500 research outputs found
28 Occidental Life Insurance Model
No full textModel - Occidental Insurance Company / New Mexico Title Company, located at Third and Gold S.W. The Occidental was constructed in 1917 by Charles Henry Trost, modeled after the ornate 1438 Doge’s Palace in Venice, Italy. After a fire in 1933, Miles Brittelle, Sr. remodeled it for the insurance form. In the early 1980s, Harvey Hoshour and Dan Pearson renovated it for the NM Mexico Title Company, restoring it to the way it was in 1917. From Harvey Hoshour Collection CSWR.https://digitalrepository.unm.edu/abq_tricentennial_exhibit/1027/thumbnail.jp
SPDAs and GICs: like money in the bank?
Get PDFWe argue that changes in the life insurance industry have created a nontrivial moral hazard. We document the industry's shift from sales of life insurance to sales of mainly rate-of-return oriented investments like single premium deferred annuities (SPDAs) and guaranteed investment contracts (GICs). We describe the system of explicit and implicit guarantees that state governments and the industry provide to SPDA and GIC investors. We argue that these guarantees create moral hazards that have contributed to insurance company failures and misallocation of resources. We summarize reformers' proposals to enhance both the explicit guarantees and the regulation of insurance companies and argue that maintaining the degree of regulatory tightness required for such proposals to succeed will be difficult. We suggest an alternative: eliminate guarantees of SPDAs, GICs, and similar products (and possibly promote full disclosure practices and earmarked investments like variable annuities).Insurance industry
Financing the embedded value of life insurance portfolios
Get PDFIn May 2004 the CFO Forum harmonized the various efforts of reporting the embedded valueof life insurance companies by issuing the European Embedded Value (EEV) Principles.In this working paper a methodology is proposed to derive a maximum lending amountfrom EEV figures without much additional data requirements from the originating insurer. The approach chosen is similar to that of other financing areas, e.g. real estate finance, where first a prudent best estimate valuation is done and later risk deductions are performed in the form of applying loan to value ratios, e.g. 60-80 % of the prudent amount. Here, this prudent value is called bankable embedded value and the loan to value analysis presented leads to the maximum lending amount. The deductions proposed to arrive at a maximum lending amount are based on parameter adjustments and risk allowances for unexpected risks. There is an analogy with insurers for determining their own capital needs. The methodology proposed is based on the stress test approach which increasingly gains popularity with insurance supervisors in Europe. --European embedded value,embedded value,life insurance policies,maximum lending amount,required capital,risk analysis,risk discount rate,value reporting and analysis,value sensitivity analysis
Strategic management and marketing strategy in insurance companies : case: China Life Insurance Company Limited in Shifang
Get PDFCurrently, rural issues have become the crucial obstacles to the sustainable development of China. In order to solve those problems, the Chinese government decided to implement the micro insurance policy in undeveloped rural areas.
In light of the government decision, China Life Insurance Company Limited, the leader and state-own life insurance company in China, launched the pilot program to sell micro life insurance to the low-income population. China Life decided to enter the rural market with its mass marketing strategy that applied in all branches of the company to cover the entire market. However, the mass marketing strategy ignores the various demands for life insurance products for different people, thus, cannot effectively satisfy customers’ needs. Moreover, low awareness about life insurance in rural areas is still a problem that hinders China Life’s sales.
Following the strategic management process, the author applies qualitative research method and deductive method to investigate the external and internal environment for China Life. Data are collected from primary sources, including interviews, and questionnaires, and secondary sources, such as books, journals, and electronic sources, etc.
Considering all the external and internal factors that have been analysed in this thesis, the author found out that China Life should step into rural markets with marketing strategy that emphasizes the differences among different segmentations. In other words, the company should sell tailored products to each target group in order to expand its market share in rural areas.
In addition, since life insurance awareness is relatively low in rural areas, the author proposes to continue the company’s promotion plan, and human resources training plan to improve the recognition of life products as well as the quality of direct sales persons who greatly affect on selling insurance products
Management of consumer fraud in the non-life insurance company.
