Original Research Paper
New Insurance Technologies
Z. Poorhadi Poshtiri; A. Gholipour Soleimani; N. Delafrooz; K. Shahroudi
Abstract
BACKGROUND AND OBJECTIVES: Financial technologies, as emerging global phenomena, have extended people's financial relationships beyond the borders of countries and have placed a new financial ecosystem in front of contemporary people without the need for centralized infrastructure. Hence, profiting from ...
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BACKGROUND AND OBJECTIVES: Financial technologies, as emerging global phenomena, have extended people's financial relationships beyond the borders of countries and have placed a new financial ecosystem in front of contemporary people without the need for centralized infrastructure. Hence, profiting from these technologies and minimizing their risks requires more research. Therefore, the current research seeks to explain, identify, and evaluate the effective dimensions of decentralized insurance for businesses in the field of financial technology based on blockchain and artificial intelligence.METHODS: The approach of the current research is a mixed method. Within the qualitative stage, the Grounded Theory Method was utilized, and within the quantitative stage, the descriptive-correlation method was used. For analyzing the qualitative data obtained from the interviews, we used open, axial, and selective coding techniques. Qualitative findings were analyzed by MAXQDA software, and in conclusion, a conceptual model of decentralized insurance for businesses in the field of financial technology based on blockchain and artificial intelligence was extracted. In the quantitative stage, validation of the model was done using the structural equation modeling method with the partial least squares method using PLS software.FINDINGS: A total of 424 codes extracted from 14 semi-structured interviews with experts in the research field were converted into 47 concepts, and finally, 21 categories were identified. Quantitative findings also indicate the confirmation of all hypotheses of the proposed model.CONCLUSION: The results of the research show that one way to benefit from financial technologies and minimize their risks is to study the insurance industry. Based on this, the codification of laws and regulation of decentralized insurance and transformative technologies, the strategies development of research through new technologies such as blockchain and artificial intelligence will lead to the results of research and ultimately digital transformation in the insurance industry.
Original Research Paper
New Insurance Technologies
M. Ranjbarfard; S. Mohammadianfar
Abstract
BACKGROUND AND OBJECTIVES: The insurance industry, as one of the important sectors in the global economy, has a role in addressing environmental challenges through initiatives such as green information technology. Green IT in insurance refers to the adoption of environmentally friendly practices and ...
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BACKGROUND AND OBJECTIVES: The insurance industry, as one of the important sectors in the global economy, has a role in addressing environmental challenges through initiatives such as green information technology. Green IT in insurance refers to the adoption of environmentally friendly practices and technologies in the insurance industry in order to reduce carbon footprints and contribute to sustainable efforts. The purpose of this research is to present the framework for the implementation of green information technology in insurance as a guideline for the successful implementation of green information technology and to determine the actions of insurance companies to implement green information technology and create a sustainable environment.METHODS: The research method is hybrid or combined (literature review, work in the field and final analysis). The qualitative method of this research is based on a systematic review. First, the basic framework of information technology implementation was obtained using content analysis of articles. Then, to present the final framework specific to the insurance industry, an interview was conducted with insurance industry experts. After that, the obtained framework was validated by the experts by sending a questionnaire and calculating the CVR coefficient of Lawshe.FINDINGS: The findings reveal the necessity of ecological sustainability as a reality. The result of this study contains 34 categories and 8 major dimensions, including implementation drivers, resources and organizational capabilities for green IT implementation, standards and criteria, strategy, green application (use), green scrapping and the consequences of green IT implementation. And it shows the responsible actions of insurance companies to reduce pollution and protect the environment.CONCLUSION: The results showed that the most common factor in the implementation of green information technology is the reduction of electricity consumption, the social responsibility of the company towards the environment, and the existence of organizational and government rules and regulations in insurance companies. The findings of this research have addressed the research problem by developing the implementation framework of green information technology in the insurance industry.
Original Research Paper
Economics of finance / insurance
Z. Aghilifar; S. Y. Abtahi; G. Adeaskarz; H. Khjajemahmoodabadi
Abstract
BACKGROUND AND OBJECTIVES: The purpose of this paper is to investigate the sensitivity of the required capital to the dependence structure among non-life insurance claims in multivariate environments. Inthe beginning, dependency modeling was carried out in a real environment using the database related ...
