1,720,976 research outputs found
Effects of digital marketing practices on performance of insurance sector: A critical approach with a review
Get PDFDigital marketing practices have had explosive growth in the past decade, especially in the insurance sector of developing countries. In particular, the internet has been instrumental in providing digital marketing services to customers from the insurance sector. The purpose of this study, therefore, is to assess the effect of digital marketing practices on the performance of the insurance sector. A desktop literature review was used for this purpose. Relevant seminal references and journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over ten years old. The study found that the use of digital marketing strategies has a positive effect on the insurance sector\u27s performance. Profitability improved, market share grew, and they expanded their market share. Increased customer loyalty and access to new markets are benefits of internet marketing for insurance companies. According to the findings, insurance companies should make IT infrastructure investments and implement technology-enhanced processes. Employers require adequate training on the use of e-business platforms, as well as collaboration with providers of digital services to enable them to store and market their products and services online. Aside from using traditional marketing methods (such as direct mail), the study advises general insurance companies to be innovative by implementing new strategies, such as digital marketing, to gain a larger share of their target market. This is because strategies for digital marketing have a positive impact on the overall performance of the insurance industry
ROLE OF COVID 19 PANDEMIC ON TALENT MANAGEMENT IN THE INSURANCE SECTOR
Get PDFPurpose: In the recent years, the insurance industry has experienced accelerated change in technology and uncharted risks in because of the Covid-19 pandemic. This has raised the need for talented employees in the insurance sector who have been a scarce resource in the current business environment. Hence to manage these risks and trends and optimize the value of new technologies, the industry will need a new approach and strategy to attract and retain talent employees in order to improve their performance and remain competitive against their competitors. The purpose of this study was therefore to establish the role of Covid 19 pandemic on talent management in the insurance sector.
Methodology: A desktop literature review was used for this purpose. , a systematic search was carried out using Google Scholar, Semantic Scholar, and Research Gate. The study included relevant sources that were published between 2019 and 2022.
Findings: The study findings indicated that concluded that the revenue reductions and budget shortfalls caused by the COVID-19 crisis have resulted in significant talent management challenges in all industries including insurance firms. Under these difficult circumstances, most organizations have opted to downgrade and even completely abandon performance and talent evaluations and reviews. The fact that these practices are being discontinued demonstrates that many organizations do not implement state-of-the-science talent management systems but, instead, just performance appraisal. In contrast, talent management is particularly suited to address the many talent management challenges created by the COVID-19 crisis because it serves important administrative, strategic and communication, developmental, organizational maintenance, and documentation purposes. It was also found that measuring results in addition to behaviors, measuring adaptive performance, conducting stay interviews to retain top performers, implementing multisource performance management systems and using performance promoter scores not only help organizations address challenges during a crisis but also allow them to thrive after the crisis is over.
Recommendations: Based on the study findings, the study recommended that insurance firms should foster organizational citizenship behavior. This is because during a time of crisis or pandemic, OCB is important because employees are asked to contribute ideas to help the organization survive, and employees need to go out of their ways to use their talent, skills, networks, and innovativeness to do so. It as well recommended that during a crisis, human resource managers should conduct stay interviews focus on discovering what makes star performers decide to stay in the organization and provide information that managers can use to implement actions that will retain them. -management systems that can be realigned to track skills alongside employee performance.
 
Effects of training and development practices on performance of insurance sector in Kenya
Get PDFThe study examined the effects of training and development practices on the performance of the insurance sector in Kenya. The study was conducted using a desktop methodology. This involved the use of secondary data that has been acquired from existing resources such as published studies, reports, and statistics. Many researchers prefer this method of collecting data since it saves time and reduces the cost of data collection. It is also quite reliable and has a wide variety of insights since it is collected from well-known sources. The current study used online journals and libraries which provide easy access to secondary data. The results revealed that there exist conceptual and geographical gaps relating to the study on the effects of training and development practices on the performance of the insurance sector in Kenya. Most of the results from the empirical review revealed that training and development practices positively affect the performance of the insurance sector. In addition, training and development practices were found to have a positive effect on employee productivity, employee engagement and employee retention. the study will benefit many stakeholders. The human resource managers will use the findings of the study to identify other training and development practices that have been used to improve the performance of employees in the insurance sector. The HR managers will also be able to understand the expectation of employees during the implementation of training programs in the organizations so as to ensure they are more effective. Policymakers can also use the findings of the study to adopt the appropriate measures that can be used to ensure that training programs are effective and have a long-term effect on the performance of insurance firms. Researchers and academicians interested in carrying out research on training and development practices will also benefit from the findings of this study since this study will form the basis for their literature work. While future researchers may be inspired to conduct more studies to improve on this study
INSURANCE OPPORTUNITIES AND CHALLENGES IN A CRYPTO CURRENCY WORLD
Get PDFPurpose: The study analysed the insurance opportunities and challenges in a cryptocurrency world.
