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Predicting guest satisfaction and willingness to pay premium prices for green hotels

Green transformation in the hotel industry represents an undeniable trend yet poses financial challenges, particularly in emerging economies. Expanding on the service quality-satisfaction-behavioral intention paradigm, this study investigates the influences of green emotional attachment, attitude towards green hotels, green image, green practice performance, word-of-mouth, guest satisfaction, functional value, and green experiential loyalty on green hotel premium payment. We collected 573 data points from China using purposive sampling. Partial least squares structural equation modeling was used to analyze the data. The findings revealed the positive effect of attitudes towards green hotels and green practices on guest satisfaction. The findings confirmed a positive correlation between guest satisfaction and willingness to pay a premium price for green hotels. This study also confirms the moderating effect of green experiential loyalty. Moreover, it recognizes gender, age, and income as partial moderating factors. These findings offer valuable insights into green hotel consumption research and assist practitioners in enhancing guest willingness to pay premiums and fostering sustainable industry development. The active implementation of strategies to boost guest satisfaction and willingness to pay premiums can further environmental conservation and support zero-carbon goals in the hospitality sector.

Analisis Implementasi Strategi Pemasaran Asuransi Pendidikan Mitra Iqra Plus Dalam Kajian Asuransi Syariah

Atika Andriani1, Sri Ramadhani, Rahmat Daim Harahap2 1 FEBI UIN Sumatera Utara, Indonesia atikaandriani98@gmail.com1, Sriramadhani@gmail.com2, rdainharahap@uinsu.ac.id3 ABSTRACT Mitra Iqra Plus is one of the products owned by PT. Bumiputera Sharia Life Insurance, KPS Medan, which aims to help fund children's education. The purpose of this study was to determine the implementation of Mitra Iqra Plus' educational insurance marketing strategy in the study of sharia insurance at PT Asuransi Jiwa Syariah Bumiputera, KPS Medan, the application of sharia principles in the implementation of marketing life insurance products at PT Asuransi Jiwa Syariah Bumiputera, KPS Medan, and challenges in implementing sharia. marketing conducted by PT Asuransi Jiwa Syariah Bumiputera, KPS Medan. This type of research uses qualitative research. Data collection techniques in the form of interviews, observations, and documentation. The data analysis technique used is to reduce the data, present the data, then draw conclusions. The results show that PT Asuransi Jiwa Syariah Bumiputera, KPS Medan implements according to sharia marketing principles starting from Wisdom (Strategy), Needs (Needs), Halal (Tayyibat), Welfare (Falah), Mutual Consent. The inhibiting factors in implementing the Mitra Iqra Plus educational insurance marketing strategy are the lack of public knowledge about sharia insurance, lack of public trust in sharia insurance, lack of agents and customers who are difficult to collect for premium payments. The challenge is the lack of technology development, the weak market share of PT. AJS Bumiputera due to lack of support from the government and the community. Keywords: Implementation of Sharia Marketing Strategy, Mitra Iqra Plus, Sharia Insurance.

Water tariffs and social equity: Towards water service connections and pricing instruments for the poor

AbstractAside from operational sustainability and efficiency goals, water tariffs also need to address the requirements of affordability and equity, in most instances, by providing subsidies to poor households. Yet, poor households are unable to enjoy the benefits of such cross‐subsidization and linked conveniences as they are unable to get water service connections. Even with a well‐designed water tariff, the inability of poor households to get piped connections results in the payment of premiums for water that is difficult to access and, at times, of questionable quality. In this paper, we assess the pro‐poor projects of three Philippine municipal water systems and suggest that providing water service connections to poor households allows these households to avoid paying the water poverty premium, as well as experience the related public health and quality of life benefits accruing from such connections. We argue that designing the best tariff for existing socio‐economic, political, and environmental realities must go hand in hand with programs that provide water service connections to poor households as this will ensure not only operational viability but also equitable water provision.

