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Article
Publication date: 4 August 2022

Alya Al-Fori and Azmat Gani

Islamic finance is becoming a core part of the financial services economy in the Middle East countries. There is a strong likelihood that Islamic finance is also driving…

Abstract

Purpose

Islamic finance is becoming a core part of the financial services economy in the Middle East countries. There is a strong likelihood that Islamic finance is also driving the expansion of trade in insurance services. However, research on Islamic finance’s effect on trade in insurance services is scant. This study aims to fill this gap by investigating if Islamic finance has promoted trade in insurance services.

Design/methodology/approach

This study adopts the gravity modelling framework and the panel data estimation procedure in understanding the effects of Islamic finance on trade in insurance.

Findings

The empirical results reveal a statistically significant positive correlation of Islamic finance with the exports and imports of insurance services. Economic sizes (domestic and trading partners), growth in trading partners, cost of doing business, legal rights and financial freedom are other statistically significant determinants.

Research limitations/implications

It makes a positive contribution to the Islamic financial services literature. Islamic finance is an integral part of the conventional banking and financial sector in the Middle East that actively fosters the expansion of insurance services that need support, given its essential role in services trade.

Originality/value

This study is unique as it directs attention to the role of Islamic finance in fostering trade in insurance services within an inclusive modelling framework that has been overlooked in the Islamic finance literature.

Details

Journal of Financial Economic Policy, vol. ahead-of-print no. ahead-of-print
Type: Research Article
ISSN: 1757-6385

Keywords

Article
Publication date: 6 April 2012

Irinja Mäenpää

This paper aims to examine the extent of and key determinants for bank and insurance provider selection and usage by business customers from the small to medium‐sized…

2261

Abstract

Purpose

This paper aims to examine the extent of and key determinants for bank and insurance provider selection and usage by business customers from the small to medium‐sized enterprise (SME) segment, thereby aiming to increase understanding of the drivers of customers' cross‐buying behaviour across these financial service sectors.

Design/methodology/approach

Semi‐structured interviews were carried out with key decision makers from 22 SMEs within one country. Content analysis was employed to analyse the data.

Findings

Empirical findings suggest use of multiple banks as the norm among SMEs, whereas insurances are dominantly purchased from a single provider. As SME customers appear to prefer using separate, independent providers for their banking and insurance services, absence of customer loyalty programs, unfavourable pricing of the total offering and image conflicts were identified as main factors limiting the willingness to cross‐buy across these financial services sectors.

Research limitations/implications

This qualitative research is focused on the financial industry within one country and bound to smaller business customers, limiting the generalisability of the findings.

Practical implications

The results imply that in order to succeed in cross‐selling bank and insurance services in the SME segment, financial service providers should improve their cross‐selling concepts by creating customer loyalty programs that would reward customer companies according to the use of multiple products in their total portfolio.

Originality/value

This study is the first to describe the customer perceived drivers of cross‐buying bank and insurance services from the same service provider in the business‐to‐business context.

Details

International Journal of Bank Marketing, vol. 30 no. 3
Type: Research Article
ISSN: 0265-2323

Keywords

Article
Publication date: 18 May 2015

Genevieve Elizabeth O'Connor

The purpose of this paper is to identify how need for service, enabling factors and pre-disposing characteristics influences access to service. In addition, the authors…

Abstract

Purpose

The purpose of this paper is to identify how need for service, enabling factors and pre-disposing characteristics influences access to service. In addition, the authors seek to examine the moderating influence of pre-disposing variables on the relationship between insurance and health services utilization.

Design/methodology/approach

The authors utilize data from a major metropolitan hospital in the USA to test and extend the behavioral model of health care.

Findings

Results indicate that insurance and pre-disposing variables have a direct impact on type of health service utilization. However, the insurance effect is found to vary by demographic factors.

Research limitations/implications

This paper is limited to secondary data. Future work can incorporate both attitudinal and behavioral measures to obtain a more comprehensive evaluation of services access.

Practical implications

The research offers a tactical framework for management to segment consumer markets more effectively.

Social implications

Through the framework, management will have the requisite knowledge to target segmented populations based on need, insurance, and pre-disposing variables which will help improve access to services and clinical outcome.

Originality/value

The findings of this paper will serve as a basis for future research exploring the influence of insurance on access to services.

Details

International Journal of Bank Marketing, vol. 33 no. 3
Type: Research Article
ISSN: 0265-2323

Keywords

Article
Publication date: 1 December 1995

Dawn Bendall and Patrick Asubonteng

Examines the primary studies which have contributed to dental careresearch. By reviewing background information, lays a foundation for thereview of the current empirical…

904

Abstract

Examines the primary studies which have contributed to dental care research. By reviewing background information, lays a foundation for the review of the current empirical evidence, which examines the effect of dental insurance coverage on the oral health of the American population, as well as the utilization and demand for dental services. Raises questions and implications for future research and practice.

