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The insurance industry has been slow to adopt digital technologies due to high barriers to entry, product complexity, capital reserves, solvency requirements, and regulatory constraints. This chapter focuses on how insurtech is disrupting the insurance industry, resulting in a transformation from a traditional structure to a dynamic user-centric ecosystem. Next, it highlights the insurtech ecosystem by providing an in-depth analysis of the new paradigm on how insurtech is transitioning from the linear value chain to a more dynamic and interconnected value network. Finally, this chapter defines a perspective of insurtech's impact by identifying three waves of transformation within the insurance industry and understanding the evolution and chronology of insurtech's influence. Thus, this chapter provides insights into the opportunities and challenges of this technological breakthrough, offering a comprehensive view of insurtech's transformative journey within the insurance landscape.

This chapter first examines how the confluence of the three forces discussed in the previous chapter is affecting demand and supply dynamics and giving rise to new business models that could form the core of the emerging digital financial landscape. This chapter then examines the challenges that arise from these new business models as well as from digitalization of financial services in general. The next chapter will review how these challenges might affect monetary and financial stability and the strategy that central banks might use to address them.

This study aims to analyze the effectiveness of the spin-off policy which includes clarity of objectives and criteria, implementation and monitoring and evaluation functions.

The method used is a qualitative method with a theme approach and the analytical hierarchy process (AHP). Data were obtained from the results of focus group discussions and AHP questionnaires with informants from Indonesian Sharia Insurance Association (AASI), the sharia life and general insurance industry, the Sharia Supervisory Board, the government and regulators.

The results of the research are the effectiveness of the clarity of goals and criteria has not been realized optimally, the effectiveness of increasing profitability has not been realized, and the effectiveness of the monitoring and evaluation functions by the government and regulators has been realized. The supporting factor that has the highest level of importance is the role of the government and regulator.

The limitation of this research is that it has not used a wider range of profitability test tools and projections. The theoretical implication of this research is as a reference for robust research in identifying spin-off success factors because this study uses a mixed method where qualitative methods are used in the study using data from theory and expert informants from three parties: regulatory parties, associations (AASI) and the insurance company (life insurance and general insurance). These results form the basis for compiling a questionnaire with a quantitative method so that the data is become relevant based on theory (design) and practical side.

Practical implication of the study is that the Islamic insurance industry has to prepare to achieve condition of Tabarru funds and the investment reaches 50% of the main insurance fund. AASI, as the sharia insurance industry organization, continues innovating the most suitable form of spin-off that can be achieved by the Sharia business unit and also continues to coordinate with regulators to discuss existing problems. The government and regulators also support the implementation of the spin-off by providing convenience in various aspects such as spin-off period relaxation and government incentive and relaxation to enhance sharia insurance industry.

The contribution of the results of this research for the government and regulatory agencies is as input in setting policies and regulations related to spin-offs, for the industry is expected to be more prepared in terms of resources, commitment and strategy.

While the extant literature has explored issues related to the access, usage and availability of financial services, the ability of households to withstand financial adversities, particularly those living under economically vulnerable conditions, requires further attention. The paper presents a gendered analysis of financial resilience behaviour in South Africa.

Using a nationally representative sample of 4,880 households, this paper constructs a financial resilience behaviour index (FRBI) covering savings, credit, insurance, and retirement planning behaviours. The gendered effect of demographic characteristics on financial resilience is examined using the ordinary least square and seemingly unrelated regression techniques.

The results show that low levels of financial resilience were present across the sample with insurance observed to be the greatest driver of financial resilience, followed by retirement planning, savings and credit respectively. Furthermore, the analysis highlights that a gender gap in financial resilience exists as men are characterized with higher financial resilience behaviour compared to women. The results also suggest that employed women and women with higher levels of education are associated with greater financial resilience.

Based on these results, improving access to higher education and employment opportunities for women will enhance their financial resilience and contribute towards addressing SDG (5) on gender equality.

As far as the authors are aware, this paper presents the first empirical analysis of the gender gaps in socio-demographic characteristics that explain financial resilience in South Africa.

