One of the biggest advantages of Central Bank Digital Currency is an increase in the safety and efficiency of both wholesale and retail payment systems. This varies between developed and developing countries where it contributes 811% and 24%, respectively (Din et al., 2017). The role of competition in the insurance sector cannot be understated as it helps in reducing risk and uncertainty (Antwi & Antwi, 2013; Claessens, 2009). First published at Credit Management magazine. Attaining competitive advantage has crucial importance for the companies by applying appropriate strategies and investing in the right plans so that they can pay them off to the maximum level. In particular, digitisation can deliver better quality data about customer journeys to support cross-selling or other revenue-generating initiatives., Even in the midst of a profound economic crisis, some businesses will succeed in growing their market share or expanding into new markets. In addition, carriers can decrease costs related to paper application processing with an electronic application system, and can spend less on IT by embracing BYOD. It also enables rapid standardisation which is essential for driving cost efficiency and offering the necessary room and platform for adapting, changing, and scaling. The insurance sector players have been experiencing increased digitalisation, paving the way for changes in business models and the development of new products. Prior to any regression, the study evaluated the presence of correlation among the variables. For instance, if a company advertises a lesser price for a product that has a higher cost in the market, it will definitely attract more consumers and will gain a comparative advantage but if it is advertising higher prices but the features of the product are unique that the competitive product, it can still gather more customers that will be willing to pay more. However, there are many challenges. To empower existing and prospective customers and deliver an improved customer experience, insurers must adopt an omnichannel approach. Required fields are marked *. The challenges associated with the model include suffering from a multicollinearity problem if the efficiency hypothesis holds, assuming that at least some profit gained by more effective firms is transferred to their clients, not accounting for differences in the quality of products and neglecting design across firms and their incentive for innovations. Embrace an omnichannel approach. Starbucks keeps on updating itself on new innovations and bringing new ideas to the table for customers. Overall, the range of the Boone indicator for the study was 0.232 to 0.4005 with average cost and 0.096 to 0.344 with marginal cost which compares favourably with the results obtained in a Croatian study. The competitive advantage that every insurance professional needs, February 13, 2015 at 06:11 AM The rebound of the economy after dollarization saw the insurance industry experiencing phenomenal growth, peaking at 80.1% in 2010, in terms of gross premiums written by both life and non-insurance companies. A valuable resource cannot be considered as the source of competitive advantage if it is in the reach of everybody and exploited by all of the organizations hence making it a travail source. Paucity in natural resources, often mentioned in reference to Japan, we note, is overstated. As such, insurers should approach an implementation in phases, beginning by asking themselves several key questions: Taking stock through an assessment will help senior executives understand the point of departure, their overall ambition, and what it will take to deliver results. MC=TCy1+2lny+8lnw1w3+9lnw2w37, For robustness check marginal cost is proxied by the average cost as done by other studies (Cummins et al., 2017, Shaeck and Cihk, 2014; J. Bikker & Van Leuvensteijn, 2008). Kramari and Mileti (2019) evaluated the effect of competition on soundness of Croatian insurers. An example of this real-time, as and when needed self-managed coverage is Trv. The average for the period 20132017 was 0.1969 and 0.2938 for the marginal cost and average cost, respectively. Sigma Swiss-Re (2016) notes that insurance spending is 6.23% of Worlds GDP. We enable our agents to guarantee their clients competitive rates and benefits through our partnered carriers as well as provide As a result, consumers of all ages are adopting the use of digital channels to research and review the best possible insurance options to meet their needs. How can insurers respond to fierce competition and change. Insurance is a key instrument of risk transferring, indemnification and intermediation (Outreville, 2015). We use cookies to ensure that we give you the best experience on our website. Proofs of concept have established the ability that DLT has, but only a few market players have gone past that stage. 5 Howick Place | London | SW1P 1WG. In Zimbabwean case, there is some level of competition among insurance companies with some degree of product differentiation (Musiiwa & Dzingai, 2021). In fact, They can do the heavy lifting, the time-consuming data entry tasks and the repetitive work that can fill up so much of the working day. This devastated the majority of the insurance policy holders since their livelihoods were destroyed after contributing for a long period of time more still for some retired persons who had contributed during their whole working life. Given that 86% of mid-sized to large insurance companies, life and annuity providers already have a BYOD (bring your own device) strategy, it is not a huge stretch to conclude that a large percentage of this spending will be directed towards enterprise apps and other mobile solutions. Todays Payment Landscape Enabled by huge advances in technology, our evolving payments Lionel Grosclaude, CEO, Fime As the number of devices and connected services rise, our lives are becoming increasingly digitized. The study employed one of the new empirical industrial organisation methods, namely the Boone indicator. Despite the challenges above, a number of opportunities are presenting themselves in the insurance sector. A number of studies have analysed competition in the insurance sector. Which digital trends are most urgent for growth and profitability? Kasman et al. We empower our insurance carriers, marketing companies and their producers with patented DataIntelligent solutions that provide them a strategic competitive advantage in the marketplace. Balkanization of standards, inconsistent implementations, and tepid enthusiasm on the