Search results for: insurance business value drivers

Authors: W. T. Hsu, H. L. Tsai

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The rapid aging of the population is a common trend in the world. However, the progress of modern medical technology has increased the average life expectancy. The global population structure has changed dramatically, and the elderly population has risen rapidly. In the face of rapid population growth, it must be noted issues of the aging population must face up to, which are the physiological, psychological, and social problems associated with aging. This study aims to investigate how insurance agents are actively dealing with an aging society, their own aging anxiety, and their exercise habits. Purposive sampling was the sampling method of this study, a total of 204 respondents were surveyed and 204 valid surveys were returned. The returned valid ratio was 100%. Statistical method included descriptive statistics, t-test, and one-way ANOVA. The results of the study found that the insurance agent’s age, seniority, exercise habits to aging anxiety are significantly different.

Keywords: insurance practitioners, aging anxiety, exercise habits, elderly

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Authors: Daniel Ter Goon, Aanuoluwa O. Adedokun, Eyitayo Omolara Owolabi, Oladele Vincent Adeniyi, Anthony Idowu Ajayi

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Background: The unhealthy food choices and sedentary lifestyle of commercial drivers predisposes them to obesity and obesity related diseases. Yet, no attention has been paid to obesity burden among this high risk group in South Africa. This study examines the prevalence of obesity and its risk factors among commercial drivers in East London, South Africa. Methods: This cross-sectional study utilized the WHO STEP wise approach to screen for obesity among 403 drivers in Buffalo City Metropolitan Municipality (BCMM), South Africa. Anthropometric, blood pressure and blood glucose measurements were taken following a standard procedure. Overweight and obesity was defined as a body mass index (BMI) of 25.0 kgm⁻²–29.9 kg/m² and≥ 30 kg/ m², respectively. Bivariate and multivariate analysis were used to determine the prevalence and determinants of obesity. Result: The mean age of the participants was 43.3 (SD12.5) years, mean height (cm) and weight (kg) were 170.1(6.2cm) and 83(SD18.7), respectively. The prevalence of overweight and obesity was 34.0% and 38.0%, respectively. After adjusting for confounding factors, only age (OR 1.6, CI 1.0-2.7), hypertension (OR 3.6, CI 2.3-5.7) and non-smoking (OR 2.0, CI 1.3-3.1) were independent predictors of obesity. Conclusion: The prevalence of overweight and obesity is high among commercial drivers. Age, hypertension, and non-smoking were independent predictors of obesity among the sample. Measures aimed at promoting health and reducing obesity should be prioritized among this group.

Keywords: obesity and overweight, commercial taxi drivers, risk factors, South Africa

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Authors: Pedram Saadati, Zahra Nazari

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Today, the role and importance of financial technology businesses in Iran have increased significantly. Although, in Iran, there is no Islamic or non-Islamic personal financial planning field of study in the universities or educational centers, the profession of personal financial planning is not defined, and there is no software introduced in this regard for advisors or consumers. The largest sales network of financial services in Iran belongs to the insurance industry, and there is an untapped market for international companies in Iran that can contribute to 130 thousand representatives in the insurance industry and 28 million families by providing training and personal financial advisory software. To the best of the author's knowledge, despite the lack of previous internal studies in this field, the present study investigates the level of readiness of the salesforce of the insurance industry to accept this career and its technology. The statistical population of the research is made up of managers, insurance sales representatives, assistants and heads of sales departments of insurance companies. An 18-minute video was prepared that introduced and taught the job of Islamic personal financial planning and explained its difference from its non-Islamic model. This video was provided to the respondents. The data collection tool was a research-made questionnaire. To investigate the factors affecting technology acceptance and job change, independent T descriptive statistics and Pearson correlation were used, and Friedman's test was used to rank the effective factors. The results indicate the mental perception and very positive attitude of the insurance industry activists towards the usefulness of this job and its technology, and the studied sample confirmed the intention of training in this knowledge. Based on research results, the change in the customer's attitude towards the insurance advisor and the possibility of increasing income are considered as the reasons for accepting. However, Restrictions on using investment opportunities due to Islamic financial services laws and the uncertainty of the position of the central insurance in this regard are considered as the most important obstacles.

