Policyholders Research Articles

Crop Insurance Premium Recommendation System Using Artificial Intelligence Techniques

Purpose: The objective of this study is to build a crop insurance premium recommender model which will be fair to both crop insurance policy holders and crop insurance service providers. Theoretical Framework: The Nonparametric Bayesian Model (modified) is the name of the proposed model suggested by Maulidi et al. (2021) and it consists of six variables which are regional risk, cultivation time period, land area, claim frequency, discount eligibility (local variable) and premium. Discount eligibility variable is introduced to encourage right farming practices among farmers. Design/methodology/approach: Descriptive research method is used in this study as it is used to accurately represent the characteristics of a group of items. The population for this study is 943 respondents. The entire dataset is used for in-depth and accurate analysis. Five Artificial Intelligence models (Machine Learning models) are proposed for crop insurance premium prediction and they are Ada Boost Regressor, Gradient Boosting Regressor, Extra Trees Regressor, Support Vector Regressor and K-Neighbors Regressor. Among them Gradient Boosting Regression model has given the highest accuracy. Thus, Gradient Boosting Regression model is the most suitable model to be recommended for crop insurance premium prediction. Findings and Suggestions: Regional risk, land area, claim frequency and cultivation time period is the order of independent variables from highest to least in terms of regression coefficient. This relative importance helps Non-Banking Financial Companies (NBFCs) to suggest farmers that they should concentrate most on the regional risk or chances of crop failure in a particular region in which they are doing agriculture and least on the cultivation time period of a crop or the season in which a crop is cultivated. Two suggestions for future researchers are to extend this research work to other parts of Tamil Nadu and to apply hybrid machine learning techniques to the proposed model. Practical Implication: Unlike the existing formula-based traditional method used for calculating crop insurance premium, artificial intelligence models (machine learning models) can automatically learn the changes that take place with respect to the nature of variables in the proposed model and improve its accuracy based on new data. Hence, the crop insurance premium suggested by the most accurate model among the artificial intelligence models used in this study will be fair to both NBFCs and farmers. Here, fair means moderate. On the other hand, the crop insurance premium suggested by the existing formula-based method may not be fair in the long term as they cannot automatically learn the changes that take place with respect to the nature of variables in the proposed model and improve. Originality/value: In this research article, the relative importance of independent variables in the proposed model is determined and it helps NBFCs to suggest farmers that they should concentrate most on the region they are doing agriculture and least on the cultivation time period of a crop. Additionally, a machine learning model which can automatically learn and improve itself is used and hence the crop insurance premium predicted by it will be fair. Finally, the entire population containing 943 respondents details is analysed.

The Significance of Policy Guarantee Institution in Providing Legal Certainty for Insurance Policyholders

The Significance of Policy Guarantee Institution in Providing Legal Certainty for Insurance Policyholders

PENGUATAN FUNGSI LEMBAGA PENJAMIN SIMPANAN UNTUK PENINGKATAN PERLINDUNGAN NASABAH PENYIMPAN DAN PEMEGANG POLIS ASURANSI

<p><em>Law No. 4 of 2023 concerning the Development and Strengthening of the Financial Sector amended the provisions relating to the Deposit Insurance Corporation revised clauses related to the Deposit Insurance Corporation. Earlier clauses covered bank customer deposits, it broadened to encompass insurance policies. This research delves into understanding how roles, responsibilities, powers of the Deposit Insurance Corporation bolstered with the introduction of this Law, aiming to better safeguard depositors and insurance policyholders. Normative juridical approach forms the backbone of this research. Secondary data is the primary source of information, with primary legal documents like laws, regulations supplemented by secondary legal resources such as books, literature, academic journals. Findings indicate this Law provides depositors with assurance regarding security of their deposits in the event a bank is deemed to be resolute, deposit repayments process are more transparent. Insurance policyholders benefit as the law now clearly outlines the claim repayment.</em><strong><em></em></strong></p>

Factors Associated With Triage Decisions in Older Adult Trauma Patients: Impact on Mortality and Morbidity