Customer–provider relationships unfold through multiple touchpoints across different channels. However, some touchpoints are more important than others. Such important touchpoints are viewed as “moments of truth” (MOTs). This study examines the impact of a series of touchpoints on an MOT, and the role MOTs play in determining future profitability and other behavioral outcomes (e.g. customer retention and customer cross-buy) in a business-to-business (B2B) context.

Building upon social exchange theory, a conceptual model is proposed and tested that examines the impact of human, digital, and physical touchpoints and past MOTs on customer evaluation of a current MOT and on future customer outcomes. This research employs a longitudinal methodology based on a unique panel dataset of 2,970 B2B customers.

Study results show that all touchpoints significantly contribute to MOTs, while human and physical touchpoints maintain their primacy during MOTs. The impact of MOTs on future customer outcomes is also demonstrated.

This study highlights the need for prioritizing human and physical touchpoints in managing MOTs, and for carefully managing MOTs across time.

Given its B2B outlook and longitudinal approach, this research contributes to the multichannel and interactive marketing literature by determining relevant touchpoints for B2B customers.

This study examines innovation configurations (i.e. sets of product/service, social and business model innovations) and configuration linkages (i.e. factors that help to combine innovations) across six organizations as contingent upon organizational structure.

Using semi-structured interviews and available public information, qualitative data were collected and examined using content analysis to characterize innovation configurations and linkages in three local/private organizations and three foreign-led/public-private partnerships in Repiblik Ayiti (Haiti).

Organizations tend to combine product/service, social, and business model innovations simultaneously in locally founded private organizations and sequentially in foreign-based public-private partnerships. Linkages for simultaneous combination include limited external support, determined autonomy and shifting from a “beneficiary mindset,” and financial need identification. Sequential combination linkages include social need identification, community connections and flexibility.

The generalizability of our findings for this qualitative study is subject to additional quantitative studies to empirically test the suggested factors and to examine other health care organizations and countries.

Locally led private organizations in low- and middle-income settings may benefit from considering how their innovations are in service to one another as they may have limited resources. Foreign based public-private partnerships may benefit from pacing their efforts alongside a broader set of stakeholders and ecosystem partners.

This study is the first, to our knowledge, to examine how organizations combine sets of innovations, i.e. innovation configurations, in a healthcare setting and the first of any setting to examine innovation configuration linkages.

This paper aims to empirically examine the influence of macroeconomic and socioeconomic factors on improving financial inclusion in India, with a specific focus on two distinct indicators of financial inclusion.

This study has used a time-series data set covering the years 1996 to 2022, using a nonlinear autoregressive distributed lag methodology. This approach allows for the examination of both short- and long-run effects of key macroeconomic and socio-economic indicators, including GDP per capita growth, remittance inflows and the income share held by the lowest 20% of the population on the growth of two financial inclusion indicators: the number of commercial bank branches and ATMs per 100,000 adults.

Model-1 investigates how commercial bank branch growth affects financial inclusion. Positive remittance inflow growth and a rise in the income share of the bottom 20% both lead to increased financial inclusion in both the short and long term, with the effects being more pronounced in the long run. Conversely, negative effects of remittance inflow growth and a decline in GDP per capita growth lead to reduced financial inclusion, primarily affecting the long run. Focusing on ATM growth, Model-2 reveals that positive remittance inflow growth has the strongest impact on financial inclusion in the short term. While income share growth for the bottom 20% and GDP growth also positively influence financial inclusion, their effects become significant only in the long run. Conversely, a decline in GDP per capita growth hinders financial inclusion, primarily affecting the short run.

This study fills a gap in research on macroeconomic and socioeconomic factors influencing financial inclusion in India by examining the impact of GDP per capita growth, remittance inflows and the income share held by the lowest 20% of the population, an area relatively unexplored in the Indian context. Second, the study provides comprehensive distinct results for different financial inclusion indicators, offering valuable insights for policymakers. These findings are particularly relevant for policymakers working toward Sustainable Development Goal 8.10.1, as they can use the results to tailor policies that align with SDG objectives. Additionally, policymakers in other developing nations can benefit from this study’s findings to enhance financial inclusion in their respective countries.

