Asma Hamzeh; Mitra Ghanbarzadeh; Faezeh Banimostafaarab
Abstract
Usage-based Insurance (UBI) is an innovation that differs from traditional car insurance and seeks to distinguish between high-risk and low-risk drivers. The premium in this policy is calculated based on the distance traveled and telematics variables such as road type, time, speed, etc. This study measured ...
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Usage-based Insurance (UBI) is an innovation that differs from traditional car insurance and seeks to distinguish between high-risk and low-risk drivers. The premium in this policy is calculated based on the distance traveled and telematics variables such as road type, time, speed, etc. This study measured the UBI acceptance rate and the factors that influence it. Global surveys and expert opinions were used to design a questionnaire, which was then administered to 396 randomly selected respondents, meeting the requirements of Cochran's formula for indeterminate populations (at least 384). Multinomial and binary logistic regression models were employed to measure acceptance and the willingness to purchase UBI based on distance, as well as distance and driving behaviors. These investigations were carried out across five and three scenarios, respectively, considering value-added services, awareness levels, and the importance of factors. Finally, a confirmatory factor analysis model was utilized to validate the UBI acceptance model, with the indicators affirming its appropriateness. The findings suggest the need for plans to enhance the information and awareness levels of insurance policyholders regarding UBI. Additionally, variables such as providing warnings to policyholders to improve driving, policy price, awareness of UBI, awareness of providing UBIs by some insurance companies in Iran, and providing rewards/discounts are identified as influential in driving UBI purchases, warranting investment by insurance companies to boost sales.
Asma Hamzeh; Faezeh Banimostafaarab; Fatemeh Atatalab
Abstract
The rating of insurance companies is one of the necessary and operational policies to regulate and evaluate the performance of the insurance industry. It informs shareholders, customers, insurers, and even regulatory authorities, as well as formal and informal support bodies, about the current performance ...
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The rating of insurance companies is one of the necessary and operational policies to regulate and evaluate the performance of the insurance industry. It informs shareholders, customers, insurers, and even regulatory authorities, as well as formal and informal support bodies, about the current performance of insurance companies and their capabilities and prospects for the future. The rating of insurance companies in terms of the regulatory indicators and decision-making and implementation of the administrative measures for the companies based on the regulatory rating of each company is one of the needs of the regulatory body. Therefore, doing this properly requires using the indicators in principal areas, weighting them according to their importance, and implementing the model, finally. For this reason, in this study, first, the effective indicators for the regulatory rating of insurance companies were identified using documentary studies and relevant writings, and the initial indicators were scrutinized and completed using the results of a questionnaire. Then, the indicators prioritization and weighting and implementation of the model for regulatory rating of insurance companies are performed for 2019. Weighting the indicators is done by the Shannon entropy method, and the rating of insurance companies is implemented under three different scenarios with the TOPSIS model and the weighted average method.
