Since the early 1980's there has been a heightened academic interest in the field of commitment, particularly as it relates to business relationships. Knowledge of commitment continues to advance and has begun splintering and applied into specific and narrow fields. The particular field of interest in this study surrounds commitment levels in business relationships within property and casualty insurance distribution networks. The intent of understanding and enhancing commitment levels is to allow stakeholders to explore new ways to improve profitability. This can be achieved by deepening the level of understanding and knowledge of relationship partners with a view to anticipating and fulfilling their needs better than the competition. However, commitment is intangible and involves many factors including human emotion. This increases the difficulty in comprehending the whole phenomenon of commitment. To assist in furthering the knowledge in this area, transaction cost theory is examined and applied to insurance company and broker relationships. In seeking a greater understanding of the underlying drivers of commitment, this thesis investigates the theoretical contribution of transaction cost economics theory in assessing commitment levels. The purpose is to utilize the elements of transaction costs as a means to extend the awareness of how commitment is constructed, and to search for ways to improve and strengthen these relationships. The primary research method consists of three major case studies within the Canadian property and casualty insurance distribution sector. The first case study explores the perspectives of insurance brokers in Ontario. The second study reveals the perceptions of relationship managers employed with ING Canada, the country's largest property and casualty insurance company. Lastly, the research incorporates a series of interviews with ING Canada senior executives to capture their perspectives and validate the research findings from the first two case studies. These investigations into the Canadian insurance industry have provided several outputs, chief among them is the development of a conceptual model referred to as the 'Commitment Wheel'. This model has the advantages of seating affective and calculative commitment at the centre of a moving environment of commitment enablers.

Försäkringar och försäkringsbolag har stor betydelse för det moderna samhället när det kommer till trygghet och utveckling, både för privatpersoner och företag. Trots detta har försäkringsbranschen fått relativt lite uppmärksamhet inom forskningen, inte minst inom företagsekonomi. I en tid av digitalisering står försäkringsbolagen dessutom inför stora utmaningar, bland annat relaterat till lojalitet. Syftet med denna studie är därför att skapaförståelse kring hur digitalisering påverkar lojaliteten i försäkringsbranschen, huruvida kunder är lojala mot sina försäkringsbolag och ur ett kundperspektiv definiera möjliga påverkansfaktorer för lojalitet i en tid av digitalisering. Kopplingar görs till begreppet customer engagement för att analysera dess relation till lojalitet bland kunder i försäkringsbranschen. Studien genomförs genom tio kvalitativa samtalsintervjuer med svenska försäkringskunder i åldrarna 23 till 79 år. Resultaten visar att försäkringskunderna föredrar mänsklig kontakt över digital kontakt för att känna både förtroende och lojalitet. Sju faktorer som påverkar lojaliteten har identifierats: service och bemötande, innehåll och villkor, erfarenheter, pris, bekvämlighet, personlig kontakt och bonusprogram. Slutsatserna som dras är att digitalisering har en negativ inverkan på lojaliteten, samt att både nivån av lojalitet och förekomsten av customer engagement är låg inom försäkringsbranschen ochtycks ha ett samband. Detta då de påverkas av liknande faktorer. Studiens resultat bekräftar tidigare forskning inom tre skilda områden: digitalisering, lojalitet och customer engagement, men bidrar även med nya insikter genom att begreppen kombineras och appliceras på ett nytt tillämpningsområde, försäkringsbranschen. Slutligen identifierar studien aktiviteter som kanvara till hjälp för att öka både kundlojaliteten och engagemanget bland kunderna hos svenska försäkringsbolag. / Insurances and insurance companies are of great importance to modern society when it comes to safety and development, for both individuals and companies. Despite this, the insurance industry has received a relatively small amount of attention in research, not only within business economics. Furthermore, in a time of digitalization, insurance companies are facingmajor challenges including those related to loyalty. The purpose of this study is therefore to acquire an understanding of how digitalization affects loyalty within the insurance industry, whether customers are loyal to their insurance companies, and from a customer perspective define possible influences for loyalty in a time of digitalization. Connections are made between loyalty and the concept of customer engagement to analyze the relationship betweenthe two among insurance customers. The study is conducted through ten qualitative interviews with Swedish insurance customers, aged 23 to 79 years old. The results show that insurance customers prefer human contact over digital contact in order to feel both trust and loyalty. Seven antecedents for loyalty have been identified: service and customer treatment, content and conditions, experiences, price, convenience, personal contacts, and bonusprograms. The conclusions are that digitalization has a negative impact on loyalty, and that the level of loyalty as well as the presence of customer engagement is low in the insurance industry and seems to be affected by similar factors. Therefore, the study suggests a connection between the two. The findings confirm previous research in three distinct areas: digitalization, loyalty and customer engagement, but also contributes to new insights bycombining and applying the concepts to a new field, the insurance industry. Finally, the study identifies activities that might be helpful for Swedish insurance companies in increasing both customer loyalty and customer engagement.

