service Quality to the existing System Quality and Information Quality that are used to gauge the Organizational Impact in the original Delone Model [13]. Moreover, our model also incorporates Top Management Support as an antecedent of Quality, User Satisfaction, and Net Benefit. The ultimate aim is to find a way to enhance Net Benefits. The research argues that improved Quality as a result of Top Management Support reduces /eliminates wastage of resources and helps the organization in achieving profits, hence, the increase in the Net Benefits. It is found that Top Management support enhances user benefit and therefore recommends top managers to be fully involved and support a suitable environment and culture for the positive change in the organization’s image that is extremely important for user satisfaction. It is suggested that there is a need for top managers to arrange resources required by the users and encourage a user-focused organizational environment to promote user satisfaction. Involvement and support of top managers can also make the overall organization succeed, and its evidence can be seen in current research in the form of top management support’s positive effect on the net benefit of organizations.

Сучасні тенденції та особливості розвитку ринку автотранспортного страхування в Україні

The article is aimed at examining the modern features of the motor car insurance market in a pandemic period based on the analysis of tendencies and challenges in the activities of market participants to substantiate the promising vectors of transformation of this sector of the insurance market in Ukraine. As result of the study, the activities of domestic leading insurance companies in the sphere of motor car insurance by types of insurance and its forms; introduction of electronic policies and remote insurance services; activation of electronic European protocol; settlement of insurance events, tariff and price policy are analyzed. The channels of distribution of insurance services in the sphere of motor car insurance are explored and approaches to the use of remote Internet channels of customer service and sale of insurance products are developed. In particular, through the use of telematics technology based on the integration of the means of telecommunications and information processing and information transmission instruments, which significantly simplifies and accelerates insurance processes. According to the results of the analysis, a number of stimulating and disincentive factors in the development of the motor car insurance market of Ukraine are distinguished. The influence of financial and regulatory challenges in the activity of participants of the motor car insurance market in Ukraine is determined and the key problems of its functioning in the conditions of recessive phenomena of COVID-19 are singled out. The proposed recommendations are characterized by a modern approach to taking into account the peculiarities of the motor car insurance market in Ukraine in the process of developing measures to improve its functioning through the integration of its qualitative and quantitative trends both at the macroeconomic (the State-controlled) and at the micro level – insurance companies and their cooperation with policyholders.

PORTFOLIO MANAGEMENT IN LIC- AN EMPIRICAL STUDY OF DHARWAD REGION

LIC of India is the leading insurance company in India. Life insurance is designed to protect life and to protect family against financial uncertainties that may result due to unfortunate demise or illness. It can also view as a comprehensive financial instrument, as a part of the financial planning offering savings & investment facilities along with cover against financial loss. By choosing the right policy as per the needs. We all have different financial needs and objectives. But life insurance plays a fundamental role in most of our plans for financial security. That's because of the variety of life insurance plans available and the many ways they can be customized to meet unique needs at different periods of our life. The present study is concerned with investment portfolio of life Insurance Company during the period 2017-20. The gist of this paper is to examine and explain different investment portfolio of the life insurance company. Moreover to find out how they follow the prevailing norms of investment guideline and to signify the deviation from investment norms. Therefore, it becomes relevant to discuss investment portfolio at the outset with the help of csome statistical test i.e. Chi-Square, percent, trend etc. KEY WORDS: Portfolio analysis, Life insurance, Investment guidelines, Customers.