Legal Evaluation of Premium Payment as a Condition Precedent for a Valid Insurance Contract

The idea of insurance is widely recognized in commercial law and has evolved into a fundamental tenet of contemporary business dealings and contracts. It was designed to satisfy the requirements of contracting parties and has been supported as a workable and commercial tool that an insured can use to reasonably mitigate the effects of a disaster or other occurrence by purchasing an insurance policy. A service known as insurance exchanges risk for monetary responsibilities known as premiums. It is not uncommon for an insured party, before the advent of Insurance Decree 1997 after negotiating and executing an insurance policy, to defer payment of premium until a later date; or for insurance companies to accept part payment of premium, on the condition that payment would be made in full before the end of the insurance policy period. This position changed with the provision of ‘no premium no cover’ under Section 37 of the Insurance Decree, 1997. In an action for enforcement of a contract, the party who alleges breach must prove the existence and validity of a contract between him and the other party. A very important ingredient of the insurance contract is consideration; that is, for a contract to be valid, something of some value, e.g. money or services, must be exchanged for the promise under the contract. Offer and acceptance refers to an offer being made and then being accepted by the other party. Fulfilment of this legal requirement implies that negotiations have been settled and parties have come to an agreement. Current study examined and evaluated premium payment of premiums as a prerequisite to enforceable insurance agreements and claims. It revealed that payment of full insurance premiums is imperative if a contract of insurance is legal and enforceable under section 50(1) of the 2003 Insurance Act. Also, it will be unreasonable and unjustifiable for an insured to be expecting indemnity when a full premium has not been paid to the insurer for proper coverage.

Barriers of access to primary healthcare services by National Health Insurance Fund capitated members in Uasin Gishu county, Kenya

PurposeThe study identifies provision of primary healthcare services using the capitated health model as a prerequisite for promoting positive healthcare outcomes for a country’s population. However, capitated members have continued to face challenges in accessing primary healthcare services despite enrolment in the National Health Insurance Fund (NHIF). This study sought to determine if variables such as patient knowledge of the NHIF benefit package, NHIF Premium Payment processes, selecting NHIF capitated health facilities, and NHIF Communication to citizens’ influences access to primary healthcare services.MethodA cross-sectional analytical research design was adopted. Data was collected from patients who were using NHIF cards, who were drawn from health facilities. Data was collected using a structured questionnaire where some of the questions were rated using the Likert scale to enable the generation of descriptive statistics. Data was analysed using descriptive and inferential statistics. Logistic regression was conducted to determine the relationship between the independent and the dependent variables.ResultsThe study found that four independent variables (Patient knowledge of NHIF Benefit Package, NHIF Premium Payment processes, Selecting NHIF capitated Health Facility, and NHIF Communication to citizens) were significant predictors of access to capitated healthcare services with significance values of .001, .001, .001 and .001 respectively at 95% significance level.ConclusionsThe study found that familiarity with the NHIF benefit package significantly influenced NHIF capitated members' access to primary healthcare services in Uasin Gishu County. While most members were aware of their healthcare entitlements, there's a need for increased awareness regarding access to surgical services and dependents' inclusion. Facility selection also played a crucial role, influenced by factors like freedom of choice, NHIF facility selection rules, facility appearance, and proximity to members' homes. NHIF communication positively impacted access, with effective communication channels aiding service accessibility. Premium payment processes also significantly linked with service access, influenced by factors such as payment procedures, premium awareness, payment schedules, registration waiting periods, and penalties for defaults. Overall, patient knowledge, NHIF communication, premium payment processes, and facility selection all contributed positively to NHIF capitated members' access to primary healthcare services in Uasin Gishu County.