Details

Journal of Management in Medicine, vol. 9 no. 6
Type: Research Article
ISSN: 0268-9235

Keywords

Book part
Publication date: 19 July 2022

Vimal Sharma and Deepak Sood

Introduction: The internet of things (IoT) is the emerging technology of interconnected objects that can be termed as ‘things’ used to exchange data, connecting with…

Abstract

Introduction: The internet of things (IoT) is the emerging technology of interconnected objects that can be termed as ‘things’ used to exchange data, connecting with different devices on the internet. It is the future where connected devices are controlled remotely. The insurance sector is one of the leading industries providing financial protection services to their customers to recover losses. Like others, the insurance industry uses the services very efficiently to solve their customer-centric problems and provide the best services to them. IoT in insurance is enhancing customer services.

Purpose: To determine how the insurance industry utilises the different IoT technologies to provide the best services and solutions to their users. The insurance sector is working on other areas of expertise to offer outstanding facilities to their clientele.

Methodology: We reviewed published material covering five years on IoT and insurance and customer services in the media, newspapers, journal publications, and the web. We determined how the insurance sector adapted the new terminology to contribute its best services to the users.

Findings: We observed that IoT services and technologies benefit the insurance industry and the clientele. This shows excellent results in the growth of the sector and heightened facilities for the consumers.

Details

Big Data: A Game Changer for Insurance Industry
Type: Book
ISBN: 978-1-80262-606-3

Keywords

Article
Publication date: 1 February 1980

Richard M.S. Wilson

In this introductory overview an indication of the range of financial services that is available will be presented, along with some examples of marketing practices in…

Abstract

In this introductory overview an indication of the range of financial services that is available will be presented, along with some examples of marketing practices in relation to these services and some observations about some of the suppliers of financial services. This coverage will then be followed by a brief review of research in the field of financial services marketing, a note on careers in this field, and a summary of courses in the field.

Details

Managerial Finance, vol. 5 no. 3
Type: Research Article
ISSN: 0307-4358

Article
Publication date: 1 August 1999

Alan Zimmerman

Barriers, especially non‐tariff barriers (NTBs), have been shown to have an important impact upon international trade in services. Foreign direct investment and market…

5953

Abstract

Barriers, especially non‐tariff barriers (NTBs), have been shown to have an important impact upon international trade in services. Foreign direct investment and market entry strategy theory do not adequately address the importance of NTBs in the decision‐making process. Previous studies indicate that service firms need to establish local presence to be successful in a foreign market. Where firms are unable to enter a market because it is blocked by trade barriers, some researchers suggest managers engage in specific entry strategies or strategic actions to overcome barriers. This study, based on in‐depth interviews with insurance executives, shows that trade barriers are one of several factors managers evaluate when deciding whether to enter a market. However, barriers can become a critical factor if they create prohibitive costs or difficulties. Based on the findings, this study proposes a new model of market entry decision making which hypothesizes that barriers can become a go/no‐go decision factor.

Details

Journal of Business & Industrial Marketing, vol. 14 no. 3
Type: Research Article
ISSN: 0885-8624

Keywords

Article
Publication date: 1 February 2016

Chupun Gowanit, Natcha Thawesaengskulthai, Peraphon Sophatsathit and Thitivadee Chaiyawat

– The purpose of this paper is to explore the adoption of a mobile insurance claim system (M-insurance) and develops a framework for the adoption of M-insurance by consumers.

1662

Abstract

Purpose

The purpose of this paper is to explore the adoption of a mobile insurance claim system (M-insurance) and develops a framework for the adoption of M-insurance by consumers.

Design/methodology/approach

This study assesses mobile technology for claim management through the lens of the technology acceptance model (TAM) and diffusion of innovation (DOI) models as a major guideline, using exploratory research through in-depth interviews with four executive experts who are first movers in mobile claim motor insurance in Thailand. Semi-structured interviews and open-ended questions were used to conduct group interviews of insurance consumers who mostly use smartphones. The data were collected in a qualitative research approach from Thai insurance consumers (n=177), and contents were classified and analysed to gain strong insights into respondent opinions, comments, attitudes, behaviour, and experiences.

Findings

The results indicate that the external (social) factors influence attitude and behaviour of consumers which link to their intention to adopt M-insurance. These external factors include: preference for face-to-face service; confidence of insurers in accepting claim; and risk of claim knowledge that might cause legal issues among others. In application, the findings shall meaningfully enhance insurer firms’ improvement of adoption rate and development of future features and functions of M-insurance.

Research limitations/implications

This study is based on insurance consumers in each region of Thailand but focuses only on mobile claim management for motor insurance. Although the findings bring new insight and understanding of consumer preferences and behaviours, they were not tested statistically.