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BACKGROUND AND OBJECTIVES: The purpose of this paper is to investigate the sensitivity of the required capital to the dependence structure among non-life insurance claims in multivariate environments. Inthe beginning, dependency modeling was carried out in a real environment using the database related to monthly claims (without recycling) resulting from five types of non-life insurance in Iran Insurance Company, including engineering, liability, third party, automobile insurance, and fire insurance.METHODS:The data includes the severity of claims in each field and it was collected during the monthly period of 2011:03-2024:02.Then, the parameters of D-vine copula are estimated among the claims by five types of non-life insurance, and goodnessof fit tests are performed to conclude the optimal copula.The multivariate distribution is simulated by a combination of univariate marginal distributions and bivariate copulas.Finally, the estimation of risk-taking capital using VaR and TVaR has been done on simulated total losses according to their weight, and a comparative study has been done using independent copula.FINDINGS: The results show that paying attention to the implicit dependence among losses significantly affects the total risk capital.This result is confirmed by the estimated capital requirement values.In fact, paying attention to the implicit dependence among insurance fields leads to a capital reduction of 1.5% for VaR and 3.9% for TVaR.CONCLUSION: The choice of non-life insurance risk dependency modeling is very important and paying attention to non-linear dependencies in the structure of various insurance branches can reveal the benefits of diversification to the insurance portfolio of companies leading to measuring the amount of benefits from diversification based on the correct selection of non-life insurance risk dependency models. This is an issue that needs to be considered in choosing the portfolio of insurance companies.
Original Research Paper
Insurance Companies Accounting and International Financial Reporting Standards
R. Mirzaei beirami; A. Rahmani; L. Niakan; S. Mashayekh
Abstract
BACKGROUND AND OBJECTIVES: Insurance companies have significant investment in financial instruments, and a major part of their assets are claims from policyholders and agents, investment in securities and bank deposits. Considering the need for transparency in disclosure of financial assets of insurance ...
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BACKGROUND AND OBJECTIVES: Insurance companies have significant investment in financial instruments, and a major part of their assets are claims from policyholders and agents, investment in securities and bank deposits. Considering the need for transparency in disclosure of financial assets of insurance companies, the present study identifies the challenges and solutions of implementing the International Financial Reporting Standard (IFRS) No. 9 in the insurance industry.METHODS: The research is of mixed quantitative and qualitative type. First, by studying the authentic texts, sample financial statements of foreign and domestic insurance companies, and their disclosure checklist, and by comparing them with the financial statements of domestic insurance companies during the years 1398 to 1402 (Persian Calendar), the difference and gap with the current practice in Iran was investigated and based on this, the questionnaire was designed. Questionnaire tool was used to identify challenges in the initial step and interview with experts in the field was used to provide relevant solutions.FINDINGS: All items related to challenges in the questionnaire were tested and confirmed using the results of one sample T test. Challenges of implementing IFRS 9 were identified in five areas: 1. Measurement and classification, 2. Identification of credit impairment losses, 3. Hedge accounting, 4. Disclosure requirements and 5. General challenges related to financial instruments were identified. Interviews were conducted to provide solutions based on the identified challenges, and finally, using theme analysis method, solutions for overcoming challenges in five areas were extracted from the interview texts.CONCLUSION: The successful implementation of IFRS 9 in the insurance industry requires unity and cohesion among all stakeholders, including professional societies, insurance companies, supervisory bodies, regulators, etc., so that the presented solutions are used to overcome the identified challenges and help to improve the quality of financial information and transparency in financial reporting of the insurance industry. In other words, the variety of provided solutions by the experts to overcome the identified challenges indicates that the implementation of IFRS 9 in the insurance industry requires the synergy created by the cooperation of different sciences and specialties since in the face of the challenges raised in different fields, the use of diverse and broad expertise will solve the problem. Also, the results of this research, in addition to raising knowledge in the insurance industry, can be used by authorities, supervising insurance companies, accounting standard setters, and the Securities and Exchange Organization of Iran for effective planning.
Original Research Paper
Marketing and Sales
B. Delbari; M. Rojuee
Abstract
BACKGROUND AND OBJECTIVES: Achieving customer satisfaction is the most important factor in competition among organizations. Therefore, knowing the level of customer satisfaction is very important for managers. Companies active in the insurance industry and also insurance managers need to know the level ...
