Voluntary Insurance Research Articles

Service Quality in Voluntary Property Insurance: A SERVQUAL-Based Approach for Poland and the USA

This study investigates the evolving dynamics of service quality in the voluntary property insurance market, focusing on the integration of Polish and USA insurance companies within their respective internal and external environments. The primary aim is to evaluate the competitiveness of this market from the perspective of individual clients, with a specific emphasis on improving service quality. Employing a SERVQUAL-based framework, this research diagnoses key factors influencing service excellence and explores the processes involved in enhancing the quality of voluntary property insurance services in both Poland and the USA.A key achievement of this work is the comprehensive analysis of literature, identifying definitional criteria and conceptual underpinnings related to service quality improvement. The findings highlight potential areas for action and unresolved issues in the ongoing efforts to elevate the standards of property insurance services. As a result, a novel model for improving the quality of insurance services has been developed and described. This model introduces a new perspective on service quality, offering new tools for measuring, analysing, and assessing the improvement process. The study provides valuable insights into service quality enhancement, offering a practical, research-driven framework that insurers and policymakers can leverage for advancing customer service standards in voluntary property insurance.Copyright© 2024 The Author(s). This article is distributed under the terms of the license CC-BY 4.0., which permits any further distribution in any medium, provided the original work is properly cited.

Vulnerability of the informal sector in an emerging economy: a multi-level analysis

ABSTRACT This study investigates the determinants of vulnerability and the vulnerability gap between workers in an emerging economy’s formal and informal employment sectors. To this end, a multi-level model combined with a fixed-effect model was employed to capture idiosyncratic and covariate vulnerabilities. The results from the multi-level model show signs of a ‘cycle of vulnerability’ for informal workers, in that covariate shocks indirectly impact idiosyncratic shocks, which in turn leads them to suffer more from covariate vulnerability. Compared to those with formal employment, informal workers are 1.2% more likely to fall into poverty in the future. Among wage workers, informal wage workers had higher vulnerability indices than formal sector workers, with a vulnerability gap of 3.1%. These gaps are more significant when accounting for time-invariant unobserved heterogeneity. Based on these results, it is vital to consider idiosyncratic and covariate components to reduce vulnerability in the informal sector. Specifically, for informal workers who engage in business and industry sectors at high risk of income shocks, the government should monitor and provide them with legal frameworks that will prevent them from being exposed to a high risk of vulnerability. Additionally, a policy expanding voluntary social insurance should be promoted to support informal groups.

Behavioral reasoning theory perspectives on voluntary social insurance: The roles of collectivism and long‐term orientation

AbstractVoluntary social insurance is part of Vietnam's social security system, aimed at stabilizing the lives of laborers, ensuring their safety and lifelong quality of life. To motivate workers to engage in voluntary social insurance, it is necessary to have a thorough comprehension of the fundamental factors that influence their behavioral intentions. Accordingly, this current study expands the framework of behavioral reasoning theory to assess consumers' intentions to purchase social insurance. The authors suggest an expanded behavioral reasoning model that includes the cultural values of consumers, specifically collectivism and long‐term orientation. The proposed model underwent testing through the utilization of structural equation modeling with a sample size of 518 individuals who expressed interest in voluntary social insurance in Vietnam. The findings of this study indicate that behavioral reasoning theory is suitable for explaining intentions to purchase voluntary social insurance, where behavioral intentions are influenced by “reasons for,” “reasons against,” and consumers' attitudes. Furthermore, the cultural values of consumers have an important effect on shaping their perceptions and attitudes towards voluntary social insurance. Therefore, this study has significant ramifications for individuals responsible for making decisions and creating policies who are interested in obtaining a more profound comprehension of consumer intentions about voluntary social insurance.

Challenges and Development of the Insurance Market in Albania

The insurance market in Albania has experienced substantial changes in recent years. This analysis focuses on the structure and performance of the insurance market in Albania, including the main product categories such as compulsory and voluntary insurance. One of the main challenges for the insurance market in Albania is the low level of penetration compared to European standards. Public awareness and promotion of insurance culture are important factors in improving this aspect. The study also addresses legal changes and innovations in the market, including changes in the legal framework and insurance technology. This analysis is based on various sources, including the Financial Supervision Authority (FSA) reports, financial data of insurance companies, and insurance market trends. Understanding these aspects provides a complete overview of the developments and challenges of the insurance market in Albania and brings a basis for the discussion on the growth opportunities of this sector in the future. The methodology provides a structured approach to investigate the challenges and development of the insurance market in Albania in the post-pandemic period. By combining data from various sources, the study aims to produce a comprehensive analysis that can inform policy recommendations and strategic decisions for stakeholders in the Albanian insurance industry. The study revealed that the market demonstrated resilience despite initial disruptions, with a gradual recovery in premium volumes and a rebound in demand for various insurance products. The pandemic accelerated the adoption of digital technologies, leading to improved customer service, streamlined operations, and enhanced data management.