This thesis deals with the possibilities of using satellite navigation systems in the insurance industry. In particular, the thesis focuses on the Czech Republic. The aim of this thesis is to analyze and evaluate the possibilities of using satellite systems, especially satellite navigation systems in the insurance industry. At first the thesis describes satellite navigation systems in general. Then it expresses using of the satellite navigation systems to manage costs of the insurance companies. In the last part it maps usage of satellite navigation systems in connection with insurance products, specifically: maps used by insurance companies, system of insurance Pay As You Drive (PAYD) and mobile applications.

Continuous changes along with the increased pressure to perform may result in feelings of distrust, strain in interpersonal relations, psychological strain, fatigue and tension, all affecting the well-being of employees. Tracking and addressing the effectiveness of employees in the work context in areas that could impact on the standard of their services is important. Burnout and work engagement are specific focus areas in this regard. To measure burnout and work engagement, it is important to use reliable and valid instruments. However, there is a lack of empirical research systematically investigating burnout and work engagement in South Africa, as well as serious limitations, including poorly designed studies, a lack of sophisticated statistical analyses and poorly controlled studies. Furthermore, South Africa is a multicultural society and therefore, when burnout and work engagement measures are applied to different cultural groups, issues of equivalence become important. The objectives of this study were to standardise the MBI-GS and UWES for employees in an insurance company and to determine equivalence for each instrument, to determine the occupational stressors experienced and demographic differences in terms of the experience of occupational stressors and to test a causal model of work wellness consisting of burnout, work engagement, job demands, job resources, health, optimism and intention to leave. The research method for each of the three articles consists of a brief literature review and an empirical study. A cross-sectional survey design was used. An availability sample (N = 613) fiom employees in an insurance company was taken. The Maslach Burnout Inventory - General Survey (MBI-GS), Utrecht Work Engagement Scale (UWES), Life Orientation Test - Revised (LOT-R), An Organisational Stress Screening Tool (ASSET), Job Characteristics Scale (JCS) and a biographical questionnaire were administered. The statistical analysis was carried out with the help of the SAS program and AMOS. The statistical methods utilised in the three articles consisted of descriptive statistics, Cronbach alpha coefficients, inter-item correlations, Pearson product-moment correlation coefficients and structural equation modelling methods. One-way analysis of variance (ANOVA) was also utilised to determine differences between the subgroups of the sample. Structural equation modelling confirmed a three-factor model of burnout, consisting of exhaustion, cynicism and professional efficacy. The three-factor model of work engagement represented the data quite well after certain items had been replaced due to semantic differences. The MBI-GS and UWES both showed acceptable internal consistencies. Construct equivalence for different language groups were confumed for the MBI-GS and UWES. The continuous exposure to things like change, competitiveness and rivalry may result in feelings of stress. Stress may have a negative impact on the health and well-being of individuals. Physical and psychological ill health was found to be the major outcome of stress for employees. Commitment moderated the effect of occupational stress on ill health. Specific occupational stressors indicated in an insurance company had to do with performance management, job characteristics, redundancy of skills and remuneration. Biographical factors (i.e. department, level, years' experience) had an impact on the experience of occupational stressors. A one-factor, four-factor and three-factor wellness model was tested. The three-factor model, comprising exhaustion and cynicism loading on burnout and a combined work engagement (vigour and dedication) dimension, provided the best fit with the data. The causal model of work wellness provides support for the COBE model, assuming job demands and job resources. A lack of job resources increases the levels of burnout of employees, as well as the intention to leave the organisation. The availability of job resources increases the levels of work engagement. Employees who experience excessive workloads are likely to develop high levels of burnout which, in turn, may lead to health problems. Recommendations for future research were made. / Thesis (Ph.D. (Industrial Psychology))--North-West University, Potchefstroom Campus, 2004.

