Investigating the Influential factors on the tendency  to buy life insurance surrender

Helm Zadeh, A.; Hamidi, K.; Heidarzadeh Hanzaei, K.

doi:10.22056/ijir.2020.02.03

Document Type : Original Research Paper

Authors

Department of Business Administration, Faculty of Management and Economics, Islamic Azad University, Science and Research Unit, Tehran, Iran

https://doi.org/10.22056/ijir.2020.02.03

Abstract

Objective: In recent years, a lot of efforts have been made in the insurance industry to increase the share of the country's life insurance portfolio. Currently, this share is insignificant compared to global statistics, and a percentage of this amount is redeemed every year. Considering that the researches conducted in the field of life insurance have all taken a retrospective view and none of them sought to predict this behavior in customers, the purpose of this research is to determine the tendency of people to buy back life insurances through the independent variables of determinism, social capital, awareness To measure the benefits of life insurance, the value of life insurance benefits for the individual, the feeling of political security, the feeling of economic security, the feeling of job security and background variables, and as a result, to test the redemption behavior of life insurance policyholders.
Methodology: The method used in this research is correlation and regression tests.
Findings: According to the findings of this research, which was conducted on a sample of 400 life insurance policyholders of the insurance company in 2013-2015, there is a direct relationship between social capital and the tendency to redeem, and the other relationships are inverse. Also, the hypothesis of the existence of an inverse relationship between the tendency to repurchase and economic security was rejected. Among the contextual variables, the level of education has the strongest relationship with the tendency to repurchase, and this relationship is also inverse. In addition, according to the results of the regression test, among the studied variables, the determinism variable has the most power in the tendency to buy back life insurance policies, and after that, the value of life insurance benefits and the feeling of political security are in the next ranks. The variables of hope for the future and feeling of economic security have the lowest total effect and have less explanatory power than other variables.
Conclusion: Therefore, considering the importance of the value index of life insurance benefits, insurers and life insurance sellers should make their maximum efforts to understand the real benefits of life insurance coverage to the customer or life insurance policyholder.

Keywords

References

سیدجوادین، سیدرضا و کیماسی، مسعود (1384)، مدیریت کیفیت خدمات، نشر نگاه دانش، چ 1، صص 39-143.

قانع، مهشید (1397)، مفاهیم و چالش‌های فرایندکاوی در مدیریت فرایندهای کسب‌وکار، برگرفته از: https://way2pay.ir/97610

حقیقی وند، سارا (1396)، تسهیل ورود بازیگران جدید به بازار بیمه از جمله ارزیابان خسارت، اکچوئرهای رسمی و خدمات جنبی صنعت بیمه، پژوهشکده بیمه.

منابع انگلیسی

Ashoori, M., & Tarokh, M. J. (2014). Applying the Process Mining Project Methodology for Insurance Risks Reduction. International Journal of Research in Industrial Engineering, 3(4), 57.

Caron, F., Vanthienen, J., & Baesens, B. (2013). Comprehensive rule-based compliance checking and risk management with process mining. Decision Support Systems, 54(3), 1357-1369.

Caron, F., Vanthienen, J., & Baesens, B. (2013). A comprehensive investigation of the applicability of process mining techniques for enterprise risk management. Computers in Industry, 64(4), 464-475.

Conforti, R., de Leoni, M., La Rosa, M., van der Aalst, W. M., & ter Hofstede, A. H. (2015). A recommendation system for predicting risks across multiple business process instances. Decision Support Systems, 69, 1-19.

Davenport, T. H., & Innovation, P. (1993). Reengineering work through information technology. Harvard Business School Press, Boston.

Dos Santos Garcia, C., Meincheim, A., Junior, E. R. F., Dallagassa, M. R., Sato, D. M. V., Carvalho, D. R., ... & Scalabrin, E. E. (2019). Process Mining Techniques and Applications-A Systematic Mapping Study. Expert Systems with Applications. 133 (2019), 260-295.

De Leoni, M., Suriadi, S., Ter Hofstede, A. H., & van der Aalst, W. M. (2016). Turning event logs into process movies: animating what has really happened. Software & Systems Modeling, 15(3), 707-732.

Ehrendorfer, M., Fassmann, J. A., Mangler, J., & Rinderle-Ma, S. (2019). Combining Conformance Checking and Classification of XES Log Data for the Manufacturing Domain. arXiv preprint arXiv:1904.05883.‏

Erdogan, T. G., & Tarhan, A. (2018). Systematic Mapping of Process Mining Studies in Healthcare. IEEE Access, 6, 24543-24567.

Jans, M., Van Der Werf, J. M., Lybaert, N., & Vanhoof, K. (2011). A business process mining application for internal transaction fraud mitigation. Expert Systems with Applications, 38(10), 13351-13359.

Lakshmanan, G. T., Shamsi, D., Doganata, Y. N., Unuvar, M., & Khalaf, R. (2015). A markov prediction model for data-driven semi-structured business processes. Knowledge and Information Systems, 42(1), 97-126.

Knuplesch, D., Reichert, M., & Kumar, A. (2017). A framework for visually monitoring business process compliance. Information Systems, 64, 381-409.

