Performance Of Insurance Sector Research Articles

Effects of digital marketing practices on performance of insurance sector

Digital marketing practices have had explosive growth in the past decade, especially in the insurance sector of developing countries. In particular, the internet has been instrumental in providing digital marketing services to customers from the insurance sector. The purpose of this study, therefore, is to assess the effect of digital marketing practices on the performance of the insurance sector. A desktop literature review was used for this purpose. Relevant seminal references and journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over ten years old. The study found that the use of digital marketing strategies has a positive effect on the insurance sector's performance. Profitability improved, market share grew, and they expanded their market share. Increased customer loyalty and access to new markets are benefits of internet marketing for insurance companies. According to the findings, insurance companies should make IT infrastructure investments and implement technology-enhanced processes. Employers require adequate training on the use of e-business platforms, as well as collaboration with providers of digital services to enable them to store and market their products and services online. Aside from using traditional marketing methods (such as direct mail), the study advises general insurance companies to be innovative by implementing new strategies, such as digital marketing, to gain a larger share of their target market. This is because strategies for digital marketing have a positive impact on the overall performance of the insurance industry.

Effect of cybersecurity risk management practices on performance of insurance sector: A review of literature

Cybersecurity is a set of technologies, processes, practices, and response and mitigation measures aimed at ensuring the confidentiality, integrity, and availability of networks, computers, programs, and data against attack, damage, or unwanted access. Cyber security risk management strategies include limiting data access to avoid putting sensitive information at risk. The purpose of the study therefore is to evaluate the effect of cybersecurity risk management practices on performance of insurance sector. A desktop literature review was used for this purpose. Relevant seminal references and journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over ten years old. According to the findings, detected cyber risks need to be properly addressed in order to prevent secondary impacts that lead to vulnerabilities that interfere with the life of insurance institutions and the well-being of their customers. In addition, the study concluded that insurance industry performance can be improved through the implementation of cybersecurity risk management practices. Since it has been found that cybersecurity risk management strategies have a positive and significant impact on the performance of the insurance sector, the research recommends that insurance companies increase their use. Additionally, financial institutions ought to have funds set aside specifically for the purpose of facilitating the retention of risks, in the event that these risks actually materialize. In addition, the research suggests that insurance companies reorganize their product lines or establish premiums that are competitive in order to reduce the threat posed by their rivals and, as a result, prevent the loss of customers to those rivals. The research further suggest that insurance companies adopt appropriate product pricing in line with estimated risk, as this will ultimately lead to increased profitability.

THE ROLE OF LOSS ADJUSTMENT PRACTICES ON THE PERFORMANCE OF INSURANCE SECTOR

Purpose: The purpose of this study was to determine the role of loss adjustment practices on the performance of insurance sector
 Methodology: A desktop literature review was used for this purpose. , a systematic search was carried out using Google Scholar, Semantic Scholar, and Research Gate. The study included relevant sources that were published between 2015 and 2022.
 Findings: It was found that sound loss adjustment practices are a prerequisite for optimal financial and non-financial performance of insurance firms. It was concluded that having a clear policy approved by senior management, with regards to ex-gratia claim payments reduced the financial risks. It was also concluded that insurance firms can enhance their financial performance by regularly reviewing their claims handling guidelines to factor in new developments and trends. The study further concluded that non-financial and financial performance of insurance firms in influenced by quality reviews of claims to assess whether they are handled professionally and resolved appropriately. One of the performance measures could be the number and nature of complaints against the insurer with respect to their claims settlement decisions. The performance is also influenced by monitoring the level of claims which should not have been paid or are overpaid and the severity of delays in claims registration and case reserves revision.
 Unique Contribution to Theory, Practice and Policy: Based on the study findings, it was recommended that insurance firms should endeavor to set case reserves accurately for each claim in a timely manner, especially in respect of general insurance business. The components of case reserves should also be captured in sufficient details to provide useful statistics for in-depth analysis. For example, a single claim file could have separate components for own property damage, third party liabilities and fees payable to external parties. Another recommendation is that the insurer should have a clear policy, approved by senior management, with regards to ex-gratia claim payments. The authority to approve such payments should also be clearly specified and the rationale for the approval should be properly documented.

EFFECT OF DIGITAL DISTRIBUTION CHANNELS ON PERFORMANCE OF INSURANCE SECTOR

Purpose: The insurance business is critical to the growth of any nation's economy. All insurance companies rely heavily on distribution to be a part in their overall performance. As technology has advanced, insurers have begun looking into new avenues of distribution in the internet sphere. The study’s goal is to assess the effect of digital distribution channels on performance of insurance sector.
 Methodology: A desktop literature review was used for this purpose. Relevant seminal references and journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over 10 years old.
 