Keywords: fintech, insurance, personal financial planning, wealth management

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Authors: Osiris Jorge Parcero, Néstor Gandelman, Flavia Roldán, Josef Montag

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This paper uses cross-country unbalanced panel data of up to 146 countries over the period 1996 to 2015 to be the first study to identify potential determinants of a country’s relative research output in Economics versus Business. More generally, it is also one of the first studies comparing Economics and Business. The results show that better policy-related data availability, higher income inequality, and lower ethnic fractionalization relatively favor economics. The findings are robust to two alternative fixed effects specifications, three alternative definitions of economics and business, two alternative measures of research output (publications and citations), and the inclusion of meaningful control variables. To the best of our knowledge, our paper is also the first to demonstrate the importance of policy-related data as drivers of economic research. Our regressions show that the availability of this type of data is the single most important factor associated with the prevalence of economics over business as a research domain. Thus, our work has policy implications, as the availability of policy-related data is partially under policy control. Moreover, it has implications for students, professionals, universities, university departments, and research-funding agencies that face choices between profiles oriented toward economics and those oriented toward business. Finally, the conclusions show potential lines for further research.

Keywords: research output, publication performance, bibliometrics, economics, business, policy-related data

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Authors: Federica Di Marcantonio, Antoine Leblois, Wolfgang Göbel, Hervè Kerdiles

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Weather-related shocks can threaten the ability of farmers to maintain their agricultural output and food security levels. Informal coping mechanisms (i.e. migration or community risk sharing) have always played a significant role in mitigating the negative effects of weather-related shocks in Ethiopia, but they have been found to be an incomplete strategy, particularly as a response to covariate shocks. Particularly, as an alternative to the traditional risk pooling products, an innovative form of insurance known as Index-based Insurance has received a lot of attention from researchers and international organizations, leading to an increased number of pilot initiatives in many countries. Despite the potential benefit of the product in protecting the livelihoods of farmers and pastoralists against climate shocks, to date there has been an unexpectedly low uptake. Using information from current pilot projects on index-based insurance in Ethiopia, this paper discusses the determinants of uptake that have so far undermined the scaling-up of the products, by focusing in particular on weather data availability, price affordability and willingness to pay. We found that, aside from data constraint issues, high price elasticity and low willingness to pay represent impediments to the development of the market. These results, bring us to rethink the role of index insurance as products for enhancing smallholders’ response to covariate shocks, and particularly for improving their food security.

Keywords: index-based insurance, willingness to pay, satellite information, Ethiopia

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Authors: Denis Ushakov

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Cities are the main actors of global production and trade, and dominant share of international business activity is now concentrating within a frame of global urban net. This trend transforms mechanisms and patterns of market economy institutes’ (such as competition, division of labor, international movement of capital and labor force) functioning; stimulates an appearance of new economical (development of rural areas), social (urbanization) and political (political and economical unity of the big countries) problems. All these reasons identified relevance and importance of purpose of this study – to consider a modern role of cities’ business systems in the global economy, to identify sources for global urban competitive advantages, to clear inter-cities economic relationships and patterns of cities’ positioning within a frame of global net.

Keywords: globalization, urban business system, global city, transnationalization, networking

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Authors: Yassir AbdelRazig, Eren Ozguven, Ren Moses

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While there exists a greater understanding of the differences between the driving behaviors of older and younger drivers, there is still a need to further understand how the two groups perform when attempting to perform complex intersection maneuvers. This paper looks to determine if, and to what extent, these differences exist when drivers encounter permissive left-hand turns, pedestrian traffic, two and four-lane intersections, heavy fog, and night conditions. The study will utilize a driving simulator to develop custom drivable scenarios containing one or more of the previously mentioned conditions. 32 younger and 32 older (+65 years) participants perform driving simulation scenarios and have their velocity, time to the nearest oncoming vehicle, accepted and rejected gaps, etc., recorded. The data collected from the simulator is analyzed via Raff’s method and logistic regression in order to determine and compare the critical gaps values of the two cohorts. Out of the parameters considered for this study, only the age of the driver, their experience (if they are a younger driver), the size of a gap, and the presence of pedestrians on the crosswalk proved significant. The results did not support the hypothesis that older drivers would be significantly more conservative in their critical gaps judgment and acceptance.

