Search results for: cyber liability insurance

Authors: Finbarr Murphy, Wei Xu, Xian Xu

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The embedding of digital technologies in the global economy has attracted increasing attention from economists. With a large and detailed dataset, this study examines the specific case where consumers have a choice between offline and digital channels in the context of insurance purchases. We find that digital channels screen consumers with lower unobserved risk. For the term life, endowment, and disease insurance products, the average risk of the policies purchased through digital channels was 75%, 21%, and 31%, respectively, lower than those purchased offline. As a consequence, the lower unobserved risk leads to weaker information asymmetry and higher profitability of digital channels. We highlight three mechanisms of the risk screening effect: heterogeneous marginal influence of channel features on insurance demand, the channel features directly related to risk control, and the link between the digital divide and risk. We also find that the risk screening effect mainly comes from the extensive margin, i.e., from new consumers. This paper contributes to three connected areas in the insurance context: the heterogeneous economic impacts of digital technology adoption, insurer-side risk selection, and insurance marketing.

Keywords: digital economy, information asymmetry, insurance, mobile application, risk screening

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Authors: Komol Phaisarn, Anuphan Suttimarn, Vitchanan Keawtong, Kittisak Thongyoun, Chaiyos Jamsawang

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This article is intended to analyze insurance information which contains information on the customer decision when purchasing life insurance pay package. The data were analyzed in order to present new customers with Life Insurance Perfect Pay package to meet new customers’ needs as much as possible. The basic data of insurance pay package were collect to get data mining; thus, reducing the scattering of information. The data were then classified in order to get decision model or decision tree using Algorithm C4.5 (J-48). In the classification, WEKA tools are used to form the model and testing datasets are used to test the decision tree for the accurate decision. The validation of this model in classifying showed that the accurate prediction was 68.43% while 31.25% were errors. The same set of data were then tested with other models, i.e. Naive Bayes and Zero R. The results showed that J-48 method could predict more accurately. So, the researcher applied the decision tree in writing the program used to introduce the product to new customers to persuade customers’ decision making in purchasing the insurance package that meets the new customers’ needs as much as possible.

Keywords: decision tree, data mining, customers, life insurance pay package

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Authors: Misha Teimouri

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Our world has been transformed by the use of the internet and the constant flow of information. While this transmission has its benefits, it has also added significant challenges to family relations, primarily in the field of parenting and children's digital lives. Screens, speed, and connectedness are the words that characterize the lives of today's digital generation; it's as if the entire world is in their pockets at all times. Parents attempt to regulate and control their children's internet use in the hopes of maximizing the advantages and minimizing the disadvantages of their children's internet use; however, given that children spend more time online, particularly ever since the pandemic, children's cyber-aggression has become an issue for them. Children may externalize their behavior online, bully others, send anger/hatred/resist messages, share violent and bloody content, and engage in sexting. These types of online aggression make parenting more difficult, especially for digital immigrant parents compared to digital native parents. In response to these challenges, this study investigated the level of cyber aggression among children, as well as the effects of digi-parenting (active, monitoring, restrictive, and warm and supportive) on children's cyber-aggression (sexual, verbal, visual) as victims or aggressors. The study also determined whether there were any differences in parenting styles between digital natives (DN) and digital immigrants. In accordance with the study, boys and older children are more likely to engage in cyber aggression as aggressors, whereas girls and younger children are more likely to engage as victims. Warmth and supportive digiparenting have a greater impact on children's cyber-aggression (sexual, verbal, and visual) as victims or aggressors. This study also found that, when compared to DI parents, DN parents are more successful at digi-parenting and reducing their children's exposure to cyber-aggression.

Keywords: digi-parenting, cyber-aggression, digital natives, digital immigrants, children's cyber-aggression (sexual, verbal, visual)

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Authors: Yunos Zahri, Ab Hamid R. Susanty, Ahmad Mustaffa

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This paper explores the need for a national baseline study on understanding the level of cyber security situational awareness among primary and secondary school students in Malaysia. The online survey method was deployed to administer the data collection exercise. The target groups were divided into three categories: Group 1 (primary school aged 7-9 years old), Group 2 (primary school aged 10-12 years old), and Group 3 (secondary school aged 13-17 years old). A different questionnaire set was designed for each group. The survey topics/areas included Internet and digital citizenship knowledge. Respondents were randomly selected from rural and urban areas throughout all 14 states in Malaysia. A total of 9,158 respondents participated in the survey, with most states meeting the minimum sample size requirement to represent the country’s demographics. The findings and recommendations from this baseline study are fundamental to develop teaching modules required for children to understand the security risks and threats associated with the Internet throughout their years in school. Early exposure and education will help ensure healthy cyber habits among millennials in Malaysia.

