Performance Benchmarking in Financial Services: Evidence from the UK Life Insurance Industry

2004 ◽  
Vol 77 (2) ◽  
pp. 257-273 ◽  
Author(s):  
Paul J. M. Klumpes
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Insurance Industry ◽  
Performance Benchmarking ◽  
Life Insurance Industry ◽  
The Uk

Performance Benchmarking of the Indian Life Insurance Industry

2015 ◽  
pp. 616-625
Author(s):  
Ram Pratap Sinha ◽  
Nitish Datta
Keyword(s):  
Technical Efficiency ◽  
Life Insurance ◽  
Insurance Industry ◽  
Operating Performance ◽  
Insurance Companies ◽  
Unified Framework ◽  
Performance Benchmarking ◽  
Life Insurers ◽  
Life Insurance Industry ◽  
The Mean

In the last decade, the life insurance companies operating in India have made significant progress in terms of business consolidation. In view of the same, it is of interest to make an enquiry about the operating performance of these companies. This chapter compares 15 life insurance companies operating in India from the period 2005-06 to 2008-09 using the Hybrid Efficiency Model (Tone, 2004). The Hybrid Model provides a unified framework for the estimation of technical efficiency integrating the radial and non-radial characterisation of inputs and outputs. Out of the 15 in-sample life insurance companies, the number of technically efficient life insurers declined from 9 in 2005-06 to 4 in 2006-07 and further to 3 in 2007-08 and 2008-09. The mean technical efficiency scores of the in-sample life insurers declined sharply between 2005-06 and 2006-07 and improved somewhat thereafter.

Ordnungspolitische Weichenstellungen für die anstehende Reform der Riester-Rente

2020 ◽  
Vol 69 (3) ◽  
pp. 239-249
Author(s):  
Axel Kleinlein
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Service Providers ◽  
Insurance Industry ◽  
Financial Service ◽  
Mandatory Retirement ◽  
Insurance Company ◽  
Life Insurance Company ◽  
Insurance Sector ◽  
Life Insurance Industry

Abstract The Riester pensions today face two main problems: First, life insurance industry in Germany faces the problem of inadequate solvency. Therefore, there is a need that we take the Riester pension not as a sole part of the life insurance sector and open it to the whole sector of financial services. Second, the previous regulation of the Riester pension is causing problems. Particularly the guarantee forces mandatory retirement with a life insurance company and the requirement of capital preservation. Therefore we have to review these two guarantee aspects. It is also important to limit costs and to simplify the funding system. The concept of the “Basisdepot-Vorsorge” solves these problems while it is based on promoting precisely those who want to save up for their retirement during their active career, no matter what kind of financial service is included in the accumulation or decumulation phase. To include all different financial service providers creates the needed economical competition to ensure better products for the Riester-Rente.

scholarly journals How can we improve the customers’ experience of our life products?

2018 ◽  
Vol 23 ◽  
Author(s):  
C. R. Barnard ◽  
K. Francis ◽  
T. Hussain ◽  
C. Jumanca ◽  
A. Zhang
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Insurance Industry ◽  
Cost Benefit ◽  
Cost Effective ◽  
Best Interests ◽  
Life Insurance Industry ◽  
Effective Manner ◽  
Ongoing Assessment ◽  
Regulatory Landscape

AbstractIn the last three decades the life insurance industry was rocked by a series of mis-selling scandals such as endowment mortgage, personal pension and payment protection insurance mis-selling. Regulators have stepped in to try to address the underlying causes and improve customer protection by introducing more stringent regulation targeted at sales practices and remuneration, product design, disclosure and ongoing monitoring together with significantly larger financial penalties for non-compliance. Against this background, the paper considers whether customers understanding of risks and outcomes associated with life insurance products can be further improved and how poor customer outcomes can be avoided in the future. We acknowledge the complexity of these issues, which involve many stakeholders, covering all stages of the product lifecycle and customer journey and being impacted by a constantly changing regulatory landscape. We first review the current regulatory landscape across both the United Kingdom and other jurisdictions, concluding that whilst regulators have acted to improve customer protection, gaps still remain, particularly around the areas of disclosure and consideration of changing customers’ needs throughout product lifetimes. The paper then considers how the current situation could be improved for customers in a cost effective manner. We focus on improvements in disclosure, needs-based selling, ongoing assessment and communication as a means of ensuring that products continue to meet the customers’ needs and risk profile, and on introducing a duty of care which would force financial services firms to act in the best interests of their customers. In this paper we present our preliminary thoughts and recommendations. Some of the recommendations will cost something to implement, and should therefore be supported by cost-benefit analyses that would weigh these costs against the potentially larger benefits to both customers and the insurance industry.

scholarly journals Sustaining the life insurance industry in the Fourth Industrial Revolution

2021 ◽  
Vol 20 (1) ◽  
pp. 81-107
Author(s):  
Lynne Molloy ◽  
Linda Ronnie
Keyword(s):  
South African ◽  
Life Insurance ◽  
Financial Services ◽  
Industrial Revolution ◽  
Insurance Industry ◽  
Insurance Companies ◽  
Senior Leaders ◽  
Digital Innovation ◽  
Fourth Industrial Revolution ◽  
Life Insurance Industry

As the Fourth Industrial Revolution (4IR) continues to change the ways of doing business across industries, organisations around the world are grappling with the unprecedented challenges imposed by radical and widespread technological change. In the face of this dilemma, the South African life insurance industry has remained remarkably resilient, exhibiting very little adaptation in terms of structural, cultural, or business model innovation. However, the stable environmental conditions that once enabled this position for incumbent organisations are weakening.  Transformational change, like that in the adjacent financial services industry, is imminent and adaptation on the part of incumbent insurers will be vital to sustaining relevance. This research examines the organisational beliefs and capabilities of South African insurance companies regarding the 4IR in order to gauge the current challenges within the broader industry. Semi-structured interviews were conducted with 12 senior leaders and decisionmakers from across the industry. A qualitative inductive analysis shows the inhibitors and enablers of digital innovation within the organisations. The pervasive lack of trust, agility, and urgency within the sector are cited as inhibitors of digital innovation. Enablers include a continuous learning mindset within the organisation, partnerships within the broader ecosystem, and the role of senior leaders for shaping cultural attitudes and structures. Overall, these findings show a disparity between what insurers know they must do to proactively lead change, enact digital innovation, and remain relevant, and what they are actually executing. Recommendations are provided for addressing this gap. Keywords: Fourth Industrial Revolution; life insurance; strategy; leadership; agility

FinTech Disruption

2019 ◽  
pp. 61-74
Author(s):  
Julianne Callaway
Keyword(s):  
Life Insurance ◽  
Financial Services ◽  
Credit Card ◽  
Insurance Industry ◽  
Retirement Savings ◽  
Life Planning ◽  
Life Insurance Industry ◽  
Technological Advances ◽  
End Of Life Planning

Technological advances have enabled enhancements in the financial services industry such as improved digital sales opportunities, enhanced communication with consumers, expanded accessibility of services, and improved tools for financial planning. These advances are democratizing services once available only to wealthy, extending older peoples’ ability to live independently, and improving their quality of life. This chapter presents a series of case studies explaining how the life insurance industry can use technology and new data to streamline the life insurance underwriting process and improve trust and transparency between insurers and customers. It also discusses how new content can enable on-demand education and simplify end of life planning, as well as the difficulties people face when saving for the types of purchases that can lead to credit card debt and challenge retirement savings. We also touch on the potential for wearable technology to improve wellness and manage chronic diseases.

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