The goal of this thesis is to characterize healthcare systems in Czech and Slovak Republic. It compares and describes a development of specific metrics and it aims to create a clear picture of efficiency of a healthcare system in each particular country. In the first part the sole proprietors, employed persons, citizens without any taxable income and citizens insured by state are characterized. The focus of this part is also a description of health insurance system. This description aims mainly on contemporary legal situation, system of redistribution and historical development of healthcare systems. In the practical chapter a system of public health insurance from 2006 until 2010 is analyzed together with national insurance revenue, basic demographic and economic facts influencing the system of health insurance. The practical chapter further analyzes health insurance companies. This analysis is based on comparison of insurance companies from the perspective of insurance revenue and healthcare expenditure. The conclusion summarizes all results of analyses and comparisons.

I en värld som präglas av den ökade digitaliseringen står företagen inför både möjligheter och utmaningar. Försäkringsbranschen är inget undantag och även om den digitala utvecklingen inte skett lika snabbt som inom exempelvis banksektorn går den digitala utvecklingen nu snabbt i försäkringsbranschen. Denna sektor skiljer sig från många andra branscher då kunderna sällan interagerar med sin tjänsteleverantör vilket i detta fall är försäkringsbolaget. Branschen präglas även av hög konkurrens och kunderna har idag tillgång till jämförelsesidor vilket ökar deras valmöjligheter bland annat. Syftet med studien är att beskriva på vilket sätt ett urval av försäkringskunders lojalitet påverkas av digitaliseringen, samt hur deras lojalitet påverkas av kundnöjdheten. Studien genomförs genom att 12 respondenter som valts ut delar med sig av sina upplevelser genom semistrukturerade intervjuer då en kvalitativ metod används. Studiens resultat indikerar att kunderna föredrar digitala alternativ framför mänsklig kontakt när de interagerar med sina försäkringsbolag. Slutsatserna som dras i studien är att konsumenternas lojalitet anses försämras till följd av digitaliseringen. Samt att en hög kundnöjdhet inte anses leda till en hög lojalitet. Då den större delen av forskningen med koppling till digitalisering, kundnöjdhet och lojalitet som genomförts inom det finansiella området varit inriktad mot banksektorn, bidrar denna studie genom att tillämpa ovanstående faktorer inom ett relativt outforskat område, försäkringsbranschen.

A research report submitted to the Faculty of Commerce, Law and Management, University of the Witwatersrand, in partial fulfilment of the requirements for the degree of Master of Management in the field of Strategic Marketing Johannesburg, 2017 / Purpose: This study investigates the effectiveness of brand experience as a differentiator in the South African short-term insurance industry. Design/Methodology/Data Collection: This paper reviewed available literature in the fields of brand experience, brand differentiation, brand distinctiveness as well as the South African short-term insurance industry. A quantitative approach was used in order to prove the effectiveness of brand experience as a differentiator. The data was collected through a snowball sample using the Qualtrics online platform with a total of 101 responses received. Structural equation modelling was used to analyse the relationship between the variables identified in the study. Key findings:  Brand distinctiveness and brand personality have a positive effect on brand experience.  A decrease in brand differentiation however has a high likelihood of resulting in an increase in brand experience. The same applies the other way round.  A combination of brand personality, education, employment status and consequences of brand experience affect brand distinctiveness positively. Implications: A highly competitive market as well as changing customer demands have resulted in marketers being challenged to develop strategies that will enable brands to connect both rationally and emotionally with their customers. Brand experience is crucial in achieving this. Research Limitations: The study only focussed on short-term insurance policy holders based in Johannesburg and excluded the rest of the country. Further research could consider looking at the rest of the country / MT2017

Yes / This study examines the impact of internal corporate governance mechanisms on insurance companies’ risk-taking in the UK context. The study uses a panel data of all listed insurance companies on FTSE 350 over the 2005-2014 period. The results show that the board size and board meetings are significantly and negatively related to risk-taking. In contrast, the results show that board independence and audit committee size are statistically insignificant, but negatively related to risk-taking. The findings are robust to alternative measures and endogeneities. Our findings have important implications for investors, managers, regulators of financial institutions and effectiveness of corporate governance reforms that have been pursued.

