Original Research Paper
M. Rezaee; F. Rahnama; H.R. Saeednia; Z. Alipour Darvish
Abstract
Objective: The country's insurance industry has become highly competitive and this requires the organizational structure and resources of insurance companies to move towards value creation so that they can use the opportunities in the best way to attract customers. Otherwise, over time, they will be ...
Read More
Objective: The country's insurance industry has become highly competitive and this requires the organizational structure and resources of insurance companies to move towards value creation so that they can use the opportunities in the best way to attract customers. Otherwise, over time, they will be removed from the minds of customers and removed from the competition scene. On the other hand, according to Keller, brand value creation is one of the effective measures to gain competitive advantage and gain customers' trust. Therefore, the current research has presented the model of brand value creation in the insurance industry with an emphasis on life insurance.Methodology: The statistical population of this research included life insurance managers of three insurance companies in Sinai, Pasargad, and Iran, who were selected by theoretical sampling and interviews were used to collect the required data and were analyzed using the qualitative method and foundational data approach.Findings: Data analysis with open, axial and selective coding finally led to the presentation of the final model including six main dimensions and twenty-seven sub-dimensions.Conclusion: The analysis showed that the annual increase of insurance premiums in proportion to the inflation rate is the most important solution to reduce the negative effects of inflation on life insurance contracts. In other words, "premium adjustment rate" and "policy capital" should be increased annually according to the inflation rate so that the insurance is value-creating for customers.
Original Research Paper
A. Shah Abadi; F. Mehdipur; A. Moradi
Abstract
Objective: The risk inherent in entrepreneurial activities and the problem of financing the field of entrepreneurship are two major challenges for the development of the entrepreneurial environment. However, the development of the insurance industry as a central institution for reducing financial risk ...
Read More
Objective: The risk inherent in entrepreneurial activities and the problem of financing the field of entrepreneurship are two major challenges for the development of the entrepreneurial environment. However, the development of the insurance industry as a central institution for reducing financial risk on the one hand and as an investment institution on the other hand can help to solve these two challenges.Methodology: This research has estimated the effect of the insurance penetration rate on the entrepreneurship environment in two groups of selected developing and developed countries during the period of 2013-2018 with the approach of panel data and the method of generalized moments.Findings: The results showed that the effect of insurance penetration on the entrepreneurial climate in both groups of selected countries is positive and significant. Also, the influence of control variables including human capital, research and development, economic freedom, information and communication technology, and financial development on the entrepreneurial atmosphere in both groups of selected countries is positive and significant.Conclusion: Increasing the share of insurance in the economy of selected countries has helped to improve the entrepreneurial environment. Therefore, increasing the penetration rate of insurance as a solution for the development of the entrepreneurial environment should be considered by macroeconomic policy makers in selected countries.
Original Research Paper
E. Nobahar; M. Pourebadollahan Covich; R. Bahlouli
Abstract
Objective: The asymmetry of information between insurance companies and the insured and the resulting problems is one of the most important issues in the insurance industry, which can severely affect the profits of insurance companies and expose them to significant risks. Meanwhile, the risk of selection ...
Read More
Objective: The asymmetry of information between insurance companies and the insured and the resulting problems is one of the most important issues in the insurance industry, which can severely affect the profits of insurance companies and expose them to significant risks. Meanwhile, the risk of selection bias is one of the most important problems caused by information asymmetry. In this regard, the present study investigates the risk of selection bias in Iran's medical insurance industry.Methodology: In this study, the data extracted from the cost and income statistics plan of urban and rural households in Iran in 2015 was used. To investigate the existence of risk of selection bias in Iran's medical insurance industry, first the hidden health variable of each household has been calculated by estimating the demand function of health and medical services using the nonlinear least squares (NLS) method. Then, using the two-sample Kolmogorov-Smirnov test as well as comparing the hidden health distribution of insured and uninsured households, the presence of selection bias risk has been tested.Findings: The results of the two-sample Kolmogorov-Smirnov test showed that the distribution of the latent health variable in the two groups of insured and uninsured households is not equal. In other words, there is a significant difference in the health status of insured and uninsured households. Also, the comparison of the distribution of hidden health variable shows that the level of hidden health of insured households is lower than that of uninsured ones. Therefore, the existence of biased risk in Iran's medical insurance industry was confirmed. Also, the risk aversion parameter of households for consumption of healthcare services (γ_2) was equal to 0.1109 and for consumption of other goods (〖γ〗_1) was equal to 0.0226.Conclusion: The results of this research indicate the existence of biased risk in Iran's medical insurance industry. In addition, people are more risk averse in consuming healthcare services than in consuming other goods and services. Therefore, according to the analysis framework and its results, solutions have been presented to minimize the risk of bias in health insurance companies.