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BACKGROUND AND OBJECTIVES: Achieving customer satisfaction is the most important factor in competition among organizations. Therefore, knowing the level of customer satisfaction is very important for managers. Companies active in the insurance industry and also insurance managers need to know the level of satisfaction of policyholders to improve their activities, but before that, to measure the satisfaction of policyholders, there is a need to identify the factors that affect the satisfaction of policyholders such as value creation, customer knowledge, and service innovation. The purpose of this research is to investigate the effect of service innovation on customer satisfaction with the mediating role of value creation and customer knowledge in the insurance industry.METHODS: The current research is applied in terms of purpose and is a quantitative research in terms of descriptive-correlation data collection and data analysis. The statistical population under study includes all the insurance policyholders of Sarmad Insurance whose place of business is Shahid Hashminejad Refinery in Mashhad. Using the available non-random sampling method and Cochran's formula, 132 people were selected as the statistical sample size of the research. The most important tool for collecting information in the field section was questionnaire. To analyze the data, the structural equation technique was used using Smart PLS software.FINDINGS: The results of data analysis showed that service innovation has a positive and significant effect on customer satisfaction of Sarmad Insurance Company. Also, the positive and significant effect of service innovation on customer knowledge and customer value creation was confirmed. Based on the obtained results, it was found that customer knowledge has a positive and significant effect on customer satisfaction with Sarmad Insurance Company. The positive and significant effect of value creation on customer satisfaction was confirmed. The mediating role of the customer value creation variable in the effect of service innovation on customer satisfaction of Sarmad Insurance Company was confirmed. Finally, it was found that customer knowledge mediates the effect of service innovation on customer satisfaction of Sarmad Insurance Company.CONCLUSIONS: The results of the research can help the managers of all insurance companies in general and the managers of Sarmad Insurance Company, in particular, to try to create value for customers by adopting strategies ultimately leading to enhancing customer satisfaction. Also, improving the level of customers' awareness and knowledge of insurance products and services will increase the attraction of insurance policyholders and their investment in the company. For this purpose, it is suggested that Sarmad insurance managers create value for customers through measures such as personalization and customization of insurance products and services. It seems that conducting continuous surveys is a good way to record the views, opinions, suggestions, and criticisms of customers, to correct the weaknesses and shortcomings, and to identify customers' needs for designing products. It is also recommended that Sarmad Insurance managers provide useful information about Sarmad Insurance products and services to policyholders through various sources and tailor-made advice.
Original Research Paper
Comparative studies in the field of insurance
F. Azadbakht; E. Yaghouti; Y. Darvishihoveyda
Abstract
BACKGROUND AND OBJECTIVES: Risk hedging strategies have been integral to the culture of various human societies throughout history. Up until the 14th century AD, risk coverage primarily took the form of trade unions, cooperatives, and mutual aid, with insurance not being recognized as independent transactions ...
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BACKGROUND AND OBJECTIVES: Risk hedging strategies have been integral to the culture of various human societies throughout history. Up until the 14th century AD, risk coverage primarily took the form of trade unions, cooperatives, and mutual aid, with insurance not being recognized as independent transactions or contracts. The concept of insurance emerged in the early 14th century, driven by increased risks associated with economic growth and the complexities of daily life. This evolution led to the development of various insurance systems and models. The aim of this article is to analyze and compare the mutual and takaful insurance systems, both of which are based on the principle of risk sharing Basis. By identifying structural and functional differences, as well as their respective advantages and disadvantages, this study seeks to clarify the confusion surrounding the meanings and concepts of these models.METHODS: This research is of an applied nature and has been conducted using a descriptive-analytical approach, employing library research and document analysis methods.FINDINGS: Mutual and takaful insurances are examples of insurance systems founded on the principle of risk sharing basis. The similarities among the concepts of mutuality, cooperation, and takaful have led some individuals to mistakenly believe that these two insurance systems are identical and even interchangeable. For instance, some people equate takaful insurance with mutual or cooperative insurance, arguing that the emergence of takaful is unnecessary; similarly, in various studies, mutual insurance is often regarded as equivalent to cooperative insurance. However, this research indicates that despite sharing common goals and some concepts, these models differ significantly in their operational structures and possess numerous distinct characteristics. These differences necessitate careful consideration when selecting an insurance system that aligns with the specific purposes, characteristics, and risk coverage requirements of a particular target audience. Therefore, in this research, we will first familiarize ourselves with the fundamentals and concepts of both the mutual and the takaful insurance systems. By outlining their structures, characteristics, and the operational mechanisms of these two risk-sharing models, we aim to compare and analyze them in order to clarify misconceptions that may arise from blending concepts and functions, and to identify the target audience for each model.CONCLUSION: Although there are similarities between the two insurance systems being compared, such as their goals, risk-sharing mechanisms, underwriting practices, capital profit and loss sharing, fairer premiums, transparent performance, and cost reduction, each system also has distinct differences, advantages, and disadvantages.These distinctions include restrictions on operations, types of investments, compliance with Sharia, types of coverage, and methods of risk mitigation. This indicates that despite the similarities in risk-sharing mechanisms, each insurance system caters to its own target audience. People choose the model that best suits their needs and risks based on the types of risks and the beliefs or specific advantages associated with each system. Therefore, the similarity of concepts should not lead to confusion regarding the meanings and applications of these two independent insurance systems, each of which has its own functions, structures, and characteristics.