Continuous changes along with the increased pressure to perform may result in feelings of distrust, strain in interpersonal relations, psychological strain, fatigue and tension, all affecting the well-being of employees. Tracking and addressing the effectiveness of employees in the work context in areas that could impact on the standard of their services is important. Burnout and work engagement are specific focus areas in this regard. To measure burnout and work engagement, it is important to use reliable and valid instruments. However, there is a lack of empirical research systematically investigating burnout and work engagement in South Africa, as well as serious limitations, including poorly designed studies, a lack of sophisticated statistical analyses and poorly controlled studies. Furthermore, South Africa is a multicultural society and therefore, when burnout and work engagement measures are applied to different cultural groups, issues of equivalence become important. The objectives of this study were to standardise the MBI-GS and UWES for employees in an insurance company and to determine equivalence for each instrument, to determine the occupational stressors experienced and demographic differences in terms of the experience of occupational stressors and to test a causal model of work wellness consisting of burnout, work engagement, job demands, job resources, health, optimism and intention to leave. The research method for each of the three articles consists of a brief literature review and an empirical study. A cross-sectional survey design was used. An availability sample (N = 613) fiom employees in an insurance company was taken. The Maslach Burnout Inventory - General Survey (MBI-GS), Utrecht Work Engagement Scale (UWES), Life Orientation Test - Revised (LOT-R), An Organisational Stress Screening Tool (ASSET), Job Characteristics Scale (JCS) and a biographical questionnaire were administered. The statistical analysis was carried out with the help of the SAS program and AMOS. The statistical methods utilised in the three articles consisted of descriptive statistics, Cronbach alpha coefficients, inter-item correlations, Pearson product-moment correlation coefficients and structural equation modelling methods. One-way analysis of variance (ANOVA) was also utilised to determine differences between the subgroups of the sample. Structural equation modelling confirmed a three-factor model of burnout, consisting of exhaustion, cynicism and professional efficacy. The three-factor model of work engagement represented the data quite well after certain items had been replaced due to semantic differences. The MBI-GS and UWES both showed acceptable internal consistencies. Construct equivalence for different language groups were confumed for the MBI-GS and UWES. The continuous exposure to things like change, competitiveness and rivalry may result in feelings of stress. Stress may have a negative impact on the health and well-being of individuals. Physical and psychological ill health was found to be the major outcome of stress for employees. Commitment moderated the effect of occupational stress on ill health. Specific occupational stressors indicated in an insurance company had to do with performance management, job characteristics, redundancy of skills and remuneration. Biographical factors (i.e. department, level, years' experience) had an impact on the experience of occupational stressors. A one-factor, four-factor and three-factor wellness model was tested. The three-factor model, comprising exhaustion and cynicism loading on burnout and a combined work engagement (vigour and dedication) dimension, provided the best fit with the data. The causal model of work wellness provides support for the COBE model, assuming job demands and job resources. A lack of job resources increases the levels of burnout of employees, as well as the intention to leave the organisation. The availability of job resources increases the levels of work engagement. Employees who experience excessive workloads are likely to develop high levels of burnout which, in turn, may lead to health problems. Recommendations for future research were made. / Thesis (Ph.D. (Industrial Psychology))--North-West University, Potchefstroom Campus, 2004.

The world is becoming more and more digitized. Recently many industries have started to research the blockchain technology and particularly smart contracts. One industry that so far has not adopted new technology in the same pace as other industries, is the insurance industry so this interview study aims at finding opportunities and challenges for insurance companies that want to learn about smart contracts and its use cases.By doing a literature review and performing interviews with blockchain experts and insurance company employees, this study found that both IT companies working with smart contracts and the insurance companies have limited knowledge of the legal aspect of smart contracts. The lack of standards and regulations allows IT companies to freely create smart contracts without much quality control. The insurance companies must innovate themselves in order to not be disrupted. The blockchain technology will offer many new insurance types and if the insurance industry fails to adopt the blockchain technology they may face market disruption.There is much room for future research following this study. It would be beneficial to research how contract theory could be used in practice during the creation of legally binding smart contracts. Furthermore, research around fraud prevention in smart contracts would be interesting as would an in-depth exploration of the ecosystem of third party software and services around smart contracts.