Keywords: older drivers, simulation, left-turn, human factors

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Authors: Nur Syahidatul Idany Abdul Ghani, Rahizar Ramli, Jamilah Mohamad, Ahmad Saifizul, Mohamed Rehan Karim

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Increasing fatalities in road accidents in Malaysia over the last 10 years are quite alarming. Based on Malaysian Institute of Road Safety Research (Miros) latest research ‘Predicting Malaysian Road Fatalities for year 2020; it is predicted that road fatalities in Malaysia for 2015 is 8,780 and 10,716 for the year 2020 which 30 percent of fatalities were caused by accidents involving commercial vehicles. Government, related agencies and NGOs have continuously and persistently work to reduce the statistics through enforcement, educating the public, training to drivers, road safety campaigns, advertisements etc. However, the trend of casualties does not show encouraging pattern but instead, steadily growing. Thus, this comparative study reviews the literature pertaining on method of measurement used to evaluate commercial drivers competency. In several studies driving competency has been assessed with different assessment based on the license procedures and requirements according to the country regulation. The assessment criteria that has been establish for commercial drivers generally focus on driving tasks and assessment e.g. theory test, medical test and road assessment rather than driving competency test or physical test. Realizing the importance of specific assessment test for drivers competency this comparative study reviews the most discussed literature related to competency assessment method to identify competency of the drivers include (1. judgement and reaction, 2. skill of drivers, 3. experiences and fatigue). The concluding analysis of this paper is a comparative table for assessment methodology to access driver’s competency. A comparative study is a further discussion reviewing past literature to provide an overview on existing assessment test and potential subject matters that can be identified for further studies to increase awareness of the drivers, passengers as well as the authorities about the importance of competent drivers in order to improve safety in commercial vehicles.

Keywords: commercial vehicles, driver’s competency, specific assessment

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Authors: Mats Nilsson

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The European electricity markets have been changing from a regulated market, to in some places a deregulated market, and are now experiencing a strong influence of renewable support systems. Firm’s that rely on subsidies have a different business logic than firms acting in a market context. The article proposes that an offspring to the regular business models, the business-to-citizen, should be used. The case of the European electricity market frames the concept of a business-citizen business model, and a research agenda for this concept is outlined.

Keywords: business logic, business model, subsidies, business-to-citizen

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Authors: Kasirga Yildirak, Ismail Gur

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We propose a model to measure hail risk of an Agricultural Insurance portfolio. Hail is one of the major catastrophic event that causes big amount of loss to an insurer. Moreover, it is very hard to predict due to its strange atmospheric characteristics. We make use of parcel based claims data on apricot damage collected by the Turkish Agricultural Insurance Pool (TARSIM). As our ultimate aim is to compute the loadings assigned to specific parcels, we build a portfolio risk model that makes use of PD and the severity of the exposures. PD is computed by Spherical-Linear and Circular –Linear regression models as the data carries coordinate information and seasonality. Severity is mapped into integer brackets so that Probability Generation Function could be employed. Individual regressions are run on each clusters estimated on different criteria. Loss distribution is constructed by Panjer Recursion technique. We also show that one risk-one crop model can easily be extended to the multi risk–multi crop model by assuming conditional independency.

Keywords: hail insurance, spherical regression, circular regression, spherical clustering

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Authors: Bolajoko I. Malomo, Maryam O. Yusuf

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Lagos urban mini-bus drivers play a critical role in the transportation sector. The current major mode of transportation within Lagos metropolis remains road transportation and this confirms the relevance of urban mini-bus drivers in transporting the populace to their various destinations. Other modes of transportation such as the train and waterways are currently inadequate. Various threats to the well-being of urban bus drivers include congested traffic typical of modern day lifestyles, dwindling financial returns due to long hours in traffic, fewer hours of sleep, inadequate diet, time pressure, and assaults related to fare disputes. Several health-related problems have been documented to be associated with urban bus driving. For instance, greater rates of hypertension, obesity and cholesterol level has been reported. Research studies are yet to identify the influence of age and marital status on the well-being of urban mini-bus drivers in Lagos metropolis. A study of this nature is necessary as it is culturally perceived in Nigeria that older and married people are especially influenced by family affiliation and would behave in ways that would project positive outcomes. The study sample consisted of 150 urban mini-bus drivers who were conveniently sampled from six (6) different terminuses where their journey begins and terminates. The well-being questionnaire was administered to participants. The criteria for inclusion in the study included the ability to read in English language and the confirmation that interested participants were on duty and suited to be driving mini-buses. Due to the nature of the job of bus driving, the researcher administered the questionnaires on participants who were free and willing to respond to the survey. All participants were males of various age groups and of different marital statuses. Results of analyses conducted revealed no significant influence of age and marital status on the well-being of urban mini-bus drivers. This indicates that the well-being of urban mini-bus drivers is not influenced by age nor marital status. The findings of this study have cultural implications. It negates the popularly held belief that older and married people care more about their well-being than younger and single people. It brings to fore the need to also identify and consider other factors when certifying people for the job of urban bus driving.