No full text91 pages, 8 figures, 18 tables, 73 references. The work consists of three main parts: the analysis of literature, the research and it‘s results, conclusion and recommendations. The aim of the theoretical part of the work is to identify the ways and stages in which non-life insurance companies manage the risk of consumer fraud, based on the analysis of the scientific literature. The literature analysis reviewed the concepts of fraud, identifies the factors that determine the classification of consumer fraud in the non-life insurance company, identifies the legal risk management measures under consideration and performs a comprehensive analysis of consumer fraud in non-life insurance, identifies the main methods and stages of risk management. After analyzing the literature, a qualitative research (interview) was conducted, the aim of which was to identify the forms, methods and schemes of expression of consumer fraud in insurance companies on the example of „Lietuvos draudimas“, identifying directions for improving consumer fraud management in non-life insurance. The investigation revealed that „Lietuvos draudimas“ mostly encounter consumer fraud in transport and property insurance groups. And to combat the risk of consumer fraud, the company uses: prevention, identification, investigation, sanctions and monitoring. The conclusions and recommendations summarize the main concepts of literature analysis and the results of the research. The author believes that the results of the study could provide useful guidance to non-life insurance companies that face significant consumer fraud and change their risk management polices
Mortality and Sanitary Record of Newark, N.J. [from 1859 to 1879]: A Report Presented to the President and Directors of Mutual Benefit Life Insurance Co., January, 1880
No full textCover title: Health and mortality for twenty years, Newark, N.J
Investigation of risk management changes in insurance companies
Get PDFThis thesis was submitted for the degree of Doctor of Philosophy and awarded by Brunel University.This thesis studies the change process of risk management practices associated with the
implementation of Enterprise Risk Management (ERM) and the extent to which it can lead to
changes in capital allocation practices. The study develops a theoretical framework to study risk management changes, which draws on structuration theory (Giddens, 1979, 1984) and institutional theory, particularly the institutional framework of Burns and Scapens (2000), as well as new institutional sociology theory. A two-stage empirical study was undertaken in non-life insurance companies. The first stage was a field study of 10 listed non-life insurance companies, while the second stage was a case study of a large non-life insurance company. Multiple data collection methods were used including semi-structured interviews, documentary evidence, annual reports, and publicly available data. Findings show internal, coercive, and normative pressures have mainly driven the ERM adoption decision. The literature supports the impact of coercive, mimetic, and normative pressures on the trend toward ERM in financial industries. However, the study finds that internal pressures related to achieving the company's objectives are either equal to or surpass
the external pressures. The study also provides empirical evidence of the changes in risk management practices, which include capital allocation change process associated with ERM implementation. Effective capital allocation requires the incorporation of ERM elements in the whole process of allocating capital. Furthermore, new capital allocation routines and institutions are produced. The study shows that the risk-based capital allocation method is intra- and extra-institutionalised at the company level. The main contribution of this thesis is to identify the nature of ERM adoption and
implementation in insurance companies. More specifically, this study provides a better
understanding of the institutional forces driving ERM adoption and offers empirical evidence on ERM implementation and the change in risk management practices (routines) within nonlife insurance companies. Moreover, this study avoids the limitations of previous research that was based on surveys, and it does so by conducting an exploratory field study and
explanatory case study to address the changes in risk management practices. Practices and process need to be located in their institutional context and hence cannot be reflected in surveys
Health Hazard Evaluation Report: HETA-82-373-1363: Transamerica Occidental Life Insurance Company; Atlanta, Georgia