[pt] Desde que os bancos investiram na venda de seguros na França no meio da década de 80, eles conquistaram cada vez mais espaços passando a ser líderes inclusive na principal família de produtos ligados à previdência. Os bancos souberam na ocasião identificar novas oportunidades, inclusive sendo locomotivas propulsoras da evolução da indústria. A partir de teste empírico à luz do método de previsão Delfos, procura-se abordar as principais questões estratégicas para melhor definir qual deve ser o posicionamento dos bancos nessa indústria nos próximos anos. Os resultados da pesquisa mostram que os bancos devem continuar se concentrando no segmento pessoa física nos produtos ligados à previdência, aproveitando as oportunidades relacionadas à reforma da previdência e a todas as mudanças sociais que estão ocorrendo. Os bancos também podem encontrar oportunidades na distribuição de produtos com processo de vendas simplificado e integrados na oferta bancária, aproveitando a vasta rede de pontos de vendas, a natureza da relação com o cliente e a clientela ainda não equipada de seguros. No segmento empresas, o foco deve ser voltado para a previdência corporativa. Finalmente, a capacidade de mobilização da força de vendas e do uso de ferramentas de informação como o CRM, assim como a eficiente gestão dos processos são os fatores chave para os bancos continuarem evoluindo. / [en] Since banks invested in the selling of insurance in the mid-80´s in France, they have conquered more space becoming leaders in the market, including the main family of products linked to life saving plans. The banks were able, at that time, to identify the new opportunities, to the extent of becoming the leading force in the industry´s evolution. From empirical testing based on the Dephi forecasting method, an attempt is made to address the main strategic issues in order to better define what will be the positioning of banks in this industry in the next years. Research results demonstrate that banks are likely to continue concentrating in the personal segment in products related to life saving plans and retirement products, taking advantage of the opportunities related to welfare state reform and to all the social change that is taking place. Banks may also find opportunities in the distribution of products that are simplified, packaged and integrated with the banking offer, taking advantage of an extensive outlet network, the nature of the relationship with clients and a clientele that is not insofar holding products. In the corporate segment, the focus must be on corporate pension plans. Lastly, the mobilization capacity of the sales team and the usage of management information system such as CRM, as well as efficient process management are the key factors in the continuing evolution of banks.

Since the early 1980's there has been a heightened academic interest in the field of commitment, particularly as it relates to business relationships. Knowledge of commitment continues to advance and has begun splintering and applied into specific and narrow fields. The particular field of interest in this study surrounds commitment levels in business relationships within property and casualty insurance distribution networks. The intent of understanding and enhancing commitment levels is to allow stakeholders to explore new ways to improve profitability. This can be achieved by deepening the level of understanding and knowledge of relationship partners with a view to anticipating and fulfilling their needs better than the competition. However, commitment is intangible and involves many factors including human emotion. This increases the difficulty in comprehending the whole phenomenon of commitment. To assist in furthering the knowledge in this area, transaction cost theory is examined and applied to insurance company and broker relationships. In seeking a greater understanding of the underlying drivers of commitment, this thesis investigates the theoretical contribution of transaction cost economics theory in assessing commitment levels. The purpose is to utilize the elements of transaction costs as a means to extend the awareness of how commitment is constructed, and to search for ways to improve and strengthen these relationships. The primary research method consists of three major case studies within the Canadian property and casualty insurance distribution sector. The first case study explores the perspectives of insurance brokers in Ontario. The second study reveals the perceptions of relationship managers employed with ING Canada, the country's largest property and casualty insurance company. Lastly, the research incorporates a series of interviews with ING Canada senior executives to capture their perspectives and validate the research findings from the first two case studies. These investigations into the Canadian insurance industry have provided several outputs, chief among them is the development of a conceptual model referred to as the 'Commitment Wheel'. This model has the advantages of seating affective and calculative commitment at the centre of a moving environment of commitment enablers.

