Journal articles on the topic 'Insurance companies Australia Management'
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1
Costello, Graham I., and Jörg H. Tuchen. "A Comparative Study of Business to Consumer Electronic Commerce within the Australian Insurance Sector." Journal of Information Technology 13, no. 3 (September 1998): 153–67. http://dx.doi.org/10.1177/026839629801300302.
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Electronic commerce is causing fundamental changes in the insurance sector. Inherent opportunities of this innovative sales channel are driving the development of a new customer relationship paradigm, development of new products, pursuit of low cost ‘self service’ strategies, and emergence of ‘virtual brokers’. The Australian insurance sector is well positioned to take advantage of electronic commerce due to the high level of PC penetration, high Internet usage, and extensive broadband infrastructure. The perception is that the Australian insurance sector is meeting these challenges. Surprisingly, despite the emergence of electronic commerce as a ‘hot topic’ in the information technology and insurance sector literature, little empirical research has been reported. Much of the extant literature can be criticized as being too generic and superficial. It is argued that until research is focused on specific aspects of electronic commerce, we will fail to capture meaningful insights. The aim of this research project is to develop a research framework appropriate for electronic commerce, research and to apply it to a specific sector (insurance), in a specific geographical region (Australia), using a specific electronic commerce, medium (Internet), for a specific purpose (business to consumer sale of risk products). The research objective is to discover which Australian insurance companies are using electronic commerce for what. The survey found that of the 21 largest Australian insurance companies only 18 have web sites. These sites are mainly used for promotional purposes and not for directly generating sales. Only six companies offer customer-specific pricing of their products. And of these, only four companies sell any of their products over the Internet. Paradoxically, despite pressing business drivers in the insurance sector and a favourable electronic commerce environment in Australia, these findings demonstrate a significant gap between appreciation of the importance of electronic commerce and realization of commercial potential. Whilst most Australian insurance companies are well aware of the special importance of electronic commerce, many fail to take full advantage. Although further qualitative research is recommended to understand why this is so, it is clear that a significant gap remains between the technical capabilities of electronic commerce and actual practice in the Australian insurance sector.
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Crockett, Michael, and Muhammad Jahangir Ali. "Auditor independence and accounting conservatism." International Journal of Accounting & Information Management 23, no. 1 (March 2, 2015): 80–104. http://dx.doi.org/10.1108/ijaim-02-2014-0008.
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Purpose – The purpose of this paper is to examine the efficacy of the current legislative provisions that protect auditor independence in Australia. The collapses of several high-profile companies (Enron and WorldCom in the USA, HIH insurance and OneTel in Australia) in the early 2000s has raised questions about audit quality and independence. In response, regulators have introduced new regulations and guidance to improve audit quality. In Australia, the Corporations Act 2001 (2001) was amended via the Corporate Law Economic Reform Program Act 2004. This study poses the question: do non-audit service fees influence the level of accounting conservatism? Design/methodology/approach – The sample used in this analysis consists of all available Australian listed companies from the years 2006 till 2010. Findings – Using multiple measures of accounting conservatism and the auditor-client economic bond, our results suggest that the level of the economic bond between the auditor and the client does not significantly influence the level of accounting conservatism. Originality/value – Our results demonstrate that the combination of intrinsic market mechanisms and regulation in Australia sufficiently protect auditor independence.
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Loosemore, M., and M. M. M. Teo. "The Crisis Management Practices of Australian Construction Companies." Construction Economics and Building 2, no. 2 (November 17, 2012): 15–26. http://dx.doi.org/10.5130/ajceb.v2i2.2897.
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Recent world events in the international relations arena and the subsequent knock-on affect on the insurance industry, have sent shock-waves through Australia’s business community,elevating crisis management to the top of the managerial agenda. This paperpresents the findings of exploratory research, which investigated the crisis managementpractices of construction companies. Using a diagnostic model of crisis preparednesswhich has been developed and tested across a broad range of industries, it concludes thatif the sample surveyed is typical, then crisis planning is rudimentary and undertaken in aninsular, informal, fragmented fashion, supported by few resources and little strategicguidance. Consequently, many construction companies will have an inadequate understandingof their crisis exposure, of how to cope with crises when they happen and of howto learn and recover from their aftermath.
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Keneley, Monica. "Does Organizational Heritage Matter in the Development of Offshore Markets? The Case of Australian Life Insurers." Business History Review 87, no. 2 (2013): 255–77. http://dx.doi.org/10.1017/s0007680513000421.
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The globalization of financial markets over the past decade has focused the spotlight on the responsiveness of financial firms to international pressures. Insurance markets have traditionally relied on global networks not only to expand the insurers' sphere of influence but also to support domestic business. Until relatively recently, Australian insurance companies have not played a significant role in the development of international markets. However, in the last decade of the twentieth century Australian insurers ventured overseas on a scale without precedence. This article presents an historical perspective on the internationalization of the Australian life-insurance market with a view to understanding why these firms have been classified “late starters” in the internationalization stakes. In a broader capacity it provides insights into the impediments to overseas expansion and the forces encouraging or discouraging the development of cross border networks.
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Hassan, Mohamat Sabri, Majella Percy, and Jenny Goodwin-Stewart. "The transparency of derivative disclosures by Australian firms in the extractive industries." Corporate Ownership and Control 4, no. 2 (2007): 257–70. http://dx.doi.org/10.22495/cocv4i2c2p2.
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This paper investigates the transparency of derivative disclosures of Australian firms in the extractive industries using 1998 to 2001 financial reports. The quality of financial reporting has become a major corporate governance issue since the collapse of prominent companies such as Enron in the United States, HIH Insurance in Australia, and, of particular relevance here, Barings PLC in the United Kingdom, where the losses were caused by derivative instruments. Disclosure transparency is an important component of the quality of financial reporting. We measure transparency based on a disclosure index developed from AASB 1033 Presentation and Disclosure of Financial Instruments. We examine the relationship between transparency and firm characteristics represented by size, performance, growth opportunities, auditor and type of extractive firm. The results indicate that the transparency of derivative disclosures among firms in the extractive industries has increased over the period. However, there is still evidence of non-compliance with the disclosure requirements, especially in relation to net fair value. We find that firm size, price-earnings ratio and debt-to-equity ratio, and to a lesser extent, market-to-book ratio and profitability are associated with disclosure transparency.
