Original Research Paper
A.T. Payandeh Najafabadi
Abstract
In this article, the mathematical form of Iran's reward-penalty system is presented first. Then, using the hierarchical analysis method and based on 5 criteria, "Simplicity", "Attractiveness", "Correct Classification of Insurers", "Convergence Speed" and "Probability of Bankruptcy", the bonus-penalty ...
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In this article, the mathematical form of Iran's reward-penalty system is presented first. Then, using the hierarchical analysis method and based on 5 criteria, "Simplicity", "Attractiveness", "Correct Classification of Insurers", "Convergence Speed" and "Probability of Bankruptcy", the bonus-penalty system of Iran is compared with the bonus-penalty systems of four countries in Belgium. With 35 levels), Brazil (with 7 levels), Japan (with 16 levels) and Germany (with 29 levels) are compared and it is shown that according to the opinions of third-party insurance experts, the existing system is the most appropriate reward-penalty system for Iran. . In the next step, the insurance premium of Iran's reward-penalty system is calculated with the help of approximate reliability and Bayesian methods. At the end, by presenting a simple proposal, how to improve Iran's reward-penalty system by simultaneously applying the severity and number of damages in the transfer law is examined. Based on the findings, several suggestions are made to improve the existing reward-penalty system in Iran.
Original Research Paper
A. Komijani; Sh. Mohammadi; M. Kousheshi; L. Niakan
Abstract
Annuity insurance is one of the types of life insurance products in which certain periodic payments are guaranteed until the life of the beneficiary of the policy. In the pricing of life annuities, the uncertainty of demographic phenomena and financial variables should be considered. Uncertainty of demographic ...
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Annuity insurance is one of the types of life insurance products in which certain periodic payments are guaranteed until the life of the beneficiary of the policy. In the pricing of life annuities, the uncertainty of demographic phenomena and financial variables should be considered. Uncertainty of demographic phenomena is included in the pricing using the death probabilities of the life table, but usually, financial variables are considered fixed during the contract. In the recent studies of actuarial science, random variables and processes are used to introduce the uncertainty of economic parameters - the most important of which is the technical interest rate. In this article, we develop the pricing of life annuities and combine the random expression of mortality with the fuzzy expression of the technical interest rate so that all sources of uncertainty in the pricing are taken into account. This modeling gives the possibility of quantifying the expected risk arising from the aforementioned sources of uncertainty. Therefore, the modeling of the present value of pensions is provided by the fuzzy random variable, and finally, a numerical example is given.
Original Research Paper
F. Esmaeli; H. Mirzaei; A. Assadzadeh
Abstract
In today's world, life insurance is one of the most important economic tools and it has many uses, and its most important role is in providing and guaranteeing the future of families. Life insurances are a source of huge investments and play an important role in savings. The purpose of this research ...
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In today's world, life insurance is one of the most important economic tools and it has many uses, and its most important role is in providing and guaranteeing the future of families. Life insurances are a source of huge investments and play an important role in savings. The purpose of this research is to investigate the effect of economic factors (level of per capita income, inflation, level of financial development and unemployment), demographic factors (dependency ratio, education level and urbanization) and institutional factors (political stability, rule of law and government effectiveness) on insurance demand. Life expectancy in Iran and selected developing countries of the world during the period of 2001-2009 using the panel data method (cross-sectional data). Research findings show that the level of per capita income, level of financial development, rule of law, level of education and urbanization are among the factors that have a positive effect on the demand for life insurance in the studied countries. Inflation, unemployment, and government effectiveness variables have an inverse relationship with life insurance demand, and the two variables of people's dependency ratio and political stability do not have a significant relationship with life insurance demand in the studied countries.
Original Research Paper
M.N. Shahiki Tash; M. Mirbagherijam
Abstract
The Concentration Risk of the insurance companies is considered as special kinds of the market risks which the insurance company or an insurance industry faces with due to the concentration on a business line or a geographic region. The index of the concentration risk among the business lines of the ...