Keywords: cyber security awareness, cyber security education, cyber security, school students

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Authors: Fawzia Mohammed Idris

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Zakat is an Islamic procedure for wealth distribution as a social protection mechanism for needy people. This study aimed to assess the possibility to expand the share of fund for national health insurance fund from zakat funds allocated for poor people by measuring the reduction of poverty that result from the investing on direct payment to the needy or by covering them in social health insurance. This study used stata regression as a statistical analysis tool and the finding clarified that there is no significant relationship between the poverty rate as the main indicator and, the number of poor people covered by national health insurance on one hand and the number of benefits poor people from the distribution of zakat fund. This study experienced many difficulties regarding the quality and the consistency of the data. The study suggested that a joint mission between national health insurance fund and zakat chamber to conduct study to assess the efficient use of zakat fund allocated to poor people.

Keywords: health finance, poverty, social health insurance, zakat

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Authors: Miral Sabry AlAshry

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The main objective of the study is to investigate the effectiveness of Egyptian Journalists through the Anti-Cyber and Information Technology Crimes Law, as well as its implications for journalistic practice and the implications for press freedom in Egypt. Questionnaires were undertaken with 192 journalists representing four official newspapers, and in-depth interviews were held with 15 journalists. The study used an Authoritarian theory as a theoretical framework. The study revealed that the government placed restrictions on journalists by using the law to oppress them.

Keywords: anti-cyber and information technology crimes law, media legislation, personal information, Egyptian constitution

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Authors: Elham Rajabian

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The ascent of cybersecurity incidents is a rising threat to most organisations in general, while the impact of the incidents is unique to each of the organizations. It is a need for behavioural sciences to concentrate on employees’ behaviour in order to prepare key security mitigation opinions versus cybersecurity incidents. There are noticeable differences among users of a computer system in terms of complying with security behaviours. We can discuss the people's differences under several subjects such as delaying tactics on something that must be done, the tendency to act without thinking, future thinking about unexpected implications of present-day issues, and risk-taking behaviours in security policies compliance. In this article, we introduce high-profile cyber-attacks and their impacts on weakening cyber resiliency in organizations. We also give attention to human errors that influence network security. Human errors are discussed as a part of psychological matters to enhance compliance with the security policies. The organizational challenges are studied in order to shape a sustainable cyber risks management approach in the related work section. Insiders’ behaviours are viewed as a cyber security gap to draw proper cyber resiliency in section 3. We carry out the best cybersecurity practices by discussing four CIS challenges in section 4. In this regard, we provide a guideline and metrics to measure cyber resilience in organizations in section 5. In the end, we give some recommendations in order to build a cybersecurity culture based on individual behaviours.

Keywords: cyber resilience, human factors, cybersecurity behavior, attitude, usability, security culture

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Authors: Ali Ashraf Hamedi Oghul Beyk

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The main objective of the study is to determine the factors which influence the acceptance or rejection of rural livestock insurance in Garmsar. The research method is descriptive one. There are two groups of research populations: 1467 cases in acceptance group and 7000 cases in rejection group. The sample population is 320 cases among 8467 ones. Data collection instrument is questionnaire. The validity of the questionnaire was measured by faculty members and other agriculture experts and also reliability of it determined through Cronbach alpha which was %83. Correlation between acceptance and rejection of investigated population. According to the findings of the research, between educational level, basic income from farm-related communication channels, contacts of experts and acceptance and rejection of livestock insurance at %5 & the mortality rate, loan awareness of the objectives of the livestock insurance benefits %1 there is a meaningful relationship. Mann-Whitney test shows the different educational levels, different awareness and interest to livestock insurance between the two groups. Besides, the T-test shows the livestock losses rate in two groups.