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Keneley, Monica, and Grietjie Verhoef. "Pressures for Change in the Australian and South African Insurance Markets: A Comparison of Two Companies." Competition & Change 15, no. 2 (July 2011): 136–54. http://dx.doi.org/10.1179/102452911x13025292603679.
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Harker, Callan, Maureen Hassall, Paul Lant, Nikodem Rybak, and Paul Dargusch. "What Can Machine Learning Teach Us about Australian Climate Risk Disclosures?" Sustainability 14, no. 16 (August 12, 2022): 10000. http://dx.doi.org/10.3390/su141610000.
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There seems to be no agreed taxonomy for climate-related risks. The information in firms’ climate risk disclosures represents a new resource for identifying the priorities and strategies of Australian companies’ management of climate risk. This research surveys 839 companies listed on the Australian Stock Exchange for the presence of climate risk disclosures, identifying 201 disclosures on climate risk. The types of climate risks and the risk management strategies were extracted and evaluated using machine learning. The analysis revealed that Australian firms are focused on acute physical climate risks, followed by market and regulatory risks. The predominant management strategy for these risks was to use a risk reduction approach, rather than avoiding or transferring risk. The analysis showed that key Australian industry sectors, such as materials, banking, insurance, and energy are focusing on different mixtures of risk types, but they are all primarily managing risks through risk-reduction strategies. An underlying driver of climate risk disclosure was composed of the financial implications of climate risk, particularly with respect to acute physical risks. The research showed that emission reductions represent a primary consideration for Australian firms in their disclosures identifying how they are responding to climate risk. Further research using machine learning to evaluate climate risk disclosure should focus on analysing entire climate risk reports for key topics and trends over time.
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MAEDA, Yuji. "Analysis of Finite Risk as International Risk Management in Japan and Australia: With Special Reference to the Collapse of Insurance Companies due to the Nine Eleven Attacks." Studies in Regional Science 40, no. 2 (2010): 327–37. http://dx.doi.org/10.2457/srs.40.327.
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Lorenz, Birgit, Joana Tavares, L. Ingeborgh van den Born, João P. Marques, and Hendrik P. N. Scholl. "Current Management of Inherited Retinal Degeneration Patients in Europe: Results of a Multinational Survey by the European Vision Institute Clinical Research Network." Ophthalmic Research 64, no. 4 (2021): 622–38. http://dx.doi.org/10.1159/000514540.
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<b><i>Purpose:</i></b> An increasing number of gene therapies are developed for Inherited Retinal Degenerations (IRD). To date, 1 treatment has been approved for clinical use (FDA USA 2017, EMA Europe 2018, MoHAP UAE 2019, SFDA Saudi Arabia 2019, Swiss Medic Switzerland 2020, TGA Australia 2020, and BFR Brazil 2020). While such therapies do not provide complete cure, they may halt degeneration or partially restore function. Identification of well-characterized patients is an emerging need. We conducted the first multinational survey to understand the management of IRDs in Europe. <b><i>Methods:</i></b> An electronic survey questionnaire containing 112 questions was developed and sent to the 101 EVICR.net clinical centers (14 European countries and Israel). <b><i>Results:</i></b> The overall response rate was 49%. Only 14% of responding centers do not see IRD patients; 52% that manage IRD patients follow <i>≥</i>200 patients, 16% > 1,000. Databases exist in 86% of the centers; of these, 75% are local files, 28% local Web-based database, and 19% national Web-based. IRD patients are referred to EVICR.net centers mainly by general ophthalmologists, patient self-referrals, and medical retina specialists. Most IRD patients are first seen in adulthood. Most prominent signs and symptoms depend on the age of onset, for example, nystagmus in infancy, or night blindness, and reduced visual acuity at older age. The time from inquiring for first appointment and clinical diagnosis varies among countries: in 29% of centers, the mean time is <4 weeks, although can be up to 35 months in others. The time to genetic diagnosis is ≥4 weeks, the maximum 10 years, likely depending on access to genetic testing, and the improvement of the tests available. Comprehensive eye examination always includes autofluorescence imaging and perimetry (86% static, 76% kinetic, and 21% microperimetry), and frequently optical coherence tomography (OCT) (95%), electroretinography (93%), and fundus photography (93%). Identified genotypes were reported in 40–80% patients by 69% of centers, and in 80–100% by 5%. Genetic testing is provided by public health insurance in 77% of centers, private health insurance in 38%, center budget in 13%, research funds in 18%; and 15% of centers do not have access to genetic testing. <b><i>Conclusion:</i></b> At the start of this era of ocular gene therapy for IRD patients, this first international survey on management of IRDs in Europe highlights significant heterogeneity between centers and across countries and provides important baseline data for researchers, clinicians, pharmaceutical companies, and investors.
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Lytvynchuk, Iryna, Svitlana Diachek, Vita Dovgaliuk, Nataliia Vygovska, and Mariia Aleksandrova. "Financial Management of Insurance Companies." Review of Economics and Finance 20 (2022): 190–95. http://dx.doi.org/10.55365/1923.x2022.20.22.
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Demchenko, I., and N. Trusova. "RISK MANAGEMENT OF INSURANCE COMPANIES." Scientific papers OF DMYTRO MOTORNYI TAVRIA STATE AGROTECHNOLOGICAL UNIVERSITY (ECONOMIC SCIENCES) 44 (2021): 170–74. http://dx.doi.org/10.31388/2519-884x-2021-44-170-174.
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Carson, James M., and John J. Hampton. "Financial Management of Insurance Companies." Journal of Risk and Insurance 61, no. 3 (September 1994): 557. http://dx.doi.org/10.2307/253583.
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Lazarević, Anđela. "Knowledge management in insurance companies." Tokovi osiguranja 35, no. 3 (2019): 35–71. http://dx.doi.org/10.5937/tokosig1903035l.
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Sukach, Olena, and Svitlana Kozlovska. "Insurance Market Risk Management." Modern Economics 25, no. 1 (February 23, 2021): 142–47. http://dx.doi.org/10.31521/modecon.v25(2021)-22.