Titel: Psykologiska bias påverkan på försäkringsbranschen – En kvalitativ studie om samvariationen mellan psykologiska bias och efterfrågan på företagsförsäkringar. Författare: David Byman & Gustav Köhler Handledare: Mikael Knutsson Bakgrund: Att vara felaktigt försäkrad kan leda till allvarliga ekonomiska konsekvenser för företag. Perioden mellan år 2021–2023 har präglats av stora ekonomiska och geopolitiska påfrestningar vilka påverkat inflationen, världsekonomin och den internationella handeln. De unika marknadsförhållandena har resulterat i stor osäkerhet på de finansiella marknaderna och gett upphov till nya bedömningar inom risk och försäkring. Omfattande forskning har visat att både bedömningar och beslut påverkas av psykologiska faktorer. Av denna anledning är det relevant att studera hur psykologiska faktorer påverkar dessa bedömningar inom risk och försäkring för att hjälpa företag fatta bättre beslut i framtiden. Syfte: Undersökningens syfte är att, genom en abduktiv ansats, analysera i vilken utsträckning experter inom risk- och försäkringsområdet upplever att de psykologiska faktorerna risktolerans, vana, överkonfidens, förlustaversion, dispositionseffekten, kognitiv förmåga och optimism och pessimism påverkat svenska företags riskbedömningar mellan 2021–2023. Metod: För att besvara studiens syfte har en kvalitativ metod med elva semistrukturerade intervjuer utförts. Slutsats: Resultaten från de studerade experterna visar att samtliga undersökta psykologiska faktorer kan påverka företags beslutsfattande inom risk och försäkring, dock på olika sätt och i varierande omfattningar. Av de undersökta fallgroparna är det risktolerans, överkonfidens, förlustaversion, vana och känslor som har haft störst påverkan. / Title: Psychological biases' impact on the insurance industry – A qualitative study on the covariation between psychological biases and the demand for corporate insurance. Authors: David Byman & Gustav Köhler Supervisor: Mikael Knutsson Background: Being wrongly insured can lead to serious financial consequences for businesses. The period between the years 2021-2023 has been marked by major economic and geopolitical strains which have affected the inflation, world economy and international trade. The unique market conditions have resulted in great uncertainty in the financial markets and given rise to new assessments in risk and insurance. Extensive research has shown that both assessments and decisions are influenced by psychological factors. For this reason, it is relevant to study how psychological factors influence these decisions in risk and insurance to help companies make better decisions in the future. Purpose: The purpose of the survey is to, through an abductive approach, analyze the extent to which experts in the risk and insurance field perceive that the psychological factors risk tolerance, habit, overconfidence, loss aversion, the disposition effect, cognitive ability and optimism and pessimism have influenced Swedish companies' risk assessments during the years 2021-2023. Method: To fulfill the purpose of the study, a qualitative method with eleven semi- structured interviews has been conducted. Conclusion: The results from the studied experts show that all the examined psychological factors can influence companies' decision-making within risk and insurance, however in different ways and to varying extents. Among the investigated pitfalls, risk tolerance, overconfidence, loss aversion, habit, and emotions have had the greatest impact.