 Findings: All insurance companies rely heavily on distribution to be a part in their overall performance. It is now feasible for consumers to acquire an insurance policy directly online, without the need for a middleman or physical distributor, thanks to a growing number of agency businesses and direct insurance writers. The insurance sector has benefited from the following new technological developments in recent years. Technology is increasingly significantly reliant on the digital channel of distribution for the purchase of insurance and policy management.
 Unique contribution to theory, practice and policy: Both public and private life insurance businesses must boost Internet marketing and on-site marketing as sales platforms. Life insurance businesses in both the public and private sectors should offer tax-saving programs tailored to the needs of their consumers. Digital distribution channels should be taken into account by policymakers in their strategy formulations because of technical advancements and the predicted shift away from physical branch networks to technologically enabled insurance services.

MONETARY POLICY AND INSURANCE SECTOR PERFORMANCE IN NIGERIA

ABSTRACT
 The study empirically examines the effect of monetary policy on the performance of insurance sector in Nigeria for the period 1985 to 2021. The error correction model (ECM) and the cointegration econometric technique were employed for the estimation of the short run and long run relationship. The empirical findings revealed that in the short run, all the hypothesized monetary policy variables (monetary policy rate, cash reserve ratio, reserve requirement, minimum rediscount rate, money supply and interest rate) failed the 5 percent significance level, suggesting that they do not have significant effect on insurance sector performance in Nigeria in the short run. On the other hands, the results of the long run model indicate that monetary policy rate, cash reserve ratio and minimum rediscount rate have significant positive relationship with insurance sector performance. However, those of reserve requirement, money supply and interest rate do not have significant relationship with the performance of insurance sector in Nigeria within the period of investigation. The study recommends among others that since the result from the study has shown that Monetary policy rate significantly impact insurance performance, it therefore follows that activities of insurance firms as well as their overall performance can be adversely impacted by monetary policy decisions if not proactively prepared for and responded to. To this end, management should evolve appropriate strategy that would enable them proactively tackle unfavourable business environment resulting in macroeconomic risks in order to avoid adverse operating losses.

Effects of training and development practices on performance of insurance sector in Kenya

The study examined the effects of training and development practices on the performance of the insurance sector in Kenya. The study was conducted using a desktop methodology. This involved the use of secondary data that has been acquired from existing resources such as published studies, reports, and statistics. Many researchers prefer this method of collecting data since it saves time and reduces the cost of data collection. It is also quite reliable and has a wide variety of insights since it is collected from well-known sources. The current study used online journals and libraries which provide easy access to secondary data. The results revealed that there exist conceptual and geographical gaps relating to the study on the effects of training and development practices on the performance of the insurance sector in Kenya. Most of the results from the empirical review revealed that training and development practices positively affect the performance of the insurance sector. In addition, training and development practices were found to have a positive effect on employee productivity, employee engagement and employee retention. the study will benefit many stakeholders. The human resource managers will use the findings of the study to identify other training and development practices that have been used to improve the performance of employees in the insurance sector. The HR managers will also be able to understand the expectation of employees during the implementation of training programs in the organizations so as to ensure they are more effective. Policymakers can also use the findings of the study to adopt the appropriate measures that can be used to ensure that training programs are effective and have a long-term effect on the performance of insurance firms. Researchers and academicians interested in carrying out research on training and development practices will also benefit from the findings of this study since this study will form the basis for their literature work. While future researchers may be inspired to conduct more studies to improve on this study.

IMPORTANCE OF EDUCATION AND SKILLS ON PERFORMANCE OF INSURANCE SECTOR

Purpose: The main indicators for performance measurement in the insurance companies are employee satisfaction, employee training time growth rate, employee reasonable proposal growth rate and the number of products developed. As the insurance sector experiences drastic technological changes, the employability skills and academic qualifications required for hiring and retaining employees have also changed. The goal of this study to discuss the importance of education and skills on performance of insurance sector. The purpose of this work is to enhance the reader’s understanding on the various ways that HR managers employ to improve the skills of their employees which contributes to the overall performance.
 Methodology: A desktop literature review was used for this purpose. Relevant seminal references and journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over five years old. 
 Results: From the findings, researchers have advocated for insurance companies to engage their employees on continuous trainings and systematic development of skills that contribute to improved welfare of their employees and increased organizational productivity and profitability. It is therefore necessary that HR managers invest in human resource practices such as trainings and rewards, personnel development, in order to enhance productivity and the overall performance of the organization.
 Recommendations: The study recommended that consistent trainings and systematic development of skills should be provided in all the levels of the insurance sector. In addition, insurance sector should train their employees on the use of system software such as ERP system that enables employees carry out their tasks faster and efficiently and as a result contribute to the overall performance.