Demand for voluntary medical insurance (VMI) services among students

Demand for voluntary medical insurance (VMI) services among students

Improving the system of social protection of self-employed citizens

Subject. This article considers the self-employed as a subject of economic activity, and it discusses the participation of the self-employed population in the system of social and pension insurance. Objectives. This article aims to analyze the development of the pension and social insurance system of the self-employed people. Methods. For the study, we used the general scientific research methods. Results. The article presents an author-developed algorithm of actions of the self-employed in terms of relations with government agencies on registration, taxation and insurance, and it offers certain approaches to the development of the system of voluntary social insurance of the self-employed. Conclusions and Relevance. Based on the analysis of the current regulatory documents, the article concludes that it is necessary to determine the legal status of the self-employed, the list of obligations to pay taxes and fees, and the specification of their social guarantees and rights. The practical application of the results of the study can improve the mechanism of employment management, which is important for the development of Russia as a social State.

Remittance‐financed social protection programmes for international migrant workers in Latin America

AbstractIn recent years in Latin America, a small number of contributory social protection programmes have been extended on a voluntary basis to cover migrant workers, with affiliation financed by these workers’ remittances. That remittances offer a means to finance social protection programmes demonstrates the possibilities presented by international migration not only as regards improving social protection coverage but in contributing towards achieving target 1.3 of the Sustainable Development Goals 2030 Agenda. This article addresses voluntary insurance programmes introduced in Ecuador, Guatemala and Mexico for nationals working abroad and by means of which the families of such international migrant workers can also access health care and benefits in their home countries. In turn, international migrant workers on returning home can gain eligibility for a contributory retirement pension and disability benefits if they satisfy eligibility as well as the contribution conditions.

Voluntary agricultural insurance in the Republic of Kazakhstan based on the example of perennial plantings

The goal is to assess the potential of voluntary agricultural insurance in Kazakhstan using the example of perennial crops, determine demand and market readiness, and identify difficulties faced by agricultural producers and insurance companies. Methods - to solve the problems, content analysis method was used, which is aimed at studying problems related to state support of agro-industrial complex, data, statistical indicators were considered as information base, as well as review of literature on the topic, legislative acts and state policy in the field of agriculture and agricultural insurance, experience of economically developed countries were studied. The results show the possibility of the presence of agricultural risks and uncertainties with focus on insurance of perennial crops, prospects and barriers that impede its development in conditions of sharply continental climate, scarcity of water resources and unstable economy. Conclusions - voluntary insurance protection is an effective tool for mitigating financial losses in agricultural production in Kazakhstan. The author notes the need to increase financial resources and strengthen consulting work focused on understanding the benefits of agricultural insurance by business entities; creating effective mechanisms for distributing insurance payments and developing affordable insurance products that take into account the needs of the farmers. The most flexible insurance conditions, minimum list of documents for concluding an agreement, transparent methods for establishing the amount of insurance compensation and settling losses, increasing investment attractiveness, and using international experience taking into account the needs of Kazakhstani agricultural producers are required. The role of insurance services as one of the most common methods of reducing farmers' losses from natural and climatic changes, will increase.

Voluntary Insurance for Ensuring Speedy Growth-trend of E-banking Transactions in Thai-economy: Seeking Attention Aimed for Designing Effective Policies

Voluntary Insurance for Ensuring Speedy Growth-trend of E-banking Transactions in Thai-economy: Seeking Attention Aimed for Designing Effective Policies

Coverage for platform workers and the self-employed in case of unemployment in Switzerland: Access to protection and ways of improvement

Whether they are self-employed, atypical employees, or self-employed using an umbrella company, there is still almost no social protection against unemployment or partial loss of activity in Switzerland for platform workers. The same can be said for the self-employed in general. This contribution shows that platform workers, irrespective of their exact legal status, and the self-employed in general, risk sanctions for taking on unsuitable work, for being insufficiently available for decent work or unable to prove a loss of income. However hard they try, they cannot even contribute to a voluntary unemployment insurance scheme. We show that the Swiss social protection scheme, a product of years of federal direct democracy, is hardly able to adapt to the fast-moving platform work environment, thus increasing the risks of precariousness and the burden on the cantons’ social assistance for the next generation.

