Online Insurance Research Articles

Development of a method for refining recommendations using temporal knowledge in individual insurance tasks

The subject of the research is the process of constructing recommendations in individual insurance tasks. The aim is to develop an approach for building recommendations in personalized insurance projects using temporal knowledge to adapt proposed insurance plans according to client behavior on insurance company websites. Objectives: to structure temporal rules considering the peculiarities of the online insurance recommendation process; to develop a method for constructing recommendations for insurance product selection using temporal knowledge. Conclusions: temporal rules have been structured for the task of building recommendations in personalized insurance projects. These rules generalize behavior in relative time for multiple users, enabling the generalization of user action sequences. A method for constructing online recommendations using temporal knowledge has been developed. The method consists of two phases: temporal knowledge formation and recommendation construction. The first phase is performed offline and is designed to form a base of temporal rules that generalize knowledge about user behavior. The second phase is executed online and involves refining and further utilizing temporal rules to adapt recommendations according to current user behavior. The method enables prompt adaptation of recommendations considering the user's current actions, creating conditions for increasing user trust in the recommender system's proposals.

The Digital Insurance Paradigm: A Theoretical Exploration

The advent of technology has significant impact on the economy as a whole. Technology is attributed to the transition such as from traditional mode to online mode. Financial services industries such as banking, insurance are also witnessed huge growth in their businesses. Several technologies such as artificial intelligence, cloud computing, internet of things, block chain technology etc are gaining momentum these days. Insurance companies are using electronic mode as a alternate channels for communication, sales and distribution. The study focuses on the acceptance of electronic channels for availing digitalized insurance services by policyholders. The main aim of the study is to develop conceptual model for explaining user’s behavior intention towards adoption of digital life insurance services. The study has used unified theory of acceptance and use of technology model while incorporating some external variables such as trust, self efficacy etc. Attitude has also been used as a mediator for explaining the relation between other constructs and behavior intention. Keywords: Online Insurance, Trust, Attitude, Technology, Financial Services, Unified Theory of Acceptance and Use of Technology.

A hybrid machine learning with process analytics for predicting customer experience in online insurance services industry

It is essential to innovate and improve service levels by predicting possible process outcomes due to the growth of online service providers. This study estimates the customer satisfaction level based on customer experience analysis. In doing so, we answer recent calls for research about a more thorough exploration of customer behavior using predictive process monitoring techniques. In particular, a hybrid framework of supervised/unsupervised machine learning methods is proposed to predict the outcomes of customers’ experiences while dealing with the problem of high intra-class variance. This problem occurs due to the large dispersion of traces identified in the customer journeys. In this regard, customer journeys are first matched with the event log format aiming to implement a Density-Based Spatial Clustering of Applications with Noise (DBSCAN) clustering technique based on the similarity between the customer journeys. After summarizing the journeys by removing low-value activities, the multi-class decision tree classification method is applied, and the level of customer satisfaction is predicted. Due to the imbalanced nature of the data, the oversampling for imbalanced classification is applied to achieve good results in accuracy indicators such as recall, precision, and F1-score. Finally, the proposed approach has been evaluated on a real-life event log, BPI Challenge 2016, to investigate unsatisfied customers. The results of the machine learning models on the test data show a high degree of accuracy in predicting customer dissatisfaction.

Consumer Attitude and Behavioural Intention towards Adoption of Online Insurance Services: An Empirical Analysis

This study focuses on the factors affecting attitudes and behavioural intentions to adopt online insurance services. The study integrated UTAUT2 constructs with external variables such as government support, perceived credibility, interactivity, and self-efficacy. A structured questionnaire was prepared to collect data through a purposive sampling technique from (420 respondents) online insurance service users, and a structural equation modelling technique was applied to analyse using Amos software version 22.0. The results revealed that performance expectancy, social influence, facilitating conditions, government support, perceived credibility, interactivity, and self-efficacy had significant positive impact on attitude and behavioural intention. Further, the study also proved that attitude has a significant impact on behavioural intention. Effort expectancy was not significantly associated with attitude or behavioural intention to use online insurance services. The mediation outcomes demonstrated that there was no evidence of an attitude-mediated relationship between government support, effort expectations, and behavioural intention. The key contribution is that attitude has been used as a mediator in the relationship between UTAUT2 constructs and behaviour intention. The integrated framework has been utilised in the adoption of online insurance services.

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.