Original Research Paper
N. Niakan Lahiji; M. Haghighi Nasab
Abstract
Objective: In the process of marketing management, market segmentation affects all decisions related to the market mix, including product design, pricing, distribution, and advertising, and its correct implementation makes marketers gain a better understanding of customers and better meet their needs ...
Read More
Objective: In the process of marketing management, market segmentation affects all decisions related to the market mix, including product design, pricing, distribution, and advertising, and its correct implementation makes marketers gain a better understanding of customers and better meet their needs with the appropriate design of the marketing mix. Therefore, the current research was carried out with the aim of identifying the car body insurance market segments that have high importance, position and sales volume in the insurance industry.Methodology: The current research is applied in terms of purpose and quantitative in terms of method. Its statistical population consisted of car body insurance customers of one of Iran's largest insurance companies in 2017, including more than 20,000 insurance policies, of which 972 were randomly determined as the sample size, and their information was extracted from the database of the company's car body insurance policy issuing systems. Also, the variables of car life and value, number of cylinders, used, method of insurance premium payment, history of previous damage and policy term were used to segment the market.Findings: The two-stage clustering analysis led to the identification of four segments in the car body insurance market, and it was suggested that cluster one should be considered as the target market, which is the largest segment identified. Also, considering that the use of a car for administrative and corporate affairs is one of the main features of this cluster, it was suggested to focus on B2B strategies, including selling body insurance policies along with other insurance policies to the company, considering special facilities and discounts for them, and direct sales.
Original Research Paper
M.A. Rastegar; Z. Manshori
Abstract
Objective: This research was conducted with the aim of examining mortality bonds, which are considered an attractive investment opportunity for the capital market, a risk management tool and a new source of financing for insurance companies, and a tool for diversifying the investment portfolio and increasing ...
Read More
Objective: This research was conducted with the aim of examining mortality bonds, which are considered an attractive investment opportunity for the capital market, a risk management tool and a new source of financing for insurance companies, and a tool for diversifying the investment portfolio and increasing its yield for investors.Methodology: In this research, the mortality rate of 5-year age groups was estimated between 1996 and 2016, and the parameters of the Lee Carter model were estimated using the single value analysis method. In the next step, using Monte Carlo simulation, different scenarios were produced for Iran's mortality index in the next three years. Finally, a sensitivity analysis was performed on the profit rate and disaster threshold to examine the price reaction to changes in the profit rate and changes in the threshold interval.Findings: The results showed that at the end of the three-year life of these bonds, their price increases with the increase in the interest rate. Also, as the threshold level increases, the price of these bonds increases; Because the possibility of non-reimbursement by the publisher is reduced. If the issuer sets the threshold interval to two units, keeping other conditions constant, the price of these bonds will decrease.Conclusion: In this research, it was tried to introduce death certificates as a financial instrument available in the world markets and investigate the possibility of its publication in Iran. In addition, with the income discount method, the price of these bonds should be determined for investors and domestic issuers.
Original Research Paper
M. Yadegari; T. Mojibi; N. Imankhan; S.A. Mehdizadeh Ashrafi
Abstract
Purpose: The present research was conducted with the aim of investigating and presenting the employer branding model in Iranian private insurance companies.Methodology: In terms of the purpose of this research, it was applied with a developmental approach, which used interview and questionnaire tools ...
