Original Research Paper
M.N. Shahiki Tash; M. Mirbagherijam
Abstract
The current paper aims to determine the influence of the stock price index of other industries on the stock price index of the Iranian insurance industry. The research method is utilizing both bivariate CCC-GARCH and GJR-GARCH models, which is estimated through the maximum likelihood approach by the ...
Read More
The current paper aims to determine the influence of the stock price index of other industries on the stock price index of the Iranian insurance industry. The research method is utilizing both bivariate CCC-GARCH and GJR-GARCH models, which is estimated through the maximum likelihood approach by the quantitative software R 3.0.2. The results of estimation model approved any competition among the industries to attract the capitals of investors at the capital market, and indicated that the stock returns of the insurance industries and other industries has a negative impact on each other. The volatility of the insurance industry stock returns in Iran due to the risky nature of its activities is greater than the volatility of other industries stock returns in the stock market. There is a weak correlation between the stock return volatility of the insurance industry and other industries which is about 7 percent. Market shocks and bad news have no influence on the volatility return of the Iranian insurance industry, but they don’t affect the volatility return of other stock industries.
Original Research Paper
M. Ameli Basiri; M. Gharekhani
Abstract
Due to the recent competitive environment in the Iranian insurance industry, to maximize the customer profitability, the insurance companies not only should try to acquire new customers, but also retain their existing customers and add their respective values. One of the most widely used methods to increase ...
Read More
Due to the recent competitive environment in the Iranian insurance industry, to maximize the customer profitability, the insurance companies not only should try to acquire new customers, but also retain their existing customers and add their respective values. One of the most widely used methods to increase customer value for the insurance companies is selling more products to the existing customers especially superior ones which is called also as Cross- Selling. In the current study, the RFM model has been utilized to analyze the customer value in one of the major insurance companies. The customers of the above mentioned company are divided into three categories based on the three variables of recency, frequency and monetary values. Calculating these variables, the customers were clustered using the k-means and Fuzzy C-Means Algorithms. The results of this quality clustering is evaluated based on the silhouet criteria. The weight of each variable can be different in various industry; therefore, the weight of each variable is tuned utilizing AHP method. The clusters are then ranked in terms of value and the most profitable customers were identified. Also, in the second phase, Association Rules Mining Technique has been utilize to map the customers'consumption patterns in each cluster.
Original Research Paper
D. Feiz; M. Dehghani Soltani; H. Farsizadeh; R. Ghollamzadeh
Abstract
The purpose behind the current study is to gain the measure of customer-oriented brand equity in the insurance industry. The basic framework of the study has been obtained according to the review of literature, researches and referring to the marketing managers, experts and genius people in the insurance ...
Read More
The purpose behind the current study is to gain the measure of customer-oriented brand equity in the insurance industry. The basic framework of the study has been obtained according to the review of literature, researches and referring to the marketing managers, experts and genius people in the insurance industry of Iran, then its validity has been investigated based on the experts’ comments. Analyzing the concept based on the integrated method, has been done in two phases. In the first phase (qualitative), recognizing the related measures has been done based on the data driventheory strategy and by doing deep interviews with the marketing managers and genius experts of the insurance industry in Iran. Then in the second phase (quantitative), these measures were judged by the statistical population (the customers of the insurance company under study in Tehran) and the degree of the importance of each measure was determined. The results indicated that customer-oriented brand equity in Iranian insurance industry include the relationship with the brand, performance, trust capability, value, interest and social image.
Original Research Paper
Gh. Mahdavi; R. Ofoghi; M. Abed
Abstract
Investigating and analyzing the concept and behavior of the surrendering of life insurance policies and their effective factors is very important for the policyholders, insurers and legislators. Liquidity and profits of insurers are affected by marketing and acquisition costs, adverse selection and surrender ...