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The Concentration Risk of the insurance companies is considered as special kinds of the market risks which the insurance company or an insurance industry faces with due to the concentration on a business line or a geographic region. The index of the concentration risk among the business lines of the insurance industry of Iran is calculated utilizing the data collected via the loss ratio and indices of concentration including Herfindhal-Hirschman index (HHI), Theil Entropy Index (TEI), Hannah-Kay Index (HKI), Hall-Tideman Index (HTI) and Gini Index (G) during 1979-2014. Granger Causality Test confirmed existing of a significant relationship between the time series of the loss ratio and calculated indices of the risk concentration during this period. The results indicated that the amount of the concentration of the insurance industry on the business lines will affect the loss ratio payment of the insurance industry. Therefore, according to the obtained results, the insurance industry or the insurance companies can decrease the loss ratio to a reasonable level by allocation of the resources level by allocation of the resources to different lines of business and geographical regions.
Original Research Paper
S. Ardavani; R. Baradaran Kazem Zadeh; B. Teimourpour; N. Abdolvand
Abstract
All efforts of an organization are focused on reaching a larger share of customers and ultimately creating value for valuable customers. In this research, a model for measuring and calculating the lifetime value of customers in the insurance industry is introduced. For this purpose, representatives of ...
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All efforts of an organization are focused on reaching a larger share of customers and ultimately creating value for valuable customers. In this research, a model for measuring and calculating the lifetime value of customers in the insurance industry is introduced. For this purpose, representatives of an insurance company from 1387-1390 have been selected and the basis of model analysis and implementation. After calculating the CLV of the agents, they were segmented based on the criteria affecting the CLV, which includes risk factors and demographic information, based on which the agents were divided into three clusters. Among the three clusters obtained in this research, it was determined that the first cluster is the most valuable It is a cluster and it is of great importance for the company. The second and third clusters consist of representatives who have enough experience and can be called loyal representatives.
Original Research Paper
S. Shirkavand; Gh. Jokar; A.R. Mazidi
Abstract
Our goal in this research is to segment the customers of an insurance company. For this purpose, first by examining the background of the research as well as interviewing customers and insurance industry experts, 30 variables were identified as the expected values of customers. Factor analysis, K-means ...
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Our goal in this research is to segment the customers of an insurance company. For this purpose, first by examining the background of the research as well as interviewing customers and insurance industry experts, 30 variables were identified as the expected values of customers. Factor analysis, K-means cluster analysis and Pearson chi-square test were used for data analysis. After identifying the variables, a questionnaire with a five-point Likert scale was prepared, and after determining the validity and reliability of the distribution, 371 questionnaires were collected. After preparing the data, by performing factor analysis, these variables were summarized in the form of 5 factors (quality, financial, human, tangible and ease), which explained more than 62% of the total variance. Then, based on the obtained results and cluster analysis, 4 clusters of customers (price-oriented, service-oriented, convenience-oriented and relationship oriented) were identified. Finally, the results of the chi-square test showed that the clusters of customers have significant differences in terms of age, marital status, education level and income.
Original Research Paper
A. Khodaei; D. Karimzadegan Moghadam
Abstract
One of the concerns of organizations is feasibility and awareness of the organization's readiness for implementing business intelligence. In this article, using the approach provided by Steve Williams and Nancy Williams, seven indicators were considered to measure the readiness of organizations to implement ...
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One of the concerns of organizations is feasibility and awareness of the organization's readiness for implementing business intelligence. In this article, using the approach provided by Steve Williams and Nancy Williams, seven indicators were considered to measure the readiness of organizations to implement business intelligence, which are: strategic alignment of business and information technology, portfolio management, organization and information technology participation, technical readiness of business intelligence systems. And data warehouse, the culture of decision-making process engineering, the culture of continuous process improvement, and the culture of using information and analytical tools. Therefore, a questionnaire containing 39 items was compiled and an insurance company with 245 full-time employees was selected as the statistical population. A sample consisting of 150 employees of that company was selected using a random method and the prepared questionnaire was distributed among them. Construct validity was measured using confirmatory factor analysis and its reliability was measured by Cronbach's alpha test. The results showed that the company under investigation is in a favorable position in terms of strategic alignment and portfolio management, but in terms of organizational and information technology participation, the culture of continuous process improvement, the culture of using information and analytical tools, the culture of methodical construction and engineering of the decision-making process and technical preparation. Business intelligence systems and data warehouses are in average condition. Finally, based on the research findings, suggestions were made for better preparation of organizations in the implementation of business intelligence.
Original Research Paper
M. Haghighi Kafash; S.M. Mousavi Moradi; A. Bahrami; M. Akbari
Abstract
Customer satisfaction is the most important factor in competition among organizations. For this reason, knowing the level of customer satisfaction is very important for managers. The companies active in the insurance industry and the managers of the central insurance of J.A. also need to know the level ...