Keywords: age, Lagos metropolis, marital status, well-being of urban mini bus drivers

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Authors: Nabil Mekaoui, Nacer Jabour, Abdelhamid Allaoui, Abderahim Oulidi

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The reliability of several insurance indexes of the seismic risk is evaluated and compared for an efficient seismic risk coverage of buildings in Morocco, thus, reducing the basic risk. A large database of earthquake ground motions is established from recent seismic events in Morocco and synthetic ground motions compatible with the design spectrum in order to conduct nonlinear time history analyses on three building models representative of the building stock in Morocco. The uninhabitability index is evaluated based on the simulated damage index, then correlated with preselected insurance indexes. Interestingly, the commonly used peak ground acceleration index showed poor correlation when compared with other indexes, such as spectral accelerations at low periods. Recommendations on the choice of suitable insurance indexes are formulated for efficient seismic risk coverage in Morocco.

Keywords: catastrophe modeling, damage, earthquake, reinsurance, seismic hazard, trigger index, vulnerability

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Authors: Muhammad Mustafizur Rahaman

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Social business is a new concept in the field of Business Economics and Capitalist Economy. It has increased the importance in economic and social development in emerging economies. Professor Muhammad Yunus is the founding father of the notion. While conventional business underscores profit maximization as a core business principle, social business calls for addressing social problems at the expense of profit. This underlying principle gives social business advantageous position over conventional businesses to serve those who live at the bottom of the pyramid. It also poses grave challenges to the social business because social business sacrifices profit at one hand and seeks financial sustainability on the other. For the sake of its financial sustainability, the social business might increase the price of its product or service which might lower its social impact, thus, makes the business self-defeating. Therefore, social business should be more innovative in every business process including production, marketing, and management. Otherwise, the business is unlikely to be driven out from the society.

Keywords: innovativeness, self-defeat, social business, social problem

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Authors: Shankar Kambhampaty, Harish Rohan Kambhampaty

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Data in IT systems in enterprises has been growing at a phenomenal pace. This has provided opportunities to run analytics to gather intelligence on key business parameters that enable them to provide better products and services to customers. While there are several artificial intelligence (AI/ML) and business intelligence (BI) tools and technologies available in the marketplace to run analytics, there is a need for an integrated view when developing intelligent solutions in enterprises. This paper progressively elaborates a reference model for enterprise solutions, builds an integrated view of data, information, and intelligence components, and presents a reference architecture for intelligent enterprise solutions. Finally, it applies the reference architecture to an insurance organization. The reference architecture is the outcome of experience and insights gathered from developing intelligent solutions for several organizations.

Keywords: architecture, model, intelligence, artificial intelligence, business intelligence, AI, BI, ML, analytics, enterprise

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Authors: Jorge M. Uribe

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We propose a methodology for setting the price of an insurance contract targeted to manage the risk associated with weather conditions that affect variable renewable energy generation. The methodology relies on conditional quantile regressions to estimate the weather risk of a solar panel. It is illustrated using real daily radiation and weather data for three cities in Spain (Valencia, Barcelona and Madrid) from February 2/2004 to January 22/2019. We also adapt the concepts of value at risk and expected short fall from finance to this context, to provide a complete panorama of what we label as weather risk. The methodology is easy to implement and can be used by insurance companies to price a contract with the aforementioned characteristics when data about similar projects and accurate cash flow projections are lacking. Our methodology assigns a higher price to an insurance product with the stated characteristics in Madrid, compared to Valencia and Barcelona. This is consistent with Madrid showing the largest interquartile range of operational deficits and it is unrelated to the average value deficit, which illustrates the importance of our proposal.

Keywords: insurance, weather, vre, risk

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Authors: Ahmed Emad, Ahmed Salah, Abdelrahman Magdy, Omar Rashid, Mohammed Adel

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This research paper discusses vehicle-to-vehicle technology as an important application of linear algebra. This communication technology represents an efficient and promising application to help to ensure the safety of the drivers by warning them when a crash possibility is close. The major link that combines our topic with linear algebra is the Laplacian matrix. Some main definitions used in the V2V were illustrated, such as VANET and its characteristics. The V2V technology could be applied in different applications with different traffic scenarios and various ways to warn car drivers. These scenarios were simulated programs such as MATLAB and Python to test how the V2V system would respond to the different scenarios and warn the car drivers exposed to the threat of collisions.

