Insurance Industry

Building on theoretical and empirical foundations in the consumer complaint behavior (CCB) literature, this study investigates outcomes and responsibilities for consumer complaints made to a governmental third-party organization. Using a content analysis of complaints made against insurance salespeople and companies, the present study explores the factors that lead to third-party complaints, including an analysis of specific practices and roles involved in sales and marketing strategy and implementation. In contrast to much of the research in CCB, this study examines actual complaint documentation, considers perspectives of each participant in the dispute, and assigns responsibility for the complaint situation. The results of this study suggest that the strategies developed by organizations, not salesperson practices, create the largest share of third-party complaints. This study provides impetus for marketers to reconsider the design of sales and marketing strategies and the role of salespeople and organizations in complaint situations.

Since the Saudi Arabian Monetary Agency (SAMA) supervise and legalize the Saudi insurance sector, and as the Jordanian Insurance Commission (IC), which is an administratively and financially independent organization, regulates the local insurance sector; the purpose of this research is to critically examine the structure and functioning of insurance regulator in Saudi Arabia and Jordan through comparisons with the regulatory structure in UK. This is as an attempt to fill the lack of research in this vital area in order to arrive at constructive
suggestions that could enhance the quality of insurance regulation in both countries. Indeed, this paper found that
the insurance sector in Saudi Arabia and Jordan lags behind most of the other developing economies in Asia and Europe. Also, full implementation of the insurance regulatory Information System (IS) and publication of a clear
regulatory ladder could support the taking of early and consistent intervention action on insurance companies.

Indian Life insurance sector is growing at a faster rate. This sun rising industry has given a platform for economic growth and employment. The great extent of importance realized after it has opened to the private players in the post liberalization period. With many players in business, the insurance regulatory and development authority came with innovative and constructive guidelines for both products and services.

Insurance is the backbone in managing the risk of the country. The insuranceproviders offer diversity of products to business, providing protection fromrisk thereby ensuring financial security. It helps individual and organization tominimize the consequences of risk which impart significant cause on the growth and development of insurance industry. Indian insurance industry isfacing major challenges in reaching out willing customers, providing themservices, acquiring and retaining players, product and distribution innovationetc. Apart from addressing the challenges of customers, improving theperformance to achieve profitable growth is another big challenge faced byIndian life insurers. Life insurance sectoranticipate different segments of customers with different needs thereby raisingthe importance of new and competitive dynamics.

This paper discusses the new trends and challenges that the present industry is facing. Our study is only limited to life insurance sector. The suggestion and recommendation will help both academician and industry personnel to re- engineer their thought in insurance sector.

Over the past decade, blockchain technology is revolutionary area of computer and IT industry. Blockchain becomes more popular by development of concept of cryptocurrency to provide a decentralized and tamper-proof transaction data ledger. In today's era decentralized public data ledger have been applied to many scenarios other than cryptocurrency, like insurance industry, IoT (Internet of Things), game theory. This survey object to give idea about how blockchain technology is used in insurance industry and issues related to that. The focus is on merging advantages, e.g. based on transaction time of more than one cryptocurrency and handle issues, e.g. mining when any only one cryptocurrency is used and to provide much better solution for insurance industry in blockchain. Additionally, we provide information about insurance industry, cryptocurrencies and blockchain technology. We give look about future research direction and challenges of applying blockchain technology in insurance.

Introduction: The insurance industry of India consists of 53 insurance companies of which 24 are in life insurance business and 29 are non-life insurers. Among the life insurers, Life Insurance Corporation (LIC) is the sole public sector company. Apart from that, among the non-life insurers there are six public sector insurers. In addition to these, there is sole national re-insurer, namely, General Insurance Corporation of India (GIC Re). Other stakeholders in Indian Insurance market include agents (individual and corporate), brokers, surveyors and third party administrators servicing health insurance claims. The job nature of insurance employees is very impatience as it involves long working hours, inappropriate reward system, and lack of job independence, insufficient facilities and role of ambiguity. Work-life balance refers to various attributes of an individual " s perspective. Objective of the Study: To study the prevalence of work-life balance among the employee " s in Insurance industry with reference to Life Insurance Corporation and Max New York Insurance Company at Guntur District, Andhra Pradesh. To study the effect of work-life balance on the quality of life of employee performance among the employees. This study provides a guideline for necessary work-life balance requires improving employee performance in Insurance sector. Method of the Study: As people are the most important resource and greatest expense of any service organizations. In terms of Indian context, the concern over work-life balance is gradually becoming a common talk. However, about 85% of performance problems reside in the work life balance of the organizations. It is an empirical method based on both primary and secondary data. A random sampling technique was adopted to select the sample respondents. Respondents for the study are selected from Life Insurance Corporation and Max New York Insurance Company. Among 500 employees nearly 40% of the employees working in the Insurance companies are selected as per random method. Accordingly 200 employees were selected from both the insurance companies. Insurance industry is selected and designed questionnaire based on analysis of various literatures reviews. Questionnaire was used to collect data. The researcher had developed the five point rating scale consisted a few variables under the factors pertaining to work-life balance. Questionnaires were distributed among 200 respondents who were working in various branches at Guntur district. A convenience sampling technique was used to collect data from payroll employees in both public and private Insurance companies selected under study. This research work will help the public and private sectors for better understand the expectations of employees for their survival and success in providing better work-life balance. This research work also helps in different industries at managing and improving their functioning by providing satisfied life in the work place. Results of the Study: Statistical tools can be applied to identify relationship among employees performance considering work-life balance determinants. Statistical tools like correlation coefficient among employee " s opinions of Insurance companies in selected units are analyzed. Data is analyzed through SPSS software. Standard Deviation result value is 0.78 i.e., it inferred as low deviation of opinions among respondents, mean value is 3.70 i.e., to Greater Extent work-life balance are there in