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Abstract. Introduction. The modern insurance market is characterized by a negative trend of reduction of companies-participants of the market. This situation is associated with a number of factors: crisis phenomena in the economy, a decrease in solvent demand, increased risks, growth of unprofitability of the insurance sector, regulatory work of the state. Рurpose. The main purpose of the study is to analyze the domestic insurance market, to identify modern methods and approaches to risk management in the market. The research methodology is based on modern provisions of statistical and economic analysis, empirical research, as well as methods of expert assessments. Results. The article reveals the risks of insurers taking into account the specifics of their manifestation, as well as the specific features of risk management of insurance companies. The problems of managing risks that affect financial stability in insurance companies in modern conditions are examined in the article. A classification of insurance risks and their impact on insurance companies are prepared. It is shown that today a wide range of techniques for estimating the insurance risks exist. The reference points that should be included in the system of risk management of the insurance organization at the present stage are determined. Conclusions. According to the results of the study, a decrease in insurance companies operating in the market, a decrease in premiums and total assets was noted. The expediency of building an optimal risk management system that affects the financial stability of the insurance business has been determined. The application of an integrated approach to risk management of insurance companies has been substantiated. Keywords: risk; risk management; insurance; insurance market; insurer; government regulation; risk classification; risk management strategy.
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AL-SAGGAF, YESLAM. "The Use of Data Mining by Private Health Insurance Companies and Customers’ Privacy." Cambridge Quarterly of Healthcare Ethics 24, no. 3 (June 10, 2015): 281–92. http://dx.doi.org/10.1017/s0963180114000607.
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Abstract:This article examines privacy threats arising from the use of data mining by private Australian health insurance companies. Qualitative interviews were conducted with key experts, and Australian governmental and nongovernmental websites relevant to private health insurance were searched. Using Rationale, a critical thinking tool, the themes and considerations elicited through this empirical approach were developed into an argument about the use of data mining by private health insurance companies. The argument is followed by an ethical analysis guided by classical philosophical theories—utilitarianism, Mill’s harm principle, Kant’s deontological theory, and Helen Nissenbaum’s contextual integrity framework. Both the argument and the ethical analysis find the use of data mining by private health insurance companies in Australia to be unethical. Although private health insurance companies in Australia cannot use data mining for risk rating to cherry-pick customers and cannot use customers’ personal information for unintended purposes, this article nonetheless concludes that the secondary use of customers’ personal information and the absence of customers’ consent still suggest that the use of data mining by private health insurance companies is wrong.
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Dooren, Frans T. E., J. David Cummins, and Joan Lamm-Tennant. "Financial Management of Life Insurance Companies." Journal of Risk and Insurance 62, no. 1 (March 1995): 154. http://dx.doi.org/10.2307/253702.
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Vuković, Zoran, Edita Dautović, and Selma Hurić. "RISK MANAGEMENT IN INSURRENCE COMPANIES." KNOWLEDGE INTERNATIONAL JOURNAL 31, no. 5 (June 5, 2019): 1403–8. http://dx.doi.org/10.35120/kij31051403v.
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Risk is in the essence of insurance business. However, insurance companies are faced not only with risks they accept from their policyholders as institutionalized risk pools, but also with many other risks that are familiar by other finacial institutions too. Besides that, insurance companies are faced not only with numerous new and emerging risks, such as burd flu virus, risks associated with new ifnromation and telecommunication technologies, rissk associated with corporate governance crisis, and so on, but also with changed appearance of “old’ risks such as hurricanes and terrorism. They must manage all risks in holisticaly in order to reduce aggregate risk they are faced with to the most acceptable level. Comprehensive risk management process, in ever increased complexity of the global economy, is the challenge for modern insurance companies. If they are able to cope with it effectively, able to manage all risks in an adequate manner, they can achieve greater risk resilience and with it, greater readiness to shakes of unexpected risk realisations.
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KENELEY, MONICA J. "The Pitfalls of Internationalization: The Experience of American Life Insurers in Australia, 1885–1905." Enterprise & Society 19, no. 1 (January 8, 2018): 31–57. http://dx.doi.org/10.1017/eso.2017.64.
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In the latter part of the nineteenth century, the three largest life insurance companies had a presence in more than forty countries. In the 1880s they turned their attention to the Australian colonies, in which life insurance markets were expanding. The venture, however, was met with unexpected market resistance, and the expectations of the Big Three were never fully met. An eclectic paradigm provides an explanatory tool, which is applied to an investigation of the experiences of American companies. These companies were not able to realize the ownership and location, or internalize the advantages, needed to build a sustainable presence in the Australian life insurance market.
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Bomhard, Nikolaus von. "Risk and Capital Management in Insurance Companies." Geneva Papers on Risk and Insurance - Issues and Practice 30, no. 1 (January 2005): 52–59. http://dx.doi.org/10.1057/palgrave.gpp.2510008.
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Shephard, R. B., E. G. C. Smith, and D. D. Spurr. "Earthquake insurance loss assessments for regions of Australia." Bulletin of the New Zealand Society for Earthquake Engineering 30, no. 1 (March 31, 1997): 32–39. http://dx.doi.org/10.5459/bnzsee.30.1.32-39.
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Following the Newcastle earthquake of December 1989, a consortium of Australian insurance companies commissioned Works Consultancy Services Ltd, New Zealand to undertake earthquake probable maximum loss assessments for the main city centres of Australia. Studies have been completed for the regions around Sydney, Melbourne, Adelaide, Perth and Brisbane. Customised insurance loss assessment models were developed for each study region, with each including specific analytical models for geography, seismicity, ground conditions, patterns of building construction, and insurance company exposures. The analysis model includes earthquake insurance loss versus shaking intensity relationships derived from Australian and international data, and takes specific building vulnerabilities into account. Loss assessments target the Probable Maximum Loss in relation to return period.
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Gąsiorkiewicz, Lech. "The Process Approach in the Financial Management of Insurance Firms." Foundations of Management 12, no. 1 (February 20, 2020): 7–18. http://dx.doi.org/10.2478/fman-2020-0001.
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AbstractThe significance of insurance activity is constantly growing, generating new problems and posing new challenges. One of these challenges is meeting the growing requirements and expectations of customers. This requires the efficient management of insurance companies, which means the necessity to resort to modern management concepts, particularly the concept of process management and its related instruments. The article presents the results of research carried out at the Faculty of Management of the Warsaw University of Technology regarding process management in insurance companies. The distinctness of insurance activity and its financial management is discussed and its following aspects presented: the identification of insurance activity processes encompassing the management of basic and auxiliary processes; the model of the financial management process of insurance companies; the relationship between the financial management process and other processes implemented in insurance companies; financial situation assessment measures for insurance companies, and the financial management process.