Keywords: V2V communication, vehicle to vehicle scenarios, VANET, FCW, EEBL, IMA, Laplacian matrix

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Authors: Pedram Saadati, Zahra Nazari

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Anticipating and identifying future opportunities and challenges facing industry activists for the emergence and entry of new knowledge and technologies of personal financial planning, and providing practical solutions is one of the goals of this research. For this purpose, a future research tool based on receiving opinions from the main players of the insurance industry has been used. The research method in this study was in 4 stages; including 1- a survey of the specialist salesforce of life insurance in order to identify the variables 2- the ranking of the variables by experts selected by a researcher-made questionnaire 3- holding a panel of experts with the aim of understanding the mutual effects of the variables and 4- statistical analyzes of the mutual effects matrix in Mick Mac software is done. The integrated analysis of influencing variables in the future has been done with the method of Structural Analysis, which is one of the efficient and innovative methods of future research. A list of opportunities and challenges was identified through a survey of best-selling life insurance representatives who were selected by snowball sampling. In order to prioritize and identify the most important issues, all the issues raised were sent to selected experts who were selected theoretically through a researcher-made questionnaire. The respondents determined the importance of 36 variables through scoring, so that the prioritization of opportunity and challenge variables can be determined. 8 of the variables identified in the first stage were removed by selected experts, and finally, the number of variables that could be examined in the third stage became 28 variables, which, in order to facilitate the examination, were divided into 6 categories, respectively, 11 variables of organization and management. Marketing and sales 7 cases, social and cultural 6 cases, technological 2 cases, rebranding 1 case and insurance 1 case were divided. The reliability of the researcher-made questionnaire was confirmed with the Cronbach's alpha test value of 0.96. In the third stage, by forming a panel consisting of 5 insurance industry experts, the consensus of their opinions about the influence of factors on each other and the ranking of variables was entered into the matrix. The matrix included the interrelationships of 28 variables, which were investigated using the structural analysis method. By analyzing the data obtained from the matrix by Mic Mac software, the findings of the research indicate that the categories of "correct training in the use of the software, the weakness of the technology of insurance companies in personalizing products, using the approach of equipping the customer, and honesty in declaring no need Customer to Insurance", the most important challenges of the influencer and the categories of "salesforce equipping approach, product personalization based on customer needs assessment, customer's pleasant experience of being consulted with consulting robots, business improvement of the insurance company due to the use of these tools, increasing the efficiency of the issuance process and optimal customer purchase" were identified as the most important opportunities for influence.

Keywords: personal financial planning, wealth management, advisor robots, life insurance, digital transformation

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Authors: Serge Tshibangu, Turgay Celik, Zenzo Ncube

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Road crashes kill nearly over a million people every year, and leave millions more injured or permanently disabled. Various annual reports reveal that the percentage of fatal crashes due to fatigue/driver falling asleep comes directly after the percentage of fatal crashes due to intoxicated drivers. This percentage is higher than the combined percentage of fatal crashes due to illegal/Un-Safe U-turn and illegal/Un-Safe reversing. Although a relatively small percentage of police reports on road accidents highlights drowsiness and fatigue, the importance of these factors is greater than we might think, hidden by the undercounting of their events. Some scenarios show that these factors are significant in accidents with killed and injured people. Thus the need for an automatic drivers fatigue detection system in order to considerably reduce the number of accidents owing to fatigue.This research approaches the drivers fatigue detection problem in an innovative way by combining cues collected from both temporal analysis of drivers’ faces and environment. Monotony in driving environment is inter-related with visual symptoms of fatigue on drivers’ faces to achieve fatigue detection. Optical and infrared (IR) sensors are used to analyse the monotony in driving environment and to detect the visual symptoms of fatigue on human face. Internal cues from drivers faces and external cues from environment are combined together using machine learning algorithms to automatically detect fatigue.

