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.

Thesis (MPhil (Sustainable Development Planning and Management))--University of Stellenbosch, 2007. / The objective of this study is to test out the possibility of a synthesis between sustainable development, more specifically corporate citizenship, and customer value, a major focus of business strategy, which if correctly achieved nurtures customer loyalty. This synthesis as defined in this thesis is product stewardship. Product stewardship is the design and promotion of products and services that aim to positively impact the environment and society through the creation, consumption and disposal of such a product or service. In an increasingly competitive global environment, crafting business strategy that successfully nurtures customer loyalty is a vital component of long term business success. The delivery of products and services that customers trust and that fully satisfy customer expectations is a prerequisite for loyalty. Intense competition however squeezes profit margins and floods the market with homogeneous products and services. Competition now becomes price centred which drives both a decrease in product quality and a quest for operational efficiencies in an attempt to reduce overheads. Further, capturing a share of the consumer’s wallet becomes more difficult for corporations, forcing a heavy reliance on the brand and company image. In such circumstances, the delivery of customer value that fully satisfies expectations is hard to achieve and business strategy, concerned primarily with the delivery of exceptional customer value, becomes a major focus for most corporations. However, as all corporations strive for a similar end goal, competitive differentiation becomes harder to achieve. Simultaneously, in the context of greater environmental and social consciousness, including the progression of sustainability science, corporations have the added challenge or obligation to adopt these emerging themes. Scrabbling with these new ideas, few corporations are having a real profound effect in curbing the pending ecosystem crisis. Corporate social responsibility, corporate social investment and corporate citizenship have tended to focus on the company and how it is perceived; a kind of self-centredness that explodes into the gross exaggerations communicated by the brand. Product stewardship, as defined in this thesis, shifts the focus away from THE COMPANY and its BRAND, to the product being designed, produced, communicated, consumed and then wasted. The values of a better world articulated by sustainable development and the aspiration to find a better business strategy are fused into a focus on the product. The company and its brand, therefore is constructed not by a promotion of itself as ‘good’ but rather by the virtues and benefits of the product communicated relationally which, in turn, indirectly builds the reputation of the producer. Loyalty therefore is no longer loyalty to the brand, but to an experience of the product. A number of corporations, both local and international, in South Africa are displaying behaviour characteristic of a product stewardship approach. These behaviours or claims are recorded in case studies on four such corporations, namely; Toyota, Sasol, Woolworths, and the South African Breweries Limited. Each case demonstrates how the application of product stewardship can and does reduce negative impacts on both the environment and society while simultaneously nurturing exceptional customer loyalty. A number of critical questions about the design and promotion of short term domestic insurance products are raised to demonstrate how the application of a product stewardship approach could unlock the potential to nurture superior customer loyalty for corporations in the South African short term domestic insurance industry, a service industry plagued by a declining industry image, low customer loyalty and intense competition. The application of a product stewardship approach to a service orientated industry is significant as services are seldom analysed for their effects on the environment and society, as promoted by sustainable development theory. Instead, in an attempt to display the values of a better world, service industries expend huge resources engaging in activities peripheral to their core businesses, while adjustments as highlighted by a product stewardship approach, to their core offerings, their services, could deliver meaningful change for the environment, society, the corporation and ultimately the customer. Based on the real possibility of a synthesis between sustainable development and customer value as highlighted in this thesis, a further more in-depth study is proposed to determine the direct business effects, quantified, of improved customer loyalty nurtured through the application of product stewardship.

People play a major role in the marketing of services, due to the fact services are intangible, and customers look for ways to determine the quality of services. Since services differ from physical goods, service providers need to understand how they affect their organizations. Furthermore, the criterion for satisfaction is different and the customer participates in the process, hence the interest to study this more thoroughly.