The comparative analysis of health care systems based on rating definition.

The article describes system of compulsory medical insurance and voluntary medical insurance in the Kyrgyz Republic nowadays. The becoming of medical insurance as system of access for citizens to preferential medical services and medications is considered. The State Guarantees Program offers equal conditions for entire population to access free medical services and particular medications, especially for certain category of citizens with chronic, age-related or individual physical characteristics.

Voluntary Insurance for Rapid Growth-trends of Transactions in E-Banking Service-Market: Seeking Policymakers’ Attentions in Greece Economy

Voluntary Insurance for Rapid Growth-trends of Transactions in E-Banking Service-Market: Seeking Policymakers’ Attentions in Greece Economy

Voluntary insurance for rapid growth digital banking: Seeking attentions for policy-design in Pakistan-economy

In today’s business-driven world, e-banking service is an important product in financial sectors of many countries and Pakistan is no exception. Many affect the delivery of these services, often unpredictable, factors and are fraught with serious pitfalls including those of psychological nature. The Voluntary Insurance scheme can help the country overcome existing difficulties and move closer to a cashless society, contributing to the growth of the banking sector and safety of the e-banking operations in Pakistan. The new e-banking legal products are expected to gratify consumers, make the banks stronger, and contribute to the overall social development; the proposed Voluntary Insurance is to guarantee their success. The Welfare Analyses have been used for setting the VI prices so that the customers’ efficiency-cost balance could become appealing. Once the policymakers and policy practitioners of Pakistan recognize the importance of the proposed VI product and make the necessary arrangements for its use in the e-banking services market, it may spread from bankers to their customers and thus over the whole economy. The process of life cycle of the VI product will follow the “S-curve” in progression. These developments will become drivers of economic growth and e-services will eventually replace traditional banking.

Voluntary insurance vs. stabilization funds: An experimental analysis on bank runs

Banking crises have recurrently emphasized the crucial need for establishing effective mechanisms to prevent bank runs, and different organizations are exploring a range of potential measures. With the aim of contributing to this debate, we run a laboratory experiment to study the effectiveness of two untested devices: Stability funds that automatically limit depositors’ possibility of withdrawing their assets, and voluntary individual insurance against the risk of default. Depositors start the interaction with a monetary endowment deposited in a bank. They can then withdraw money before and after the bank suffers a liquidity loss. Such a loss can be either permanent or temporary, but its nature will only be discovered at the end of the interaction. The bank defaults if the desired withdrawals exceed its available liquidity. Our results show that the only effective mechanism in reducing bank defaults, compared to the baseline, is the stability fund with high coverage. When groups have a high share of female depositors, there is a significant reduction in the likelihood of bank runs, which can be explained by women’s higher propensity to buy insurance. When a critical liquidity signal is issued, indicating a dangerous situation, women’s lower propensity to withdraw disappears, bringing it to levels similar to that of men.

Проблемы и возможности медицинского туризма в Челябинской области.