SOCIAL CAPITAL ON THE BROILERS BUSINESS PARTNERSHIP SYSTEM

The role of extension workers in assisting farmers to extend insurance has increased and the level of satisfaction felt by farmers has increased. This study aims to determine the assistance of extension workers in the extension of cattle farmer insurance (AUTS) in Central Sinjai District. The determination of the village sample is determined randomly by determining the sample and population that meets certain characteristics as a barrier with a sample size of 83 respondents. The analysis used in this research is descriptive analysis. The results showed that the role of the extension agent had the highest value of 3.759. The AUTS renewal process participants pay a premium of Rp. 40,000 per year which is included in the government subsidy. The instructor acts as a connector in terms of the fee process at the Indonesia Insurance Service (Jasindo) which must be paid according to the applicable policy. This is in accordance with (Agriculture & Farming, 2021), that farmers are accompanied by livestock officers / UPTD / BPP / Veterinarians in filling out registration forms and premium payments in the AUTS registration or renewal process 3.759. While the lowest value in assisting the extension of AUTS participants is the assistance of subsidy identification data, which is 3.228, because the participant's data already exists in the previous data. Based on the results of the study, it can be concluded that the role of the extension agent is mostly in the good category, and the assistance most felt by farmers is the collection of premiums which has the highest value of 3.759.

Subsidizing Inclusive Insurance to Reduce Poverty

In this article, we assess the benefits of coordination and partnerships between governments and private insurers and provide further evidence for microinsurance products as powerful and cost-effective tools for achieving poverty reduction. To explore these ideas, we model the capital of a household from a ruin-theoretic perspective to measure the impact of microinsurance on poverty dynamics and the governmental cost of social protection. We analyze the model under four frameworks: uninsured, insured (without subsidies), insured with subsidized constant premiums, and insured with subsidized flexible premiums. Although insurance alone (without subsidies) may not be sufficient to reduce the likelihood of falling into the area of poverty for specific groups of households, because premium payments constrain their capital growth, our analysis suggests that subsidized schemes can provide maximum social benefits while reducing governmental costs.

MODEL INVESTASI POLIS ASURANSI JIWA BERBONUS TIPE DWIGUNA DENGAN AMERICAN PUT OPTION

Insurance is a form of protection against the concept of risk transfer that may occur from an uncertain event. One type of insurance is life insurance. With the changing times, life insurance launched innovative products, one of which is endowment life insurance. Endowment life insurance is a type of life insurance that provides compensation benefits if the policy holder dies during the coverage period, as well as providing cash value and bonuses if the policy holder is still alive until the end of the period. This study aims to determine the fair price of insurance policies and the price of bonus life insurance policies. Determination of the value of the American put option with the binomial method using a numerical approach, the formulation of the portfolio model includes determining the model of the unit price with Geometric Brownian Motion, solving using Black-Scholes, determining the structure of the bonus life insurance policy with the formulation of a single premium payment, bonus rate, and benefits. then analyze the movement of the price of a reasonable bonus life insurance policy with a surrender option based on the age of the insured, technical rate, participation level, and volatility. The surrender value obtained is the difference between the value of the American Put option and the European Call Option. Based on the simulation, the conclusion of this analysis is that the price of the endowment type life insurance policy can be estimated using the binomial method at around 0.78 for a fair policy price and around 0.27 for a policy price with a surrender option. This gives an idea of the relative value of the policy price to the expected benefits under certain conditions, such as the death of the insured in the first year of the contract.

Analysis Of Future Health Insurance Premium Reserve Calculations Using The Commissioners Method With Woolhouse Formula

A premium reserve is the amount of funds that the insurance company needs to prepare for the payment of liability benefits when a claim occurs. One method of calculating premiums is the commissioners method which is an extension of the prospective reserve method.The main factor in the actuarial calculation is the mortality rate that can be determined using the WOOLHOUSE mortality law. This study aims to determine the size of the life insurance premiums reserve using the commisioners method and the WOLHOUSE mortality laws. The calculation of the premium reserve is linked to the determination of a person's chances of survival over a period of years of WOALHOUSE law which is then used to find the value of the insurance, the initial annuity value, the annual premium, the modified premiums based on the Commissioners method, and the amount of the premie reserve at the end of the year. The study was conducted on a 25-year-old woman who was enrolled in a dwiguna life insurance program with a 25 year liability period and a 23 year premium payment period at a 4% interest rate with a liability of Rs. 500,000,000. The results of the analysis showed that the large reserves of premiums obtained at the end of the period of liability with the Commissioners method and the WOOLHOUSE mortality law are equal to the given reservation value, so that the insurance company is prepared to give the amount of reservation promised to the policyholder.

