Life Assurance Research Articles

Optimal and economic design of multiple deferred state repetitive group sampling plan for assuring mean life under a family of lifetime distributions

In this paper, a designing methodology of the multiple deferred (dependent) state repetitive group sampling plan is developed to ensure the mean lifetime of the products under the truncated life test, which follows a family of different lifetime distributions. An approach of two points on the operating characteristic curve is followed to obtain the optimal plan parameters with the known shape parameter values for various mean life ratios under different lifetime models. The proposed sampling plan is illustrated with a numerical example. The application of the proposed sampling plan is explained with a real-life example based on Burr XII distribution. Comparison is made among the performances of the proposed sampling plan using the different lifetime distributions; these performances are also compared with a single sampling plan using Burr XII distribution based on mean life assurance. Finally, an economic design of the proposed sampling plan is discussed, along with some cost models to minimize the total cost.

The Concept of Preaching the Gospel According to Paul in the Book of Romans 5:8-11

This article aims to reaffirm the belief in the concept of Gospel proclamation as taught by Paul, especially in the book of Romans 5:8-11, as a motivator for Christians to remain obedient in carrying out the mandate of Gospel proclamation despite the many challenges they face. To address the purpose of this writing, a literature study approach is used, combining exegetical study of the text of Romans 5:8-11. The concept of Gospel proclamation according to Paul is obtained as follows: First: Gospel proclamation is an absolute idea of God in His love; second is the content of Gospel proclamation is about the death of Christ for the redemption of human sins; third is Gospel proclamation is intended for all humanity; fourth is the reward for welcoming the Gospel news is the assurance of justification and eternal life; and fifth is rejection of the Gospel news is making oneself an enemy of God. The theological implications are, first, the motivation for Gospel proclamation is based solely on God's love for humanity; second is the motivation for Gospel proclamation is based on believers' love for God; and third is the motivation for Gospel proclamation is based on believers' love for others.

Association between suicide attempts and pediatric OHCA survival during the COVID-19 pandemic: Japanese cohort study.

Suicide is a leading cause of death in children. The COVID-19 pandemic might change the characteristics, causes (medical, suicidal, accidental, and other non-medical), and outcomes of pediatric OHCA. This study aimed to investigate the impact of pediatric OHCA in age, location, and quarantine-related movement restriction subgroups. Combining the nationwide OHCA registry with the emergency medical service transportation database, we created a database with detailed information on 7657 non-neonatal, pediatric OHCA cases. The pandemic period did not significantly alter neurologically favorable 1-month survival compared to pre-pandemic 4 years (95% confidence interval 0.73-1.00). However, the survival rate significantly decreased in the following subgroups of OHCA: school-age (0.62-0.96), outside of school or home (0.52-0.96), and cases where no quarantine-related movement restrictions were applied (0.68-0.97). There was a prominent increase in the proportion of suicide-related OHCA in these subgroups: from 30.3 to 38.1% (1.22-1.64), from 10.2 to 15.9% (1.21-2.28), and from 12.5 to 17.8% (1.30-1.77), respectively. The COVID-19 pandemic did not significantly alter neurologically favorable 1-month survival. However, it led to worsened survival in subgroups with higher suicide attempt rates. Prevention of suicide is likely essential in the assurance of children's lives during the pandemic. This cohort study found that during the 2020/2021 pandemic, neurologically favorable survival decreased in school-age out-of-hospital cardiac arrest (OHCA) cases, those not subject to quarantine-related movement restrictions, and those in locations outside of school or home. Within these three subgroups, there was a notable rise in OHCA cases related to suicide, historically known to be more challenging to manage successfully. However, survival rates for overall OHCA and medically related OHCA cases remained unchanged throughout the pandemic. Preventive measures for suicide attempts may be necessary to improve the overall survival of pediatric OHCA during the pandemic.