Moeller, R. R. (2007). COSO enterprise risk management: understanding the new integrated ERM framework. John Wiley & Sons.

Pika, A., van der Aalst, W. M., Wynn, M. T., Fidge, C. J., & ter Hofstede, A. H. (2016). Evaluating and predicting overall process risk using event logs. Information Sciences, 352, 98-120.

Pourmasoumi, A., & Bagheri, E. (2017). Business process mining. Encyclopedia with Semantic Computing and Robotic Intelligence, 1(01), 1630004.‏

Recker, J., & Mendling, J. (2016). The state of the art of business process management research as published in the BPM conference. Business & Information Systems Engineering, 58(1), 55-72.

Rojas, E., Munoz-Gama, J., Sepúlveda, M., & Capurro, D. (2016). Process mining in healthcare: A literature review. Journal of biomedical informatics, 61, 224-236.

Rozinat, A., Wynn, M. T., van der Aalst, W. M., ter Hofstede, A. H., & Fidge, C. J. (2009). Workflow simulation for operational decision support. Data & Knowledge Engineering, 68(9), 834-850.

Saravanan, M. S., & RJ, R. S. (2011). Application of process mining in insurance: A case study for UTI. Int. Jour. of Adv. Comp. and Math. Sciences, 2(3), 141-150.

Suriadi, S., Wynn, M. T., Ouyang, C., ter Hofstede, A. H., & van Dijk, N. J. (2013, June). Understanding process behaviours in a large insurance company in Australia: A case study. In International Conference on Advanced Information Systems Engineering (pp. 449-464). Springer, Berlin, Heidelberg.

Thiede, M., Fuerstenau, D., & Barquet, A. P. B. (2018). How is process mining technology used by organizations? A systematic literature review of empirical studies. Business Process Management Journal. 24(4), 900-922.

Van Der Aalst, W. (2011). Process mining: discovery, conformance and enhancement of business processes (Vol. 2). Heidelberg: Springer.

Van Der Heijden, T. H. C. (2012). Process mining project methodology: Developing a general approach to apply process mining in practice. Master of Science in Operations Management and Logistics. Netherlands: TUE. School of Industrial Engineering.

Yang, W. S., & Hwang, S. Y. (2006). A process-mining framework for the detection of healthcare fraud and abuse. Expert Systems with Applications, 31(1), 56-68.‏

Letters to Editor

IJIR Journal welcomes letters to the editor for the post-publication discussions and corrections which allows debate post publication on its site, through the Letters to Editor. Letters pertaining to manuscript published in IJIR should be sent to the editorial office of IJIR within three months of either online publication or before printed publication, except for critiques of original research. Following points are to be considering before sending the letters (comments) to the editor.

[1] Letters that include statements of statistics, facts, research, or theories should include appropriate references, although more than three are discouraged.

[2] Letters that are personal attacks on an author rather than thoughtful criticism of the author’s ideas will not be considered for publication.

[3] Letters can be no more than 300 words in length.

[4] Letter writers should include a statement at the beginning of the letter stating that it is being submitted either for publication or not.

[5] Anonymous letters will not be considered.

[6] Letter writers must include their city and state of residence or work.

[7] Letters will be edited for clarity and length.

Name *

Email Address *

Affiliation *

Comments *

Security Code *

Iranian Journal of Insurance Research

Investigating the Influential factors on the tendency to buy life insurance surrender

References

References

سیدجوادین، سیدرضا و کیماسی، مسعود (1384)، مدیریت کیفیت خدمات، نشر نگاه دانش، چ 1، صص 39-143.

قانع، مهشید (1397)، مفاهیم و چالش‌های فرایندکاوی در مدیریت فرایندهای کسب‌وکار، برگرفته از: https://way2pay.ir/97610

حقیقی وند، سارا (1396)، تسهیل ورود بازیگران جدید به بازار بیمه از جمله ارزیابان خسارت، اکچوئرهای رسمی و خدمات جنبی صنعت بیمه، پژوهشکده بیمه.

منابع انگلیسی

Letters to Editor

Send comment about this article

Volume 9, Issue 2 - Serial Number 32
April 2020
Pages 159-173

Investigating the Influential factors on the tendency to buy life insurance surrender

References

References

سیدجوادین، سیدرضا و کیماسی، مسعود (1384)، مدیریت کیفیت خدمات، نشر نگاه دانش، چ 1، صص 39-143.

قانع، مهشید (1397)، مفاهیم و چالش‌های فرایندکاوی در مدیریت فرایندهای کسب‌وکار، برگرفته از: https://way2pay.ir/97610

حقیقی وند، سارا (1396)، تسهیل ورود بازیگران جدید به بازار بیمه از جمله ارزیابان خسارت، اکچوئرهای رسمی و خدمات جنبی صنعت بیمه، پژوهشکده بیمه.

منابع انگلیسی

Letters to Editor

Send comment about this article

Volume 9, Issue 2 - Serial Number 32April 2020Pages 159-173

Volume 9, Issue 2 - Serial Number 32
April 2020
Pages 159-173