IntroductionAs medical advances have significantly increased the life expectancy among older adults, the number of older patients requiring trauma care has risen proportionately. Nevertheless, it is unclear among this growing population which sociodemographic and economic factors are associated with decisions to triage and transfer to level I/II centers. This study aims to assess for any association between patient sociodemographic characteristics, triage decisions, and outcomes during acute trauma care presentations. MethodsThe National Trauma Data Bank was queried for patients aged 65 and older with an injury severity score > 15 between the years 2007 to 2017. Factors associated with subsequent levels of triage on presentation were assessed using multivariate logistic regression, and associations of levels of triage with outcomes of mortality, morbidity, and hospital length of stay are examined using logistic and linear regression models. ResultsTriage of 210,310 older adult trauma patients showed significant findings. American Indian patients had higher odds of being transferred to level I/II centers, while Asian, Black, and Native Hawaiian patients had lower odds of being transferred to level I/II centers when compared to Caucasian patients (P < 0.001). Regarding insurance, self-pay (uninsured) patients were less likely to be transferred to a higher level of care; however, this was also demonstrated in private insurance holders (P < 0.001). Caucasian patients had significantly higher odds of mortality, with Black patients (odds ratio [OR] 0.80 [0.75, 0.85]) and American Indian patients (OR 0.87 [0.72, 1.04]) having significantly lower odds (P < 0.001). Compared to government insurance, private insurance holders (OR 0.82 [0.80, 0.85]) also had significantly lower odds of mortality, while higher odds among self-pay were observed (OR 1.75 [1.62, 1.90]), (P < 0.001). ConclusionsAccess to insurance is associated with triage decisions involving older adults sustaining trauma, with lower access increasing mortality risk. Factors such as race and gender were less likely to be associated with triage decisions. However, due to this study's retrospective design, further prospective analysis is necessary to fully assess the decisions that influence trauma triage decisions in this patient population.

Road Rage and Aggressive Driving Behaviour Detection in Usage-Based Insurance Using Machine Learning

Driving behaviour is a critical issue in modern transportation systems due to the increasing concerns about the safety of drivers, passengers, and road users. Machine learning models are capable of learning driving patterns from sensor data and recognizing individuals by their driving behaviours. This paper presents a novel framework for aggressive driving detection and driver classification based on driving events identified from GPS data collected with smartphones and heart rate of the driver captured with a wearable device. The proposed system for road rage and aggressive driving detection (RAD) is realized with an integral framework with components for data acquisition, event detection, driver classification, and model interpretability. The system is implemented by generating a prediction model by training machine learning classifiers with a dataset collected in a cohort to classify drivers into good, unhealthy, road rage, and always bad. The proposed system is to improve road safety and to customize insurance premiums in the best interest of policy holders and insurance companies.

Elective Hand Surgery Is Delayed among Private Insurance Holders.

Patients with private healthcare plans often defer nonemergent or elective procedures toward the end of the year once they have met their deductible. No previous studies have evaluated how insurance status and hospital setting may affect surgical timing for upper extremity procedures. Our study aimed to evaluate the influence of insurance and hospital setting on end-of-the-year surgical cases for elective carpometacarpal (CMC) arthroplasty, carpal tunnel, cubital tunnel, and trigger finger release, and nonelective distal radius fixation. Insurance provider and surgical dates were gathered from two institutions' electronic medical records (one university, one physician-owned hospital) for those undergoing CMC arthroplasty, carpal tunnel release, cubital tunnel release, trigger finger release, and distal radius fixation from January 2010 to December 2019. Dates were converted into corresponding fiscal quarters (Q1-Q4). Using the Poisson exact test, comparisons were made between the case volume rate of Q1-Q3 and Q4 for private insurance and then for public insurance. Overall, case counts were greater in Q4 than the rest of the year at both institutions. There was a significantly greater proportion of privately insured patients undergoing hand and upper extremity surgery at the physician-owned hospital than the university center (physician owned: 69.7%, university: 50.3%; P < 0.001). Privately insured patients underwent CMC arthroplasty and carpal tunnel release at a significantly greater rate in Q4 compared with Q1-Q3 for both institutions. Publicly insured patients did not experience an increase in carpal tunnel releases during the same period at both institutions. Privately insured patients underwent elective CMC arthroplasty and carpal tunnel release procedures in Q4 at a significantly greater rate than publicly insured patients. This finding suggests private insurance status, and potentially deductibles, influence surgical decision making and timing. Further work is needed to evaluate the impact of deductibles on surgical planning and the financial and medical impact of delaying elective surgeries.