Development and Protection of Internet Finance in the Era of Big Data

Starting from 2016, big data is widely used. The world has also entered the era of big data. Internet finance is also a topic that has received a lot of attention in recent years. Together with the arrival of COVID, Internet finance is developing rapidly. Internet finance will become more of a big trend in the future. People primarily use third-party payment, online lending, direct fund sales, crowdfunding, online insurance, banking, and other similar services. At the same time, Internet finance also brings more new opportunities to the financial sector, but the new opportunities and innovations also bring some risk factors. Starting from the current situation of Internet and big data, the article finds that how to control financial risk and credit risk is a problem that needs to be addressed vigorously nowadays. Developing a good personal credit system is also a practical action that needs to be put in place. Through SWOT analysis and questionnaire, we analyze the public perception of the Internet and the credit risks in the development of Internet financial innovation, from which we can provide solutions to improve the regulatory power, thus promoting the safe and efficient development of Internet finance. In addition, through literature view, we analyze how to enhance people's privacy and the credibility of Internet finance.

Blockchain-Based Smart Contracts in Insurance Service Delivery: A Conceptual Analysis

Blockchain is a revolutionary technology that offers a new kind of inventive service. It can handle a variety of sophisticated issues associated with the secrecy, integrity, and availability of fast and secure distributed systems. This concept paper begins by addressing the shift in people's attitudes towards the insurance industry, particularly in Malaysia, and then goes on to understand how the Unified Theory of Acceptance and Use of Technology (UTAUT), Task Technology Fit (TTF), and Initial Trust Model (ITM), influence behavioural intentions in using blockchain smart contracts. A digital insurance platform must be redefined after the increase in online insurance sales transactions prompted by COVID-19 to satisfy the market's expectations. Whereas traditional paper contracts rely on middlemen for execution, blockchain smart contracts are now based on blockchains, which include an immutable record of data and the ability to remove single points of failure. Despite the growing popularity of blockchain research in recent years, research on blockchain smart contract adoption behaviour at the individual level concerning insurance services remains limited. Hence, this study utilises the three models to characterise how performance expectancy, technological context, and initial trust interact to forecast behavioural intention. Furthermore, we stressed the need for additional research to demonstrate the intention to employ blockchain smart contracts is impacted by performance anticipation, technical environment, and personal initial trust. Based on the review, we will design realistic research that will incorporate prospects for theoretical progress as well as empirical discoveries in blockchain smart contract studies. The findings are intended to assist policymakers in developing suitable and improved strategies for capturing interest in blockchain smart contract insurance services in the Malaysian market. We also believe that the evolution of blockchain technology in tandem with smart contracts will enable the creation of new sorts of innovative services, such as insurance.

(218) Emerging Data Regarding Disparities in Insurance Coverage of Male Sexual Health Conditions

Abstract Introduction Medical policy bulletins (also known as clinical policy bulletins) are insurance company guidelines for administering plan benefits. These documents purport to summarize current research, evidence-based guidelines, regulatory status, and physician opinion to determine whether insurers consider procedures and services to be medically necessary. These bulletins, along with member benefit plans, determine which services are covered. We have previously explored the lack of uniformity that exists for insurance payer coverage for penile prostheses. Here, we sought to expand this investigation to determine insurance coverage criteria for medical and surgical management of common men’s health conditions. Objective To determine covered benefits for sexual medicine conditions among the top United States healthcare insurers. Methods A list of common sexual medicine conditions was generated, including Peyronie’s disease, hypogonadism, erectile dysfunction, premature ejaculation, incontinence, and buried penis. The most common treatment modalities for each condition were identified (see Table I). Securities and Exchange Commission (SEC) filings were used to identify the top ten largest private insurers in the United States by member enrollment. This list was cross-referenced with the National Association of Insurance Commissioners (NAIC) 2020 Market Share Report (ref 1). The following list of the largest private US health insurers was thus developed: United, Anthem, Centene, Kaiser, Humana, CVS, Healthcare Service Corporation (HCSC), Cigna, Molina, and Independence Health Group (IBX). Kaiser and Centene were excluded due to lack of nationwide medical policy bulletins. We reviewed medical policy bulletins from the remaining 8 insurers to determine whether the specific treatments were identified as medically necessary, experimental/investigational, or cosmetic. Services and procedures deemed medically necessary were coded as “covered,” and those listed as investigational, or cosmetic were coded as “not covered.” If information about a specific condition or treatment modality was not found in a company’s policy bulletin, it was coded as “unknown.” Results In total, we recorded 143 data points, across the 8 insurance providers. Our review of medical policy bulletins yielded 60 (41.9%) instances where services were considered medically necessary and/or “covered”, 18 (12.6%) non-covered or investigational/cosmetic services, and 65 (45.5%) services with unknown coverage (Table I; covered=1, non-covered=0, unknown=2). Conclusions We encountered substantial difficulty in navigating and interpreting insurance coverage for various sexual medicine treatments and conditions based on review of policy bulletins from the topic insurance providers in the US. There was no readily identifiable coverage information for >45% of the data points that we collected, and instances of “unknown” coverage exceeded covered services across the collective of the largest private insurers. While 76.9% of conditions for which there was available data were covered, we are unable to draw generalizable conclusions for most conditions as there are significant deficits in the availability of policy information from online insurance sources. Further challenges in determining coverage include the additional layers of limitations in member plan benefits (i.e. plan exclusions), which could compound confusion for both physicians and patients. Disclosure Any of the authors act as a consultant, employee or shareholder of an industry for: Coloplast.