Keywords: insurance, livestock, Garmsar, Semnan

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Authors: Vesna Bosilj Vukšić, Darija Ivandić Vidović, Ljubica Milanović Glavan

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Information technology plays an irreplaceable role in introducing and improving business process orientation in a company. It enables implementation of the theoretical concept, measurement of results achieved and undertaking corrective measures aimed at improvements. Information technology is a key concept in the development and implementation of the business process management systems as it establishes a connection to business operations. Both in the literature and practice, insurance companies are often seen as highly process oriented due to the nature of their business and focus on customers. They are also considered leaders in using information technology for business process management. The research conducted aimed to investigate whether the perceived leadership status of insurance companies is well deserved, i.e. to establish the level of process orientation and explore the practice of information technology use in insurance companies in the region. The main instrument for primary data collection within this research was an electronic survey questionnaire sent to the management of insurance companies in the Republic of Croatia, Bosnia and Herzegovina, Slovenia, Serbia and Macedonia. The conducted research has shown that insurance companies have a satisfactory level of process orientation, but that there is also a huge potential for improvement, especially in the segment of information technology and its connection to business processes.

Keywords: business processes management, process orientation, information technology, insurance companies

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Authors: B. Khorsandi Talab, M. Kordi

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It is highly deplorable that every year, theft behavior among employees of the insurance industry is growing throughout the world. A very significant source of contraction (despite many costly technological and widespread security measures) needs to be addressed and prevented. Employee and agent theft cannot be ignored as it causes significant losses to employers. This study investigates the workplace factors that affect the insurance employee and agent theft behavior. Although identifying theft is difficult, this study will help employers to further understand employees’ theft behavior. This study was conducted in two service small and medium organizations (two branches of insurance companies) in ALBORZ’s capital city, KARAJ. Data has been collected via questionnaire from 30 employees and agents consisting employees and supervisors of branches and agencies. According to the results, it must be acknowledged that compensation, organizational justice, internal control systems, penalties and personal characteristics were associated with employees' theft behavior, it is despite the fact that, no effect could be assumed for organizational ethics and requirement in this case. Nevertheless, poor financial status cannot be considered as the driving factor in pushing employees to steal property as well as increasing their theft behavior. As mentioned earlier, the purpose of this study was to determine the factors contributing to employees’ theft (insurance employees and agencies) behavior in insurance organizations in Karaj.

Keywords: service theft, employee theft behavior, work theft, insurance agency, SMEs

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Authors: Rafat Rob, Khaled Alotaibi, Dana Nour, Abdullah Albadrani, Abdulmohsen Mulhim

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Power systems digitization solutions provides a comprehensive smart, cohesive, interconnected network, extensive connectivity between digital assets, physical power plants, and resources to form digital economies. However, digitization has exposed the classical air gapped power plants to the rapid spread of cyber threats and attacks in the process delaying and forcing many organizations to rethink their cyber security policies and standards before they can augment their operation the new advanced digital devices. Cyber Security requirements for power systems (and industry control systems therein) demand a new approach, unique methodology, and design process that is completely different to Cyber Security measures designed for the IT systems. In practice, Cyber Security strategy, as applied to power systems, tends to be closely aligned to those measures applied for IT system purposes. The differentiator for Cyber Security in terms of power systems are the physical assets and applications used, alongside the ever-growing rate of expansion within the industry controls sector (in comparison to the relatively saturated growth observed for corporate IT systems). These factors increase the magnitude of the cyber security risk within such systems. The introduction of smart devices and sensors along the grid initiate vulnerable entry points to the systems. Every installed Smart Meter is a target; the way these devices communicate with each other may instigate a Denial of Service (DoS) and Distributed Denial of Service (DDoS) attack. Attacking one sensor or meter has the potential to propagate itself throughout the power grid reaching the IT network, where it may manifest itself as a malware infiltration.

Keywords: supply chain, cybersecurity, maturity model, risk, smart grid

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Authors: Betul Zehra Karagul

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A game consists of strategies that each actor has in his/her own choice strategies, and a game regulates the certain rules in the strategies that the actors choose, express how they evaluate their knowledge and the utility of output results. Game theory examines the human behaviors (preferences) of strategic situations in which each actor of a game regards the action that others will make in spite of his own moves. There is a balance between each player playing a game with the final number of players and the player with a certain probability of choosing the players, and this is called Nash equilibrium. The insurance is a two-person game where the insurer and insured are the actors. Both sides have the right to act in favor of utility functions. The insured has to pay a premium to buy the insurance cover. The insured will want to pay a low premium while the insurer is willing to get a high premium. In this study, the state of equilibrium for insurance pricing was examined in terms of the insurer and insured with game theory.