The objectives of the study were (1) to determine the relationship between career adaptability (measured by the Career Adapt-Abilities Scale) and employee engagement (measured by the Utrecht Work Engagement Scale), and (2) to determine whether age, race, gender and tenure groups differ significantly regarding career adaptability and employee engagement. A quantitative survey was conducted on a convenience sample (N = 131) of employees within a business unit of a large insurance company in South Africa. Correlational and inferential statistical analyses revealed significant relationships between career adaptability and employee engagement as well as significant differences between age and race groups on some dimensions of the constructs. These findings contribute valuable insight and knowledge to the field of Organisational Psychology and Career Psychology that can be applied in engagement strategies as well as in career guidance and counselling. The study concluded with recommendations for future research and practice. / Industrial & Organisational Psychology / M. Com. (Industrial and Organisational Psychology)

Study project (MAcc)--Stellenbosch University, 2001. / ENGLISH ABSTRACT: The most basic principle of agency theory is that an individual will always serve his own interest best. According to Eisenhardt (1989) agency theory describes individuals as rational, risk averse en motivated by egotism. Agency theory also deals with the conflict that exists between different parties in an organization due to people's egoism. This self-interest can lead to goal incongruence if a person is placed in an environment where he has to serve somebody else's interest. Ownership and management vested in the same party until about 130 years ago. These roles were however separated with the development of the modem organization. The principal or owner is now represented by the shareholder and management serves as the agent. The principal thus appoints the agent to serve and manage his interest in the organization optimally. The principal's goal is the maximising of his shareholders' wealth. The agent's goal to carry out his task with the minimum effort and or to obtain maximum benefit for himself. It is thus clear that the goals of the principal and agent might often differ and this will give rise to goal Incongruence. This goal incongruence may give rise to some managerial actions which will be detrimental to optimal value of the company. The agency conflict, which is caused by man's self interest, manifests in the modem organization in a number of ways. These are referred to agency problems in this assignment. Agency problems are found both on a micro- and macroeconomical level. Agency cost is the sum of the difference between the real and optimal value of the company, the monitoring costs of the principal and the bonding costs of the agent. This cost is to the disadvantage of the principal and might even be to the disadvantage of the agent. It is thus essential that agency conflict and agency costs are reduced to a minimum. A number of measures are taken to address the agency problems and to reduce their negative effect on the organization. None of these measures will be efficient enough ifused in isolation. An optimal combination of solutions will depend on the company's specific circumstances. An empirical study was conducted to determine to what extent the agency problems manifest during the demutualisation of a big insurance business. The measures taken to address these problems were also investigated as well as the extent to which these were successful. / AFRIKAANSE OPSOMMING: Die basiese aanname van agentskapsteorie is dat die individu sy selfbelang altyd eerste sal stel. Volgens Eisenhardt (1989) beskryf agentskapsteorie individue as rasioneel, risikoongeneigd en gemotiveer deur selfbelang. Agentskapsteorie handel verder oor die konflik wat tussen die verskillende belanghebbende partye binne 'n organisasie as gevolg van persone se selfbelang ontstaan. Hierdie selfbelang van die mens kan lei tot doelwitinkongruensie, indien die persoon in 'n omgewing geplaas word waar daar van hom verwag word om 'n ander se belange te dien. Eienaarskap en bestuur was tot ongeveer 130 jaar gelede gevestig in dieselfde party. Met die totstandkoming van die moderne onderneming, is hierdie rolle egter geskei. Die prinsipaal of eienaar word nou verteenwoordig deur die aandeelhouer en die bestuur dien as die agent. Die prinsipaal stel dus die agent aan om na sy belang in die onderneming om te sien en dit optimaal te bestuur. Die prinsipaal se doel is die maksimering van sy aandeelhouerswelvaart. Die agent poog om sy taak met minimale inspanning te voltooi en of uitsonderlike voordeel vir homself te behaal. Dit is duidelik dat die prinsipaal en agent se doelwitte meermale sal verskil en doelwitinkongruensie ontstaan dus. Hierdie doelwitinkongruensie word vergestalt in sekere aksies wat bestuur soms neem en wat daartoe lei dat die optimale waarde van die firma nie bereik word nie. Die agentskapskonflik wat as gevolg van die partye se selfbelang ontstaan manifesteer in die moderne onderneming op 'n verskeidenheid van wyses, wat in hierdie werkstuk as agenskapsprobleme gedefinieer word. Agentskapsprobleme kom op 'n mikro- sowel as op 'n makro-ekonomiese vlak voor. Die verskil tussen die werklike en optimale waarde van die organisasie, plus die prinsipaal se moniteringskoste en die agent se gebondenheidskoste, verteenwoordig agentskapskoste. Hierdie koste strek tot die nadeel van die eienaars en meermale ook tot die nadeel van die bestuur. Dit is dus noodsaaklik dat agentskapskonflik en die gepaardgaande agentskapskoste tot 'n minimum beperk word. Daar word van 'n verskeidenheid van maatreëls gebruik gemaak ten einde die agenskapsprobleme aan te spreek en hul negatiewe impak op die onderneming te versag. Nie een van hierdie oplossings kan in isolasie gebruik gemaak word nie en afhangend van die onderneming se spesifieke omstandighede, sal daar hoogstens 'n optimale kombinasie van oplossings ontwikkel kan word. Daar is vervolgens in hierdie werkstuk 'n empiriese ondersoek uitgevoer ten einde te bepaal in hoe 'n mate die agenskapsprobleme tydens die demutualisering van 'n groot versekeringsonderneming manifesteer. Die neem van regstellende stappe om hierdie probleem aan te spreek is ondersoek, sowel as die mate waartoe hierdie maatreëls suksesvol was al dan nie.