The Response Analysis of Life Insurance Companies in Low Interest Rate Environment

As China's economic development situation changes from a high-speed growth period to a stable growth period, and based on promoting high-quality economic development, realizing industrial development and reform, and stimulating internal and external development vitality, China's interest rate is entering a downward stage and will continue for a long period of time. At the same time, affected by the global spread of the new coronavirus epidemic, domestic life insurance companies still face many difficulties in completing industrial transformation and industrial upgrading, and achieving sustainable development in the new environment and new era. On the one hand, life insurance companies in the low interest rate environment, how to effectively follow the three principles of investment in insurance funds, while achieving social and economic benefits. On the other hand, how to overcome the current difficulties faced by life insurance companies and continue to promote the innovation and upgrading of operating methods. We make four key statements on the coping strategies of life insurance companies in the continuous low interest rate environment :(1) The rate design of life insurance products is more in line with the potential expected interest rate changes and grasps the overall development direction of the country. (2) Build new channels of investment and financial management, strengthen the use of funds. (3) Starting from the marketing mode of the new life insurance business accelerated by the epidemic situation, life insurance companies focus on building a complete online insurance sales platform based on science and technology innovation and relying on the Internet. (4) Accelerate the construction of talent training and build a reasonable talent grow system.

Cultural intelligence and sales performance in online insurance marketing: evidence from a Chinese insurance firm

The cultural clash between customers and salespeople in online marketing is observed as a barrier to promoting sales performance.The capability of handling cultural difference, or cultural intelligence (CQ), is therefore essential for salespeople. With data collected through questionnaires from a Chinese digital insurance brokerage firm, the impact of salespeople’s CQ on sales performance is examined with the partial least squares structural equation model (PLS-SEM) method. It is identified that CQ serves as a positive moderating variable in the relationship between customer orientation and sales performance, as well as a partial mediating variable in the relationship between perceived organizational support and sales performance of the online insurance salespeople.

The Imperative Role of the Library in Health Insurance Information Needs in Nigeria

This study provides a springboard for stakeholders in health, Health Maintenance Organizations (HMOs) and library (information professionals) to undertake a possible and effective way to improving health insurance literacy and participation in Nigeria. The authors in this study posited creative approaches to using Libraries in Nigeria to improve the awareness of Nigerians on the benefits of the compulsory new Health Insurance Programme through viable partnership with governments at all levels, local and international Non-Governmental Organizations, based on the fact that libraries have succeeded in partnering with the stakeholders in the health sector in different countries of the world to achieve HI needs. Opinion Piece was used as method of research to buttress the clarity of the research perspective. The paper illuminated on some of the roles of the library in Health Insurance Information Needs such as availability of information resources on health insurance, health insurance literacy workshops, reference and research services, assistance with online insurance forms, partnerships with organizations, language and cultural accessibility, confidentiality, education and outreach.

Pandemic and insurance purchase: How do people respond to unprecedented risk and uncertainty?

We investigate how people insure themselves against an upsurge of risk and uncertainty during a pandemic. Using high-frequency, city-level insurance purchases data from the largest online insurance platform in China, we employ difference-in-differences strategies to quantify changes in insurance purchases before and after the COVID-19 outbreak relative to a corresponding period in 2019. We show that the pandemic induces a substantial increase in daily number of insurance purchase, with evident impact on both health and life insurance. We demonstrate that the increase mainly originates from an expanded number of consumers; and is not driven by compositional shifts. Particularly, we show that the observed increase is better explained by pandemic risk exposure than other mechanisms such as negative emotions and insurance awareness. Nevertheless, there is a notable discrepancy between changes in insurance purchases and COVID-19 risk exposure, which is driven by individuals' lack of information on pandemic. We find that the more direct and high-quality information people have, the more likely their decisions are to accord with the objective risk exposure. These findings reveal the key driving forces of the risk management responses under an unprecedented pandemic, and point to the importance and necessity of public information disclosure.