Practical implications

The study has practical implications for motor insurance claimants who are concerned over the complicated policy conditions, the perspective risk of claim knowledge and fault admission, and the on-site investigation by surveyor for another party. These are the guidance impediments to overcome M-insurance adoption improvement.

Originality/value

Previously, TAM and DOI approaches have been employed to study general adoption of M-banking by quantitative research which confirmed descriptive data and tested the hypothesis, but neglected crucial data. However, M-insurance is different from M-banking in term of features and functions, purpose and process of usage, and legal liability. Therefore, this study is one of a few empirical studies that attempt to identify insightful factors to consumer uptake of M-insurance which is in its early stage and lacks an underpinning TAM model. This study contributes by identifying insights of “pull” factors to successfully develop M-insurance in Thailand.

Details

International Journal of Bank Marketing, vol. 34 no. 1
Type: Research Article
ISSN: 0265-2323

Keywords

Article
Publication date: 9 January 2019

Joanna Khoo, Helen Hasan and Kathy Eagar

The purpose of this paper is twofold: first, to present patient-level utilisation patterns of hospital-based mental health services funded by private health insurers; and…

Abstract

Purpose

The purpose of this paper is twofold: first, to present patient-level utilisation patterns of hospital-based mental health services funded by private health insurers; and second, to examine the implications of the findings for planning and delivering private mental health services in Australia.

Design/methodology/approach

Analysing private health insurance claims data, this study compares differences in demographic and hospital utilisation characteristics of 3,209 patients from 13 private health insurance funds with claims for mental health-related hospitalisations and 233,701 patients with claims for other types of hospitalisations for the period May 2014 to April 2016. Average number of overnight admissions, length of stay and per patient insurer costs are presented for each group, along with overnight admissions vs same-day visits and repeat services within a 28-day period following hospitalisation. Challenges in analysing and interpreting insurance claims data to better understand private mental health service utilisation are discussed.

Findings

Patients with claims for mental health-related hospitalisations are more likely to be female (62.0 per cent compared to 55.8 per cent), and are significantly younger than patients with claims for other types of hospitalisations (32.6 per cent of patients aged 55 years and over compared to 57.1 per cent). Patients with claims for mental health-related hospitalisations have significantly higher levels of service utilisation than the group with claims for other types of hospitalisations with a mean length of stay per overnight admission of 15.0 days (SD=14.1), a mean of 1.3 overnight admissions annually (SD=1.2) and mean hospital costs paid by the insurer of $13,192 per patient (SD=13,457) compared to 4.6 days (SD=7.3), 0.8 admissions (SD=0.6) and $2,065 per patient (SD=4,346), respectively, for patients with claims for other types of hospitalisations. More than half of patients with claims for mental health-related hospitalisations only claim for overnight admissions. However, the findings are difficult to interpret due to the limited information collected in insurance claims data.

Practical implications

This study shows the challenges of understanding utilisation patterns with one data source. Analysing insurance claims reveals information on mental health-related hospitalisations but information on community-based care is lacking due to the regulated role of the private health insurance sector in Australia. For mental health conditions, and other chronic health conditions, multiple data sources need to be integrated to build a comprehensive picture of health service use as care tends to be provided in multiple settings by different medical and allied health professionals.

Originality/value

This study contributes in two areas: patient-level trends in hospital-based mental health service utilisation claimed on private health insurance in Australia have not been previously reported. Additionally, as the amount of data routinely collected in health care settings increases, the study findings demonstrate that it is important to assess the quality of these data sources for understanding service utilisation.

Details

Journal of Health Organization and Management, vol. 33 no. 1
Type: Research Article
ISSN: 1477-7266

Keywords

Book part
Publication date: 18 July 2022

Vimal Sharma and Deepak Sood

Introduction: Artificial intelligence (AI), the engineering of brilliant machinery, performs intelligent human intelligence tasks, such as learning and problem-solving…

Abstract

Introduction: Artificial intelligence (AI), the engineering of brilliant machinery, performs intelligent human intelligence tasks, such as learning and problem-solving. Insurance is a financial protection policy either for individuals or entities to reimburse losses from the insured company. The role of AI in insurance always helps enhance customer services and understand their behaviour.

Purpose: This chapter aims to determine the role of AI in the insurance industry in India. The insurance industry is expanding very fast, and to further increase its horizons, the part of the technology of AI is essential. However, this sector has initiated using AI technology and is expanding its scope to benefit the customers.

Methodology: The authors selected research papers of the last five years to review and determine how the technology changed during the period and how an increase in AI benefits the industry and facilitates delivering the best services, and understanding the customer’s needs and behaviour.

Findings: It has been found that the industry is moving very fast and adopting the AI technology methods to enhance customer services, betterment for growing India, and serve insurance services to the nation efficiently.

Details

Big Data Analytics in the Insurance Market
Type: Book
ISBN: 978-1-80262-638-4

Keywords

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