Insurance in the digital economy: science, practice, education

The monograph deals with the transformation of the insurance business in the conditions of digitalization. The logic of scientific analysis is based on the impact of digitalization on all environmental systems of the insurance business, which, in turn, require the transformation of all aspects of the insurer's activities. The scientific analysis of the usefulness of insurance services is given, the influence of digitalization on the formation of information flows and business processes in the insurance business is considered. The experience of Russia, Belarus, Kazakhstan, Uzbekistan and Turkey in the development of digitalization of the insurance market is summarized, development problems are formulated and a number of practical recommendations are given. A significant block of material is devoted to the analysis of social aspects of the insurance business, including the tasks and opportunities of insurance organizations in the formation of sustainable development. The problems of ensuring the quality of insurance services in the conditions of digitalization, regulatory activities in this area, protection of the interests of the consumer of insurance services are considered. New approaches to training personnel for the insurance market are considered, domestic and foreign experience is summarized. The results of a study of the use of digital technologies at the Financial University under the Government of the Russian Federation and partner universities are presented. For a wide range of readers interested in insurance problems. It can be useful for students, postgraduates and teachers of economic universities.

A NEW MULTIVARIATE ZERO-INFLATED HURDLE MODEL WITH APPLICATIONS IN AUTOMOBILE INSURANCE

The fact that a large proportion of insurance policyholders make no claims during a one-year period highlights the importance of zero-inflated count models when analyzing the frequency of insurance claims. There is a vast literature focused on the univariate case of zero-inflated count models, while work in the area of multivariate models is considerably less advanced. Given that insurance companies write multiple lines of insurance business, where the claim counts on these lines of business are often correlated, there is a strong incentive to analyze multivariate claim count models. Motivated by the idea of Liu and Tian (Computational Statistics and Data Analysis, 83, 200–222; 2015), we develop a multivariate zero-inflated hurdle model to describe multivariate count data with extra zeros. This generalization offers more flexibility in modeling the behavior of individual claim counts while also incorporating a correlation structure between claim counts for different lines of insurance business. We develop an application of the expectation–maximization (EM) algorithm to enable the statistical inference necessary to estimate the parameters associated with our model. Our model is then applied to an automobile insurance portfolio from a major insurance company in Spain. We demonstrate that the model performance for the multivariate zero-inflated hurdle model is superior when compared to several alternatives.

Accountability answers company insurance life based investing against the risk of failure to pay for policyholders

The problem of this research is how to regulate investment-based life insurance in Indonesia and the liability of investment-based life insurance companies against the risk of default by policyholders. This study uses a research method that has an empirical juridical type. The study results explain that the regulation of investment-based life insurance in Indonesia is regulated in Law Number 40 of 2014 concerning Business Per Insurance, OJK Regulation Number 23/POJK.05/2015 concerning Insurance Products and Marketing and Decree of the Chairman of BPPM and Financial Institutions Number KEP-104/ BL/2006 concerning Investment-based life insurance products. PP Number 87 of 2019 concerning insurance companies in the form of joint ventures, RI's Financial Decree Number 422/KMK.06/2003 and Director General of Financial Institutions Decree Number 2475/LK concerning investment insurance products and forms of liability of default insurance companies must fulfill the contents of the agreement insurance that gives rise to the rights and obligations of the insured reciprocally. However, Law Number 40 of 2014 concerning Insurance Business does not fully regulate violations in the insurance business and does not regulate how the insurance company is responsible for the company's inability to fulfill insurance claims.

A Literature Review on the Relatiohship between Competition and Efficiency for Takaful and Conventional Insurance

When there are many players operate in a particular market, it encourages competition. Thus, healthy competition in the market leads to efficiency performance. Takaful and conventional insurance are the two parallel methods used to transact insurance business. The emergence of the Takaful market has contributed to competitiveness and conventional insurance is facing competition with Takaful. Therefore, this paper attempts to review the literatures relating to the relationship between competition and efficiency between Takaful and conventional and whether there exist a positive or a negative relationship.

THE GROSS DIRECT PREMIUM INCOME UNDER GENERAL AND HEALTH INSURANCE: A SEGMENT – WISE ANALYSIS OF INDIAN PUBLIC SECTOR INSURERS

Insurance business is broadly classified under the two heads – Life Insurance and General Insurance. Life Insurance Corporation of India (LICI) and General Insurance Corporation of India (GICI) are the key players in the public sector. The Indian insurance market consists of many private players as well. The gross direct premium has been the income sources for the insurance business. This study shall highlight the gross direct premium income specifically under the General and Health insurance business of the Indian public sector insurers.

COMPUTATION OF BONUS IN MULTI-STATE LIFE INSURANCE

We consider computation of market values of bonus payments in multi-state with-profit life insurance. The bonus scheme consists of additional benefits bought according to a dividend strategy that depends on the past realization of financial risk, the current individual insurance risk, the number of additional benefits currently held, and so-called portfolio-wide means describing the shape of the insurance business. We formulate numerical procedures that efficiently combine simulation of financial risk with classic methods for the outstanding insurance risk. Special attention is given to the case where the number of additional benefits bought only depends on the financial risk. Methods and results are illustrated via a numerical example.