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Trivedi, Sonal. "A Risk Management Framework for Life Insurance Companies." Journal of corporate governance, insurance and risk management 9, no. 1 (August 17, 2022): 89–111. http://dx.doi.org/10.51410/jcgirm.9.1.6.
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Purpose: After the outbreak of COVID-19, the insurance business has experienced losses in terms of decreased demand for an insurance policy, lower return on investment, and increased claim settlement. Thus, risk management plays a significant role in mitigating the risk for businesses. However, risk management is restricted as a predefined approach for managing threats of uncertainty resulting from the activity or error of humans. Furthermore, the life insurance industry faces the challenge of paying claims in case of an increased death rate after the outbreak of COVID-19. Thus, there is a need for a better risk management framework. Methodology: This paper identifies the gap between the existing risk management model and the model specified by IRDA and suggests a model to mitigate the insurance risk. The study posits that whether an individual is more suitable or not for life insurance can be decided based on a simple factor. By using this tool/model of risk management, a life insurance company can reduce its risk of providing insurance to a customer exposed to high risk.
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Lekkerkerker, E. C., and J. F. M. Peters. "Financing of Insurance Companies." Geneva Papers on Risk and Insurance - Issues and Practice 20, no. 1 (January 1995): 30–44. http://dx.doi.org/10.1057/gpp.1995.4.
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Kunle, Aduloju, and Azeez Fatimo Titilope. "Technological Advancement and Risk Management in Composite Insurance Companies in Nigeria." Journal of corporate governance, insurance and risk management 9, no. 1 (August 17, 2022): 112–25. http://dx.doi.org/10.51410/jcgirm.9.1.7.
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Purpose: The study focused on the effect of technological advancement on the Risk management of insurance companies in Nigeria. The study’s objectives were to examine how technological innovations enhance the identification of policyholder risk by insurance companies and evaluate how information technology has improved the identification of risks inherent in investment by insurance companies.Methodology: A survey research design was employed in this study. The study focused on the 14 composite insurance companies in Nigeria, only five of which were selected based on gross premium written and retention ratio. The targeted population of the study was 1569, while the sample size was 181 employees of the selected insurance companies. A well-structured questionnaire was formulated and administered, out of which 163 were filled and used for analyses using regression analysis with the SPSS (IBM 23) package.Results and Findings: The results showed that technological innovation had enhanced insurance companies’ identification of policyholder risks. In contrast, information technology has not improved the identification of risks inherent in investment by insurance companies. Thus, the study recommended, among others, that insurance companies should invest more in information technology to help achieve better results.
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Zein, Sany R., and Frank Navin. "Road Safety Engineering: Role for Insurance Companies?" Transportation Research Record: Journal of the Transportation Research Board 1734, no. 1 (January 2000): 7–11. http://dx.doi.org/10.3141/1734-02.
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Over the last 10 years there has been a growing trend among automobile insurance companies to become involved in road safety engineering programs. While the involvement of insurance companies in driver education and vehicle design initiatives is common, insurance company initiatives aimed at the engineering element of road safety is a relatively new trend. This research summarizes the major road safety engineering programs undertaken by six insurance companies in Australia, Canada, and the United States, and presents some of the results achieved. The research finds that the immediacy of the benefit derived from road safety engineering improvements, coupled with an expanding knowledge base in this field, are contributing to the growth in interest in road safety among insurance companies. The financial interest of insurance companies in reducing crash frequencies and severities, as well as any related positive public image that road safety advocacy can generate, will likely mean that more insurance companies will be exploring avenues for participation in road safety programs. Opportunities exist for cooperation between the insurance industry and transportation engineers, and they should be pursued for mutual benefit. Although the ultimate responsibility and authority for roads should remain with public agencies, the incentive and emphasis that insurance companies place on road safety provide a unique opportunity to help reduce the daily risks that we face in a mobile world.
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Trynchuk, Viktor. "Management of visual communications in insurance companies (on the example of using icons in logos)." Problems and Perspectives in Management 15, no. 2 (August 31, 2017): 319–31. http://dx.doi.org/10.21511/ppm.15(2-2).2017.02.
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This article is devoted to the study of insurance business development in Ukraine and Russia in the late XIX – early XXI centuries, generation and identification of special aspects of formation and use of sacred art elements in corporate identity of insurance companies. The purpose of this article is to discuss the concept of management of visual communications in insurance companies, an important component of which is the formation and development of brands in the insurance market, which include elements of sacred art. Corporate identity gives insurers a new methodology for managing marketing communications. The author proves the corporate identity of insurance companies and its place in the system of marketing communications. Due attention is paid to corporate identity of National Joint-Stock Insurance Company “Oranta” (Ukraine), Insurance LLC “Oranta” (Russia) and Insurance Company “Rossiya” (Russia). There are given examples of the use of Orans (Oranta) and the Burning Bush icons inscriptions in corporate identity of insurance companies. The author describes icons in corporate identity of insurance companies and definitely their role in the communication process. Conflict situations over the use of the Orans brand in Ukraine are analyzed. The need to be careful enough in using sacred symbols in the corporate style of insurance companies is emphasized. Evolution of the logo insurance companies is presented.Examples of integrating corporate identity into the strategy and tactics of insurance companies are shown.
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BLOCK, WALTER, NICHOLAS SNOW, and EDWARD STRINGHAM. "Banks, Insurance Companies, and Discrimination1." Business and Society Review 113, no. 3 (September 2008): 403–19. http://dx.doi.org/10.1111/j.1467-8594.2008.00326.x.
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Andreeva, Ts. "FINANCIAL MANAGEMENT IN THE ACTIVITY OF INSURANCE COMPANIES." Trakia Journal of Sciences 18, Suppl.1 (2020): 395–400. http://dx.doi.org/10.15547/tjs.2020.s.01.066.
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The article defines the essence and justifies the need for financial management in the activities of insurance companies. PURPOSE: The aim of the article is to bring out the specifics of financial management in insurance and outline the advantages of controlling as a function and part of the management of the insurance company to ensure the necessary solvency. METHODS: The systematic and structural approach, analysis and synthesis, including, study of literature sources and analysis of the existing situation in the practice of the insurance company are used. RESULTS: The results are about highlighting the role of risk management in financial management, as well as the importance of factors - gross technical provisions and others, for risk management of the insurance company. CONCLUSION: Тhe complex nature of financial management requires integrated risk management, which requires the establishment of an independent unit and / or position in financial management and risk management.