Read More
Purpose: The present research was conducted with the aim of investigating and presenting the employer branding model in Iranian private insurance companies.Methodology: In terms of the purpose of this research, it was applied with a developmental approach, which used interview and questionnaire tools to collect data. The research experts consisted of 22 people with experience in the insurance industry and senior managers of active insurance companies in the field of human capital.Findings: Data analysis during three stages of open, central and selective coding revealed 16 general categories in the form of a paradigmatic model including causal conditions, meritocracy category, establishment strategies, contextual factors, intervening conditions, facilitating conditions and consequences of the employer branding model process in private insurance companies, which reflected the relationships between different dimensions.Conclusion: The results showed that employer branding in insurance companies is realized based on work-life balance, rewards and benefits, social responsibility, organizational brand strength, internal branding, work environment, individual and specialized competencies, organizational culture and environment.
Original Research Paper
M.A. Bozorgmehr; H. Saberi
Abstract
Purpose: In the present study, the theory of allocating ransom to intentional murders is introduced as one of the new jurisprudential and legal perspectives on the issue of concentration of ransom in all types of murders, including those caused by traffic accidents, and its effect on the amount of legal ...
Read More
Purpose: In the present study, the theory of allocating ransom to intentional murders is introduced as one of the new jurisprudential and legal perspectives on the issue of concentration of ransom in all types of murders, including those caused by traffic accidents, and its effect on the amount of legal obligations of companies active in the field of third-party insurance is investigated; with the aim of inspiring the legislative body to amend the relevant laws and regulations.Methodology: Descriptive-analytical method and research and search in library sources including laws, jurisprudence and legal books, articles and other relevant databases have been used to examine the research topic.Findings: The principle of concentration of murder payment in the forbidden months is agreed upon by Islamic jurists. However, there are differences of opinion regarding the scope of its inclusion in relation to all types of murder as well as non-homicide crimes. However, the innovative achievement of the present research shows that from the perspective of Imami jurisprudence and criminal law, there are several reasons and documents for assigning the sentence of concentration to intentional murders, which deserves the attention of the legislator, especially in the insurance industry.Conclusion: Accepting the theory of allocating money to intentional murders, on the one hand, is more compatible with the current conditions and requirements of Iranian society. On the other hand, it will significantly reduce the legal obligations of third-party insurance companies, the amount of which is equivalent to the riyals of a Muslim man's dowry during the forbidden months; Because with regard to the above-mentioned theory in the relevant laws, the concentration of payment in quasi-intentional crimes caused by driving accidents is detrimental to the end of the issue and as a result, many problems related to the demand for payment in excess of the limit of the insurers' obligation will be solved.
Promotional-Science Article
S.M.J. Mirtaher; Gh. Soleimani Amiri; S.A. Mousavian
Abstract
Objective: The existence of several problems in the distribution of risks in the insurance industry and the claims of large insurance companies that are not reimbursed for long periods of time and the amount of claims are added day by day, has necessitated the use of new financial tools to solve the ...
Read More
Objective: The existence of several problems in the distribution of risks in the insurance industry and the claims of large insurance companies that are not reimbursed for long periods of time and the amount of claims are added day by day, has necessitated the use of new financial tools to solve the problems of the insurance industry. In the meantime, one of the new financial derivative tools that provide additional help to cover and transfer risk and as one of the insurance securities can help to balance the risk and release the capacity to hold all risks in insurance and reinsurance companies, is non-life insurance swaps. In addition, the different view of insurance companies on risks and the probability of their occurrence can lead to the formation of the insurance exchange market, especially the exchange of catastrophic events. Therefore, the current research is aimed at investigating the risks of the non-life insurance exchange market and the different types of risks associated with the two operational models of the non-life insurance exchange market and providing different methods of covering these risks.Methodology: By conducting library studies and using the analytical-descriptive method and asking experts and the focus group method consisting of reinsurance experts, the risks of the non-life insurance exchange market and the risks of non-life insurance exchange instruments have been examined and the types of methods of covering these risks have been stated.Findings: Non-life insurance exchange market risks include country risk, political risk, and moral risk, and non-life insurance exchange instrument risks include liquidity risk, exchange rate risk, marketability risk, credit risk, basis risk, and operational risk.Conclusion: One of the dimensions of the implementation of the non-life insurance exchange market is the examination of their risks, which was discussed in this research and methods were also presented to cover these risks.