MODEL STOKASTIK DENGAN PENDEKATAN GENERALIZED LINEAR MODEL UNTUK MENGESTIMASI CADANGAN KLAIM INCURRED BUT NOT REPORTED

One of the crucial things in the insurance business is determining the amount of IBNR claim reserves. The amount of IBNR's claim reserves is uncertain so it is necessary to estimate as accurately as possible. The estimation results of IBNR's claim reserves will affect the solvency and sustainability of the company. To calculate the estimated IBNR claim reserves, several approaches are used both deterministically and stochastically. This study uses a stochastic model with the GLM approach for data that is assumed to have an ODP distribution. Besides, this study also uses 2 different methods to calculate parameter estimates in the model, namely by performing parameter transformations and using the Verbeek algorithm. This study will compare the results of the IBNR claim reserve estimation obtained using these two methods in estimating the parameters in the model. The estimation results obtained indicate that the value of the IBNR claim reserves is the same. The advantage of the Verbeek algorithm is that the resulting parameter values ​​have interpretations.

Sharia Life Insurance Business and Risk Management Based on Sharia Principles: Regulatory Perspective

Sharia life insurance is an agreement between two parties. One is obliged to pay a contribution or premium, and the other must ensure a full guarantee of the insurers. It should undertake the protection of a contingent or uncertain loss based on the contract. This research used a descriptive qualitative approach. It seeks to explore and understand the central phenomenon to obtain in-depth data to reveal the facts on the research object. The theoretical contribution in this study can contribute to the insights about the insurance partnership of ASYKI, Inc. to increase the number of insurance participants. It is expected that people do not have doubts about sharia life insurance in a formal juridical manner related to insurance. The result of the research showed that Asuransi Shariah Keluarga Indonesia ASYKI, Inc Pasuruan Unit's performance is generally good. According to Law No.40 of 2014, its risk management is sharia-oriented. However, it does not rule out individuals who register individually. Still, ASYKI, Inc. Pasuruan Unit provides some solutions. They should register with the ASYKI partners. It opens an opportunity for the polis applicants to easily recognize and apply sharia life insurance without going through business entities or companies that act as intermediaries.الملخص: التأمين على الحياة في الشريعة هو تأمين أو اتفاق بين طرفين يلتزم فيه أحد الطرفين بدفع تراكات أو أقساط والآخر ملزم بتقديم ضمانات كاملة لدافعي الاشتراكات / الاشتراكات / الأقساط إذا حدث شيء ما الطرف الأول أو ممتلكاته وفقًا للاتفاق المبرم. النهج المستخدم في هذه الدراسة هو نهج وصفي نوعي. يسعى هذا النهج إلى استكشاف وفهم الظاهرة المركزية من أجل الحصول على بيانات متعمقة لكشف الحقائق التي حدثت في موضوع البحث. يمكن أن تساهم المساهمات النظرية في هذه الدراسة في المعرفة حول شراكة التأمين لـ PT. ASYKI في زيادة عدد المشاركين في التأمين. من الناحية العملية حتى لا يساور الناس شك حول التأمين الشرعي على الحياة ، سواء من الناحية القانونية أو الرسمية المتعلقة بالتأمين .وقد أظهرت نتائج هذه الدراسة أن PT. تعتبر وحدة ASYKI Pasuruan للتأمين الشرعي للأسرة الإندونيسية بشكل عام جيدة ووفقًا للقانون رقم 40 لعام 2014 في إدارة إدارة المخاطر على أساس مبادئ الشريعة الإسلامية ، على الرغم من أنه من الممكن للأفراد التسجيل بشكل فردي ، وهو الحل الذي تقدمه PT. يجب أن تسجل وحدة ASYKI Pasuruan بوالص التأمين الموجهة بشكل فردي إلى أحد الشركاء الذين يعملون مع PT. سيفتح ASYKI وفي المستقبل فرصًا لمسجلي السياسة الفردية بحيث يكون الجمهور أكثر حرية في التعرف على التأمين على الحياة وتطبيقه وفقًا للشريعة بسهولة دون الحاجة إلى المرور عبر كيان تجاري أو شركة تعمل كوسيط. Abstrak: Asuransi jiwa syari’ah merupakan pertanggungan atau perjanjian antara dua belah pihak yangmana pihak satu berkewajiban membayar kontribusi atau premi dan yang lainnya memiliki kewajiban memberikan jaminan sepenuhnya kepada pembayar iuran/kontribusi/premi apabila terjadi sesuatu yang menimpa pihak pertama atau barang miliknya sesuai dengan perjanjian yang sudah dibuat. Pendekatan yang digunakan dalam penelitian ini adalah pendekatan kualitatif deskriptif. Pendekatan ini berusaha mengekplorasi dan memahami gejala sentral agar mendapatkan data yang mendalam guna mengungkapkan fakta yang terjadi pada objek penelitian. Kontribusi teoritis dalam penelitian ini dapat memberikan sumbangsih ilmu pengetahuan tentang kemitraan asuransi PT. ASYKI dalam menambah jumlah peserta asuransi. Adapun secara praktis agar masyarakat tidak memiliki keraguan mengenai asuransi jiwa shariah, baik secara yuridis formal yang berhubungan dengan perasuransian. Hasil dari penelitian ini bahwa PT. Asuransi Shariah Keluarga Indonesia ASYKI Unit Pasuruan secara umum dan keseluruan sudah baik dan sesuai dengan UU No.40 Tahun 2014 dalam pengelolaan manajemen resiko sudah berdasarkan prinsip shariah, meskipun tidak menutup kemungkinan ada individu yang mendaftarkan diri secara perorangan, namun solusi yang ditawarkan dari pihak PT. ASYKI Unit Pasuruan hendaknya pendaftar poli asuransi secara individu di arahkan pada salah satu mitra yang bekerja sama dengan PT. ASYKI dan ke depannya akan membuka peluang bagi pendaftar polis secara perorangan sehingga masyarakat lebih leluasa untuk mengenal dan menerapkan asuransi jiwa shariah dengan mudah tanpa harus melalui badan usaha atau perusahaan yang menjadi perantara.