PENGARUH INOVASI PRULINK NEXTGEN TERHADAP ATTITUDE (STUDI PADA KONSUMEN PT PRUDENTIAL LIFE ASSURANCE CABANG XYZ)

Innovation in the insurance industry fundamentally aims to meet consumer needs and expectations while adhering to existing regulations. This research aims to investigate the influence of PRULink NextGen innovation on consumer attitudes at PT Prudential Life Assurance Branch XYZ. This type of research is quantitative research with a simple linear regression analysis method. The data used are sourced from questionnaires as primary data, and interviews as well as literature studies as secondary data sources. The population of this research is customers or potential customers who have been prospected about PRULink NextGen by marketing staff of PT Prudential Life Assurance Branch XYZ. This research uses purposive sampling technique as a non-probability sampling technique with a sample size of 100 people. Testing and data analysis are conducted using SPSS 25.0. The results of this research indicate a significant influence of PRULink NextGen innovation on consumer attitudes at PT Prudential Life Assurance. Key words: innovation, attitude, PRULink NextGen

THE INFLUENCE OF PRODUCTS AND PROMOTIONS ON CUSTOMERS' DECISIONS TO SELECT PRODUCTS AT PT. PRUDENTIAL LIFE ASSURANCE SYARIAH IN THE SUNGAI PENUH CITY

This research aims to determine whether products and promotions influence customers' decisions to use Sharia insurance products. The location of this research is at PT. Prudential Assurance Sungai Penuh City. Data collection techniques in this research are observation, questionnaires and documentation. Meanwhile, the data analysis techniques in this research are questionnaire instrument analysis (validity and reliability), normality test, multicollinearity test, multiple linear regression, coefficient of determination test, and hypothesis testing. The subjects in this research were agents and customers of Prudential Life Assurance insurance products. The population in this study was 217 customers, while the sample was 90 customers using education insurance products in 2023. The research results prove that product variables partially significantly affect the public interest in the Prudential Life Assurance insurance product in Sungai Penuh City. Partially, the product promotion variable only significantly affects the public interest in PT. Prudential Life Assurance insurance in Sungai Penuh City. In simultaneous testing, product and promotional variables significantly affect public interest in Prudential Life Assurance insurance in Sungai Penuh City.

Influence of Cultural Factors and Regulatory Policies on Uptake of Life Assurance Products in Kenya

Life assurance products have been used over the years as both an instrument of protection and a tool for investment. Cultural factors feature prominently among the factors that influence the uptake of Life assurance. This study sought to establish the influence of cultural factors on the uptake of Life assurance products in Kenya, moderated by Regulatory policies. The study was anchored on the Human Life Value Theory. The independent variables in the study were the Cultural factors, the dependent variable was the uptake of Life Assurance products, and the moderating variable was regulatory policies. The study employed a Descriptive survey research design and was quantitative in nature. The sample size of the study was 537 respondents calculated using the Taro Yamane (1970) formula from a study population of 6376 Public Primary school teachers in Kisumu County. The study used primary data, which was collected using a closed-ended questionnaire. The data was analyzed using descriptive statistics, correlation, and regression. The findings indicated that there is a significant relationship between Cultural factors and Life Assurance product uptake among policyholders in Kisumu County, where Cultural factors alone could explain 30.1 percent of the variance in the uptake of Life Assurance products. Equally, there is a strong relationship between Cultural factors, regulatory policies, and uptake of Life Assurance products. The study resolved inconsistencies in theory, policy, and practice, thereby bolstering the argument that insurance companies should consider Cultural factors that increase the use of life assurance products.