Food expensiveness in remote areas of Scotland: a natural experiment measuring the out-shopping effect

This paper investigates the effect of out-shopping (i.e., buying food outside local area) on food expensiveness in remote areas in Scotland, contributing to the literature on social factors affecting food security and food affordability in remote rural areas worldwide. It identifies out-shopping as a factor explaining why existing studies observing food prices at local stores in remote areas find much higher prices than at urban stores, while studies observing actual purchases of household in remote areas find small differences in food expensiveness with urban households. To investigate this difference, a food expensiveness index was constructed using home scanner data measuring households’ actual purchases. Data from the 2020 COVID-19 lockdown, when travel restriction limited out-shopping, were compared with the same period in 2019 when such restrictions were not in place. The results find that the premium paid in remote rural areas was small overall, but a statistically significant increase during lockdown was found for those households that lost access to discount stores because of movement restrictions. This result indicates that out-shopping is an important factor limiting food expensiveness in remote areas of Scotland and thus ensuring food affordability. Data suggest that approximately 42 percent of households in Scotland remote areas rely on out-shopping for obtaining affordable food.

Analyzing the Dynamics of the Romanian M&A Market. Empirical Evidence Regarding the Premiums Paid in Transactions

Corporations often acquire stakes in other companies. These stakes do or do not grant them control but they definitely allow the acquirers to use target companies’ resources to increase their profitability, access technological progress and innovation, develop products, or obtain dividends, as a part of their strategic transactions. The main objective of this article is to assess the stake purchased in acquisitions, based on information related to the size of the target companies and the premium paid, based on a sample of 2.565 acquisitions which involved at least one Romanian company, for the 2010-2018 period of time. The result show that the influence is negative and significant for the entire sample. When considering the accounting practices of the target companies, large stakes are purchased in companies which apply local GAAP, compared to IFRS. The second part of the study focuses on Romanian mergers, which are regulated separately by the OMPF no. 897/2015. In the case of these transactions, the target companies, in most cases, report a negative book value of equity.

Payment of the premium by the insured in insurance concluded in favour of a third party. Gloss to the judgment of the Supreme Court of February 20, 2023 (II CSKP 1025/22)

The subject of this gloss is the judgment of the Supreme Court of February 20, 2023 (II CSKP 1025/22), which dealt with a number of issues regarding insurance contracts concluded in favour of a third party, and more specifically, group life-and-death insurance contracts with an insurance capital fund. In addition to issues directly related to the reimbursement of payments made as a result of the invalidity of the above-mentioned contracts, the Supreme Court considered a very practical and important problem of payment of the insurance premium by the insured. This gloss addresses the latter and constitutes an attempt to develop the theses presented in the reasoning of the judgment, which, moreover, deserves approval

My Insurance Agent App

In today’s world life is full of risks so everyone wants to make himself secure, everyone wants to keep them on the safe side policy plays a vital role and provides them insurance about their money security, health security, accidental security, etc. This system has been proposed to maintain the record of the policyholder, Customer details, policy detail. My Insurance Agent App is Web Base Application implemented in java platform using MySql as backend application. The main aim of the project is any customer they can access the system through website at any time without going to the company. This project is to develop a web application for insurance company to atomize work procedure, using this system agents and policy holders can know details about present policies, schemes, policy specifications, terms and conditions on policy, policy registration by the customers. Agents commission is based upon customer policy registration and target agent achieves for every month or year. In present system there is no need of human interference in calculating any details. Total work is done using management system which will save time and less paper work and even human resource. The web based application is used within their organization under the distributed accessibility to check the status of the customers who have taken new policies and their proper track and reminding of policy premium payments. The major problem under the manual process is to keep track of the existing insurance policy holders, and remaining them at regular intervals about their policy premium payments. In order to render the ordinary services also it takes a great lot of time in just searching through the registers for the existing customer’s base. If the process of data storage can be automated and follow up of search can be increased, there is always a heavy chance of getting extra customers in turn, which can increase the profits ratio upon the organization