This is a summary of legislations in the Nigerian Insurance Industry. This paper did not delve into other related areas of the industry, rather a strict adherence of the various Acts and Decrees since the evolution of the insurance business in Nigeria was briefly itemized. This may not give a detail description on the subject, because the aim of this write up was to identify Insurance Acts and Decrees in Nigeria over time without analysis. However, if need be for a detail analysis of the sector, I would avail myself the opportunity to do so.

The essence of providing sophisticated services has helped the insurance sector to become increasingly competitive and market oriented. In such a competitive milieu, survival and success of Indian life insurers depends on the quality of services rendered by distribution channels. So, the present study examined satisfaction of customers towards distribution channels of insurance industry in India. For the purpose of analysis, customers' satisfaction has been regressed with various benefits received as well as problems faced by them respectively, while dealing with intermediaries, along with demographic variables. For this, sample of 617 policyholders has been taken from three cities of Punjab (India) and data have been analysed using Ordered Probit Regression. The research findings revealed some significant relationships of customers' satisfaction with respect to benefits, problems and demographic variables. But the magnitude of effect of customer relationship management is more prominent than other benefits whereas magnitude of effect of difficulty in availing services is strong predictor among other problems faced by the policyholders. This paper offers insight to distribution channels that can help them in designing insurance services for the policyholders, in which they would emphasize on enhancement of said benefits and curb addressed problems to intensify the level of satisfaction.

"The insurance industry in India has witnessed many radial transformations during the last about Two Hundred years of its inception. Both the life insurance as well as the general insurance companies was nationalized by the government in the years 1956 and 1972 respectively. Financial reforms started in 1991 after adopting LPG policy by Indian government. In 1999, IRDA has been set up to regulate insurance sector. In 2000, Indian insurance market has been opened up for insurance players from all over the world with localized partnership.26% FDI in insurance sector was allowed in 2000 and increased to 49% in 2015. 1 public life insurance (LIC) and 23 private companies are registered life insurers in India. The private players have 6156 offices in India and captured some 27% market share of total premium already by the year 2014-15. The entry of those foreign players in the Indian insurance industry has denatured the nature of competition and also enlarged customer consciousness. In this research paper, an attempt is made to measures the business performance of private life insurance players in India. Dr.Harish M. Chandarana""Business Performance of Private Life Insurance Players in India"" Published in International Journal of Trend in Scientific Research and Development (ijtsrd), ISSN: 2456-6470, Volume-1 | Issue-1 , December 2016, URL: http://www.ijtsrd.com/papers/ijtsrd55.pdf
Article URL: http://www.ijtsrd.com/management/consumer-behaviour/55/business-performance-of-private-life-insurance-players-in-india/drharish-m-chandarana"

Actuaries are professionals who apply mathematics to financial problems. They evaluate the financial implications of contingent events, in other words, events that are not certain to occur. They are often involved in managing the risks that can arise from undesirable contingent events. Actuaries evaluate the likelihood of future events. They also design ways to reduce the financial impact of undesirable events that do occur. To do their work, actuaries must have a high level of technical knowledge. For example, they need to understand the nature of insurance, the risks inherent in different types of assets, the ways in which statistical models can be used, and the legal and regulatory constraints that apply to the business. They must also have good business sense, problem solving skills, and the ability to communicate effectively with others. Their work often affects many stakeholders, so they must be able to balance different interests and observe high ethical standards in doing so...

This study shows the potential application of machine learning approaches and big data in the insurance industry. Nowadays the amount of data in the insurance industry increased day to day because of dif erent web technologies, mobile devices and sensors device. As result huge amount of data occurred as big data. Big data characterized as Volume, Velocity and volume. Machine learning have great role to turn data in to information. Machine learning learns from data to give new insights, predictions and decision from huge amount of data, because machine learning have ability to learn from the input data and it is a basic component of data analytics tool. Machine learning have many applications in the insurance industry: including, claim processing and claim review, fraud detection, customer retention, insurance risk analysis and Customer segmentation. As result of this study, machine learning builds dif erent prediction model for insurance industries, because of this nowadays machine learning consider as fundamental game changer of insurance companies. Further study will be conducted to implement the potential application of machine learning with integrating of big data tool in Ethiopia insurance companies.