APPLICATION OF DEVELOP DEPLOY CONNECT MODEL IN MANAGING TALENT IN THE INSURANCE SECTOR

Purpose: The Develop Deploy Connect Model is an overall timeline structure that focuses on every stage from acquiring competent talent until how it leads to employee retention. The main objective of this model is to enhance and improve the productivity of the available human capital and promote career development of employees. This model can be used by HR professionals who are passionate about the development of their firm's workforce, educators, trainers, project managers, leads and consultants. The goal of this study to discuss the importance of education and skills on performance of insurance sector. The purpose of this work is to application of develop deploy connect model in managing talent and make recommendations for the insurance sector.
 Methodology: A desktop literature review was used for this purpose. Relevant journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over a decade old.
 Findings: From the review, organizations that employ strategic training through skills development among staff, in accordance with job requirements, enhance employee participation to higher grade. It was found that offering induction training, on job training, mentorship training and career development has a significant influence on the employee retention in an organization. In light of this, application of the develop-deploy-connect model enhance and improve the productivity of the available human capital and promote career development of employees.
 Unique contribution to theory, practice and policy: The study recommended that the Hr managers should also capitalize on sourcing and recruiting or holding onto the appropriate skills and capabilities, according to business needs. Additionally, they should engage Motivating and developing the talented personnel to match business requirements for higher levels of job satisfaction. Moreover, deploying and managing talents to match skills and experience with organizational may go a long way in enhancing organizational performance. the study further recommends that training programs should be undertaken after a systematic needs analysis, that emphasis should be placed on training programs for all employees, that the training programs improved employee knowledge skills and attitudes and that there should be a continuous review of training programs and activities to meet the changing needs of the market.

Strategic Customer Focus and Performance of the Insurance Sector in Rwanda

It has been established within the literature that the practice of customer focus strategy is significantly associated with performance of insurance sector. However, the possibility that the attributes of customer focus may affect other relevant measures has not been thoroughly explored. This study investigated the effect of customer focus on performance of the insurance sector in Rwanda. The target population included 8 insurance companies registered in Rwanda with a total of 150 managers all involved with customers. A multi-sampling technique was adopted to obtain 110 managers to represent the 8 insurance companies. A closed ended questionnaire was used to obtain primary data which was then analyzed using the Statistical Package for Social Sciences (SPSS VERSION 21). Cumulatively, 62.96% respondents were in disagreed that the structure has an effect on the organization performance, while 37% were in agreement with all attributes about the customer focus strategy on performance of insurance sector. There was an insignificant effect of customer focus strategy on performance because the insurance sector did not grow or expand, I terms of employees and customer base. The study recommends that insurance companies invest more on innovative strategies that would enhance customer focus for the industry to grow in Rwanda.

Impact of Foreign Direct Investment in India on Insurance Industry

The study concluded that increase in foreign direct investment (F.D.I.) is optimistic move for the future of Indian Life Insurance Sector, since this sector need huge amount of capital investment which can be done effectively only through increase in FDI and it enhance overall performance of insurance sector. Parliament has passed Insurance Laws (Amendment) Bill, 2015. It was first passed in LokSabha on 4 March 2015 and later in RajyaSabha on 12 March 2015, which will become an Act when the President signs it. The bill aims to bring improvements in the existing laws relating to insurance business in India. The bill also seeks to remove archaic provisions in previous laws and incorporate modern day practices of insurance business that are emerging in a changing dynamic environment, which also includes private participation. The insurance sector in India has a great potential even during the downtrend and FDI flow is expected to rise in the mere future.

Service quality, customers’ satisfaction, and profitability: an empirical study of Saudi Arabian insurance sector

Financial performance is the fundamental aspect to test the performance of the companies. The performance of insurance sector, like any other service industry, is supposed to depend significantly on customers. When it comes to customers, it is an established fact that customer satisfaction would be an important element. Customer satisfaction primarily depends on the quality of service it gets. It can be safely hypothesized that better service quality would lead to higher satisfaction, which would ultimately lead to higher profits for the company. Studies on this relationship in the insurance sector for Saudi Arabia are missing. Hence, this study aims at studying both the profitability of companies and quality of service and tries to relate it to customer satisfaction. The results are quite surprising, as the study establishes that although the qualities of services are found wanting in many areas, companies are earning good profits. A probable reason could be the statutory nature of the services. Nevertheless, this study recommends improving the quality of services and differentiating services between age groups for further improvement.

Insurance Investment in Strategic Human Capital Development: The Pains and Gains from Panel Microdata

This study examined the effect of insurance investment in strategic human capital development (SHCD) on performance of insurance companies in Nigeria. The fact that investment in SHCD is one of the most topical issues in the Nigerian insurance management and the continuous weak performance of insurance sector made this investigation necessary. The major objective of the study therefore was to examine the effect of insurance investment in staff training & development, wages & salary, retirement benefits compensation on employee value added (EVA), gross premium written (GPW), return on asset (ROA), and return on equity (ROE) of insurance companies. The study employed a quantitative research design and collected data from 20 insurance companies listed in Nigerian stock Exchange (NSE) over 2010 to 2014. The analysis was performed using pooled OLS, fixed effect and random effect estimation techniques. Results indicated that investment in SHCD on aggregate has no significant relationship with EVA but does with GPW, ROA and ROE whereas investment in SHCD practice like retirement benefits allowance has no relationship with all dimensions of performance of insurance companies. It was concluded that insurance investment in SHCD affect its performance unevenly. We recommend that management of insurance companies should train and develop its staff, devise incentivized salary and wags packages and committed to after work life benefits. This way, its SHCD investment will yield all-round proportionate increase in its performance in Nigeria.