Keywords: game theory, insurance pricing, Nash equilibrium, utility function

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Authors: Barakat Adebisi Raji

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In the workplace, Artificial Intelligence has, in recent years, emerged as a transformative technology that revolutionizes how organizations operate and perform tasks. It is a technology that has a significant impact on transportation, manufacturing, education, cyber security, robotics, agriculture, healthcare, and so many other organizations. By harnessing AI technology, workplaces can enhance productivity, streamline processes, and make more informed decisions. Given the potential of AI to change the way we work and its impact on the labor market in years to come, employers understand that it entails legal challenges and risks despite the advantages inherent in it. Therefore, as AI continues to integrate into various aspects of the workplace, understanding the legal and ethical implications becomes paramount. Also central to this study is the question of who is held liable where AI makes any defaults; the person (company) who created the AI, the person who programmed the AI algorithm or the person who uses the AI? Thus, the aim of this paper is to provide a detailed overview of how AI-related liabilities are addressed under each legal tradition and shed light on potential areas of accord and divergence between the two legal cultures. The objectives of this paper are to (i) examine the ability of Common law and Islamic law to accommodate the issues and damage caused by AI in the workplace and the legality of compensation for such injury sustained; (ii) to discuss the extent to which AI can be described as a legal personality to bear responsibility: (iii) examine the similarities and disparities between Common Law and Islamic Jurisprudence on the liability of AI in the workplace. The methodology adopted in this work was qualitative, and the method was purely a doctrinal research method where information is gathered from the primary and secondary sources of law, such as comprehensive materials found in journal articles, expert-authored books and online news sources. Comparative legal method was also used to juxtapose the approach of Islam and Common Law. The paper concludes that since AI, in its current legal state, is not recognized as a legal entity, operators or manufacturers of AI should be held liable for any damage that arises, and the determination of who bears the responsibility should be dependent on the circumstances surrounding each scenario. The study recommends the granting of legal personality to AI systems, the establishment of legal rights and liabilities for AI, the establishment of a holistic Islamic virtue-based AI ethics framework, and the consideration of Islamic ethics.

Keywords: AI, health- care, agriculture, cyber security, common law, Shari'ah

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Authors: Hideyuki Shintani, Ichiro Koshijima

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In Cyber Physical System (CPS), if there are a large number of persons in the process, a role of person in CPS might be different comparing with the one-man system. It is also necessary to consider how Human-in-The-Loop Cyber Physical Systems (HiTLCPS) ensure safety of each person in the loop process. In this paper, the authors discuss a system safety framework with an illustrative example with STAMP model to clarify what point for safety should be considered and what role of person in the should have.

Keywords: cyber-physical-system, human-in-the-loop, safety, STAMP model

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Authors: Merve Sadetas Sezer, Ismail Sahin, Ahmet Oguz Akturk

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With the use of developing technology, mostly in communication and entertainment, students spend considerable time on the internet. In addition to the advantages provided by the internet, social isolation brings problems such as addiction. This is one of the problems of the virtual violence. Cyber-bullying is the common name of the intensities which students are exposed on the internet. The purpose of this study designed as a qualitative research is to find out the cyber bullying varieties and its effects on elementary school students. The participants of this research are 6th, 7th and 8th grade students of a primary school and 24 students agreed to participate in the study. The students were asked to fill an interview with semi-structured open-ended questions. According to the results obtained in the research, the most important statements determined by the participants are breaking passwords on social networking sites, slang insult to blasphemy and taking friendship offers from unfamiliar people. According to participants from the research, the most used techniques to prevent themselves from cyber bullying are to complain to the site administrator, closing accounts on social networking sites and countercharging. Also, suggestions were presented according to the findings.

Keywords: bullying, cyber-bullying, elementary, peer-relationship, virtual victimization

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Authors: Sami M. Alshareef

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The rapid growth of smart grid technology has brought significant advancements to the power industry. However, with the increasing interconnectivity and reliance on information and communication technologies, smart grids have become vulnerable to cyber-attacks, posing significant threats to the reliable operation of power systems. Among the critical components of smart grids, the Automatic Generation Control (AGC) system plays a vital role in maintaining the balance between generation and load demand. Therefore, protecting the AGC system from cyber threats is of paramount importance to maintain grid stability and prevent disruptions. Traditional security measures often fall short in addressing sophisticated and evolving cyber threats, necessitating the exploration of innovative approaches. Machine learning, with its ability to analyze vast amounts of data and learn patterns, has emerged as a promising solution to enhance AGC system security. Therefore, this research proposal aims to address the challenges associated with detecting and mitigating cyber-attacks on AGC in smart grids by leveraging machine learning techniques on automatic generation control of two-area power systems. By utilizing historical data, the proposed system will learn the normal behavior patterns of AGC and identify deviations caused by cyber-attacks. Once an attack is detected, appropriate mitigation strategies will be employed to safeguard the AGC system. The outcomes of this research will provide power system operators and administrators with valuable insights into the vulnerabilities of AGC systems in smart grids and offer practical solutions to enhance their cyber resilience.