Role of Perceived Credibility in the Acceptance of Online Insurance Services

The number of studies have been conducted on the acceptance of internet banking but very few studies are available that aims the acceptance of internet technology in insurance. The chief aim of the research study is to explain the factors of UTAUT2 model that determine the intention of user’s to use internet insurance for availing insurance services online. A model was developed and the data was collected through structured questionnaire from those respondents who have health insurance and are using internet insurance services. The collected data was then analyzed through structured equation modeling using IBM AMOS 22.0 .The results showed that UTAUT2 model when integrated with perceived credibility found significant in explaining the online insurance service use behavior. Specifically Performance Expectancy, Perceived Credibility, Social Influence, Effort Expectancy has significant influence on Behavior Intention. Further Facilitating Conditions and Behavior Intention were also found to have statistically significant relationship with Use Behavior.

Examine The Investigation of Online Insurance Consumers' Buying Intention

Examine The Investigation of Online Insurance Consumers' Buying Intention

Concept and Reasons of Growth for Online Insurance Penetration in India

The insurance industry in India has seen rapid growth in recent years. In India, the insurance sector is at the forefront of economic growth. Over the last decade, gross premiums have grown at an average rate of 7.2%, making the Indian insurance industry one of the largest in the world. Customer behavior has also changed significantly during this time, with 20-25% of them increasingly using digital channels to understand and compare insurance options. In addition, businesses are now more connected and aware thanks to the Internet of Things (IoT) and other technologies that have rapidly taken hold. Although a number of changes have been made to boost the growth of the sector, it still has a long way to go, as its share in the global insurance market is still staggeringly low. The problems facing the sector include low market penetration and density, lack of investment in insurance products, the dominance of state insurers and their declining financial health. Addressing these issues is critical to building a strong insurance business, as India's economic growth depends on how resilient its economy is to shocks.

로보 어드바이저를 활용한 보험판매와 법적 과제

The environment surrounding the insurance industry is likely to become even more digital than nowadays. In particular, robo-advisors are expected to be used effectively in the insurance distribution channel. Although there is no legal definition for robo-advisors in the related insurance act in Korea. Traditional insurance distribution channels can use them as sales aids. In this case, the robo-advisor type is likely to be used as a product recommendation type and an information provision type. In light of the current technological development of robo-advisors, it is not possible to equate robo-advisors with AI insurance consultant. In this case, as examined in the examples of the United States, Australia, and Germany, if insurance intermediaries utilize robo-advisors to sell insurance products within existing legal systems, there will be problems in applying existing insurance law provisions. It should be noted that the same regulatory principles apply because there is no such rule. Considering that it is premature to establish a regulatory system for AI insurance distribution channels that make fully automated decisions without any human intervention, insurance sales channels utilizing robo-advisors should be considered as regulations for traditional distribution channels. The same regulations should be set. Considering this point, this paper defines robo-advisor as an algorithm-based ``automated online insurance product advisory device''. Also the paper proposed a plan to regulate this under the insurance industry regulation. On the other hand, this paper also considered measures to establish model standards for insurance distribution using robo-advisors and discipline them in the form of self-regulation. In addition, non-face-to-face sales and operator intervention are permitted with an algorithm-based system that evaluates customer opinions through algorithms and big data analysis using computer programs as an improvement plan for related acts and makes personal recommendations based on them. A proposal was made to prepare a provision to define it as an insurance product advisory device. In the case of this kind of regulation, in addition to fulfilling the duty of explanation imposed on insurance distribution channels under the existing legal system, the details of the duty of explanation to distribution channels that use robo-advisors should be determined in accordance with the principle of good faith. Therefor it is proposed in the paper to take measures for a plan to add within the scope of the obligation. Finally, regarding the judicial responsibility system, if liability arises due to incomplete distributions using robo-advisors, the person behind it will be held responsible for tortious acts associated with breach of obligations under the principle of good faith within the current legal system.