This dissertation consists of three essays: essay 1, Underwriting Use of Credit Information and Firm Performance ‐ An Empirical Study of Texas Property‐Liability Insurers, essay 2, Prediction of Ratings in Property‐Liability Industry when The Organizational Form Is Endogenous, and essay 3, A Discussion of Parsimonious Methods Predicting Insurance Companies Ratings. The purpose of the first essay is to investigate the influence of underwriting use of credit information on variation in insurers’ underwriting performance. Specifically, this study addresses the following two research questions: first, what firm‐level characteristics are associated with the insurers’ decision to use credit information in underwriting? second, is there a relationship between the use of credit information and variation in insurers’ underwriting performance? The empirical results indicate that larger insurance companies, companies having more business in personal auto insurance, and those with greater use of reinsurance are more likely to use credit information in underwriting. More importantly, the results indicate that use of credit information is associated with lower variation in underwriting performance, consistent with the hypothesis that use of credit information enables insurers to better predict their losses. The purpose of the second essay is to resolve the inconsistent relationship between the organizational forms (i.e., stock versus mutual insurers) and insurers’ financial strength ratings. Specifically, this study takes into account the potential endogenous nature of organizational forms to investigate the influence of organizational forms on insurers’ financial strength ratings. The empirical results from the models employed indicate that the stock dummy variable is indeed a significant predictor of insurers’ ratings and that the relationship between the stock dummy and insurers’ financial strength ratings is not affected after the endogenous nature of organizational forms is considered. However, such relationship flips to be negative when additional rating predictors are included into the models. The purpose of the third essay is to investigate whether a logistic model is consistent in its predictions within one data set and compare the predictability and classificatory performance between the regression with a set of financial variables and the regression with principal components derived from this set of financial variables. The empirical results indicate that the models’ predictability is consistent within one data set which includes two different groups of observations. Also, the findings suggest that the principal components regression as a parsimonious model achieves the similar accuracy of estimation and fit while providing clearer interpretation of the role of the significant predictors.

This study investigates the extent to which South African short-term insurance companies manage climate change risk, as evidenced in their annual and sustainability reporting. The study context takes into account the fact that the world’s climate has been changing at a more accelerated rate since the early 1970s, causing disasters that have negatively affected world economies in the last ten years. Insurers, due to their huge financial resource base, long history of spurring innovation around risk and encouraging loss-reducing behaviour as well as high levels of vulnerability, have been identified as one industry that could lead societies in finding solutions to climate change risk. A key element of such a corporate resolve involves taking a leadership position which makes business sense for insurers. As such, this research analyses how innovative solutions to change-related problems could result in reduced exposure to climate change in line with corporate triple bottom line objectives. Based on a purposive sampling of short-term insurance companies operating in the South African market during the 2007 financial year, the study uses the companies’ annual and sustainability reports in order to critically assess evidence of climate change-related performance. The assessment is undertaken against the best practice indicators of climate change risk management, as defined by Ceres – a global researcher on climate change management in the business context. The data analysis is largely qualitative, consisting of a narrative presentation of the results and a conceptual application of the results to the triple bottom line which forms the theoretical framework of this study. The study finds that the South African short-term insurers were generally not living up to the climate change management ideals, in comparison to their multinational counterparts. For the South African short-term insurers, corporate strategic product innovation and planning was insignificant. Also negligible was board involvement, as well as CEO involvement, though in at least one case of the 4 local short-term insurance, there was evidence of extensive CEO involvement in climate change risk management. On the whole, these findings represent a lapse in corporate governance inasmuch as climate change risk management is concerned. Local short-term insurers generally performed well in the area of public disclosure, with their scores ranging from insignificant to extensive. In contrast, multinational short-term insurers’ performance with regard to climate change risk intervention ranged from insignificant tointegrated, across the five governance areas of board oversight, management execution, public disclosure, emissions accounting and strategic planning. As such, the study broadly recommends that short-term insurers in South Africa should make climate change part of their overall risk management strategies in order for them to remain competitive in an environment of increased climate change-related risk. More specifically, the research project recommends that the local insurers should proactively lead climate change mitigation measures through, for instance, investing in clean energy projects and incentivising their clients’ participation in the carbon market to prepare themselves for possible regulatory restrictions after the Copenhagen climate change conference planned for December 2009. This study also challenges insurers to help communities and as well as other businesses in their value chain to reduce their negative impacts on the world’s climate and to be more resilient against disasters which may arise from the high levels of greenhouse gases already in the atmosphere. Further, it recommends that insurers should create internal board and executive level climate change-related structures, as these will facilitate the integration of the proposed initiatives into their overall sustainability strategies. Above all, the study recommends that insurers should enhance the reporting of their climate change-related risk, opportunities and initiatives to improve their integrity.