This publication, Earthquake insurance in Turkey, is an exposition of the dangers faced by Turkey as it is located in one of the most active earthquake (EQ) and volcanic regions in the world on the one hand, and, on the other hand, the efforts that Turkey is making to alleviate the social and fiscal disasters that are caused when these calamities do strike. The persistent potential for large-scale disasters has led to the establishment of the Turkish Catastrophe Insurance Pool (TCIP) in 1999. The main rationale for the creation of TCIP was a very low level of catastrophe insurance penetration among households. The authors stress that the four principal objectives of the program are to (1) provide earthquake insurance coverage at affordable but actuarially sound rates for all registered urban dwellings, (2) limit the government's financial exposure to natural disasters, (3) build long-term catastrophe reserves to finance future earthquake losses, and (4) encourage risk reduction ...

In this paper we present a review of some applications of cluster analysis in the field of Insurance and
allied sciences. Primarily there are two types of clustering techniques used in predictive analytics based on
the business problems, Partition-based clustering technique and Hierarchical agglomerative clustering
approach. Hierarchical agglomeration based clustering approach is time consuming and complexity
increases with increase in number of dimensions. Partition based algorithms contrary to hierarchical tries
to divide the search space before arriving at the final clusters. Both methods have its merits and demerits
and hence proper knowledge of domain, number of variables and computation prowess is required before
deciding on the algorithm.
Insurance industry is rich in data and attributes that can be used for data analytics are varied in nature.
Hence, Hierarchical methods are generally not suitable for Insurance. K-means algorithms depending on
partition-based clustering techniques are popular and widely used and applied to a variety of domains
specifically in Insurance. However, K-means algorithms are extremely sensitive to the choice of initial
centroid. Several different initialization approaches were proposed for the K-means algorithm in the last
decades due to such sensitivity.
This paper proposes an iterative Multiple Random method for selection of initial cluster centroid in Kmeans
clustering instead of the simple random seed methods. Performance assessment of the proposed
initialization method over two different Insurance datasets with different dimensions of distance functions,
numbers of observations, groups and clustering complexities are discussed in detail. The proposed
algorithm is developed in-house using Java and results are compared with some of the standard available
software. Results from two insurance datasets varying in business problems and attributes, clearly indicates
that the proposed initialization method is more effective and converges to more accurate clustering results
than those of the simple random initialization methods.

In order to remain competitive in this borderless world all the financial services
providers have to re evaluate their traditional methods of attracting and keeping
customers. To be successful in the insurance industry the advisors have to take a
closer look at how they treat their customers This study is based o the advisors
ability to deliver on factors related to service quality. The measurement scale used
in this study is based on importance / performance paradigm. The results of the
study reveals that respondents believe that their individual advisor is performing at
an above average level.
Key Words: Relationship marketing , Insurance , customers , advisors , factor
analysis , performance measures.

The old list of "Seven Wonders of the World" honored great structures of antiquity.  In this century, a new list of Seven Wonders should celebrate the spirit of enterprise and improvement in free societies -- the grocery store, the land-grant universities, the interstate highway system, copyrights and patents, the fast food restaurant, insurance, and religious liberty.

There exist a vast number of studies on the banking industry. However, the insurance industry remains relatively unexplored. Increasingly, Austrian insurance institutions are becoming important as financial intermediaries in the domestic market, and – based on proximity advantage – also in the Central and Eastern European markets. This paper applies the structure, conduct and performance (SCP) approach to a sample of 52 Austrian insurance firms. The main finding is that the standard SCP hypothesis of highly concentrated markets, which create incentives to engage in collusive behaviour and which in turn leads to higher industry profit rates, cannot be supported by the Austrian insurance industry leads to higher industry profit rates, cannot be supported by the Austrian insurance industry.

This study shows the potential application of machine learning approaches and big data in the insurance industry. Nowadays the amount of data in the insurance industry increased day to day because of different web technologies, mobile devices and sensors device. As result huge amount of data occurred as big data. Big data characterized as Volume, Velocity and volume. Machine learning have great role to turn data in to information. Machine learning learns from data to give new insights, predictions and decision from huge amount of data, because machine learning have ability to learn from the input data and it is a basic component of data analytics tool. Machine learning have many applications in the insurance industry: including, claim processing and claim review, fraud detection, customer retention, insurance risk analysis and Customer segmentation. As result of this study, machine learning builds different prediction model for insurance industries, because of this nowadays machine learning consider as fundamental game changer of insurance companies. Further study will be conducted to implement the potential application of machine learning with integrating of big data tool in Ethiopia insurance companies.

The huge success of an organisation and its ability to survive competitive pressure from its competitors in a globalised economy depends on the leadership role of the employees. Leadership is the ability to persuade others to ensure the attainment of defined goals/objectives of the organisation with enthusiasm. The current study focuses on the influence of compensation management on employee’s leadership role in insurance sector with evidence from Nigeria. The study used quantitative (questionnaire) approach to gather information from the participants. In all, 250 questionnaires were administered to the employees of an insurance company, 213 returned and 212 (84.4%) were found usable. Ethically, participation in the survey was voluntary and confidentiality of response was of paramount esteem. The study affirmed that there is a positive relationship amongst the variables though the association was not strong which is r = 0.481 (48.1%). That is, there is a correlation between compensa...