Partnership in corporate social responsibility program: Indonesia case study

This current study is a qualitative single case study focusing on the implementation program of the CSR partnership between PT Prudential Life Assurance (PLA) and Institut Kemandirian Dompet Dhuafa Republika (IKDDR) from 2012–2016. Based on purposive sampling, the main respondents in this research are representatives from three institutions: the government, corporations, and Third Sector Organizations (Organisasi et al./OST), as well as beneficiaries from the society. The study finds six conclusions: (1) the partnership of these two institutions is affected by a lack of resources, efficiency pressure, and other innovative program opportunities; (2) partner selection relies on the alignment of the vision, mission, and values of the organization, reputation, experience, and competency of a potential partner; and (3) the main considerations in program formulation are innovation and cost efficiency; (4) the most important aspects in program monitoring and evaluation are performance and punctuality; (5) program impact analysis is obtained from field observation and interview with related institution and (6) decision of the program continuation is on the authority of funder organization.

Role of Regulatory Policies in the Relationship between Distribution Channel and Uptake of Life Assurance Products in Kisumu County, Kenya

Role of Regulatory Policies in the Relationship between Distribution Channel and Uptake of Life Assurance Products in Kisumu County, Kenya

Mathematical Derivations of Actuarial Present Value for the Fully Continuous Whole Life Assurances from the Theoretical Market Price

Many current mortality tables are computationally Makehamised but technically devoid of continuous key life table functions such as and because of the underlying sophisticated mortality functions and the complex methods of computation which usually do not incorporate the market price. The computationally advanced Moore’s model, which does not endorse the market pricing mechanisms offers one of the most complex analytical results that seems not user friendly in actuarial literature. As a result of the Moore’s complexity, we offer the Gradshteyn and Ryzhik’s analytic integral as an alternative solution to examine the contingency issues involving the estimation of actuarial present values of the continuous whole life annuities. In this study, the objective are to (i) estimate the parameters of GM (1,2) through the method of equidistant points according to the natural order of human age (ii) Apply the mean value theorem to construct the survival probability function under the framework of policy modifications (iii) Develop a closed form pricing formula for the continuous whole life annuity and continuous whole life insurance. The Gradshteyn and Ryzhik’s analytic integral has eliminated the Moore’s complexities associated with symbolic computations such that the continuity assumption applied allows us to compute the continuous life annuity with expedience. Computational evidence further shows that the continuous life annuity reduces with age confirming that life annuities is a decreasing function.

Strategi Pemasaran PT. Prudential Life Assurance Di Kota Binjai

Insurance as one of the financial institutions engaged in the field of coverage is a modern institution resulting from the findings of the western world which was born along with the spirit of enlightenment. The purpose of this research is to find out how the marketing strategy of PT Prudential Life Assurance Binjai. The method used in this research is descriptive qualitative method. Insurance in Islamic literature has more social nuances than economic or profit oriented (business profits). This is due to the aspects and help that are the main basis for upholding insurance practices in Islam. The results of this study are the marketing strategy carried out by PT Prudential Life Assurance Bijai is that the company recruits, trains and motivates its employees related to the 5P component, namely Product, Price, Place, Promotion, and People.

The Impact of Economic Exclusion on the Constitutionally Guaranteed Entitlements of Economic Justice, Equality of Opportunity and Right to Live with Human Dignity of the Transgenders