Menyoal Legal Standing Permohonan Penundaan Kewajiban Pembayaran Utang oleh Pemegang Polis Asuransi

In Indonesia, the postponement of debt payment obligations (PKPU) is a certain period of time granted by law through a commercial court decision. It gives both parties opportunity to deliberate on ways of paying their debts by providing a payment plan for all or part of the debt, including to restructure the debt. The purposes of this study is to find out the arrangement of pospotnment of debt payment obligations in Indonesia and the legal standing of a policy holder in applying suspension of debt payment obligations. This study is a normative research type and use Statute Approach, Conseptual Approach, and Case Approach. In collecting the data, examining the regulation of insurance company bankruptcy according to positive law and the legal standing of insurance customers as creditors to carry out company’s bankruptcy is done by the researcher. The results show that the regulations that apply both in law and insurance Law Number 40 of 2014, OJK Law, Law Number 37 of 2004 concerning Bankruptcy and Delays Debt Payment Obligations, and regulations related to the topic of scrutiny can be applied properly. Based on this study, it is expected that rules that have been set can be expressly and clearly used as a basis in submitting applications and handling cases of PKPU. It is also hoped that the Panel of Judges can consider the legal position of the party submitting for the applications.

LEGAL PROTECTION OF INSURANCE POLICYHOLDERS IN CASE OF DEFAULT OF INSURANCE COMPANIES IN INDONESIA

Insurance is primarily used to evaluate all risks associated with the uncertainty of an event. Individuals and companies have never faced such uncertainty. All individuals and companies cannot survive the damaging effect of any unforeseen event. However, many insured individuals and companies experience challenges while filing legitimate insurance claims. This study aims to examine how Indonesian insurance policyholders are protected legally if insurance companies fail. The legislative framework controlling insurance policies and policyholder rights in the case of insurance company default are both examined in the study. The laws relating to the registration of insurance or reinsurance companies and the compensation mechanism according to such regulations are discussed. The methodology employed in this study was a qualitative research design with a normative juridical approach. The default cases of Jiwasraya and Bumiputera are material evidence of the inefficiency of insurance companies running their business in Indonesia. In case of default, the insurance policyholder can claim compensation through Alternative dispute resolution, healthy financial planning, the continuation of policy, and distribution of assets through liquidation, as elaborated in this study with relevant laws. The Government of Indonesia provides insurance policyholders to apply for Bankruptcy in the commercial courts if the company has refused to fulfill the contractual obligations due to a scarcity of funds. The results uniqueness comes from seeing holes in the legal system and creating suggestions for improving policy. According to the study's findings, strengthening the legal protection of insurance policyholders in Indonesia is essential for fostering confidence in the insurance industry and ensuring policyholders' financial security. Keywords : Bankruptcy, Insurance, Legal Protections, Policyholders, Resolution DOI： https://doi.org/10.35741/issn.0258-2724.58.2.43

LEGAL PROTECTION FOR INSURANCE POLICYHOLDERS

The purpose of this research is to analyze and find legal protection for insurance policy holders. The results of the study found that legal protection for insurance policy holders (consumers) has not been based on the value of justice due to non-fulfillment of consumer rights by insurance business actors due to default by insurance companies. In this case the Financial Services Authority does not carry out its duties, functions, responsibilities and authorities in providing protection to insurance (consumer) policyholders, especially related to the large authority it has to defend consumer and public protection, and the absence of an Independent Supervisory Board, with integrity and competent authority overseeing the duties, functions, responsibilities and authorities of the Commissioner of the Financial Services Authority in providing legal protection to insurance (consumer) policyholders as appropriate based on the applicable laws and regulations, especially related to the authority to defend consumer and public protection.