Materials and Methods: The research methodology used in this study consisted of a systematic literature review of previous studies from different scholars, that have discussed on insurance opportunities and challenges in the cryptocurrency world or research topic related to the study topic. This research method was preferred since it is quite reliable, cost-saving and time-saving as compared to primary research methods. This study relied more on online journals, articles and published work from libraries since they provide easy access to secondary information/data.
Results: The results indicated that the reviewed studies had conceptual and contextual gaps. This is because most of them discussed on blockchain technology and smart contracts as the only components in the cryptocurrency market that insurance firms have tapped into. In addition, some of these studies have discussed on the opportunities and challenges in the real estate market and healthcare systems or a specific type of insurance firm rather than the bigger picture of the insurance industry.
Unique contribution to the theory, practice and policy: The theories discussed in this study will be beneficial to the researchers and scholars since it gives a better understanding on the application of these theories to insurance and the cryptocurrency world. The researchers and scholars will also find this study relevant considering that studies on insurance opportunities and challenges in a cryptocurrency world are quite scarce. This study will provide a good literature base for their studies. Moreover, the identified research gaps in this study will act as a motivation to the different researchers and scholars to conduct more studies on related topics, thus bridging the research gaps on insurance opportunities and challenges in a cryptocurrency world. The study will provide a better understanding to the management of the insurance companies, on how they can invest on the various opportunities available in the cryptocurrency market. Further, the policymakers in the insurance industry will also benefit from the discussion on challenges that arise from adoption of blockchain technology and smart contract, as they implement various policies that promote growth of the insurance industry
Going Beyond Counting First Authors in Author Co-citation Analysis
Get PDFThe present study examines one of the fundamental aspects of author co-citation analysis (ACA) - the way co-citation
counts are defined. Co-citation counting provides the data on which all subsequent statistical analyses and mappings
are based, and we compare ACA results based on two different types of co-citation counting - the traditional type that
only counts the first one among a cited work's authors on the one hand and a non-traditional type that takes into
account the first 5 authors of a cited work on the other hand. Results indicate that the picture produced through this non-traditional author co-citation counting contains more coherent author groups and is therefore considerably clearer. However, this picture represents fewer specialties in the research field being studied than that produced through the traditional first-author co-citation counting when the same number of top-ranked authors is selected and analyzed. Reasons for these effects are discussed
FACTORS INFLUENCING THE UPTAKE OF MICROINSURANCE PRODUCTS
Get PDFPurpose: The majority of people in developing countries have never been formally insured against such hazards as illness, unemployment, harvest failure and natural catastrophes. Over the years, microinsurance has been offered by different commercial insurance companies targeting low-income people. However, uptake of microinsurance generally falls short of projections, which has recently made stakeholders focus on the factors influencing the uptake of microinsurance products. The purpose of this study is to evaluate the factors influencing the uptake of micro insurance products.
Methodology: A desktop methodology was employed in the investigation. Unlike fieldwork, desk studies do not need travel to the field site(s). Desk research is less expensive than field research because the executive\u27s time, phone charges, and directories are the key costs. These findings were drawn from previously published studies. This secondary material was easily accessible thanks to online journals and the library.
Findings: There are several factors that influence the uptake of microinsurance products. These factors include risk exposure, culture, personal characteristics (i.e. gender, age and education level), wealth and quality of the product. Cultural beliefs, attitudes and taboos negatively affect the demand of microinsurance. Moreover, uptake of micro insurance is directly influenced by income level, household size and knowledge about micro insurance and suitability of micro insurance products for the customers. The factors that affect the microinsurance uptake is the low level of income among the target market, perception that insurance process is generally complex by the target market and limited distribution channels and branch networks of the microinsurance providers.
Unique contribution of theory, practice and policy: The study recommends that, the insurance companies should embrace continuous awareness and education on microinsurance services which can assist in alleviating poverty. Insurers should offer flexible and convenience payment options of insurance premium to the low-income earners so as to attract and retain customers. Individual should be able to access credit in other forms, such as insurance premium finance tailored to the suit the low-income cadre. The government needs to come up and subsidize the insurance providers so that there is adequate extension of micro insurance services to the low-income individuals. The study also recommends collaboration by the various stakeholders in ensuring implementation of strategies that will address the various factors identified as causing low insurance penetration
THE ROLE AND OPPORTUNITIES OF INSURANCE IN ROBOTICS INDUSTRY
Get PDFPurpose: The study examined the role and opportunities of insurance in robotics industry.
Methodology: The research methodology used in this study was based on a critical literature review of available studies on insurance and robotics industry in different countries across the world. This research method was preferred since it is quite reliable, cost-saving and time-saving as compared to primary research methods. This study relied more on online journals, articles and published work from libraries since they provide easy access to secondary information/data.