Objective: The objective of the paper is to examine and explain how the constitutionally guaranteed entitlements notably the various facets of right to equality, right to life and preambular assurance of justice: social, economic and political will remain unachievable and meaningless for the transgenders till their economic exclusion and marginalisation continues. The present paper shall examine the important aspects of legal provisions and economic policy which can ensure that the constitutional mandates enshrined under Articles 14, 15, 16 and 21 become a reality for transgender through their economic empowerment. Theoretical Framework: The Constitution of India recognises and rests firmly on the fundamental principles of liberty, equality, fraternity and justice. Transgender people have always been the part of every society, nation and culture since ages but unfortunately their very existence has been negated at every level of society. This marginalised section and highly disadvantaged group has consistently and continuously been subjected to social stigma, discrimination and exclusion from all kinds of socio-economic and political undertakings. The insensitivity and the apathy of the public at large are still the biggest challenges in mainstreaming the transgenders and eliminating all forms of socio-economic exclusion against them. The extreme discrimination and exclusionary practices against the transgender people at every level in the work place, from job rejection to privacy violation and even sexual harassment, disproportionately affects their physical and mental wellbeing. The socio-economic marginalisation and denial of any gainful employment opportunity puts them in depression, pessimism and forces them to engage in unlawful activities and become drug suppliers, sex workers and even low-income entertainers. Method: The present paper focuses on the constitutionally guaranteed entitlements namely “economic justice” and “equality of opportunity” of the transgender people while taking up the issue of their economic exclusion and marginalisation and intends to explore how the economic exclusion has adverse and severe implications on transgender rights. Results and Discussion: The cost of economic exclusion of transgender people in India cannot be undermined. Such discrimination and unaccepting environments are capable of psychologically depressing transgender people and adversely affecting their incentive to get training and education. This turns into a vicious circle that translates into low investment in human capital and suboptimal opportunities for them resulting in lower productivity of overall economy. Conclusion: With very limited employment opportunities, transgender’s education, health and living standard are abysmally low and therefore, in order to achieve the constitutional mandate enshrined under Articles 14, 15, 16 and 21 of the Constitution of India, the objectives of the government should be to allow reasonable participation of most of the transgender population in the national economy.

Economic design of multiple deferred state sampling plan for two parameter Lindley distributed mean life assurance

In this study, we propose a multiple deferred state sampling plan under two parameter Lindley distribution based on time truncated life test. One of the principal objectives of the proposed plan is to ensure that the products have higher mean life. The procedure for determining the optimal plan parameters of the proposed plan is described by two points on the operating characteristics curve approach. Tables are constructed to select the optimal plan parameters of the proposed plan for different values of shape parameters, consumer’s risk and producer’s risk. The implementation of the proposed plan is illustrated with a real life time data. In addition, the performance of the proposed plan is evaluated by comparing the average sample number and operating characteristic curve of the proposed plan to that of single sampling plan. Finally, a mathematical model for economic design of the proposed plan is developed by considering the waiting time to reduce the total inspection cost while satisfying both the producer and consumer requirements and a sensitivity analysis is also explored.

Tinjauan Indikator-indikator Pemenuhan Klaim dalam Proses Klaim Asuransi Jiwa pada PT. Prudential Life Assurance Syariah Cabang Binjai Kota

This study aims to determine the indicators of claim fulfillment of the Life Insurance claim process at PT Prudential Life Insurance Syariah Binjai City Branch and to find out the causes of life insurance claims can be delayed or rejected at PT Pruential Life Isurance Binjai City Branch... The research used is descriptive qualitative. The results showed that in general there are four claim processes including claim notification, proof of claim documents, claim investigation and claim settlement. The four claim processes implemented by PT Prudential Life Assurance Syariah are quite simple and easy. The cause of the delayed claim is the lack of documents provided by the institution on behalf of the participants to the insurance company so that the claim is postponed until the file is completed at a predetermined time. The causes of rejected claims are as follows Customer dishonesty, Exclusion by the insurance company in paying the sum insured, The customer takes too long to submit a claim, The requirements when submitting a claim are incomplete, Non-payment of premiums by customers within a predetermined period. The cause of the delayed claim is the lack of documents provided by the institution on behalf of the participants to the insurance so that the claim is postponed until the file is completed at a predetermined time.

OPTIMIZATION OF PARTS CUTTING PROCESS PARAMETERS WORKING IN CONDITIONS OF CYCLIC LOADS

The paper is devoted to questions of technological fatigue life assurance of parts working in conditions of cyclic loads by optimization their cutting conditions for finish turning process. In order to solve the task of optimizing the parts cutting conditions, the corresponding software, based on the previously created mathematical model of the finishing turning process, was developed in the C# programming language. With the purpose of technological providing the necessary fatigue life of the part, taking into account the real conditions of its operation for the maximum productivity of the finishing turning process, the methodical recommendations for determining the optimal parts cutting conditions at the phase of production technological preparation are given. An example application of the proposed solution is presented.