Examining the satisfaction level of insurance policy holders at subsistence marketplaces: the bottom-up approach

Examining the satisfaction level of insurance policy holders at subsistence marketplaces: the bottom-up approach

EMPOWERING FUTURES: AN IN-DEPTH STUDY OF LIFE INSURANCE DEMAND IN NIGERIA

This study investigates the factors influencing Nigeria’s demand for life insurance policies. Through a comprehensive review of relevant literature, the research establishes objectives centered on assessing the awareness of life insurance policies among Nigerians, examining the relationship between awareness and policy demand, and identifying barriers to life insurance contract adoption. Employing a sample survey research design, the study focuses on present and potential life insurance policyholders associated with registered insurance companies in Lagos State. Using convenience sampling, 200 respondents were selected based on their insurance awareness, policy type, and ownership duration. The findings underscore the impact of insurance awareness on policy demand and highlight factors like age, health status, income, occupation, family size, and education affecting low patronage. Media plays a crucial role in awareness creation, yet trust issues and limited knowledge hinder industry growth. The study concludes with recommendations to address income-based barriers, conduct aggressive awareness campaigns, and enhance customer understanding of life insurance benefits.

EMPOWERING FUTURES: AN IN-DEPTH STUDY OF LIFE INSURANCE DEMAND IN NIGERIA

This study investigates the factors influencing Nigeria’s demand for life insurance policies. Through a comprehensive review of relevant literature, the research establishes objectives centered on assessing the awareness of life insurance policies among Nigerians, examining the relationship between awareness and policy demand, and identifying barriers to life insurance contract adoption. Employing a sample survey research design, the study focuses on present and potential life insurance policyholders associated with registered insurance companies in Lagos State. Using convenience sampling, 200 respondents were selected based on their insurance awareness, policy type, and ownership duration. The findings underscore the impact of insurance awareness on policy demand and highlight factors like age, health status, income, occupation, family size, and education affecting low patronage. Media plays a crucial role in awareness creation, yet trust issues and limited knowledge hinder industry growth. The study concludes with recommendations to address income-based barriers, conduct aggressive awareness campaigns, and enhance customer understanding of life insurance benefits.

DETERMINANTS OF STOCK MARKET LIQUIDITY IN NIGERIA

This paper examines the predictors of stock market liquidity in Nigeria. Using the autoregressive distributed lag (ARDL) bounds testing approach on monthly data series, the study finds evidence that stock market liquidity is enhanced with improved market performance and monetary interventions by the government. The study also finds that while liquidity persistence features in the market, high price levels impede market liquidity. However, no evidence is found for such persistence in the long run. Results obtained are robust to alternate specification of liquidity with the use of the AMIHUD illiquidity ratio. Policy holders and investors should consider the predictors documented in this study when making liquidity forecasts or investment decisions. This will assist to mitigate related risks, enhance market liquidity and consequently improve investors’ confidence in the market.

HALAL TOURISM MANAGEMENT OF BANTEN PROVINCE AS AN EFFORT TO INCREASE REGIONAL INCOME

without eliminating the concept of conventional tourism as a whole. The concept of halal which refers to the provisions of Islamic law makes the provisions apply universally, especially in traveling as well as in terms of consuming a product and service. Although currently Banten Province is still outside the Top Ten Indonesian Halal Tourism, the potential of Banten Province is very large considering that Banten is one of the buffer areas between the islands of Java and Sumatra in the paradigm of the Master Plan for the Acceleration of Indonesian Economic Development (MP3EI) 2011-2025, and become the largest transit point for foreign tourists in Indonesia through Soekarno Hatta International Airport. Optimization of Halal Tourism Management is one of the main instruments that can be carried out by Banten Province in order to be able to capture various economic potentials in the Tourism Sector.&#x0D; This study uses a descriptive method with a qualitative approach. Descriptive studies analyze the productivity of articles, books, and other formats by looking at authorship patterns such as the gender of the author, the type of work the author does, the level of collaboration, and the productivity of the author.&#x0D; Halal tourism management and conventional tourism still have the same problem in terms of accessibility, communication, environment and service. Looking at the diversity of existing tourism components, Banten is able to offer the potential of religious tourism destinations and halal food optimally. In terms of halal tourism services, some adjustments are still needed considering the need for several sharia certifications in the implementation of hospitality, transportation, and labor services. Regional income can be maximized if the problem of accessibility, communication, environment and service can be minimized by tourism policy holders. The high potential of Muslim tourists from various foreign countries who transit in Banten must be able to be captured properly by the government so that Banten is able to become the Top Ten Halal Destinations in Indonesia.