Read More
Investigating and analyzing the concept and behavior of the surrendering of life insurance policies and their effective factors is very important for the policyholders, insurers and legislators. Liquidity and profits of insurers are affected by marketing and acquisition costs, adverse selection and surrender values of life insurance policies. Therefore, surrendering of life insurance policies is considered as a risk for the insurance company and this risk should be carefully studied, evaluated, examined and managed.The phenomenon of Dynamic Adverse Selection is the result of Asymmetric Information during the time. Such adverse selection indicates that the lower-risk individuals are more likely to surrender a policy during the period of contract. This article while questioning this theory, has examined the relationship between the level of individual risk aversion and their desire to surrender the life insurance policies.The results indicated that the risk aversion affect the amount of surrender values of the life insurance policies through factors such as marital status, gender and age. Also, by increasing the medical rates (health status at the time of issuance), the premium and initial amounts of death benefits of life insurance policies and the surrender rates will increase and by increasing the duration of insurance policies and the number of installments, the surrender rates will decrease. Respect to the result that people with high risk aversion (low risk individuals) has surrendered less than those with low risk aversion level (high risk individuals), the Iranian life insurance has faced with Dynamic Advantageous Selection. The relationship between the surrendering and medical rates, which represents the risk level of an individual's health status, confirms the existence of Dynamic Advantageous Selection.
Original Research Paper
A. Lotfi; Y. Gholami; M. Kasi
Abstract
Regardless of the possibility of resorting to the general provisions of civil liability by the injured person at work for redressing damages, nowadays a supporting entity called “Social Security” is established for an easier redressing all around the world. Referring to the above-mentiened ...
Read More
Regardless of the possibility of resorting to the general provisions of civil liability by the injured person at work for redressing damages, nowadays a supporting entity called “Social Security” is established for an easier redressing all around the world. Referring to the above-mentiened entity which is nourished by the country public funding sources and paid premium is a safer way for the injured person to achieve his/her right faster and easier. In the legal systems, different methods to receive the differences in payments from the main responsible of loss have been predicted, and in our legal system, in article 66 of the social security code (enacted in 1976) the manner of benefits refunding is accepted by the main legislator. Therefore, social security entity refers to the main responsible for loss on behalf of the injured person. In this paper our purpose is to discuss about the condition and the qualification of the right of return. In addition, based on the employee or employer fault, different assumptions exist, which affect the right of return, but the legislator preferred to keep silent in this regard. At the end, whether limitation or exclusion clauses of liability has any effect on the right of return or not will be answered.
Original Research Paper
S. Habiba; M. Eshraghi Arani; N. Hanifi
Abstract
Supporting the intellectual property via the insurance coverage is one of the issues that was doubted by the insurance companies and patentees due to the intangibility of the property itself and the damages thereto. Nevertheless the high values of these assets and their importance in the portfolios of ...
Read More
Supporting the intellectual property via the insurance coverage is one of the issues that was doubted by the insurance companies and patentees due to the intangibility of the property itself and the damages thereto. Nevertheless the high values of these assets and their importance in the portfolios of the manufacturing and trading companies has made the beneficiaries to insure themselves against the possible related risks. This effort was initially implemented limitedly in all-risk policies which focused on the coverage of intellectual property risks respecting insurance principles. However, improving the insurance techniques, calculations and changes in the legal doctrines, the special and modern policies have entered the market and this article, considering the historical path, introduces and analyzes the general and special policies in this regard to begin applying them in Iranian insurance industry.
Original Research Paper
A. Ansari; J. Askari Dehnavi
Abstract
In the course of concluding an insurance contract, good faith plays a tangible role in the obligations of the insurer. From a legal perspective, the insurer’s duty to observe good faith besides shedding light on the insurance contracts, would lead to increase his efficiency since the clarification ...
Read More
In the course of concluding an insurance contract, good faith plays a tangible role in the obligations of the insurer. From a legal perspective, the insurer’s duty to observe good faith besides shedding light on the insurance contracts, would lead to increase his efficiency since the clarification of the insurer obligations and decreasing the number of lawsuits could satisfy the reasonable and rational expectations of the policyholder for acquiring an insurance policy and bringing the insurance contract to their own favorable point which is the necessity of protecting the insured and policyholder’s interests and the beneficiary. Although it is not possible to enumerate the number of obligations that the good faith imposes on the insurer and it differs in each case, the most important obligations that are imposed on the insurer by the good faith at the time of insurance contract conclusion include full disclosure, refusing to impose unfair conditions, clarifying the terms and conditions and providing the policyholder with a proposal form to discuss the matters. In case a dispute arises, breach of good faith by the insurer will also cause the insurance policy and its terms and conditions to be interpreted against him/her and in return, in favor of the policyholder or the beneficiary.