Keywords: intelligent transportation systems, bayesian networks, yawning computing, machine learning algorithms

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Authors: Frank Frimpong Opuni, Michael Mba Allan, Kwame Adu-Gyamfi, Michael Sarkodie Baffoe

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This paper assesses the effect of relationship marketing on service quality and customer satisfaction from the perspective of the moderating role of emotional intelligence in the insurance industry in Ghana. A descriptive quantitative research technique was employed. A random sample of 384 each of customers and service providers in 3 insurance firms in Accra were used as the source of data. According to findings, emotional intelligence makes a strong positive effect on relationship marketing at 5% significance level, r (283) = .817, p = .000. Though relationship marketing makes a strong positive effect on service quality (r = .767, p < .05) and customer satisfaction (r = .647, p < .05), this effect becomes insignificant (p > .05) when the effect of emotional intelligence on relationship marketing is controlled for. It is therefore recommended that insurance firms give priority to equipping their relationship employees with emotional intelligence to maximise service quality and customer satisfaction.

Keywords: relationship marketing, service quality, customer satisfaction, emotional intelligence

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Authors: Mohamed Ali Benhalima, Nathon Elbaz, Malik Koubi

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This paper evaluates an expansion of employer-mandated sick leave insurance in the French private sector. We use a difference-in-differences method in which control groups are defined according to the collective bargaining agreement (CBA) employees belong to. Indeed, thanks to complementary insurance provided by CBAs, employees were not affected the same way by the reform. We find significant effects of the reform on sick leave spells lasting at least 7 days, consistently with the reform target. The effects on spells’ duration and frequency are positive and more pronounced for women than for men, for whom the effect on frequency tends to be slightly negative. The effects are also more pronounced for executives and supervisors than less qualified categories.

Keywords: sickness absence, collective agreements, daily sickness benefits, labor economics

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Authors: Khaled Shaaban

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Distracted driving, which includes anything that distracts a driver from the main task of driving, is one of the main causes of traffic accidents in modern societies. The objective of this research was to understand the type of activities that young drivers perform while driving in Qatar and to identify which activities cause the most distraction to the driver based on their experience. The data was collected through administered questionnaires in the city of Doha, Qatar. According to the participants, the majority reported that they use their cell phone all the time or occasionally while driving. Other significantly cited activities while driving included listening to music or radio, talking with passengers, and eating, drinking or smoking. When asked about the activities that distract the driver, using cell phone was listed as the most distracting activity followed by mental activities and adjusting GPS and audio device vehicle.

Keywords: driver distraction, young drivers, cell phone use, Qatar

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Authors: M. Tan, N. N. Wan, N. Ramli, N. H. Hassan

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Car drivers would always like to have custom wheel on their car for two reasons; to improve their car's aesthetic beauty and to improve their car handling. As the size of the rims or wheels played an important role in influencing the way of car handles around turns, this paper aims to present the optimality of rim size that drivers should have known while changing their rim. There are three factors that drivers should have considered while changing their rim: rim size, its weight and material of which they are made. Using mathematical analysis, this paper will focus on only one factor, which is rim size. Factors that are considered in calculating the optimum rim size are the vehicle rim radius, tire height and weight, and aspect ratio. This paper has found that there are limitations in percentage change in rim size from the original tire size. Failure to have the right offset size may cause problems in maneuvering the vehicle.

Keywords: mathematical analysis, optimum wheel size, percentage change, custom wheel

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Authors: Ruchi Agarwal

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In today’s world, companies are operating in dynamic, uncertain and ambiguous business environments. Globally, more companies are failing due to Environmental, Social and Governance (ESG) factors than ever. Corporate governance and risk management are intertwined in nature. For decades, corporate governance and risk management have been influenced by internal and external factors. Three schools of thought have influenced risk governance for decades: Agency theory, Contingency theory, and Institutional theory. Agency theory argues that agents have interests conflicting with principal interests and the information problem. Contingency theory suggests that risk management adoption is influenced by internal and external factors, while Institutional theory suggests that organizations legitimize risk management with regulators, competitors, and professional bodies. The conflicting objectives of theories have created problems for executives in organizations in the adoption of Risk Governance. So far, there are many studies that discussed risk culture and the role of actors in risk governance, but there are rare studies discussing the role of risk culture in the adoption of risk governance from a leadership style perspective. This study explores the adoption of risk governance in two contrasting industries, such as the Insurance and energy business, to understand whether risk governance is influenced by internal/external factors or whether risk culture is influenced by leaders. We draw empirical evidence by comparing the cases of an Indian insurance company and a renewable energy-based firm in India. We interviewed more than 20 senior executives of companies and collected annual reports, risk management policies, and more than 10 PPTs and other reports from 2017 to 2024. We visited the company for follow-up questions several times. The findings of my research revealed that both companies have used risk governance for strategic renewal of the company. Insurance companies use a transactional leadership style based on performance and reward for improving risk, while energy companies use rather symbolic management to make debt restructuring meaningful for stakeholders. Overall, both companies turned from loss-making to profitable ones in a few years. This comparative study highlights the role of different leadership styles in the adoption of risk governance. The study is also distinct as previous research rarely studied risk governance in two contrasting industries in reference to leadership styles.