The Influence of Structural Social Capital on Competitive Advantage in Life Assurance Companies in Kenya

Relational social capital plays a critical role in enhancing competitive advantage of most companies across the globe. However, there is scanty literature indicating how social capital affects competitive advantage of life assurance companies. This study sought to establish the effect of relational social capital on competitive advantage of life assurance companies in Kenya. The study collected primary data using a questionnaire from 356 senior management employees in all the 25 life assurance companies in Kenya. The study utilized both descriptive and inferential statistics. Descriptive statistics comprised of measures of central tendency and measure of dispersion while inferential statistics comprised of multiple linear regression model. The data collected was analyzed using Statistical Package for Social Scientists (SPSS) version 27. The study results indicated that relational social capital has a significant influence on the competitive advantage of life assurance companies in Kenya (β = 0.842, t = 13.152, p < 0.05). The study findings led to the conclusion that relational social capital influenced competitive advantage by having mutual respect at multiple levels and collaborating to diagnose and solve problems. Moreover, the study concluded that employees at the life assurance companies interacted and exchanged ideas with other employees from different areas of the companies. The life assurance companies also provided social support when employees faced any difficulties at work or when employees faced difficulties at a personal level. The study, based on the findings, recommends to management of life assurance companies to institute and implement policies and practices that enable interdepartmental interactions and exchange of ideas. Moreover, management in the companies should continuously undertake reskilling to ensure that even when working under strenuous and ever-changing environment, employees share the same professional language and business values.

Influence of Structural Social Capital on Competitive Advantage in Life Assurance Companies in Kenya

Competitive advantage has become an important determinant of survival for life assurance companies in the increasingly dynamic and competitive business environment. The purpose of this study was to explore the influence of structural social capital on sustained competitive advantage in life assurance companies in Kenya. The study population comprised 3,250 middle-level and top-level management employees in all the 25 life assurance companies in Kenya and primary data was gathered from a sample of 356 using a questionnaire. The study used both descriptive and inferential statistics. Descriptive statistics included means and standard deviations while inferential statistics involved the use of a linear regression model. The study results portray that structural social capital had a significant and positive influence on the competitive advantage of life assurance firms in Kenya (β = 0.804, t = 12.634, p < 0.05). The study concludes that having network relations that help in the transfer of knowledge, and social ties between workers in the life assurance companies helps to leverage communication efficiency. The study also concludes that structural social capital influence competitive advantage through having very strong ties between networks in the life assurance companies, and having a high degree of closeness between employees in the social networks. The study, based on the findings, recommends to management of life assurance companies to formulate and adopt policies that enable network relations that help in the transfer of knowledge. Besides, management should enable social ties between workers in the companies to leverage communication efficiency among employees.

The Influence of Work Motivation, Competence and Compensation on the Performance of Insurance Agency Leaders Through Job Satisfaction at PT. Prudential Life Assurance General Agency WOW Aini Medan

The success of the performance of the agency leader of the insurance agent will be followed by recognition or appreciation from the company in the form of bonuses and incentives provided so that this can increase the agency leader's ability to provide even better work performance and get a promotion in a career for the achievement of the agency leader's performance in the insurance company. The assessment system using grades or ranks makes employees have to meet the specified criteria, in other words, if they get an assessment of numbers 3 to 5 in each year, the agency leader will get a career promotion or level increase but if they get an assessment of criteria 1 to 2 each year in a row, they will be given demotion sanctions while the 0 criteria is mostly the case for new agents working who do not have an assessment. Good work motivation, competence and compensation are indispensable in developing productive and sustainable performance both in communication and building partnerships between an agency leader and his immediate superior leader and between the agency leader and management. In this study the authors used an associative approach to determine the relationship of each variable and the tendency of the data used was quantitative methods. The data analysis techniques used in this research are descriptive analysis and path analysis. To test the feasibility of the model using analytical techniques in the Partial Least Square method. The results in this study obtained that the performance management effectiveness variable has a positive and significant effect on work motivation, competence and compensation. Work motivation has a positive and significant effect on agent performance. The effectiveness of performance management has a positive and significant effect on competence. Agent performance has a positive and significant effect on compensation. Agent performance has a positive and significant effect on career promotion. Performance management effectiveness has a positive and significant effect on career promotion through work motivation, competence and compensation Keywords: Agency leader performance, work motivation, competence and compensation, satisfaction and career advancement