Keywords: machine learning, cyber-attacks, automatic generation control, smart grid

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Authors: Nihayatul Munaa, Nyoman A. Damayanti

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This study seeks to understand what factors might influence a patient’s perception of health care under national health insurance in early implementation. In Indonesia, National Health Insurance was first implemented in 2014 and planned to achieve universal health coverage by 2019. However, the little understanding of this new policy lead to increase of complaint in hospital as a health care provider. This is a observational descriptive study with cross sectional design method. Data was collected through in-depth interview with 96 patient from Jemursari Islamic Hospital of Surabaya (Rumah Sakit Islam Jemursari Surabaya) who participate in National Health Insurance. Subject was selected by simple random sampling. The findings demonstrated that from five categories, 82,3% patient was satisfied in reliability aspect and 85,4% in assurance aspect, while in tangible, responsiveness and empathy aspect > 90% patient was satisfied. Meanwhile, in Indonesia, the minimum service standard of healthcare of patient satisfaction is 90%.

Keywords: patient’s satisfaction, national health insurance, hospital, complaint

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Authors: Allan Munyao Mukuki

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The nexus between terrorism and human rights has become a big challenge in the fight against terrorism globally. This is hinged on the fact that terrorism and human rights are interrelated to the extent that, when the former starts, the latter is violated. This direct linkage was recognised in the Vienna Declaration and Programme of Action as adopted by the World Conference on Human Rights in Vienna on 25 June 1993 which agreed that acts of terrorism in all its forms and manifestations are aimed at the destruction of human rights. Hence, terrorism constitutes an assault on our most basic human rights. To this end, the first part of this paper will focus on the nexus between terrorism and human rights and endeavors to draw a co-relation between these two concepts. The second part thereafter will analyse the emerging concept of cyber-terrorism and how it takes place. Further, an analysis of cyber counter-terrorism balanced as against human rights will also be undertaken. This will be done through the analysis of the concept of ‘securitisation’ of human rights as well as the need to create a balance between counterterrorism efforts as against the protection of human rights at all costs. The paper will then concludes with recommendations on how to balance counter-terrorism and human rights in the modern age.

Keywords: balance, counter-terrorism, cyber-terrorism, human rights, security, violation

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Authors: Nelson Kimeli Kemboi Yego, Juma Kasozi, Joseph Nkruzinza, Francis Kipkogei

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The study investigated the low uptake of health insurance in Kenya despite efforts to achieve universal health coverage through various health insurance schemes. Unsupervised machine learning techniques were employed to identify patterns in health insurance uptake based on sociodemographic factors among Kenyan households. The aim was to identify key demographic groups that are underinsured and to provide insights for the development of effective policies and outreach programs. Using the 2021 FinAccess Survey, the study clustered Kenyan households based on their health insurance uptake and sociodemographic features to reveal patterns in health insurance uptake across the country. The effectiveness of k-prototypes clustering, hierarchical clustering, and agglomerative hierarchical clustering in clustering based on sociodemographic factors was compared. The k-prototypes approach was found to be the most effective at uncovering distinct and well-separated clusters in the Kenyan sociodemographic data related to health insurance uptake based on silhouette, Calinski-Harabasz, Davies-Bouldin, and Rand indices. Hence, it was utilized in uncovering the patterns in uptake. The results of the analysis indicate that inclusivity in health insurance is greatly related to affordability. The findings suggest that targeted policy interventions and outreach programs are necessary to increase health insurance uptake in Kenya, with the ultimate goal of achieving universal health coverage. The study provides important insights for policymakers and stakeholders in the health insurance sector to address the low uptake of health insurance and to ensure that healthcare services are accessible and affordable to all Kenyans, regardless of their socio-demographic status. The study highlights the potential of unsupervised machine learning techniques to provide insights into complex health policy issues and improve decision-making in the health sector.

