Author : Rohan yashraj gupta, satya sai mudigonda
Keyword : Insurance, protection of policyholders' interest, insurance regulator,
Subject : Economics
Article Type : Original article (research)
Article QR Code
Article File : Full Text PDF
Abstract : The existence of insurance business is based on how effectively policyholders’ needs are met. This effectiveness is measured through various factors translated into key performance indicators for the business. One of the key qualitative factors that decides the sustainability of insurance business is protecting policyholders’ interest. In this article, we look at ways in which this qualitative factor can be quantified or measured using various industry practices and emerging technology. The solution suggested here integrates actuarial and data science techniques to quantify policyholder protection aspects either by function or by stakeholder. Various functions of insurance company that can be looked at for measuring policyholder protection are product design, pricing, sales, marketing, underwriting, policy terms and conditions, policy servicing, claims management, investment, reserving, reporting and fraud detection. Similarly, various categories of stakeholders that can be looked at for this purpose are principal, agency, controlling, advisory and incidental.
Article by : Rohan Yashraj Gupta
Article add date : 2021-01-24
How to cite : Rohan yashraj gupta, satya sai mudigonda. (2021-January-24). A proposed model for measuring protection of policyholders’ interest at industry level. retrieved from https://www.openacessjournal.com/abstract/592