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Customer satisfaction is the most important factor in competition among organizations. For this reason, knowing the level of customer satisfaction is very important for managers. The companies active in the insurance industry and the managers of the central insurance of J.A. also need to know the level of satisfaction of the policyholders in order to improve their activities, but before that, to measure the satisfaction of the policyholders, it is necessary to design a tool that fits the characteristics of this industry. In this research, a model for measuring the satisfaction of insurance policyholders is presented, which consists of ten indicators, which are categorized into three categories: process variables, content variables, and textual variables. Also, the indicators of the mentioned model considering three insurance processes; Before buying or advertising, purchase of insurance policy and claim process is designed. The geographical area of this research is 10 provinces, and the target sample was selected from 10 insurance fields. In this research, the representatives and insurers of 16 insurance companies were used to collect questionnaire information. In order to fit the model, the structural equation test was used by Lisrel software, and the data obtained from the survey of 37,064 collected questionnaire samples showed that the designed model has a high fit.
Original Research Paper
N. Mazloomi; S.A. Hashemi
Abstract
In this research, the pattern of the relationship between the feasibility and the effectiveness of the strategy in the insurance industry has been examined. This research is based on the developmental result; Based on the purpose, descriptive-explanatory; Based on the type of data, quantitative-qualitative ...
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In this research, the pattern of the relationship between the feasibility and the effectiveness of the strategy in the insurance industry has been examined. This research is based on the developmental result; Based on the purpose, descriptive-explanatory; Based on the type of data, quantitative-qualitative (combined) and based on the role of the researcher, it is independent of the research process. The strategy of this research is quantitative in terms of survey and qualitatively in terms of foundational data theory. The statistical population of the first group for the implementation of the qualitative research method includes 17 experts from the members of the board of directors, managing and senior managers of insurance companies, with whom a special interview was conducted to identify the elements of implementing the strategy. The selection of this group is based on a purposeful judgment method. The statistical population of the second group for the quantitative part of the research includes managing directors, senior managers and vice presidents of the insurance industry, which is 102 people using the formula of Cochran's unlimited population, and they have been selected according to the stratified sampling method according to the number of managers of each insurance company. Cronbach's alpha method was used to measure the reliability of the research questions and confirmatory factor analysis was used to measure the construct validity of the questionnaire. The results of these tests show that the questions have the required reliability and validity. Foundation data theory method was used to analyze the interview data and Pearson's correlation coefficient and structural equation model were used to analyze the questionnaire data. The results of this research indicate that there is a significant relationship between strategy implementation and its effectiveness in the insurance industry. The correlation coefficient between these two variables is 0.73. The results of the qualitative data analysis show that from the point of view of industry experts, the dimensions of implementing strategy in the insurance industry include human, organizational, strategic and environmental factors, which increases its effectiveness or, in other words, the degree of realization of strategic goals.
Original Research Paper
S.E. Jahanbin; M.H. zarei
Abstract
The stability of the insurance industry - as a pillar of the country's financial market - and guaranteeing the rights of the parties to the contract is essential. Today, ensuring its efficiency and sustainability is done by transitioning from the approach of macro-governments from the traditional form ...
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The stability of the insurance industry - as a pillar of the country's financial market - and guaranteeing the rights of the parties to the contract is essential. Today, ensuring its efficiency and sustainability is done by transitioning from the approach of macro-governments from the traditional form of command-control system, which has a mandatory and inflexible aspect, to the regulation internalization system, which was formed under the influence of the original-representative theory. In this article, according to the hypothesis of better efficiency in the light of optimal regulation according to the correct principles and international standards, the necessity of distinguishing the position of the government and the regulatory body (with the approach of promoting the private sector) is taken into consideration, and while analyzing the state of its regulation in the country, the concern of achieving It is studied in a model that fits these standards from a formal and substantive point of view in the interaction and the determined ratio of the necessary components in the competent regulation process. Therefore, in this article, while explaining the status of existing insurance regulation in terms of the desirable principles of regulation and standards (IAIS), an appropriate model for the sector regulator is tried to be made in the dual ratio measurement of the government-private sector with the use of appropriate legal mechanisms. Therefore, the necessity of correcting, compiling and preparing appropriate regulations in the direction of moving towards self-regulation of this industry is expressed.