Digital screening for atrial fibrillation ready for prime time? Lessons learned from eBRAVE-AF.

Digital screening for atrial fibrillation ready for prime time? Lessons learned from eBRAVE-AF.

TINJAUAN YURIDIS TERHADAP HAK DAN KEPENTINGAN PEMEGANG POLIS ASURANSI

In everyday human life, there are several problems that pose a risk to oneself, personal belongings or family property, where the risk is something that arises unexpectedly. To overcome these unexpected problems, the role of insurance is very important in providing protection. Insurance is an insurance agreement between the insurance company and the policyholder with the obligation to pay premiums and provide guarantees to pay compensation. In general, the classification of insurance is divided into 3 types, namely: life insurance, general insurance, and reinsurance. The rights of policyholders when viewed from the aspect of consumer protection are regulated in Law Number 8 of 1999 concerning Consumer Protection. Insurance is very closely related to the presence of the OJK Institution as the only institution responsible for insurance companies, as stipulated in OJK Regulation Number 28/POJK.05/2015. The purpose of this journal is to legally review the rights and interests acquired by insurance policy holders. This research uses normative method. The results of the first study, the rights of policyholders have not been explicitly regulated in insurance law. Second, settlement of claim disputes regarding claims for compensation from insurance is regulated in Article 4 paragraph (1) OJK Regulation Number 1/POJK.07/2014, and the third is in insurance laws and regulations in Indonesia, the settlement of insurance cases is handled by OJK and will ends with a court decision.

Investigating moral hazard and property-level flood resilience measures through panel data from Germany

Property-level flood resilience is an important element of managing current and future flood risk. Government-provided flood protection infrastructure alone cannot fully prevent flood impacts. Property-level flood resilience can aid in the management of risk through two interconnected avenues of individual action. The first is through risk transfer (insurance), which provides post-disaster compensation so that the recovery process is enhanced. The second is through property-level resilience measures, which are strategies aimed at limiting flood damage. Well-designed insurance schemes could incentivise insurance policyholders to employ additional property-level flood resilience measures. However, insurance can equally be argued to disincentivise the employment of property-level flood resilience measures, as the policyholder's losses will be compensated by an insurance company. This latter impact has been referred to as moral hazard, and its systematic presence in disaster insurance markets jeopardizes the industry's sustainability. However, the presence of moral hazard is context dependent. Therefore, it is necessary to study whether moral hazard is present to understand how resilient society is. We study the presence of moral hazard in Germany using a panel dataset, resulting from a longitudinal survey following a flood in 2013. The panel provides insights into dynamic mechanisms concerning moral hazard that would remain hidden in a cross-sectional survey, a dataset that is more widely used in the current literature. We did not find indications for the presence of moral hazard in Germany overall, but a continuing positive association between insurance purchases and the employment of flood resilience measures despite the overall increasing coverage rates.

The application, value, and impact of outcomes research in animal health and veterinary medicine.