A Gloss to the Judgment of the Court of Justice of the European Union of 2 February 2023, C-208/21 on Unfair Commercial Practices with Reference to the Information Disclosure in ‘Unit-Linked’ Life Assurance Contracts

The subject of this gloss is the judgment of the Court of Justice of the European Union (CJEU) of 2 February 2023, C-208/21 on unfair commercial practices with reference to the information disclosure in life assurance contracts linked to investment funds, called unit-linked life insurance. The judgment contains guidelines on information disclosure in this insurance by entities that prepare and distribute such insurance products. The issue is of vital importance for insurance industry and has not been unambiguously defined either in legal regulations or in judicial decisions. Rather than addressing all the questions referred to the Court of Justice, the gloss concentrates on entities responsible for communicating the information to the consumers before they accede to unit-linked group life insurance contracts

Pengaruh Ujrah dan Dana Tabarru'Terhadap Pendapatan Investasi Pada Perusahaan Asuransi Jiwa Syariah di Indonesia Periode 2016-2021

This study aims to determine the effect of ujrah and tabarru' funds on investment income in Islamic life insurance companies in Indonesia for the 2016-2021 period, the effect of Ujrah on investment income in Islamic life insurance companies in Indonesia for the 2016-2021 period, the effect of Tabarru' funds on investment income in Islamic life insurance companies in Indonesia for the 2016-2021 period, do Ujrah and Tabarru' Funds affect investment income in Islamic life insurance companies in Indonesia for the 2016-2021 period, and how much influence do Ujrah and Tabarru' Funds have on investment income in life insurance companies sharia in Indonesia for the 2016-2021 period. The method used in this study is quantitative, by taking financial data samples from 6 companies in the 2016-2021 period, namely PT Asuransi Jiwa Manulife Indonesia, PT Prudential Life Assurance, PT Asuransi Takaful Keluarga, PT Asuransi Jiwa Sinarmas MSIG, PT Asuransi Jiwa Central Asia Raya. , PT. BNI Life Insurance Syariah. Based on the results of the calculation of the simultaneous regression coefficient test (Test f) it can be concluded that the variable Ujrah (X1) and Tabarru' Funds (X2) have an effect on investment income (Y), namely Fcount 159.129 > Ftable 3.28, with a significance value of 0.000 <0 ,05. And test the coefficient of determination (R2) of 0.900. This shows that the Ujrah and Tabarru Fund variables have an effect on investment income, namely 90.0%, while the remaining 10.0% is influenced by other variables that are not included and not examined in this study.

A multi-way analysis of similarity patterns in longevity improvements

With the increasing availability of temporal data, a researcher often analyzes information saved into matrices, in which entries are replicated in different occasions. Such multidimensional data can be stored in arrays or tensors in a way that relevant patterns among variables can be teased apart by retaining the time-varying nature of the data. In this work, we show how the nonnegative three-way DEcomposition into DIrectional COMponents (DEDICOM) model is able to extract meaningful relational patterns from multi-population mortality data. The dataset considered is provided by the human mortality database (HMD) and refers to three dimensions: countries, age groups and years. The three-dimensional decomposition technique identifies persistent groups of countries with homogeneous mortality behaviours related to the evolutionary process of longevity improvements. Moreover, we exploit both country group information and recurrent neural networks to forecast future trajectories of similarities among countries’ mortality. Our work, by specifically describing the mesoscale interactions between countries and their evolution in time, could help to design appropriate actions against longevity risk that may impact the stability conditions of life assurance and pensions.