ABSTRACT
The relevance of the research topic is confirmed by the fact that in the context of globalization, job search and job loss have become rather common. Therefore, the working-age population needs to be protected from job loss when looking for a new job. The purpose of the article is to develop a methodology for calculating the job loss insurance rate for citizens. The methodology is based on an actuarial approach that allows a comparison of the net rate and the gross rate paid by the insured. The scientific novelty of the study lies in the consideration of the net rate based on the reasons for employee termination, and the analysis of the possibilities of distributing the net rate between the employee and the employer. Main research methods include tabular and graphical methods, analysis and synthesis, comparison, induction, and deduction. As a result of the introduction of job loss insurance, the social protection of the population in the context of COVID-19 is being strengthened, and opportunities for temporary coverage of expenses during the job search period are being increased. The author concludes that this type of insurance is promising in a market economy and may become not only a new and interesting insurance product but also an effective tool for the social protection of the population in regions with high labor market turbulence. © Bandurin A. V., 2023.
ABSTRACT
BACKGROUND: Expansion of telehealth insurance coverage is hampered by concerns that such coverage may encourage excessive use and spending. OBJECTIVE: The aim of this paper is to examine whether users of telehealth services rely more on other forms of outpatient care than nonusers, and to estimate the differences in payment rates. METHODS: We examined claims data from a large national insurer in 2017. We limited our analysis to patients with visits for 3 common diagnoses (N=660,546). We calculated the total number of visits per patient, overall, and by setting, and adjusted for patient- and county-level factors. RESULTS: After multivariable adjustment, telehealth-visit users, compared to nonusers, had 0.44 fewer visits to primary care, 0.11 fewer visits to emergency departments, and 0.17 fewer visits to retail and urgent care. All estimates are statistically significant at P<.001. Average payment rates for telehealth visits were lower than all other settings. CONCLUSIONS: These findings suggest that telehealth visits may substitute rather than add to in-person care for some types of care. Our study suggests that telehealth visits may offer an efficient and less costly alternative.
Subject(s)
COVID-19 , Telemedicine , Ambulatory Care , Emergency Service, Hospital , Humans , MarketingABSTRACT
Background: No activity in any Life Insurance Company is of more importance than the settlement of Claims to the satisfaction of the beneficiary, in case of premature death of the life Assured. It is the ultimate moment of Truth in the contract of Life insurance. The Life Insurance Companies must be conscientious enough to understand that claim settlement is the very purpose of their existence in the society in fulfillment of the promise made to policyholders. The process of claim settlement from the perspective of policyholders or the beneficiaries revolves round a. Time taken to settle the claim and b. Ease of claim settlement in terms of number as well as type of documents called for. The companies tries to achieve this objective without compromising on basic checks encompassing over things such as genuineness of the claim etc. Accordingly, the companies have established standard processes and checklist of documents that is called for at the time of claim. The claim management process consists of claim initiation by the nominee or the policyholderas the case may be under the policy, claim process or enquiry by the insurer to check the genuineness of the claim and Claim settlement within the Regulations as indicated by the Death Claim settlement Ratio (DCSR), Solvency Ratio (SR) etc., The Covid19 pandemic caused severe health disorders that resulted in more deaths, impacting the above claims process adversely warranting companies to have relook at the entire process and the checklist of documents so thatTurn around Time is maintained whatever be the number of claims intimated without giving room for entertaining any fraudulent claims By collecting the relevant claim statistics from credible sources such as Insurance Regulatory and Development of India (IRDAI) etc, this paper analyses the current practice and brings out how various components of claims management process of an Insurance Company were affected especially in the background of unprecedented Covidl9 pandemic. This paper also suggests the ways and means to address these challenges through a 6-step strategy quoting the expert's suggestions as well. Challenges thrown by Covidl9 pandemic on various components of the Claim management process ofan insurance company are listed and categorized as: I. Related to Claim intimation by customers II. Regulatory Issues related III. Claim management process related IV. Product pricing related V. Legal aspects related VI. Technology related Traditionally, in any insurance course or internal training, the impact of epidemics on Sales, Underwriting and Claims are not focused at all. The unprecedented covid has made all the departments totally to revisit their approach right from scratch afresh. It has also made all the Insurance Institutes, Colleges and the internal training of insurance companies to includethe impact of pandemics or epidemics henceforth in their books. Research Methods: The impact of Covid19 is evaluated by calculating the variation between pre-Covid19 data and post-Covid19 dataandanalyzing the reasons for the variation with supporting information. Data is extracted from authorized websites of various Life Insurance Companies and IRDAI. The data considered for analysis is also validated through information gathered through various interview articles of Senior Management People of different Insurance Companies. Results: The study brings out theimmediate need forrevisiting the process followed in respect of all the above sixcomponents of the claim management to address the challenges posed by Covid19 pandemic. It also brings out the need for amending some existing laws related to life insurance. It emphasizes the urgency of the above reforms to 1) facilitate smooth settlement of death claims to the satisfaction of the customers, 2) improve the profitability of the insurance companies within the guidelines of the regulator and Acts of Government of India.3. To reorient the training and training materials with change in focus to take care of learnings from Covid
ABSTRACT
The paper develops a two-insurer contingent claim framework to evaluate their equities. One insurer conducts carbon-linked investment, while the other conducts conventional (non-carbon-linked) investment. The free-riding issue becomes essential because of the carbon-emission externality. We show that the life insurance policyholders are free riders when either the return of carbon-linked or the conventional investment increases. But the cost burden of policyholder protection is the reduced insurer interest margin. The results also apply to the increased carbon-linked investment volatility and the different coronavirus COVID-19 impacts on the two-insurer interest margins. In the soundness test, we show that insurance stability at the cost of insurer profits is less significant when the carbon-linked investor's barrier increases. Free riding would be intimately relevant to insurance and carbon-emission environments in the barrier option model.
ABSTRACT
Understanding COVID-19 induced mortality risk is significant for life insurers to better analyze their financial sustainability after the outbreak of COVID-19. To capture the mortality effect caused by COVID-19 among all ages, this study proposes a temporary adverse mortality jump model to describe the dynamics of mortality in a post-COVID-19 pandemic world based on the weekly death numbers from 2015 to 2021 in the United States. As a comparative study, the Lee-Carter model is used as the base case to represent the dynamics of mortality without COVID-19. Then we compare the force of mortality, the survival probability and the liability of a life insurer by considering COVID-19 and those without COVID-19. We show that a life insurer's financial sustainability will deteriorate because of the higher mortality rates than expected in the wake of COVID-19. Our results remain unchanged when we also consider the effect of interest rate risk by adopting the Vasicek and CIR models.