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Edouard, SEMUCYO. "Financial Management Practices on Financial Performance at Selected Private Insurance Companies, Kigali, Rwanda." International Journal of Scientific Research and Management 9, no. 10 (October 28, 2021): 2492–506. http://dx.doi.org/10.18535/ijsrm/v9i10.em09.
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The general objective of this dissertation was to assess the relationship between financial management practices and the financial performance of private insurance companies in Rwanda. It was guided by the following specific objectives which are to assess the impact of financial management practices on return on investment (ROI) of insurance companies in Rwanda; to examine the impact of financial management practices on return on assets (ROA) of insurance companies in Rwanda and to find out the impact of financial management practices on return on equity (ROE) of insurance companies in Rwanda. The research design used a descriptive causal approach to research that takes cross-sectional data into account and helped the researcher to use the questionnaire and documentary review the primary data collection tool and the secondary data collection analysis, respectively. For the first objective, the study shows that an adjusted R square of 44.8% of ROI of private insurance companies in Rwanda is attributed to a combination of the four factors independent factors (fixed assets management, accounting information system, financial reporting analysis, and capital structure management) used by private insurance companies in Rwanda. For the second objective, the findings revealed that an adjusted R square of 80.9% of return on assets of private insurance companies in Rwanda is attributed to a combination of the four factors independent factors (fixed assets management, accounting information system, financial reporting analysis, and capital structure management) used by private insurance companies in Rwanda .For the third objective, the findings revealed that an adjusted R square of 36.8% of return on equity (ROE) of private insurance companies in Rwanda is attributed to a combination of the four factors independent factors (fixed assets management, accounting information system, financial reporting analysis, and capital structure management) used by private insurance companies in Rwanda. The study concluded that working capital management, capital structure management, financial reporting analysis and accounting information system, play significant positive effect on financial performance of private insurance companies in Rwanda while fixed asset management have negative effect on the financial performance of private insurance companies in Rwanda. The study is recommending insurance companies’ management to implement recommended steps considered as possible ways to ensure improvement of their financial management practices for better financial performance. Key words: Financial management practices, financial performance, insurance companies, Rwanda
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Ozyuksel, Suna, and Murat Gezgin. "Turkish Insurance Companies’ Risk Management Strategies and Structures: A Survey Study." International Journal of Economics and Finance 12, no. 8 (June 20, 2020): 12. http://dx.doi.org/10.5539/ijef.v12n8p12.
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Insurance industry is one of the cornerstones of both the financial system and the economy as it undertakes global risks and minimizes losses. The compensation of major losses by insurance companies means rapid recovery and resumption for investors. The insurance sector is very important for the development of the country's economy as it contributes premium volume and its support to investors as for compensation of the losses. However, the insurance sector faces a great deal of risks. Therefore, it is of importance for insurance companies to have a robust risk management system to constitute a basis for the growth of economy. Risk management enables insurance companies to identify measuring and analyzing risks, safeguard their assets, minimize potential risks and take them under control. The aim of this study is the evaluation of the risks assumed by insurance companies in Turkey and their risk management perspectives to struggle such major risks through a survey. This survey makes an evaluation about how insurance companies’ risk management departments are structured, risks that insurance companies foresee, their strategies to deal with such risks. Among the important findings of the survey; Top 10 risks for insurance companies are: “interest rate and foreign exchange rate fluctuation, political risks, economic slowdown, economic crisis, regulations, cyber-attacks, incompliance with the applicable legislation, increasing competition, digitalization/insurtech, business continuity interruption” and the second finding is Turkish insurance industry’s risk management set-up has a robust structure even though it has a small share in global insurance market and Turkish financial sector.
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Selimović, Jasmina, Danijela Martinović, and Džana Hurko. "Critical success factors in insurance companies." Management 25, no. 1 (June 29, 2020): 215–33. http://dx.doi.org/10.30924/mjcmi.25.1.12.
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The topic of this research are critical success factors (CSFs) with a focus on factors that constitute the basis for the success of insurance companies. There are no critical success factors common to all enterprises, all areas and all activities. In insurance companies, key performance indicators primarily depend on the service quality and the level of customer satisfaction. In contemporary business conditions, the relevance of the service has been increasingly important. Therefore, the concept named 5P is suggested, standing for purpose, pride, partnership, protection and personalization, as these five factors define the requirements that must be met, if the insurer’s service is to be perceived to be of high-quality, achieve client satisfaction and build client loyalty. The paper presents a research into the perception of insurance service and factors of insurance quality in the Federation of Bosnia and Herzegovina (FBiH). Research results correspond to the 5P concept and reveal the security factor as the most important factor for the insured. A fast and efficient payment of claims, the attitude of the salespeople toward the insured, described in terms of respectful and knowledgeable staff, as well as the clarity of promotion and the availability of insurance service also ranked high.
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Kholis, Nur, and Yunita Nur Afifah. "Measuring Financial Efficiency of Insurance Companies in Indonesia Using Stochastic Frontier Analysis Approach." Journal of Islamic Economics Lariba 8, no. 1 (September 24, 2022): 196–212. http://dx.doi.org/10.20885/jielariba.vol8.iss1.art12.
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This paper aims to analyze the efficiency value and compare the efficiency ratio between sharia insurance and conventional insurance companies, both life insurance and general insurance in Indonesia, for 2018-2020. The research applies the Stochastic Frontier Analysis (SFA) method, which uses total capital and expenses as input variables, and total income as output variables. The efficiency values of Islamic and conventional insurance companies' results were compared using an independent sample t-test statistical test. The population of this research is all Islamic and conventional insurance companies listed on the website of the Financial Services Authority (OJK). The sample used is 19 sharia insurance companies (15 life insurance companies and four general insurance companies). The sample of conventional insurance is 23 companies (22 life insurance companies and one general insurance company). The results showed that the efficiency value of Islamic insurance companies (0.6549) was 0.0697 lower than conventional insurance (0.7246). It can be concluded that the efficiency of conventional insurance is better than Islamic insurance. Islamic insurance management capabilities are lower than conventional insurance companies’ management capabilities.