Keywords: health insurance, unsupervised learning, clustering algorithms, machine learning

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Authors: Kiyanoush Ghalavand

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Aquaculture production is inherently a risky business, and farmers face a variety of weather, pest, disease, inptut supply, and market related risks. There are many factors out farmers control and unpredictable. Insurance has an important role in aquaculture production and is a tool to support farmers against threats. Investigation of factors affecting aquaculture farmers' adoption of aquaculture insurance strategy was the objective of this study. The purpose of this study was determining the related factors to adoption of insurance by aquaculture farmers in Khuzestan province, Iran. The research design was a descriptive and correlation surveying method. Aquaculture farmers in Khuzestan province were the target population for this study. A random sample of aquaculture selected (N=1830, n =139). The main result of the study reveled that exist correlation between the level of education, knowledge about purpose of insurance, participation in extension course, visit with insurance organization, and contact with extension agents to the adoption of insurance by aquaculture farmers were significantly positive. By using Bartlett's test and KMO test, determine whether research variables are appropriate for factor analysis (Sig = 0.000, Bartlett test = 0.9724, KMO = 0.74). The number of factors was determined using a split plot, eigenvalue, and percent of variance. An examination of the items and their factors loadings was used to understand the nature of the nine factors. To reduce subjectivity, items with factor loading equal to or greater than 0.5 were considered most important when factors were labeled. The nine factors were labeled (1) Extension and education activities, (2) Economical characteristics, (3) Governmental support, (4) communicational channel, (5) local leaders, (6) Facilitate in given damage (7) Motivation establishing, (8) Given damage in appropriate methods and (9) Appropriate activities by insurance organization. The results obtained from the factors analysis reveal that the nine factors explain percentage75 of the variation of the adoption of insurance of the adoption of insurance by aquaculture farmers in Khuzestan province.

Keywords: aquaculture farmers, insurance, factorial analysis, Khuzestan province, risks

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Authors: Hailyie Tekleselase

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Deep learning is increasingly used as a building block of security systems. However, neural networks are hard to interpret and typically solid to the practitioner. This paper presents a detail survey of computing methods in cyber security, and analyzes the prospects of enhancing the cyber security capabilities by suggests that of accelerating the intelligence of the security systems. There are many AI-based applications used in industrial scenarios such as Internet of Things (IoT), smart grids, and edge computing. Machine learning technologies require a training process which introduces the protection problems in the training data and algorithms. We present machine learning techniques currently applied to the detection of intrusion, malware, and spam. Our conclusions are based on an extensive review of the literature as well as on experiments performed on real enterprise systems and network traffic. We conclude that problems can be solved successfully only when methods of artificial intelligence are being used besides human experts or operators.

Keywords: artificial intelligence, machine learning, deep learning, cyber security, big data

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Authors: Nattapong Techarattanased, Paweena Sribunrueng

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The objective of this study is to investigate strategies in customer relationship management and customers’ behavior in making decision on buying car insurance of Southeast Insurance Co. Ltd. in Bangkok. Subjects in this study included 400 customers with the age over 20 years old to complete questionnaires. The data were analyzed by arithmetic mean and multiple regressions. The results revealed that the customers’ opinions on the strategies in customer relationship management, i.e. customer relationship, customer feedback, customer follow-up, useful service suggestions, customer communication, and service channels were in moderate level but on the customer retention was in high level. Moreover, the strategy in customer relationship management, i.e. customer relationship, and customer feedback had an influence on customers’ buying decision on buying car insurance. The two factors above can be used for the prediction at the rate of 34%. In addition, the strategy in customer relationship management, i.e. customer retention, customer feedback, and useful service suggestions had an influence on the customers’ buying decision on period of being customers. The three factors could be used for the prediction at the rate of 45%.

Keywords: strategies, customer relationship management, behavior in buying decision, car insurance

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Authors: Ivan Sosa Gomez

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Digitalization has impacted the entire insurance value chain, and the growing movement towards P2P platforms and the collaborative economy is also beginning to have a significant impact. P2P insurance is defined as innovation, enabling policyholders to pool their capital, self-organize, and self-manage their own insurance. In this context, new InsurTech start-ups are emerging as peer-to-peer (P2P) providers, based on a model that differs from traditional insurance. As a result, although P2P platforms do not change the fundamental basis of insurance, they do enable potentially more efficient business models to be established in terms of ensuring the coverage of risk. It is therefore relevant to determine whether p2p innovation can have substantial effects on the future of the insurance sector. For this purpose, it is considered necessary to develop P2P innovation from a business perspective, as well as to build a comparison between a traditional model and a P2P model from an actuarial perspective. Objectives: The objectives are (1) to represent P2P innovation in the business model compared to the traditional insurance model and (2) to establish a comparison between a traditional model and a P2P model from an actuarial perspective. Methodology: The research design is defined as action research in terms of understanding and solving the problems of a collectivity linked to an environment, applying theory and best practices according to the approach. For this purpose, the study is carried out through the participatory variant, which involves the collaboration of the participants, given that in this design, participants are considered experts. For this purpose, prolonged immersion in the field is carried out as the main instrument for data collection. Finally, an actuarial model is developed relating to the calculation of premiums that allows for the establishment of projections of future scenarios and the generation of conclusions between the two models. Main Contributions: From an actuarial and business perspective, we aim to contribute by developing a comparison of the two models in the coverage of risk in order to determine whether P2P innovation can have substantial effects on the future of the insurance sector.