Implementation of Classification Decision Tree and C4.5 Algorithm in selecting Insurance Products

Every insurance customer will receive a policy card, as a sign that the person is included in the insurance and is obliged to pay the insurance premium, the amount of which has been determined by the company in accordance with the agreement. Premium payments are Insurance's biggest source of income. Unfavorable economic conditions often cause customers not to pay their premiums by the specified time limit, resulting in a delay in completing the recording of premium income. This research aims to find out the right type of insurance product for prospective customers. The research method used is Classification Decision Tree. Classification Decision Tree is a research method used to examine existing facts systematically based on research objects, existing facts to be collected and processed into data, then explained based on theory so that in the end it produces a conclusion. This research is for selecting the right type of insurance product for prospective customers based on the age and income categories of prospective customers. Insurers must be more careful, especially in selecting prospective customers, and in determining the right type of insurance product for prospective customers so that the power in selecting the right type of insurance product for prospective customers is right at the intended target.

Experiences of membership in munno mubulwadde (your friend indeed) - a novel community-based health insurance scheme in Luwero district in rural central Uganda

BackgroundCommunity-Based Health Insurance (CBHI) schemes are recognized as an important health financing pathway to achieving universal health coverage (UHC). Although previous studies have documented CBHIs in low-income countries, the majority of these have been provider-based. Non-provider based schemes have received comparatively less empirical attention. We sought to describe a novel non-provider based CBHI munno mubulwadde (your friend indeed) comprising informal sector members in rural central Uganda to understand the structure of the scheme, the experiences of scheme members in terms of the perceived benefits and barriers to retention in the scheme.MethodsWe report qualitative findings from a larger mixed-methods study. We conducted in-depth interviews with insured members (n = 18) and scheme administrators (n = 12). Four focus groups were conducted with insured members (38 participants). Data were inductively analyzed by thematic approach.ResultsMunno mubulwadde is a union of ten CBHI schemes coordinated by one administrative structure. Members were predominantly low-income rural informal sector households who pay annual premiums ranging from $17 and $50 annually and received medical care at 13 scheme-contracted private health facilities in Luwero District in Central Uganda. Insured members reported that scheme membership protected them from catastrophic health expenditure during episodes of sickness among household members, and especially so among households with children under-five who were reported to fall sick frequently, the scheme enabled members to receive perceived better quality health care at private providers in the study district relative to the nearest public facilities. The identified barriers to retention in the scheme include inconvenient dates for premium payment that are misaligned with harvest periods for cash crops (e.g. maize corn) on which members depended for their agrarian livelihoods, long distances to insurance-contracted private providers, falling prices of cash crops which diminished real incomes and affordability of insurance premiums in successive years after initial enrolment.ConclusionMunno mubulwadde was perceived by as a valuable financial cushion during episodes of illness by rural informal sector households. Policy interventions for promoting price stability of cash crops in central Uganda could enhance retention of members in this non-provider CBHI which is worthy of further research as an additional funding pathway for realizing UHC in Uganda and other low-income settings.

Can Investment Views Explain Why People Insure Their Cell Phones But Not Their Homes?—A New Perspective on the Catastrophe Insurance Puzzle

The consistently missing demand for catastrophe insurance and for coverage of other low-probability–high-consequence risks is often referred to as the catastrophe insurance puzzle. People show reluctance to insure low-probability–high-consequence events, even with some disastrous consequences, yet insure against small high-probability–low-consequence events. There has been no convincing explanation of this puzzle to this date. This article points out that the underlying rationale may be that individuals interpret insurance contracts with low payout probability as an investment with negative expected net present value. While premium payments start with the conclusion of the contract, usually there is only one loss payment in the near or far future. Using a simple annuity model with fixed annual premiums and expected indemnity payouts, it is found that even an individual characterized by the degree of risk aversion found in the literature is unlikely to purchase insurance with these characteristics. To alleviate this unfavorable insurance purchase syndrome, combining a low-probability with a high-probability loss insurance contract may be a way to incentivize individuals to purchase catastrophe risk coverage.