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SMOLIAK, Viktor. "Insurance company competitiveness management in the context of its marketing policy." Economics. Finances. Law, no. 12/4 (December 29, 2019): 22–24. http://dx.doi.org/10.37634/efp.2020.12(4).5.
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Competition is an integral part of the insurance market in Ukraine. That is why it is a key factor in the strategy of the insurance company, and marketing policy is an integral part of it. The competition of insurance companies is aimed at expanding its insurance market share. The purpose of the paper is development of theoretical foundations and practical recommendations for insurance company competitiveness management in the context of its marketing policy. Currently, there is a significant reduction in the number of insurance companies at the insurance market in Ukraine. 79 insurance companies left the market from the beginning of 2018 to the third quarter of 2020. Competition encourages insurance companies to invent innovative insurance products, implement new marketing tools, and optimize cost structures. The author performed a cluster analysis of insurers in the field of two factors – the volume of assets and the amount of net earned premiums. Economic and mathematical methods were used to analyze the impact of sales costs (X) on the amount of net earned insurance premiums (Y). The high value of the correlation coefficient indicates a close linear relationship between the factor and the resulting indicator. The digitalization of the world economy has significant impact on the effective marketing activities. The main directions of development of insurance companies are the ability to remotely sell the insurance product on the website or via a mobile application, the correct choice of target audience for targeted advertising, the presence of the insurance company on social media and so on. On the one hand, costs of marketing and advertising make it possible to increase the amount of net earned premiums of the insurance company, and on the other hand, the introduction of the latest tools for selling insurance products makes the insurer closer to its customer.
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Kryvytska, O. R. "Conceptualization of Management Accounting of Life Insurance Companies." Problems of Economy 2, no. 40 (2019): 157–63. http://dx.doi.org/10.32983/2222-0712-2019-2-157-163.
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Van Gestel, Tony, David Martens, Bart Baesens, Daniel Feremans, Johan Huysmans, and Jan Vanthienen. "Forecasting and analyzing insurance companies' ratings." International Journal of Forecasting 23, no. 3 (July 2007): 513–29. http://dx.doi.org/10.1016/j.ijforecast.2007.05.001.
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Rostek, Katarzyna. "Business Intelligence for Insurance Companies." Foundations of Management 1, no. 1 (January 1, 2009): 65–82. http://dx.doi.org/10.2478/v10238-012-0005-z.
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Business Intelligence for Insurance CompaniesThe article presents current status of IT implementation in Polish insurance companies. Afterwards the man issues connected with information management and proposal of dealing with these issues, due to the implementation of Business Intelligence system, is presented. Definition, structure and scope of application as well as the Business Intelligence system implementation methodology, with a particular consideration for the insurance market character, are presented. Article is summed up with examples of effective Business Intelligence systems implementations in selected insurance companies.
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Grzebieniak, Andrzej. "Reinsurance Management in Insurance Companies in Case of General Third Party Insurance." Olsztyn Economic Journal 5, no. 1 (June 1, 2010): 39–49. http://dx.doi.org/10.2478/v10021-010-0004-4.
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Khdour, Naser, Ahmad Samed Al-Adwan, Anas Alsoud, and Jamal Ahmed Al-Douri. "Human resource management practices and total quality management in insurance companies: Evidence from Jordan." Problems and Perspectives in Management 19, no. 1 (March 29, 2021): 432–44. http://dx.doi.org/10.21511/ppm.19(1).2021.36.
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This study aims to extend the argument about the association between HRM and Total Quality Management (TQM) in insurance companies in Jordan. It is argued that the consideration of TQM can be supported in terms of configuration as an effect of Human Resource Management (HRM) in the presence or absence of other HRM practices. Data for this study were collected from 24 insurance companies listed on the Amman Stock Exchange and 342 employees. PLS-SEM was used to analyze the data collected through path analysis. Structural equation modeling was used to examine a causal relationship between the variables. The overall effect of HRM on TQM was explored to improve quality orientation and people criteria in insurance companies. The findings have indicated a significant and positive effect of teamwork, staffing, performance appraisals, and compensation on TQM. However, training and development have a negative, but significant impact on TQM. In addition, TQM significantly and positively affects the HRM of an organization. Performance was also positively and significantly affected by HRM. TQM is an important factor of HRM in insurance companies. AcknowledgmentThe authors are very thankful to all the associated personnel in any reference that contributed to the purpose of this study.
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Anselmann, Veronika, and Regina H. Mulder. "Learning from errors in insurance companies." Journal of Management Development 37, no. 2 (March 5, 2018): 138–48. http://dx.doi.org/10.1108/jmd-06-2017-0211.
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Purpose The study pursues two goals: first, as a replication study, the purpose of this paper is to test a model of learning from errors in the domain of insurance industry. Second, to increase insights in learning from errors, the authors focussed on different types of errors. Design/methodology/approach The authors conducted a cross-sectional survey in the insurance industry (N=206). The authors used structural equation modelling and path modelling to analyse the data. To be able to analyse different types of errors, the authors used Critical Incident Technique and asked participants to describe error situations. Findings Findings from the study are that the model of learning from errors could partly be replicated. The results indicate that a non-punitive orientation towards errors is an important factor to reduce the tendency of insurance agents to cover up errors when knowledge and rule-based errors happen. In situations of slips and lapses error strain has a negative influence on trust and non-punitive orientation which in turn both reduce the tendency to cover up errors. Research limitations/implications Limitation is the small sample size. By using Critical Incidents Technique, the authors were able to analyse authentic error situations. Implications of the results concern the importance of error-friendly climate in organisations. Originality/value Replication studies are important to generalise results to different domains. To increase the insight in learning from errors, the authors analysed influencing factors with regard to different types of errors.
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Svabova, Lucia, and Roman Blazek. "Detection of earnings management in insurance companies in Slovakia." SHS Web of Conferences 129 (2021): 03029. http://dx.doi.org/10.1051/shsconf/202112903029.