Keywords: Insurtech, innovation, business model, P2P, insurance

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Authors: Shreyas Jayasimha, Suneel Anand Sundharesan, Rohan Tigadi

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In the recent past, the United States of America and Russia were the only two dominant players in the field of space exploration and had a virtual monopoly in the field of space and technology. However, this has changed over the past few years. Many other nation states such as India, China, and the UK have made significant progress in this field. Amongst these nations, the growth and development of the Indian space program have been nothing short of a miracle. Starting recently, India has successfully launched a series of satellites including its much acclaimed Mangalyaan mission, which placed a satellite in Mars’ orbit. The fact that India was able to attain this feat in its attempt demonstrates the enormous growth potential and promise that the Indian space program holds for the coming years. However, unlike other space-faring nations, India does not have a comprehensive and consolidated space insurance policy. In this regard, it is pertinent to note that, the costs and risks involved in a administering a space program are enormous. Therefore, in the absence of a comprehensive space insurance policy, any losses from an unsuccessful will have to be borne by the state exchequer. Thus, in order to ensure that Indian space program continues on its upward trajectory, the Indian establishment should seriously consider formulating a comprehensive insurance policy. This paper intends to analyze the international best practices followed by other space-faring nations in relation to space insurance policy. Thereafter, the authors seek to examine the current regime in India relating to space insurance policy. Finally, the authors will conclude by providing a series of recommendations regarding the essential elements that should be part of any Indian space insurance policy regime.

Keywords: India, space insurance policy, space law, Indian space research organization

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Authors: S. Vivekananda Pandian

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A major challenging task in this current scenario is protecting your computer and other electronic gadgets against Cyber-attacks. In this current era Cyber warfare becomes a major threat to the entire world which targets a particular organization or a country spreading the Malwares, Breaching the securities, causing major loss to the organization. Several sectors both public and private are computerized such as Energy sectors, Oil refinery sectors, Defense sectors and Aviation sectors are prone to attacks. Several attacks are unknown while accessing the internet. To study the characteristics and Intention of the Attacker Kippo Honeypots are used. Honeypots are the trap set by us which enables them to monitor the malicious activities and detailed study about attackers which leads to strengthening of the security.

Keywords: attackers, security, Kippo Honeypots, virtual machine

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Authors: Nicolas Plamondon, Stuart Atkinson, Shuzi Zhou

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The insurance industry is usually not the first topic one has in mind when thinking about applications of data science. However, the use of data science in the finance and insurance industry is growing quickly for several reasons, including an abundance of reliable customer data, ferocious competition requiring more accurate pricing, etc. Among the top use cases of data science, we find pricing optimization, customer segmentation, customer risk assessment, fraud detection, marketing, and triage analytics. The objective of this paper is to present an application of the generalized additive model (GAM) on a commercial automobile insurance product: an individually rated commercial automobile. These are vehicles used for commercial purposes, but for which there is not enough volume to apply pricing to several vehicles at the same time. The GAM model was selected as an improvement over GLM for its ease of use and its wide range of applications. The model was trained using the largest split of the data to determine model parameters. The remaining part of the data was used as testing data to verify the quality of the modeling activity. We used the Gini coefficient to evaluate the performance of the model. For long-term monitoring, commonly used metrics such as RMSE and MAE will be used. Another topic of interest in the insurance industry is to process of producing the model. We will discuss at a high level the interactions between the different teams with an insurance company that needs to work together to produce a model and then monitor the performance of the model over time. Moreover, we will discuss the regulations in place in the insurance industry. Finally, we will discuss the maintenance of the model and the fact that new data does not come constantly and that some metrics can take a long time to become meaningful.