This paper examines the relationships between bank switching and both customer vulnerability and consumer-oriented policies (financial education and disclosure practices).

The analysis employs microdata from the Special Eurobarometer on Financial Products and Services, for 24 European nations. It carries out a probit estimation on the factors explaining propensity of bank switching, focusing on three characteristics associated with customer vulnerability: an advanced age, low educational attainment and residence in a rural or a relatively poor region.

The authors report that the probability of bank switching is significantly lower for three groups of vulnerable customers: the elderly, the less educated and those living in deprived regions. Further the authors identify that national financial education policies and disclosure practices have no significant effects on bank switching.

Based on these results, the authors propose more targeted policies recognising customers' heterogeneity are required to increase bank switching behaviour.

This paper exploits a unique source of information on bank switching behaviour and customer characteristics across European nations. These data are complemented with information about consumer financial education policies and disclosure practices from the World Bank and geographical, market and regulatory factors at the regional and national levels. The paper contributes to two academic areas. First, it presents further evidence on heterogeneity of bank customer switching behaviour, addressed at improving the understanding of customer vulnerability in banking services. Second, it examines the efficacy of consumer-oriented policies (financial literacy and disclosure practices) in encouraging bank switching.

Technology-enabled healthcare focuses on providing better information flow and coordination in healthcare operations. Technology-enabled health services enable hospitals to manage their resources effectively, maintain continuous patient engagement and provide seamless services without compromising their perceived quality.

This study investigates the role of technology-enabled health services in improving perceived healthcare quality among patients. Data are collected from the users (n = 418) of health platforms offered in multi-specialty hospitals. Multiple learners are employed to accurately represent the users' perceived quality regarding the perceived usefulness of the features provided via these digital health platforms.

The best-fitted model using a decision tree classifier (accuracy = 0.86) derives the accurate significance of features offered in the digital health platform in fostering perceived healthcare quality. Diet and lifestyle recommendations (30%) and chatting with health professionals (11%) are the top features offered in digital health platforms that primarily influence the perceived quality of healthcare among users.

The predictability of perceived quality with the individual features existing in the digital health platform, the significance of the features on the perceived healthcare quality and the prediction rules showing the combined effect of features on healthcare quality can help healthcare managers accelerate digital transformation in hospitals by improving their digital health platform, designing and offering new health packages while strengthening their e-infrastructure.

The study represents perceived healthcare quality with the features offered in digital health platforms using machine learners based on users' post-pandemic experience. By advancing digital platforms with more patient-centric features using emerging technologies, this model can further foresee its impact on the perceived quality of healthcare, offering valuable directions to healthcare service providers. The study is limited to focusing on digital health platforms that can deal with people's general healthcare needs.

Funding difficulties are particularly compounded for Muslim entrepreneurs in Nigeria, owing to the dominance of interest-based financial institutions prohibited in Islam. Thus, this study aims to explore the role of awareness of Islamic finance principles in ameliorating financial deprivation and financial anxiety to increase access to Islamic financing among Muslim entrepreneurs.

A quantitative survey method of data collection was used to collect data from a total of 208 micro, small and medium enterprises (MSME) owners based on hand-delivered questionnaires. The data was analyzed using a partial least square structural equation model.

The result supports the direct negative impact of relative financial deprivation and the positive impact of awareness of Islamic finance principles on access to Islamic finance. However, awareness of Islamic finance principles could not moderate any of the direct relationship.

This study implies that financial deprivation is detrimental to access to Islamic finance, but financial anxiety has no significant impact. In addition, policymakers and MSME owners could directly foster access to Islamic finance through awareness of Islamic finance principles, though it could not redirect the negative impact of relative financial deprivation on access to Islamic finance.

The valuable finding here is that the substantial positive impact of awareness of Islamic finance principles on access to Islamic finance is not enough to redirect the negative effect of relative financial deprivation on access to Islamic finance.