Keywords: leadership style, corporate governance, risk management, risk culture, strategic renewal

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Authors: M. Bokhtiar Hasan, M. Delowar Hossain, Abu N. M. Wahid

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The principal aim of the study is to find out a way to effectively manage the agricultural risks like price volatility, weather risks, and fund shortage. To hedge price volatility, farmers sometimes make contracts with agro-traders but fail to protect themselves effectively due to not having legal framework for such contracts. The study extensively reviews existing literature and find evidence that the majority studies either deal with price volatility or weather risks. If we could address these risks through a single model, it would be more useful to both the farmers and traders. Intrinsically, the authors endeavor in this regard, and the key contribution of this study basically lies in it. Initially, we conduct a small survey aspiring to identify the shortcomings of existing contracts. Later, we propose a model encompassing forward and insurance contracts together where forward contract will be used to hedge price volatility and insurance contract will be used to protect weather risks. Contribution/Originality: The study adds to the existing literature through proposing an integrated model comprising of forward contract and crop insurance which will support both farmers and traders to cope with the agricultural risks like price volatility, weather hazards, and fund shortage. JEL Classifications: O13, Q13

Keywords: agriculture, forward contract, insurance contract, risk management, model

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Authors: Omotolani Victoria Somoye

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The paper examines modern approaches to the insurable interest, which is a fundamental principle of insurance law that affects the enforceability of insurance contracts. The study starts by examining the competing definitions of the nature of the insurable interest doctrine. It finds that while legal interest theory is seen to be sufficient as the test of insurable interest, the paper argues on how this approach deprives the insured of a full indemnity of losses suffered. The problem with the Nigerian and English current legislative framework is that it defines insurable interest as a legally recognized interest of the insured in the subject matter of insurance. However, other countries like Australia, the United States, South Africa, and more recently, Canada, have rejected the English test and trodden their own path along the factual expectancy line. The study justifies the rationale behind the departure of similar common law jurisdictions and argues that the English and Nigerian position, which appears to be too rigid, harsh on the insured, and no longer fit for purpose in the 21st century, should be revised. The paper concludes that the common law doctrine does not represent better interests of certainty, justice, and fairness, as well as not meeting the policy behind the requirement of insurable interest. This paper adopts a doctrinal comparative research methodology to examine complex areas of insurable interest in selected countries and work out some suggestions for reforming the Nigerian and English laws by referring to the approaches of other jurisdictions.

Keywords: Australia, common law, English law, insurable interest, insurance, Nigeria

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Authors: Adekemi Adebowale

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The duty of disclosure in Nigerian insurance law is in need of reform. The materiality of an undisclosed fact (notwithstanding that it was an honest and innocent non-disclosure) currently entitles insurers to avoid insurance policies, leaving an insured with an uncovered loss. While the test of materiality requires an insured to voluntarily disclose facts that will influence an insurer's decision without proper guidelines from the insurer, the insurer is only expected to prove that the undisclosed fact had influenced its judgment in fixing the premium or determining whether to accept the risk. This problem places an onerous duty on the assured to volunteer to the insurer every material fact even though the insured only has a slight idea about the mind of a hypothetical prudent insurer. This paper explores the modern approach to revisiting the problem of an insured’s pre-contractual obligation to determine material facts in Nigerian insurance law. The aim is to build upon the change in the structure of insurance contract obligations in other common law jurisdictions such as the United Kingdom. The doctrinal and comparative methodology captures the burden imposed on the insured under the existing Nigerian insurance law. It finds that the continued application of the law leaves the insured in the weakest position, and he stands to lose in a contract supposedly created for his benefit. It is apparent that if this problem remains unresolved, the over-all consequence will contribute to a significant decline in the insurance contract, which may affect the Nigerian economy. The paper aims to evaluate the risks of the continuous application of the traditional law, which does not keep with the pace of modern insurance practice. It will ultimately produce a legally compliant reform, along with a significant deviation from the archaic structure that exists in the Nigerian insurance law. This paper forms part of an on-going PhD research on "The insured’s pre-contractual duty of utmost of utmost good faith". The outcome from the research to date finds that the insured bears the burden of the obligation to act in utmost good faith where it concerns disclosure of material facts.