中國大陸於1986年申請重新加入WTO，經過15年的長期努力及多方談判，並且在各種產業上做出重大讓步之後，於12月11日正式成為第143個正式的會員國。加入WTO之後，在大陸金融市場規模龐大且成長迅速的吸引之下，市場的開放必然會吸引大量的國際保險業者進入大陸。另外，與一般開發中國家的情況相似，大陸的金融產業相對於其他產業而言是發展較為遲緩的產業，金融機構進駐後造成的衝擊必然十分嚴重，因此大陸當局應儘早加以準備與因應。 本研究採用資料包絡分析法進行效率值之計算，並使用大邊界法建構出單一效率邊界，探討大陸產險業在加入WTO前後的效率變動情形。本研究的結果如下:1.根據單變量無母數統計分析，整體產險業在加入WTO前後三個效率值雖呈正向關係但不顯著，表示階段性的開放是較理想的措施。2.非中資公司的整體技術效率值、純技術效率值與規模效率值均高於中資公司，顯示非中資公司其全球化的經驗較中資公司更好、更成熟。 / Mainland China reapplied in 1986 to join WTO, passed through 15 years long-term endeavor and negotiates in every way, and made the significant concessions after each industry, on December 11, 2001 officially became the 143rd official member nation. After joining the WTO, the mainland's financial market scale and rapid growth attract, opening of the market will attract a large number of international insurance industry to the mainland. Furthermore, with most developing countries in similar circumstances, the mainland's financial industry compared to other industries in terms of development is relatively slow industries, financial institutions stationed after the impact is inevitable, therefore, the mainland authorities should be prepared as early as possible and to respond. This research applied Data Envelopment Analysis (DEA) to measure efficiency scores, and applied Grand Frontier to measure the trend of the efficiency change before and after joining WTO. The results of this study are as follows: 1. Based on the univariate statistical analysis, overall in the property insurance industry after joining the WTO three efficiency values have shown a positive relationship but not significant, said the gradual opening is a relatively ideal measures. 2. Non-Chinese company's overall technical efficiency, pure technical efficiency and scale efficiency were higher than the value of Chinese-funded companies that show non-Chinese-funded companies in their global experience are better and more mature than those Chinese-funded companies.

Modern technology has provided for greater company transparency and media coverage, which among other has led to customers being able to increasingly demand corporate social responsibility (CSR) initiatives from companies. Companies should however not consider CSR as a constraint, but rather as a way to create competitive advantage, generating positive outcomes. One of which could be consumer-based brand equity (CBBE), however, the implementation of efficient CSR strategies is a difficult task, where research has somewhat disregarded the customer aspect of CSR, which can drive CBBE. Hence, this research has focused on the customer attitudes towards CSR and how this impacts CBBE, as well as brand trust. The data for the survey was gathered through a convenience sample, which after data cleanup consisted of 106 respondents. The results of the data analysis suggested the impact which customer attitudes towards CSR can have on both CBBE and brand trust, within the context of the insurance industry, used for this paper, due its linkage to CSR, as described later on. Keywords Customer Attitudes, Brand Affection, Brand Trust, Brand Equity, Consumer-Based Brand Equity (CBBE), Corporate Social Responsibility (CSR), Insurance Industry.

行政院會於民國八十八年十二月十六日通過保險法修正草案，修正草案中針對強化之監理機制與增進保戶大眾之權益係以強化其資本適足性為其修法目標，所採之方法即建立風險基礎資本額制（Risk-based Capital, RBC）。而保險法修正案於民國九十年六月二十六日業已經立法院三讀通過，然RBC制度將於民國九十二年中實施。台灣保險監理機關的確有必要對於壽險公司之投資效率及經營上的安全作一考量，所以便引入美國監理關協會（National Association of Insurance Commissioners, NAIC）早於1993年便推動的風險基礎資本額制。 　　本文檢視美國壽險業者在風險基礎資本額制實施後，其資本結構與資產風險是否產生顯著之變化，研究保險公司之冒險行為之增減，以作為台灣監理機關未來施行RBC制度的參考。然基於此，本文利用三階段最小平方法來分析壽險業者其風險、資本與風險基礎資本制度的關係，實證結果發現RBC ratio較高的業者在風險基礎資本額制實施後，雖然增加風險但也同時調高資本比率，另一方面，RBC ratio較低之保險公司不僅僅增加公司整體風險外，也降低資本比率。 / The risk-based capital requirements developed by the National Association of Insurance Commissioners (NAIC) were intended to raise the safety net for insurers and provide regulators with the authority to intervene when capital falls below a minimum standard of capital adequacy that is related to risk. The paper examines the simultaneous impact of RBC had on life insurer’s both capital and risk. We employed a three stage least squares (3SLS) model to analyze the relationship between life insurer’s capital, risk and the risk-based capital requirements. The results suggest that life insurers with lower RBC ratio would not only increase their capital ratio but also increase their company-wide risk. Besides, the life insurers with higher RBC ratio would reduce the capital ratio and increase the risk.