Thesis (MComm)--Stellenbosch University, 2012. / ENGLISH ABSTRACT: Almost all enterprises, individuals and organisations face some form of political risk on a continuous basis. In the past, mines have been lost, terrorist attacks have been devastating, and financial markets have experienced large losses due to political risk factors. We live in an ever-increasing politically insecure world where political risk factors and the analysis thereof receive increasing attention from both international and domestic establishments. From a business perspective, making the correct business decisions and determining the appropriate risk management strategy consequently are crucial to the success of an enterprise, due to the ever-present nature of political risk factors in the business environment. Especially in the emerging market economies of the world, political risk is an important phenomenon. In such emerging market economies, political risk factors could play a role that is as important as the economic factors that are decisive in the performance of markets. It is well known that the emerging market economies of the world have been the main recipients of foreign direct investments. A closer study of these economies has indicated that the majority of such investments have gone to the so-called BRICS countries (the Federative Republic of Brazil, the Russian Federation, the Republic of India, the People‟s Republic of China, and the Republic of South Africa). After having studied the political and economic environments of the BRICS countries, it was concluded that ten political risk factors are common to these countries, namely nationalisation, confiscation, creeping expropriation, currency inconvertibility, breach of contract, non-honouring of government guarantees, war, violent civil unrest, non-violent civil unrest and terrorism. These political risk factors were investigated in a South African context by means of an empirical survey. A census was undertaken that consisted of structured personal interviews (based on a questionnaire) that were pre-arranged with most of the agents who sell Sasria insurance on behalf of Sasria Ltd. These agents mainly were conventional short-term insurers who handled claims on behalf of Sasria Ltd., which placed them in an excellent position to provide the study with valuable information. Violent civil unrest and non-violent civil unrest have not only been the political risk factors that had the most important impact on the total annual claims amount of the respondents over the past five years, but have also been the political risk factors that most frequently resulted in claims. It therefore did not come as a surprise that these were the two political risk factors for which there had been the highest level of demand for cover over the past five years. In terms of the importance of impact, the frequency of claims and the demand for cover, violent civil unrest and non-violent civil unrest are expected to remain the two most important political risk factors in South Africa over the next five years. When compared to the past five years, all the political risk factors (excluding breach of contract) are expected to have an increased impact in South Africa over the next five years. They are also expected to present an equal number or more claims in general. While excluding war and terrorism, the expectation is that the demand for cover against them will generally remain at the same level, but may increase. The South African short-term insurance industry generally faces considerable challenges regarding the cover provided against political risk factors to the public and businesses in South Africa. The industry and the South African public therefore need to be aware of the impact that various political risk factors have on the cover that is provided. This research study should assist the executives of short-term insurance in making better risk management decisions and exercising better control over their responsibilities regarding specific political risk factors in South Africa. / AFRIKAANSE OPSOMMING: Feitlik alle ondernemings, individue en organisasies kom voortdurend voor een of ander politieke risiko te staan. In die verlede was daar verlies van myne, terroriste-aanvalle het verwoesting gesaai en finansiële markte het groot skade gely vanweë politieke risikofaktore. Ons bevind onsself in 'n wêreld van toenemende politieke onsekerheid waarin internasionale sowel as binnelandse instellings meer en meer aandag aan politieke risikofaktore en die ontleding daarvan wy. Vanuit 'n sakeperspektief word korrekte besigheidsbesluitneming en die vasstelling van toepaslike risikobestuurstrategië vanweë die voortdurende teenwoordigheid van politieke risikofaktore binne die sake-omgewing gevolglik van uiterste belang vir die sukses van 'n onderneming. Politieke risiko is veral in die ontluikende mark-ekonomieë van die wêreld 'n belangrike verskynsel. In hierdie ontluikende mark-ekonomieë kan politieke risikofaktore 'n rol speel wat net so belangrik is as die ekonomiese faktore wat deurslaggewend is ten opsigte van hoe markte presteer. Dit is welbekend dat die ontluikende mark-ekonomieë van die wêreld die vernaamste ontvangers van buitelandse direkte beleggings is. 'n Nadere beskouing van hierdie ekonomieë het getoon dat die meerderheid van sulke beleggings na die sogenaamde BRICS-lande (die Bondsrepubliek van Brasilië, die Russiese Federasie, die Republiek van Indië, die Volksrepubliek van China en die Republiek van Suid-Afrika) gaan. 'n Studie van die politieke en ekonomiese omgewings van die BRICS-lande het tot die gevolgtrekking gelei dat hierdie lande tien politieke risikofaktore in gemeen het, naamlik nasionalisering, beslaglegging, kruipende onteiening, onverwisselbaarheid van valuta, kontrakbreuk, nie-nakoming van regeringswaarborge, oorlog, gewelddadige burgerlike onrus, nie-gewelddadige burgerlike onrus, en terrorisme. Hierdie politieke risikofaktore is met behulp van 'n empiriese ondersoek binne die Suid-Afrikaanse konteks ondersoek. Gestruktureerde persoonlike onderhoude (wat op 'n vraelys gebaseer was), is gebruik om 'n sensus te onderneem. Hierdie onderhoude is vooraf met agente wat Sasria-versekering namens Sasria Bpk. verkoop, gereël. Die agente was hoofsaaklik konvensionele korttermyn-versekeraars wat alle eise namens Sasria Bpk. hanteer. Hulle was dus in 'n uitstekende posisie om die studie van waardevolle inligting te voorsien.