Thesis (MBA (Business Management))--Stellenbosch University, 2008. / Financial services and in particular the insurance industry, has been exposed to large-scale pressures and challenges from various fronts. For the past few decades, the life insurance industry has been self-regulated through the Life Offices Association (LOA). The LOA, representing life insurers, however never succeeded in keeping the industry abreast of market, and the needs of the role players' (authors' opinion based on interaction with in the industry and supported by the implementation of consumer-driven legislation). The LOA together with a range of other financial services industry bodies have since been disbanded (2008) and will in future form part of the greater industry body ASISA (Association for savings & investment South Africa) Over the past 10 years the slow transformation caught up with the insurance industry. Life insurers wanting to satisfy their shareholders focussed on the generation of new business, often to the detriment of the consumer. Consumer understanding of what they bought increased at a faster rate than the knowledge of many of the brokers selling these products, partly due to the information era and the free availability of information. Lack of transparency, misrepresentations and bad advice from insurers and brokers have been exposed at an increasing rate since the late 1990s. The South African government decided to correct the wrongs of the past by taking control of the situation, copying the UK model on Financial Services. Government instituted the Financial Services Board and implemented a number of regulations to ensure compliance to set criteria. If compared to the regulatory model and processes applied in the UK (FSA), the insurance industry can expect more regulatory pressures in the immediate future. The increased regulation will increase the cost of doing business for all role-players. A reduction in broker numbers can also be expected. Insurers will have to find new ways of increasing production with a reduced distribution capacity. Insurers need to produce sufficient returns on investment for their shareholders to ensure continued capital. By being creative and partnering existing distribution structures, such as distribution networks, bank brokerages, etc., insurers will be able to lock-in distribution capacity without incurring excessive costs. It is undeniable that insurers will have to revisit their distribution strategies if they are to survive the next few years. At the current cost of distribution, insurers will not survive the changing environment. Distribution through existing internal distribution structures will continue to be under severe cost pressures in servicing brokers with low to average production levels. If the international trends are to filter through into the South African insurance industry, larger number of brokers will join networks merely to limit the impact the changing environment has on their practices. Such a move works in favour of all role players: • Insurers are able to reduce/restructure their costs and lock-in distribution capacity through singular points of entry. • Brokers are less fragmented and so improve their ability of being heard, through a greater unified voice. • Regulators can drive change and compliance through singular points of access to multiple brokers. • The industry is able to retain the knowledge and expertise to deliver their products and improve its overall public image. • Government are assured of a larger part of the population having access to financial services and in particular life insurance. • Clients would experience improved and standardised service levels from the brokers. Insurers unable to lock-in distribution capacity will find it extremely difficult to survive the changing climate. Insurers have been locking-in distribution capacity by means of: • agency forces that write products of the specific insurer • bank-assurance agreements where insurers and banks have cross shareholding • franchise agreements where the sales people are in fact agents of the franchisee • call centres either owned by the insurer or having dedicated seats selling products of the insurer • loyalty programmes aimed at gaining a larger portion of the brokers production • recently the formation of distribution networks provide insurers on the network platform access to affiliated brokers. The formation of networks and distribution networks counteracts the constrictions these structures place on broker independence by providing increased operational freedom to their affiliated brokers. The choice of partnering a distribution network needs to be supported by the following: • The choice of partner • A cost-benefit analysis • The timing of entering the partnership • The resources and supporting structures • The communication of the change • The preparation for the change • An approach in support of the partnership Partnering with a network is a strategic initiative as it involves outsourcing what was previously thought to be a core function of the insurer. This change in approach impacts many of the current structures and various people at all levels of the operation. How to approach partnering and implementing a model to support outsourcing to external distribution networks is dealt with in this study. The success of partnering with external distributors is reliant upon eight identified critical factors. These relate to: • fit, management, formalities and relationships of the partnership • systems, processes and support structures in support of the partnership • management of risk, control and growth within the partnership. The changing business environment will continue to increase the attractiveness of distribution networks to brokers. A shift in distribution capacity demographics towards distribution networks can thus be expected. In order to maximise their distribution capacity life insurers will need to embrace the change and adapt their approach towards the partnership. Without understanding, managing and finding solutions to each of the critical success factors (CSFs) an insurer will find it extremely difficult competing and increasing market share within the distribution network. The findings indicate a realistic probability that insurers are able to adapt to the changing environment. This however requires a change in style of management from one of control towards one of influence. Effectively, each partner should be treated as partners.