An improved agricultural household margin insurance scheme with insured–insurer risk protection: a time-varying copula approach

Agricultural household margin insurance (AHMI) is a crop insurance scheme that considers a farmer's trading capability. The scheme examines farmers' losses in terms of both agricultural input and output using the farmer exchange rate index. In this article, we improve the previous design of the AHMI [A. Ahdika, D. Rosadi, A.R. Effendie, and Gunardi, Household margin insurance of agricultural sector in Indonesia using a farmer exchange rate index, Agric. Finance Rev. 81 (2020), pp. 169–188.] proposed to be implemented in Indonesia – which only provided risk protection for companies – by broadening the formula of losses so that risk protection covers both farmers and companies. We also provide premium payment scenarios, both seasonally and non-seasonally. We employ a time-varying Student-t copula with the extended dynamic parameter to identify the dynamic dependency between the indexes involved in determining the loss variable. We also determine the premium rate for the insurance scheme with various payment scenarios and investigate the implications for farmer survival and company management. Examining the farmer exchange rate index data of Indonesia, the empirical results show that the improved AHMI using a time-varying copula approach produces more reasonable loss estimates and various premium payment options with low premium rates for farmers, compared to either the previous AHMI design or the current crop insurance program in Indonesia.

On Sparre Andersen Model with Partial Premium Payment Strategy to Shareholders with Dependence via Sperman Copula

On Sparre Andersen Model with Partial Premium Payment Strategy to Shareholders with Dependence via Sperman Copula

Pravne dileme u vezi s načinima zaključenja ugovora o osiguranju na daljinu - putem mobilne aplikacije i internet prezentacije

In this paper, the author states that there are two dilemmas in practice regarding the conclusion of distance insurance contracts via mobile applications and websites as a remote communication means. The first dilemma refers to the use of a double authentication as a method of concluding distance insurance contracts, while the second one concerns the permissibility of using the insurance premium payment as a method of concluding distance contracts. The author deals with both dilemmas with a functional and systemic interpretation of the provisions of the Law on the Protection of Financial Service Users in Distance Contracts and the Law of Contracts and Torts. The author concludes that a deviation from the written form of a contract is permitted, in the sense that a policyholder's double authentication is sufficient for the conclusion of a contract, and that a qualified electronic signature of the other contracting party is not required when the contract is concluded via a mobile application and a website of an insurer or a distributor. In addition, the author concludes that the insurance premium payment is an adequate method of concluding a distance contract. Finally, the author tries to provide criteria for establishing the relation between concluding a distance contract via a double authentication and the premium payment, noting that these two methods are not mutually exclusive, but complement each other.

'Digitising health protection schemes in Ghana': An enquiry into factors associated with the use of a mobile phone-based health insurance contribution payment system among tertiary students.

In 2018, Ghana's National Health Insurance Scheme (NHIS) introduced a mobile money payment system for membership renewal and premium payments to enhance enrolment and retention rates. However, the adoption of such innovations depends on various factors, including personal traits and public perceptions. This study aims to explore the determinants of NHIS membership renewal and premium payment via the mobile renewal system. Conducted at Kwame Nkrumah University of Science and Technology (KNUST) in Kumasi, Ghana, the study used a survey design to gather data from 951 KNUST students. Employing logistic regression analysis, the study identified key factors influencing the use of the NHIS mobile renewal service. The findings revealed that individuals aged 19-21, 25-27 or above 27, without mobile money accounts, and those with no history of online purchases were less likely to adopt the mobile renewal system (P < .05). Conversely, those perceiving the system as useful and easy to use were more likely to utilise it for NHIS membership renewal (P < .05). In conclusion, policymakers should prioritise system quality, accessibility, perceived ease of use, and usefulness to facilitate the adoption and usage of the NHIS mobile payment system. These findings contribute valuable insights for enhancing the effectiveness of health insurance innovations.