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Research background: Manipulation and the use of creative accounting or earnings management have become an increasingly popular topic in the history of researchers. Since 2002, this issue has attracted the attention of scientists and economists around the world. On the Slovak market, more than 30 insurance companies are actually operating, and some analyses have revealed that some of these insurance companies are engaging in activities that do not comply with the law. Purpose of the article: The article aims to use selected models for the detection of fraudulent financial reporting to determine whether there are unfair activities in insurance companies in Slovakia. At the same time, we evaluate the reliability of selected models and recommend the best models for this sector. Methods: Based on the set criteria, the Beneish model with five parameters and the Beneish model with eight parameters are applied to selected 20 companies in the Financial and Insurance activities sector to determine which companies have manipulated the financial statements. The analysis is performed using real data on Slovak companies from the Amadeus database. Findings & Value added: For the Financial and Insurance activities industry, we recommend using the Beneish model with eight parameters. Comparing the two models, we can conclude that this model is more accurate and thorough. The reason is also that this model works with more data from the financial statements.
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Bakshi, Rajat Shuvro. "Strategies for Indian Insurance Companies – Post Liberalisation." Vision: The Journal of Business Perspective 6, no. 2 (July 2002): 41–52. http://dx.doi.org/10.1177/097226290200600205.
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The process of evolution for the Indian Insurance Industry has been rather slow due to prolonged state control. This article starts with theoretical concepts and examines them in the light of the post liberalisation scenario, with a touch of strategizing for the future. Hence the role of Insurance Regulatory and Development Authority coming into existence is so very significant. Trust of customers will remain the major driving force and to build it overnight by the private players, is not an easy proposition, especially when the state -owned very large insurers are gearing themselves up for competition.
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Gautam, Vikas. "Effectiveness of Customer Relationship Management Program in Insurance Companies." International Journal of Customer Relationship Marketing and Management 2, no. 3 (July 2011): 42–56. http://dx.doi.org/10.4018/jcrmm.2011070103.
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Customer relationship management in the insurance industry is in the nascent stage. Firms are framing new strategies to combat stiff competition. Public and private insurance companies are implementing customer relationship programs to attract more customers and retain existing customers. The objectives of this study are (1) to study the customer relationship management program of the Life Insurance Corporation of India, and (2) to assess the effectiveness of this customer relationship management program. The study is based on the opinion scores of 182 policyholders of Life Insurance Corporation of India, who have been with the company for more than the last five years. Based on the average opinion scores before and after the implementation of the Customer Relationship Management program, it was concluded that the program is effective, which was evidenced by the results obtained from statistical analysis (Paired sample t-test).
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Kaur, Anupriya. "Perceived Website Efficacy for Life Insurance Companies." International Journal of Information Technology Project Management 13, no. 3 (July 1, 2022): 1–21. http://dx.doi.org/10.4018/ijitpm.313631.
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Given the proliferation of websites which act as digital channels for life insurance companies, a competitive situation has emerged with each vying for the web user's attention and patronage. Web efficacy is vital for creating an impressive online experience and gaining customer patronage. To facilitate the understanding of website managers on specific aspects which matter the most to customers, this study employs the best-worst method to evaluate the importance of various criteria employed by the web users to assess these digital options. Additionally, using four life insurance websites (LIC, SBI Life, HDFC Life Insurance, and Max Life Insurance) as alternatives, the study helps illustrate the competitive position of the websites based on key criteria: trust, visual appeal, innovativeness, information fit-to-task, tailored information, response time, intuitive operations, and relative advantage. The results of this study are easily interpretable and can provide key insights on the specific attributes in a comparative manner for website administrators and managers.
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Ji, Gwang Woon. "A study on legislation of insurance company debt management with the introduction of the K-ICS." Korean Insurance Law Association 16, no. 2 (June 30, 2022): 239–67. http://dx.doi.org/10.36248/kdps.2022.16.2.239.
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Recently, there is a public opinion that the insurance industry needs to diversify its liability adjustment plans with the introduction of the new Solvency Margin system (K-ICS), which is a system to evaluate the Solvency standard of insurance companies according to IFRS17, which evaluates assets and liabilities at market value. A concern for the domestic insurance industry, which is about to introduce K-ICS, is that if a debt is measured on a market value basis under a low-interest rate trend, debt will increase. If the problem of mismatch between assets and liabilities becomes larger due to an increase in liabilities, the burden of redemption by insurance companies will increase and it is expected that capital management will become difficult. Therefore insurance companies emphasize supporting the need for insurance company debt management.
The systems that have been informed in Korea as insurance liability adjustment measures that are attracting attention ahead of the introduction of the new Solvency Margin system include coinsurance, insurance buy-back, and run-off. Although coinsurance has already been introduced and enforced, it is not easy to utilize the system due to the limited utilization of the system such as coinsurance costs, and the effectiveness of the system has been questioned. Next, insurance buy-back that it is not familiar with is a system in which insurance companies pay policyholders a premium for high-interest insurance products sold in the past and eliminate existing insurance policies. From the standpoint of an insurance company, there is not much profit or loss, but the risk burden, which is an immediate issue for insurance companies, is high. It is a system that can contribute to the sustainability of insurance companies. Finally, run-off refers to the transfer of all or part of an insurance contract to another company and is used for the transfer of insurance business, business sale, risk mitigation, etc. of non-core business divisions of insurance companies. This paper considers that it is necessary to diversify insurance company debt management measures for the sound management of the insurance industry at present, when the new Solvency Margin system is about to be enforced. After examining possible legislative reviewing through a comparative study, this paper suggests the legal considerations to introducing insurance company debt management.
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Mahdinia, Majid. "Investigation on Development Barriers of Electronic Insurance in Iranian Insurance Companies Case Study (Insurance Companies in Mazandaran Province)." International Journal of Family Business and Management 2, no. 2 (November 28, 2018): 1–6. http://dx.doi.org/10.15226/2577-7815/2/2/00117.
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Electronic insurances are from important phenomenon that used from information and communication technology and also are from information management that has depth evolution in the way of selling insurance and delivering of damages, through from side increasing the communication with insurer and with another side make the domain of virtual selling and buying of some insurance widely. In this research we pay attention to barriers of electronic insurance and getting some alternatives for expanding and developing electronic insurance in Iran insurance company at mazandaran state and investigating the effect of natural and behavioral barrier of environmental organization as independent variable to undeveloped electronically insurance as dependent variable with operating statistical analysis on collecting data and the result has shown with t-test that independent variable has effective significant on dependent variable and the factors with using of Friedman test has classified from their importance of organization nature of environment and behavioral are from the most important barrier of expanding electronic insurance. Key words: electronic trade, electronic insurance, information technology.