Thesis (PhD (Accounting))--University of Stellenbosch, 2005. / ENGLISH ABSTRACT: The South African long-term insurance industry is currently believed to be at an important crossroads in its existence. The industry is haunted by concerns about high cost structures, a lack of transparency in disclosure to policyholders, unfulfilled expectations of policyholders and the proliferation of available investment vehicles in the market. These concerns are exerting pressure on the existing products and practices of South African long-term insurers. The audits of these insurers are of a complex and high-risk nature as a result of the complexity of their operations and, in particular, the highly complex actuarial valuation process in respect of policy liabilities. The prevailing auditing standards in South Africa require auditors to include policy liabilities in the ambit of their audit opinions. Recent investigations into failed long-term insurers and their audits, including those of local Fedsure Life, British Equitable Life Assurance Society and Australian HIH Insurance, demonstrate the high risk involved in the audits of long-term insurers. Against this background, the objective of this research was to develop a best practice framework for the formulation of overall audit strategies for policy liabilities arising under insurance contracts and the related earnings of listed South African long-term insurers. To justify the focus of the research on the abovementioned components of the financial statements of listed South African long-term insurers, a questionnaire was developed and sent to auditors of all long-term insurers listed on the JSE Securities Exchange South Africa for completion. Responses were processed to calculate a Relative Inherent Risk Index specifically developed for use in this research, ranking various industry-specific account balances and classes of transactions on the basis of their potential exposure to inherent risk. The results of this process provided significant support for the hypotheses that policy liabilities and the related earnings are potentially exposed to the highest levels of inherent risk. The remainder of the research consequently focused on these components. A further very comprehensive questionnaire was developed to collect data with respect to respondents’ views of potential best practices for the audit of various aspects relating to policy liabilities arising under insurance contracts and the related earnings of listed South African long-term insurers, on the basis of their extensive experience in the industry. This questionnaire was sent to experienced auditors responsible for the audits of the five largest listed long-term insurers in South Africa for completion. Responses were received from four of the five potential respondents, resulting in an 80% response rate, enabling meaningful analysis and interpretation of the data. Responses were analysed, interpreted and documented in the form of a detailed best practice framework for the formulation of overall audit strategies for policy liabilities arising under insurance contracts and the related earnings. The lack of a fifth response was compensated for by a review of the research findings by experienced auditors of Deloitte and the provision of their opinions thereon. Deloitte was selected for this purpose as the fact that this auditing firm is the only one of the so-called “Big Four” auditing firms that does not act as auditor of one of the selected target long-term insurers, resulted in the initial exclusion of the firm’s views from the research. The framework was updated to reflect these opinions and now incorporates input from all of the so-called “Big Four” auditing firms. The framework provides a comprehensive discussion of all possible types of audit procedures that may be relevant to the audit of all aspects of policy liabilities arising under insurance contracts and the related earnings of listed South African long-term insurers. As no such framework existed prior to this research, the development thereof made a significant contribution to existing knowledge. This contribution is the result of, inter alia, the method followed in designing the framework, resulting in it representing a synthesis of, inter alia, the following: • existing international and limited local guidance for auditors and, in particular, auditors of long-term insurers, customised for the South African environment; • best practices currently in use on the audits of listed South African long-term insurers; and • views of experienced practitioners on the abovementioned types of best practices that might not be employed at the moment, but that should, in their views, be employed in future. The valuable contribution of this research to existing knowledge is clear from the fact that numerous publications in popular professional as well as accredited academic journals, plus a paper delivered at a conference have resulted from it (refer to the source list and Appendix A). Furthermore, the South African Institute of Chartered Accountants has approved a project to update existing South African guidance for auditors of long-term insurers on the basis of the findings of this research.