Keywords: insurance, data science, modeling, monitoring, regulation, processes

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Authors: Wan-Ling Chang, Hsiu-Ju Huang, Jui-Hsiu Chang

Abstract:

In 2004, the Ministry of Foreign Affairs Taiwan launched ‘An Arrangement on Working Holiday Scheme’ with 15 countries including New Zealand, Japan, Canada, Germany, South Korea, Britain, Australia and others. The aim of the scheme is to allow young people to work and study English or other foreign languages. Each year, there are 30,000 Taiwanese youths applied for participating in the working holiday schemes. However, frequent accidents could cause huge medical expenses and post-delivery fee, which are usually unaffordable for most families. Therefore, this study explored the relationship among perceived risk toward working holiday, insurance product knowledge, brand image and insurance purchase intention for Taiwanese youths who plan to apply for working holiday. A survey questionnaire was distributed for data collection. A total of 316 questionnaires were collected for data analyzed. Data were analyzed using descriptive statistics, independent samples T-test, one-way ANOVA, correlation analysis, regression analysis and hierarchical regression methods of analysis and hypothesis testing. The results of this research indicate that perceived risk has a negative influence on insurance purchase intention. On the opposite, product knowledge has brand image has a positive influence on the insurance purchase intention. According to the mentioned results, practical implications were further addressed for insurance companies when developing a future marketing plan.

Keywords: insurance product knowledges, insurance purchase intention, perceived risk, working holiday

Procedia PDF Downloads 231

Authors: Lie-Fen Lin, Tzu-Hsuan Lin, Ching-Heng Lin

Abstract:

Hospice care for terminally ill patients provides not only a better quality of life but also cost-saving benefits. However, the utilization of home-based hospice care (HBH care) remains low even for countries covered by National Health Insurance (NHI) programs in Taiwan. In the current commercial insurance policy, only hospital-based hospice benefits were covered. It may have an influence on the insureds chosen to receive end-of-life care in a hospitalized manner. Thus, how to propose a feasible method to advocate HBH care utilization rate of public health policies is an important issue. A total of 130,219 cancer decedents in the year 2011-2013 from the National Health Insurance Research Database (NHIRD) in Taiwan were included in this study. By adding a day volume pays benefits of HBH care as a commercial insurance rider, will provide alternative benefits for the insureds. A multiple-state Markov chain model was incorporated to estimate the transition intensities of patients in different states at the end of their lives (Non-hospice, HBH, hospital-based hospice), and the premiums were estimated. HBH care insurance benefits provide financial support and reduce the burden of care for patients. The rate-making of this product is very sensitive while the utilization rate is rising, especially for high ages. The proposed HBH care insurance is a feasible way to reduce the financial burden, enhance the care quality and family satisfaction of insureds. Meanwhile, insurance companies can participate in advocating a good medical policy to enhance the social image. In addition, the medical costs of NHI can reduce effectively.

Keywords: home-based hospice care, commercial insurance, Markov chain model, the day volume pays

Procedia PDF Downloads 197

Authors: Azene Zenebe

Abstract:

Deep learning is a subset of machine learning which incorporates techniques for the construction of artificial neural networks and found to be useful for modeling complex problems with large dataset. Deep learning requires a very high power computational and longer time for training. By aggregating computing power, high performance computer (HPC) has emerged as an approach to resolving advanced problems and performing data-driven research activities. Cyber threat intelligence (CIT) is actionable information or insight an organization or individual uses to understand the threats that have, will, or are currently targeting the organization. Results of review of literature will be presented along with results of experimental study that compares the performance of tree-based and function-base machine learning including deep learning algorithms using secondary dataset collected from darknet.

Keywords: deep-learning, cyber security, cyber threat modeling, tree-based machine learning, function-based machine learning, data science

Procedia PDF Downloads 134

Authors: Daniel Kliewe, Arno Kühn, Roman Dumitrescu, Jürgen Gausemeier

Abstract:

This paper examines the system protection for cyber-physical systems (CPS). CPS are particularly characterized by their networking system components. This means they are able to adapt to the needs of their users and its environment. With this ability, CPS have new, specific requirements on the protection against anti-counterfeiting, know-how loss and manipulation. They increase the requirements on system protection because piracy attacks can be more diverse, for example because of an increasing number of interfaces or through the networking abilities. The new requirements were identified and in a next step matched with existing protective measures. Due to the found gap the development of new protection measures has to be forced to close this gap. Moreover a comparison of the effectiveness between selected measures was realized and the first results are presented in the paper.

Keywords: anti-counterfeiting, cyber physical systems, intellectual property (IP), knowledge management, system protection

Procedia PDF Downloads 474