Since January 1, 2019, the Federal project “Development of export of medical services” is being implemented, which is aimed at improving the quality of medical services in the Russian Federation and their promotion on the international market. Despite this, the problems and opportunities of medical tourism remain one of the urgent health problems not only in Russia, but also in the Chelyabinsk region. Through the conducted research, among political, economic, social and technological factors, problems and opportunities affecting the development of the export of medical services in the region were identified. The experts also named the necessary measures for the development and promotion of medical services on the international market Aim: analysis of existing problems in the field of medical tourism and import of medical services offered on the territory of the Russian Federation, and identification of possible prospects for the development of this area of medical activity. Materials and methods. The materials of this study were analytical materials and official statistical data of the FSBI “TSNIIOIZ” of the Ministry of Health of the Russian Federation. When processing the results, the information and analytical method, the statistical method, the method of questioning and expert evaluation, the method of processing and summarizing information were used. Results. The study involved 50 medical workers holding senior positions in medical organizations of the Chelyabinsk region (heads of structural divisions, chief physicians and deputy chief physicians). The study of the opinion of the study participants on the problems and prospects of the development of medical tourism led to the following results: • Shortage of personnel and material and technical resources is the main constraining factor of development in the provision of medical services to foreign citizens • It is necessary to equip medical organizations with a sufficient amount of medical equipment to increase the level of medical services provided to foreign citizens. The analysis of the external environment revealed political, economic, social and technological factors that hinder and contribute to the development of medical tourism in the country. Thus, the leading political factor contributing to the development of the export of medical services, experts called the support of medical tourism from the state. And the respondents consider the sanctions imposed by the European Union and the United States to be the main negative political factor. Respondents consider the relatively low cost of providing paid medical services as the main economic opportunity for the development of medical tourism. Whereas the main negative economic factor is the increase in the cost of medical devices and medical equipment due to restrictions on the import of imported equipment directly and the emergence of parallel imports. The most important for attracting foreign patients among social factors is the level of qualification of medical personnel, as well as high performance indicators in certain medical areas. Significant social threats, from the point of view of the respondents, is the lack of a unified system of voluntary medical insurance and international accreditation for most medical organizations of the Russian Federation. In order to develop medical tourism and increase the demand for Russian medical organizations among foreign tourists, the participants of the experiment consider it necessary to use the latest treatment technologies and achieve an international level of service, as well as create conditions that will help foreign patients to facilitate obtaining a medical visa. Conclusion. The results of the study made it possible to assess the problems of medical tourism and assess the prospects for development from the point of view of the heads of medical organizations of the Chelyabinsk region, as well as to develop a set of measures for the development of medical tourism in the Chelyabinsk region. The scope of the results. The data obtained will allow us to develop a set of measures aimed at the development of medical tourism in Russia, the adoption of which will help to increase the volume of exports of medical services and the number of treated foreign citizens.

Developing the Voluntary Pension Fund at Enterprises in Vietnam from the Perspective of Employers

The paper studies the factors affecting the development of the voluntary pension fund system at enterprises from the employers' perspective. Through a survey of 37 enterprises, the paper clarifies employers' awareness of the importance of voluntary pension funds, the need for enterprises' pension funds, and their willingness to invest in the voluntary retirement fund. The findings show that 78.83% of businessmen believe that developing a voluntary pension fund system is necessary because voluntary pension insurance is a way for employees to protect themselves and their families against risks. 100% of business owners want a voluntary pension fund based on an agreement between the enterprises and employees, while 60% of employers prefer the blended mechanism with government supervision and support. Regarding the level of investment in social insurance and other retirement regimes, 68% of enterprises spend less than 10% of total costs to implement the program; 30% of enterprises use from 10% to 20% of total costs to implement the program. Employers show their prudence when considering a voluntary pension fund at their enterprises. More than 60% of employers concern about the fund security, 24% considers the impact of macro economic factors on the fund performance.

The Intention to Participate in Voluntary Social Insurance of Informal Sector Workers: the Case in Mekong Delta, Vietnam

Purpose: The objective of this study is to develop the participation of informal sector workers in voluntary social insurance to ensure the Social Security policy of the Government of Vietnam. Theoretical Framework: Based on the results compiled from expert as: Kotler, 2003; Schiffman and Kanuk, 2007; Ming-Chi Lee, 2009; Holmgren et al., 2016 and Krajaechun and Praditbatuga, 2019. The model was preliminarily designed by the author through eight prefix variables including: Confidence in Benefits, Evaluation of Social Responses, Perception of risks, Beliefs, Motivation, Attitude towards Voluntary social insurance, Subjective norms, and Intention to participate in Voluntary social insurance. Methodology: This study employs primary data from a survey of 370 people working in informal workers in 04 province of the Mekong Delta region of Vietnam: Kien Giang Province, Tra Vinh Province, Hau Giang Province and Soc Trang Province. The Authors using Partial Least Squares-Structural Equation Modeling (PLS-SEM) and Bootstrap analysis in the SEM reliability test employed for data analysis and interpretation. Findings: Research results show that two factors that affect the intention to participate in voluntary social insurance of workers in the informal sector: Attitude towards social insurance and subjective norms. Solutions: From the research results, the authors have proposed solutions to further improve the participation in voluntary social insurance of workers in the informal sector in the Mekong Delta, Vietnam in future.