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Gerasymenko, Tamara, Vasyl Bachynskiy, and Konstiantyn Redchenko. "ANALYSIS AS A TOOL FOR FORMING THE ECONOMIC COMPONENT OF THE INSURANCE COMPANY'S «MANAGEMENT REPORT»." Economic discourse, no. 3-4 (December 30, 2021): 104–14. http://dx.doi.org/10.36742/2410-0919-2021-2-11.
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Introduction. Availability and completeness of information about the economic, social and environmental components of enterprises activities is a necessary condition for ensuring the transparency of their business. This issue is especially relevant for insurance companies which are the enterprises of public interest. Methods. In the process of research general scientific methods were used: induction, deduction, analysis and synthesis – to study the norms of the legislative and regulatory framework of the European Union and Ukraine on integrated reporting issues; methods of grouping and comparison – to assess the structure and quality of the Management Reports of insurance companies; abstract and logical method – to systematize the results of the analysis obtained. Results. The structure and information content of the "Management Reports" of the largest, in terms of receipts and payments volumes by risky types of insurance of Ukrainian insurance companies, are studied. The main factors that led to a significant amount of data in the «Management Report» of some insurance companies have been identified. It is proposed to unify the submission of information by insurance companies in the chapters «Performance» and «Liquidity and Liabilities» in the «Management Report». It is noted that the National Bank of Ukraine needs to develop separate Guidelines for the preparation of the Management Report for non-banking financial institutions, which would take into account the specifics of their activities. Discussion. Implementation of the proposed method of the «Management Report» formation in the chapters «Performance» and «Liquidity and Liabilities» will increase the level of transparency of the insurance business and simplify the procedure for their preparation by insurance companies staff as well as the process of data systematizing by stakeholders (first of all National Bank of Ukraine). In view of the practical feasibility of developing separate guidelines on the preparation of the «Management Report» for insurance companies, taking into consideration the specifics of their business, we perceive the need for further research of content and format of submission of other sections of the «Management Report». Keywords: Management Report, insurance company, analysis, insurance premiums, insurance payments.
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Ivanovna, Kartashova, Molchanova Vladimirovna, and Axana Turgaeva. "Insurance Risks Management Methodology." Journal of Risk and Financial Management 11, no. 4 (October 30, 2018): 75. http://dx.doi.org/10.3390/jrfm11040075.
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The purposes of the study are to substantiate the influence of the specific features of insurance on the set of management accounting objects and to develop a mechanism of preparing the relevant information for insurance risk management. Management accounting allows generating reports, specially prepared for managers of various levels of control (in contrast to financial accounting, which considers information on the basis of general accounting rules). This allows realizing the main goal of management accounting; that is, providing information support for management decisions aimed at maximizing the organization’s profits. The object of research is management accounting in the information system of an insurance company. The stages in the execution of accounting procedures in a management accounting system are defined in the form of a diagram, the features of insurance affecting the organization of management accounting are classified, and an intracompany ledger of the connection between the segments of activity and responsibility centers is developed for insurance companies.
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PYSMENNA, Tetiana. "INVESTMENT RISKS OF INSURANCE COMPANIES THROUGH THE PRISM OF DOMESTIC PRACTICE." WORLD OF FINANCE, no. 3(52) (2017): 34–47. http://dx.doi.org/10.35774/sf2017.03.034.
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Introduction. In modern conditions insurance companies has engaged in investment activity under various risks. Management of insurance company can’t influence the market risks. Insurance company can apply the methods of risk management in investment activity. Purpose. The purpose of scientific research is to find out the essence and composition of investment risks of insurance company. Results. The essence of the investment risk of insurance company is found out. The position of investment activity of insurance company along insurance activity under different scientific views is determined. Aggressive, conservative and moderately conservative investment strategies of insurance companies are characterized. The main indicators of investment activity of domestic insurance companies are analyzed. The types of investment risk of insurance company are determined. The main methods of neutralizing the risk of investment activity of insurance company are established. Conclusion. It is concluded that the essence of the investment risk of insurance company belongs to a number of controversial ones. Established, that insurance and investment activities of insurance company are closely linked. It has been found, that aggressive, conservative and moderately conservative investment strategies of insurance companies are different levels of profitability and risk of funds allocation. Over the last years the investment activity of domestic insurance companies showed almost stable positive results. Summarized, that investment risks, associated with incompetent management, the most threaten to insurance company. Avoidance, limitation and diversification are the main methods of neutralizing the risks in investing activity of insurance companies.
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Wu, Shuang, and Yi Li. "Impact of the Business Structure on Solvency of Property-Liability Insurance Companies and Its Mediating Effect." Discrete Dynamics in Nature and Society 2021 (August 9, 2021): 1–17. http://dx.doi.org/10.1155/2021/5457846.
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It is an important objective for insurers to optimize their business structures to prevent business risks. This paper examines the solvency risk management in property-liability insurance companies from the perspective of business structure optimization. We construct a logical framework to explain the impact of the business structure on solvency through profitability and reinsurance behavior of property-liability insurance companies. By constructing a mediating effect model, we tested 35 Chinese-funded property-liability insurance companies and 18 foreign-funded property-liability insurance companies in China’s insurance market from 2009 to 2015. Two major results were found as follows: first, the impact of the business structure on solvency is positively significant in small Chinese-funded insurance companies as well as foreign-funded insurance companies, while it is insignificant in large Chinese-funded insurance companies. Second, the mediating effect test shows that the intermediary channel of profitability does not exist, while the intermediary channel of reinsurance exists, and the reinsurance fully mediated the relationship between business structure and solvency only in foreign-funded insurance companies. Therefore, we suggest that small Chinese-funded insurance companies should actively develop nonauto insurance and improve the risk diversification effect of the diversified business structure. On the contrary, foreign-funded insurance companies should give play to their differentiated advantages and continue to concentrate on the operation of nonauto insurance in China’s insurance market. Besides, the above two types of companies should attach more importance to the positive role of reinsurance in solvency risk management in their business development strategies.
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Derbali, Abdelkader, and Lamia Jamel. "Determinants of performance of Tunisia insurance companies: case of life insurance." International Journal of Productivity and Quality Management 24, no. 4 (2018): 531. http://dx.doi.org/10.1504/ijpqm.2018.093452.
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