Keywords: disclosure, materiality, Nigeria, United Kingdom, utmost good faith

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Authors: Surendar Vaddepalli

Abstract:

Management education plays a crucial role to enable industry to cope with emerging challenges. It has spread in the last fifteen-twenty years in India and gained popularity as it was aimed at imbibing versatility and multi-tasking abilities in student community. Several management institutions started looking at upgrading their competencies in terms of faculty, research and industry interaction. The competitive business environment has been one of the drivers that paved the way for growing demand for management graduates in the employment market. Industry expects their executives to be engaged in a constant learning process. The ever-increasing demand for managers has led to establish more management institutions; however, the growth was not in line with the expectations from the industry. While top Business Schools are continuously changing the contents and delivery methodologies, academic standards of most of the other Business Schools are not up to the mark and quality of service provided by these institutes has opened various issues for discussion. On this back ground it is important to address the concerns of Indian management education experiencing with time and we have to rethink about the management education and efforts should be made to create a dynamic environment. This paper ties to study the current trends and tries to find out need for value based management education in India to rejuvenate it.

Keywords: management education, management, value based management education, business school, India

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Authors: Samuel Nderitu Muchiri, Tracy Wangechi Maina

Abstract:

Truck drivers face a myriad of challenges in their profession. Enhancements in logistics effectiveness can be pivotal in propelling economic developments. The specific objective of the study was to assess the influence of driver distraction on crash risk. The study is significant as it elucidates best practices that truck drivers can embrace in an effort to enhance road safety. These include amalgamating behaviors that enable drivers to fruitfully execute multifaceted functions such as finding and following routes, evading collisions, monitoring speed, adhering to road regulations, and evaluating vehicle systems’ conditions. The analysis involved an empirical review of ten previous studies related to the research topic. The articles revealed that driver distraction plays a substantial role in road accidents and other crucial road security incidents across the globe. Africa depends immensely on the freight transport sector to facilitate supply chain operations. Several studies indicate that drivers who operate primarily on rural roads, such as those found in Sub-Saharan Africa, have an increased propensity to engage in distracted activities such as cell phone usage while driving. The findings also identified the need for digitalization in truck driving operations, including carrier management techniques such as fatigue management, artificial intelligence, and automating functions like cell phone usage controls. The recommendations can aid policymakers and commercial truck carriers in deepening their understanding of driver distraction and enforcing mitigations to foster road safety.

Keywords: truck drivers, distraction, digitalization, crash risk, road safety

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Authors: Kartina Sury Kariman

Abstract:

Brand-to-customer (B2C) engagement has been well established through the traditional platform such as direct sales, advertising, customer service center, customer hotline as well as brand usage experiences. Increasingly, interest to B2C has evolved to include customer-to-customer (C2C) interaction analysis aligned with the vast growth of web 2.0. Hence, discussion on C2C interaction and brand strategy have captured social media as it enables brands and C2C interaction to be connected in various ways, providing opportunities for marketers to shape their brand engagement strategy while reaching C2C as the targeted outcomes. The objective here is to provide a preliminary review of C2C interaction consisting the antecedents and consequences while highlighting areas of research interest within the context from marketers perspective and the business outcomes. This paper discusses how C2C interaction defines marketers’ brand and communication strategy and how social media trend shapes the strategy when promoting the awareness of life insurance industry and educating the target market.

Keywords: social media, brand engagement, customer interaction, customer engagement, brand strategy, life insurance

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Authors: Ljubica Milanović Glavan

Abstract:

Because of the increasing business pressures, companies must be adaptable and flexible in order to withstand them. Inadequate business processes and low level of business process orientation, that in its core accentuates business processes as opposed to business functions and focuses on process performance and customer satisfaction, hider the ability to adapt to changing environment. It has been shown in previous studies that the companies which have reached higher business process maturity level consistently outperform those that have not reached them. The aim of this paper is to provide a basic understanding of business process orientation concept and business process maturity model. Besides that the paper presents the state of business process orientation in Croatia that has been captured with a study conducted in 2013. Based on the results some practical implications and guidelines for managers are given.

Keywords: business process orientation, business process maturity, Croatia, maturity score

Procedia PDF Downloads 503