The Intention to Participate in Voluntary Social Insurance of Informal Sector Workers: the Case in Mekong Delta, Vietnam

Purpose: The objective of this study is to develop the participation of informal sector workers in voluntary social insurance to ensure the Social Security policy of the Government of Vietnam. Theoretical Framework: Based on the results compiled from expert as: Kotler, 2003; Schiffman and Kanuk, 2007; Ming-Chi Lee, 2009; Holmgren et al., 2016 and Krajaechun and Praditbatuga, 2019. The model was preliminarily designed by the author through eight prefix variables including: Confidence in Benefits, Evaluation of Social Responses, Perception of risks, Beliefs, Motivation, Attitude towards Voluntary social insurance, Subjective norms, and Intention to participate in Voluntary social insurance. Methodology: This study employs primary data from a survey of 370 people working in informal workers in 04 province of the Mekong Delta region of Vietnam: Kien Giang Province, Tra Vinh Province, Hau Giang Province and Soc Trang Province. The Authors using Partial Least Squares-Structural Equation Modeling (PLS-SEM) and Bootstrap analysis in the SEM reliability test employed for data analysis and interpretation. Findings: Research results show that two factors that affect the intention to participate in voluntary social insurance of workers in the informal sector: Attitude towards social insurance and subjective norms. Solutions: From the research results, the authors have proposed solutions to further improve the participation in voluntary social insurance of workers in the informal sector in the Mekong Delta, Vietnam in future.

Assessment of the Impact of Compulsory Insurance on Ensuring Economic Growth (the Case of the RA)

In the framework of this study, we have studied the works of many international authors related to the identification of the connections between the insurance market and economic growth, after which we have carried out our analysis using the Granger causality test model. The relationships between compulsory insurance and economic growth of the RA, using annual data throughout 2011-2022, have been examined in this paper. During the research descriptive statistical analysis and econometric models have been applied. The significance of the insurance-growth relationship has been better understood thanks to this study, which also includes other methods used in recent scientific publications. The following findings are the outcome of the research. • In Armenia we have a high correlation between voluntary and compulsory insurance sectors and economic growth indicators. • The Granger test has demonstrated a one-way causal relationship between GDP and voluntary insurance and bidirectional causality between compulsory insurance premiums and GDP variables. As a result of this research, the positive consequences of the introduction of a new type of compulsory insurance in the processes of ensuring economic growth have been substantiated.

ПЕРСПЕКТИВИ РОЗВИТКУ КОРПОРАТИВНОГО МЕДИЧНОГО СТРАХУВАННЯ В УКРАЇНІ В СУЧАСНИХ УМОВАХ

The article examines the evolution of the health insurance system in Ukraine, and also analyzes the advantages and disadvantages of using corporate insurance to expand voluntary health insurance programs. It is noted that the Ukrainian health care system is at the stage of reform, and mandatory health insurance has not yet been implemented. The main participants of voluntary health insurance are corporate clients. The purpose of medical insurance is to provide guaranteed medical care in the event of an insured event at the expense of accumulated funds. In addition, the insurance system is aimed at financing preventive measures and improving the quality and expanding access to medical services. A significant outflow of labor from Ukraine and, as a result, increased competition for qualified personnel forces companies to use new strategies to ensure employee loyalty. This is especially relevant for those who have survived the crisis in recent years and intend to strengthen their positions in the market. The successful management experience of companies, their practices, including personnel management, serve as an example for other participants in Ukrainian business. The medical reform that began in the country is the subject of active discussions in social networks and mass media, it is difficult to assess its direct impact on market growth indicators. In our opinion, while waiting for the changes, employers are showing much more interest in paying for medical treatment for their employees, and more and more employees are getting an insurance policy from their employer. The purpose of medical insurance is to provide guaranteed medical care in the event of an insured event at the expense of accumulated funds. In addition, the insurance system is aimed at financing preventive measures and improving the quality and expanding access to medical services. In connection with the ambiguity of the legislation regarding the mandatory form of health insurance in Ukraine, within the framework of our study, we will focus on its voluntary form. Thus, voluntary medical insurance is a type of insurance designed to provide the policyholder with a guarantee of full or partial reimbursement by the insurer of additional costs associated with contacting a medical institution for a service provided in accordance with the voluntary medical insurance program. Demand for voluntary health insurance products in Ukraine is very low. Insureds are mainly corporate clients, namely employers who insure their employees. Thus, it is possible to consider corporate health insurance as a separate segment of health insurance, which is part of the system of ensuring the human right to health.