Impact of Digital Finance on Energy Efficiency in the Context of Green Sustainable Development

Limited by ecological conditions, in order to improve the innovation efficiency concerning energy, a change from “extensive” to “green” is required. The development of sustainable technology is the most important productive force. Economic development is centered on finance. Only by mutual penetration and interaction can China’s energy innovation be effectively promoted. “Green GDP (Gross Domestic Product)” is the main direction of China’s current economic development. A sustainable green digital economy is the primary condition for promoting energy efficiency, and it is the key to improving energy efficiency in China to achieve a green transition. Green finance for sustainable development refers to economic finance centered on energy conservation, environmental protection and technological innovation. Attention is constantly paid to the financial industry in China, and we are trying to combine the concept of environmental protection with financial development to promote the continuous development of China’s environmental protection economy. A company’s economic and environmental benefits will be improved from the point of view of improving resource conservation and reducing the environmental impact of equipment and processes. To achieve this goal, the “efficiency effect” of the financial system needs to be fully exploited to maximize energy efficiency. An empirical study about the relationship of financial performance and energy efficiency in the green sector is carried out while considering the environmental constraints. The results show that the expansion of the financial scale and the adjustment of the financial structure have increased the energy utilization efficiency by more than 15% from the past to the present and reduced the pollution of the ecological environment by more than 10% nationwide, realizing the effective allocation of resources. Digital finance is a new generation of financial services that combines the Internet and information technology with traditional financial service formats. Including Internet payment, mobile payment, online banking, financial service outsourcing and online loans, online insurance, online funds and other financial services. Therefore, the sustainable development of all aspects of finance has a huge catalytic effect on the doubling of energy utilization efficiency.

Influencing factors of the extent, timing, and pattern of online insurance adoption

Influencing factors of the extent, timing, and pattern of online insurance adoption

Variation in pre-operative insurance requirements for bariatric surgery.

For patients who wish to undergo bariatric surgery, variation in pre-operative insurance requirements may represent inequity across insurance plan types. We conducted a cross-sectional assessment of the variation in pre-operative insurance requirements. Original insurance policy documents for pre-operative requirements were obtained from bariatric surgery programs across the entire USA and online insurance portals. Insurance programs analyzed include commercial, Medicaid, and Medicare/TriCare plans. Poisson regression adjusting for U.S. Census region was used to evaluate variation in pre-operative requirements. Analyses were done at the insurance plan level. Our primary outcome was number of requirements required by each plan by insurance type. Our secondary outcome was number of months required to participate in medically supervised weight loss (MSWL). Among 43 insurance plans reviewed, representing commercial (60.5%), Medicaid (25.6%), and Medicare/TriCare (14.0%) plans, the number of pre-operative requirements ranged from 1 to 8. Adjusted Poisson regression showed significant variation in pre-operative requirements across plan types with Medicaid-insured patients required to fulfill the greatest number (4.1, 95%CI 2.7 to 5.4) compared to 2.7 (95%CI 2.2 to 3.2, P = 0.028) for commercially insured patients and 2.1 (95%CI 1.1 to 3.1, P = 0.047) for Medicare/TriCare-insured patients. Medicaid-insured patients were also required to complete a greater number of months in MSWL (6.6, 95%CI 5.5 to 7.6) compared to commercially (3.8, 95%CI 2.9 to 4.8, P < .001) and Medicare/TriCare-insured patients (1.7, 95%CI 0.3 to 3.0, P = .001). The greater frequency of pre-operative requirements in Medicaid plans compared to Medicare/TriCare and commercial plans demonstrates inequity across insurance types which may negatively impact access to bariatric surgery. Pre-operative insurance requirements must be reevaluated and standardized using established evidence to ensure all individuals have access to this life-saving intervention.

Impact of the Covid-19 Pandemic on Rice Farming Planning in Indramayu District, West Java

Indramayu District is one of the centers of rice production in West Java Province which contributes quite a lot to the national food supply. Climate change has resulted in droughts, floods, and pest attacks resulting in crop failure in the area. To protect it, the Ministry of Agriculture (MoA) in collaboration with Jasindo provides a rice crop insurance program for affected farmers. However the COVID-19 pandemic has limited social interaction and has an impact on the insurance administration process and rice farming planning in general. The aims of this study was to determine the impact of covid-19 on rice farming planning and insurance activities for farmers. The research was conducted in Indramayu District, West Java Province in April-August 2021. Data were collected through in-depth interviews and questionnaires from 7 key informants, then analyzed using a qualitative descriptive approach. The results showed that: (1) COVID-19 pandemic did not directly affect the planning and implementation of rice farming; (2) the administrative process of the rice crop insurance program manually is hampered. This causes the absorption of insurance programs to decrease to 30% until August 2021. To overcome this problem, online insurance services are needed and provide training for agricultural extension workers.