Outcomes research is a relatively recent field of study in animal health and veterinary medicine despite being well-established in human medicine. As the field of animal health is broad-ranging in terms of animal species, objectives, research methodologies, design, analysis, values, and outcomes, there is inherent versatility in the application and impact of the discipline of outcomes research to a variety of stakeholders. The major themes of outcomes relevant to the animal health industry have been distilled down to include, but are not limited to, health, production, economics, and marketing. An outcomes research approach considers an element of value along with an outcome of interest, setting it apart from traditional research approaches. Elements of value are determined by the stakeholders' use of products and/or services that meet or exceed functional, emotional, life-changing, and/or societal needs. Stakeholder perception of value depends on many factors such as the purpose of the animal (e.g., companion vs. food production) and the stakeholder's role (e.g., veterinarian, client, pet-owner, producer, consumer, government official, industry representative, policy holder). Key areas of application of outcomes research principles include comparative medicine, veterinary product development, and post-licensure evaluation of veterinary pharmaceuticals and/or biologics. Topics currently trending in human healthcare outcomes research, such as drug pricing, precision medicine, or the use of real-world evidence, offer novel and interesting perspectives for addressing themes common to the animal health sector. An approach that evaluates the benefits of practices and interventions to veterinary patients and society while maximizing outcomes is paramount to combating many current and future scientific challenges where feeding the world, caring for our aging companion animals, and implementing novel technologies in companion animal medicine and in production animal agriculture are at the forefront of our industry goals.

Analisis Jumlah Klaim Agregasi Berdistribusi Negative Binomial Dan Besar Klaim Berdistribusi Discreate Uniform Dengan Menggunakan Metode Konvolusi

Claims are a form of demands from insurance policy holders in order to get protection against financial losses due to risks that occur. Claims that arise every time a risk occurs are called individual claims, while the total of individual claims during an insurance period is called aggregation claims. In addition, claims are one of the important elements in optimizing the minimum expenditure of insurance companies where one of the calculations that insurance companies need to know based on claims is aggregate loss. Aggregate loss is the total loss in a period experienced by the policyholder which is borne by an insurance company. This study aims to determine the estimated total aggregate loss claims for the number of claims with a Negative Binomial distribution and the size of the claims with a Discrete Uniform distribution in the recapitulation of claim payments according to all types of guarantees and the nature of injuries in 2018-2020 PT. Jasa Raharja, Purwakarta. This study uses the convolution method with the help of Easyfit and R Studio software. The convolution method is a method of calculating the number of multiplication pairs of a probability density function. The results of this study indicate that from the recapitulation data on claim payments according to all types of insurance and nature of injury in 2018-2020 PT. Jasa Raharja, Purwakarta, the estimated total monthly aggregate loss claims for the years 2021-2023 using Jasa Raharja's insurance claim data from 2018 to 2020 based on the Negative Binomial distribution and the Discrete Uniform distribution is IDR 4,278,5545,000 and the variance value of 2.128412e-06.

Liquidity Management and Gross Earnings of Insurance Firms in Nigeria

The study appraised liquidity management and gross earnings of insurance firms in Nigeria. During the Covid-19 period, insurance firms were faced with the financial responsibility of indemnifying the numerous risks suffered by policy holders. To do so effectively, they need to be liquid enough so as to meet such indemnity demands as at when due. This affects their investment. Hence the study examines liquidity and gross earnings of insurance firms in Nigeria. Current ratio, cash ratio, and operating cash flow ratio is the independent variables of the study, while the dependent variable is profit for the year. The study adopted an ex-post-facto research design, covering the period between 2011 and 2020. Secondary data were extracted from the annual report and accounts of the sampled insurance companies. The correlation technique was used for the data analysis. In line with the specific objectives of the study which was to examine the relationship between current ratio, cash ratio, and operating cash flow ratio and profit for the year of insurance firms in Nigeria, it was revealed that current ratio has a positive and strong relationship with profit for the year of firms in Nigeria insurance subsector. Cash ratio has a negative and weak relationship with profit for the year of firms in Nigeria insurance subsector. The operating cash flow ratio has a positive and weak relationship with profit for the year of firms in the Nigeria insurance subsector. This implies that an increase in current ratio results in a significant increase in profit for the year of insurance firms in Nigeria. It is recommended therefore that insurance firms in Nigeria should strive to improve their current ratio. They can do this by reducing the personal draw on the business and by reducing the personal drawings on the business. They should reduce their propensity to hold cash. They should balance the trade-off between cash holding and profitable investment. They should make profitable investments and ensure that their liabilities are settled on time. Insurance firms should devise strategies to improve the cash they generate from operating activities. They can do this by improving their inventory, introducing electronic payments, etc.