Findings: Generally, the researcher noted that most of the studies failed to explain the role of insurance in the robotics industry but emphasized more on the opportunities of insurance in the robotics industry. The results revealed that the reviewed studies had conceptual and contextual gaps. This is because some studies discussed on a specific line of insurance firm or a different firm other than insurance but has adopted the digital innovations in the robotics industry. While other studies discussed more on the effects or impacts of application of RPA in the insurance firms which is a resultant outcome or benefit but failed to clearly outline the role and opportunities of insurance in the insurance industry.
Unique Contribution to Theory, Practice and Policy: This study will be of great importance to the management teams in the insurance industry by providing good insights on the available opportunities in the robotics industry that insurance firms can benefit from. On the other hand, policymakers in the insurance sector will be benefit from this study since it explains on the key role that policymakers and insurance regulatory authorities play in the adoption of RPA in the insurance firms. This will help them in implementing better policies that promote technological developments in the insurance sector. Further, the study will also be of academic value to the researchers and scholars by adding more insights to the knowledge base of insurance and robotics industry since its generally still scarce. The identified research gaps from the reviewed studies will also motivate the researchers and scholars to carry out more studies on insurance and robotics industry. Especially on the role of insurance in the robotics industry which stood out as the main research gap in this study
CHALLENGES FACING MOTOR VEHICLE INSURANCE INDUSTRY IN KENYA
Get PDFPurpose: The study examined the challenges facing the motor vehicle insurance industry in Kenya.
Methodology: This study employed a systematic literature review of previous studies on motor vehicle insurance industry with an inclusion criteria of studies not over fear years old. Relevant seminal references and journal articles for the study were also identified using Google Scholar. This research method was preferred in this study since it is reliable and saves on time and resources as compared to primary data collection methods.
Findings: From the review of the previous researches, the study found that the motor insurance industry experiences a variety of challenges that affects its growth and sustainability. These challenges range from security, financial, technical, legal and regulatory challenges. The measures put in place to mitigate these challenges were found to be inadequate and requires more effort by the motor insurance industry to work with other entities such as local businesses, vehicle manufacturing companies and the government. The regulatory policies enforced by the regulatory authorities of Kenya were found to have a significant influence on the performance of the motor insurance industry in Kenya.
Unique contribution to Theory, Practice and Policy: The study recommended that the motor insurance industry should invest in innovative technologies such as telematics which can be used in the calculation of premium so as to offer their customers affordable premium prices. The management of the motor insurance companies should invest in new marketing strategies that will improve their customer service delivery especially in the insurance claiming processes. The study also recommended that the IRA should implement better regulation policies that will promote easy adoption of the innovate technologies in the motor insurance industry. This study will be relevant to the key stakeholders in the motor insurance industry. The management of the motor insurance companies will have a wider scope of knowledge on other challenges that they may have not experienced and the measures that have been used to mitigate such challenges. The findings from this study may be helpful to the insurance regulatory authority as they implement policies to accelerate the growth of the insurance business in Kenya. The study will also provide a good literature base for researchers and scholars on studies regarding motor insurance industry since they are still scant
APPLICATION OF DEVELOP DEPLOY CONNECT MODEL IN MANAGING TALENT IN THE INSURANCE SECTOR
Get PDFPurpose: The Develop Deploy Connect Model is an overall timeline structure that focuses on every stage from acquiring competent talent until how it leads to employee retention. The main objective of this model is to enhance and improve the productivity of the available human capital and promote career development of employees. This model can be used by HR professionals who are passionate about the development of their firm\u27s workforce, educators, trainers, project managers, leads and consultants. The goal of this study to discuss the importance of education and skills on performance of insurance sector. The purpose of this work is to application of develop deploy connect model in managing talent and make recommendations for the insurance sector.
Methodology: A desktop literature review was used for this purpose. Relevant journal articles for the study were identified using Google Scholar. The inclusion criteria entailed papers that were not over a decade old.
Findings: From the review, organizations that employ strategic training through skills development among staff, in accordance with job requirements, enhance employee participation to higher grade. It was found that offering induction training, on job training, mentorship training and career development has a significant influence on the employee retention in an organization. In light of this, application of the develop-deploy-connect model enhance and improve the productivity of the available human capital and promote career development of employees.
Unique contribution to theory, practice and policy: The study recommended that the Hr managers should also capitalize on sourcing and recruiting or holding onto the appropriate skills and capabilities, according to business needs. Additionally, they should engage Motivating and developing the talented personnel to match business requirements for higher levels of job satisfaction. Moreover, deploying and managing talents to match skills and experience with organizational may go a long way in enhancing organizational performance. the study further recommends that training programs should be undertaken after a systematic needs analysis, that emphasis should be placed on training programs for all employees, that the training programs improved employee knowledge skills and attitudes and that there should be a continuous review of training programs and activities to meet the changing needs of the market
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