Get PDFWorker complaints and reports of unpleasant odors were investigated in October 1982 at Transamerica Occidental Life Insurance Company (SIC-6311), Atlanta, Georgia. Evaluation was requested on behalf of 30 workers concerned about symptoms of headache, sore throat, dizziness, and nausea. Questionnaires were completed by 27 workers, air samples were collected, building systems were inspected, ventilation rates were measured, insulation samples were analyzed, and residues from air handling units were tested. Employees reported symptom complexes of headache, dizziness, and nausea, diarrhea, stuffy nose, burning eyes, and sore throat. All but two affected workers reported that symptoms were associated with musty, moldy odors coming from air ducts. The environmental/engineering survey failed to identify the source of the odor. Fresh air intake was 8 cubic feet per minute (cfm), less than the 20cfm standard recommended by the American Society of Heating, Refrigerating and Air Conditioning Engineers. Fresh air intakes were close to the cooling tower and restroom exhaust. A cooling tower overflow pipe was broken. Asbestos was found in the insulation material. The authors note that the reported symptoms are acute and completely reversible, but the specific source cannot be identified. They recommend improved engineering and repair actions
Recommendations on enterprise and software architecture governance and management in life insurance company
No full textDarbā mērķis ir izstrādāt metodi uzņēmuma arhitektūras pārvaldes un vadības uzlabojumiem dzīvības apdrošināšanas uzņēmumam. Uzlabojumus ir plānots sasniegt pirmkārt analizējot esošo stāvokli uzņēmumā izmantojot LEAN un sistēmiskās domāšanas elementus. Otrkārt, autors pielāgo LEAN , SAFe®, arhitektūras artefaktus kontekstam, testē tos teorētiski un vērtē, kuri no artefaktiem būtu piemēroti vairāk, kuri mazāk turpmākai praktiskai pielietošanai.RECOMMENDATIONS ON ENTERPRISE AND SOFTWARE ARCHITECTURE GOVERNANCE AND MANAGEMENT IN LIFE INSURANCE COMPANY The goal of the work is to create a method for Enterprise Architecture governance improvement in life insurance company. Firstly, improvements are planned via analyses of current state by applying LEAN and systems thinking elements. Then author maps several artefacts from LEAN, SAFe ®, and software architecture to the context and analyses their fit using theoretical claims, author analyses which are more suitable and which less for further practical usage. Keywords: Enterprise architecture, software architecture, LEAN, SAFe®, LeSS, systems thinking, design thinkin
Factors determining the profitability of baltics non-life insurance market.
No full textThe main purpose of this master thesis is to identify factors determining the profitability of Baltics non-life insurance market by collecting literature about non-life insurance, determining factors affecting non-life insurance from scientific sources, by building methodology for research and evaluating variables that impacts non-life insurance profitability in Baltic countries. The work consists of three main parts; the analysis of literature, the research and its results, conclusion and recommendations. Literature analysis reviews the theory of non-life insurance specifics, used measures for profitability and factors affecting profitability. Most often ROA and ROE is used to evaluate profitability of non-life insurance and factors affecting it: inflation, GDP growth, interest rate, company size, growth of gross written premiums, gross loss ratio, company age and financial leverage. After the literature analysis the author has carried out the linear regression analysis using “R Studio“ by creating two equations. Where in one equation dependent variable is ROA and independent variables are inflation, GDP growth, interest rate, company size, growth of gross written premiums, gross loss ratio, company age and financial leverage, and in another equation dependent variable is ROE and independent variables the same as mentioned in first equation. Performed research revealed that inflation, GDP, interest rates and financial leverage size does not have impact on ROA and ROE of Baltics non-life insurance companies; company size, growth of gross written premiums, gross loss ratio, company age does have impact on ROA and ROE of Baltics non-life insurance companies. If company size increase by 1%, profitability could increase from 0.02% till 0.06%; if growth of gross written premiums increase by 1% , profitability could decrease from 0.05% till 0.15%; if gross loss ratio increase by 1%, profitability could decrease from 0.09% till 0.26%; if company ages 1 year, profitability could increase from 0.0005% till 0.0013%. The conclusions and recommendations summarize the main concepts of literature analysis as well as the results of the performed research. The author believes that the results of the study could give insights to the non-life insurance companies that aim to increase profitability
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