Soziales und Gesundheit

Understanding the Omnichannel Customer Journey: Determinants of Interaction Choice


Through the proliferation of channels and ways to engage in these channels, customers today have an unprecedented range of options to individualize their customer journeys. This study attends to the resulting complexity by investigating the overt and underlying reasons for customers’ interaction choices along the omnichannel customer journey. Data collected from focus groups, expert interviews, and laddering interviews with motor insurance customers illustrate that omnichannel customer journeys are inherently individualistic but driven by three types of effects. Some effects apply to singular interaction choices and are hence journey independent, while the strength of inertia between subsequent interactions depends on customers’ satisfaction with the interaction. Customer journey patterns, which pertain to specific portions of the journey, include research shopping and the novel impersonalization/ interactivity reduction effect. Our findings further provide additional explanations for these customer journey patterns and customers’ limited motor insurance search efforts. Based on the ultimate underlying motives for interaction choice, the four types of value-in-use customers seek in their interactions, a segmentation approach that is more effective than predominant efforts using observable interaction behavior is suggested.

Gute Papiere für schlechte Zeiten: Insurance-Linked Securities erfreuen sich bei institutionellen Investoren einer wachsenden Beliebtheit

Insurtechs mischen mit Blockchain den Versicherungsmarkt auf


Ist Blockchain das neue Allheilmittel für die Versicherungswirtschaft? Das VersicherungsJournal geht dieser Frage in einer dreiteiligen Artikelserie nach. In Teil drei zeigt Professor Dr. Alexander Braun, wie Start-ups die Technologie für sich nutzen.

Alternative Risk Transfer and Insurance-Linked Securities: Trends, Challenges and New Market Opportunities


Due to their relatively high yields and low return correlations with traditional asset classes, insurance-linked securities (ILS) are often described as an attractive investment opportunity. Yet, the investor base for ILS is largely dominated by a few specialized investment managers. The aim of this paper is to analyze advantages and disadvantages, the current market development and the decision-making processes that drive the demand for this aspiring asset class. To reach this aim, we first review the existing knowledge on ILS instruments and markets, then present results of a new international survey among ILS Investors and finally, based on the results of the first and second step, derive implications for the future development of ILS.

The key findings of our study can be summarized as follows: To date, transaction costs along with lacking experience / knowledge and regulatory uncertainty are the most significant impediments to ILS market expansion. Skin in the game is necessary to attract investors; we show that a 5 to 10% sponsor investment leads to large increases in the willingness to invest. We observe that investors do not consider ratings as necessary and that having no rating is better than having a bad rating. Overall, the ILS market is likely to grow substantially over the next years; the survey participants expect its volume to double by 2019. In this context, we discuss the role of new instruments such as protected cell companies and new types of risks such as cyber risk, high frequency risks or run-off risks.

Determinants of the Demand for Political Risk Insurance: Evidence from an International Survey


The exposure of corporations to political risks has increased in the past years, mainly driven by globalization and the outsourcing of production to emerging markets. One way to address these new challenges is Political Risk Insurance (PRI), which, however, has attracted little scholarly interest to date. We address this research gap by identifying the major determinants of the demand for PRI. To this end, we developed an extensive questionnaire and distributed it among insurance managers in Central Europe. Our empirical analysis builds on Exploratory Factor Analysis and Logistic Regression. We are able to show that a company’s propensity to purchase PRI increases with its perceived exposure to political risks, its perceived experience and expertise with the instrument, as well as the perceived adequacy of the contract’s price. Other factors, such as the size of the firm, the perceived importance of its risk management department or the perceived availability of information on PRI, do not seem to play a significant role.

Optimal Reinsurance Program under Default Risk

Die jungen Wilden


Um im Rennen um den Kunden der Zukunft nicht unter die Räder zu kommen, müssen etablierte Versicherer den entbrannten Innovationswettlauf aktiv bestreiten.

The current InsurTech landscape : business models and disruptive potential


We take a detailed look at the current InsurTech landscape from the angle of the academic management literature. Our main goals are to establish a common understanding of key concepts, to facilitate the navigation of this rapidly evolving sector, and to provide an intuitive toolkit for an assessment of the entrants’ disruptive potential as well as the selection of adequate response strategies by incumbents. Based on a threedimensional taxonomy, we screen the existing InsurTech startup range. Two aspects stand out in this regard. First, although the vast majority of activities still focuses on the distribution part of the industry ecosystem, full-stack InsurTech risk carriers are starting to become more commonplace.

Second, we hardly observe any real game-changing business model innovations yet, as many existing startups are essentially pepping up classical industry approaches with the patterns “e-commerce” or “digitization”. Consistent with this observation, most entrants are not on a disruptive trajectory. Instead, they can be assigned to the category “enablers”, suggesting “cooperation” as the incumbents’ reaction of choice for the majority of currently prevailing scenarios. These findings are confirmed by a comprehensive survey among startups and incumbents. Several directions for the future evolution of the sector are plausible. We identify a number of powerful business model recombinations that are either already launching or clearly visible on the horizon. The largest threats are likely to arise from out-of-the box approaches. One example are digital insurers that add significant value for the customer through personalized coverage based on a comprehensive individual risk assessment. Similarly, genuine peer-to-peer concepts, which enable risk transfer directly to the capital markets, could call the primordial relevance of insurance companies into question and therefore lead to outright disintermediation. Consequently, the still relatively comfortable situation for incumbents that currently prevails may not last for long.

Corporate Governance und weitere 7 Einträge

Honorarberatung in der Assekuranz: Der richtige Weg?


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