part of incumbent banks have led them into Gartners Trough of Disillusionment. But 2023 could be the year that Europe catches up and reaps the technologys benefits. Scribd is the world's largest social reading and publishing site. As Aqillas Scantlebury concludes, Ultimately, who knows what will happen next year?! Put differently, if the two firms in the industry are compared and one is more efficient than the other, the more efficient firm will have higher profits than the less efficient firm. In order to gain and maintain a competitive advantage, a company has to demonstrate greater comparative and differential values than its market rival. Kramari and Mileti (2019) evaluated the effect of competition on soundness of Croatian insurers and established that the Boones indicator for the sector ranged from 0.2536 to 0.4142 between 2006 and 2010. Building your Tech Stack: How the RIA Model Gives you Freedom to Do it your Way, Finding the Right Custodian: Hear One Independent Advisor's Story, Advisor Case Studies: Navigating By Your Values. When joining a new organisation, the first 100 days are often key to implementing change and By Nadine Pichelot, Senior Vice President Finance, Anaplan Over the past few years, rapid, complex change has drastically transformed By David Cook, Partner at Penta, International Financial Services 2022 has, by any measure, been a difficult year in By Catharina Eklof, CCO, IDEX Biometrics 1. Under monopoly, managers can use resources to sustain market power. The main problem is that everyone is embracing technology and, therefore, requires staff with the knowledge to utilise the implemented tech. Companies understand the importance of underwriting customer credit risk, but a growing number are now seeking advice about how to mitigate supply-side risks too. However, advances in technology and the advent of process mining tools address many of the legacy challenges of process improvement, benefit realisation, and sustainable improvements. The results showed that there was weak competition in the Dutch life insurance industry compared to other industries. In other words, when two firms in an industry are compared and one is more efficient than the other, the more efficient firm will have higher profits than the less efficient firm. lshammari, Alhabshi, and Saiti (2019) examined the impact of competition on the cost efficiency of conventional insurance in the Gulf Cooperation Council (GCC) countries for the period 2009 to 2016. Stylised facts about Insurance sector in Zimbabwe, https://doi.org/10.1080/23322039.2021.1974154, Medicine, Dentistry, Nursing & Allied Health. It must be imperfectly imitable. For many years, identifying process improvements has traditionally been a well-proven but heavy, slow, and manual process. We have already seen the initial impacts of the looming recession in 2022, as food, fuel and energy costs began to soar. In line with prior expectation, the Boone indicator had negative values for all the years reflecting the fact that the more efficient insurer (with lower average costs) makes higher profits. Independent agents, who spend the majority of their time on the road visiting prospects, need to be able to access information while on-the-go. Rather than going toe-to-toe with its competitors, Pinterest accepted its core user base and strategized its business accordingly. And Gen Zs use of such services grew six-fold in 2021 so it is likely that it will inform consumer behaviour far into the future., Similarly, Eyal Sivan, Head of Open Banking at Axway, recognises that open banking hasnt been as successful as previously predicted: Although Europe pioneered open banking with their PSD2 regulations, their efforts have been considered by many to be lacklustre at best and an outright failure at worst. To learn about our use of cookies and how you can manage your cookie settings, please see our Cookie Policy. Much less appealing but even more important than having a holistic customer view and multiple new digital channels on which consumers can interact with their insurers are the underlying core systems that support the business processes. For businesses and individuals, the cost of living and operating will go up. There are great incentives to innovate and offer products that meet consumers changing needs as lapse rates increase, especially given that insurance may now be more front-of-mind than before the pandemic. Hugh Scantlebury, CEO and Founder of Aqilla, recognises that this is likely to continue into 2023: The serious problem for next year comes from inflationary pressures, causing rises in food, fuel, energy, and resources. Once you add the challenge of deploying mobile enterprise apps to a large dispersed staff of agents (New York Life, for example has 12,000 captive agents across the country), the work involved in deploying a mobile strategy can seem insurmountable. They only harvest users data to improve the quality of their products and better the delivery service and not for gaining personal economic benefits. Your Data, Your Leverage . The global insurance market grew from $5946.74 billion in 2022 to $6466.23 billion in 2023 at a compound annual growth rate (CAGR) of 8.7%. Simon Philpin, head of trade credit at credit assurance provider, Markel, added: We have seen increased demand for credit assurance linked to suppliers. They receive an insurance quote in real time, and immediate generation of the policy is available along with proof of coverage and supporting communications all available digitally on the device of choice. The so-called loyalty penalty has recently been under scrutiny by the FCA. Jason Pallister, managing director at DCS Credit Management & Recruitment, said: Some businesses are being priced out of the market by larger companies that are able to offer more attractive reward and remuneration packages. These solutions offer rule-based modelling, expressed as configurable and repeatable rules within the application. In order to apply the differential strategy, you can use many ways to get your goods and services reach in the market which makes them look apart. Management Solutions, Q4 2022! Personal insurance has been the main focus of these companies, however it is expected that life insurance and commercial will soon be the target. The study recommends that policy makers and regulators should ensure a competitive insurance industry to enhance efficiency. Profit is calculated as the difference between variable revenues and variable costs divided by total assets. The 201012 period was mostly affected by the lack of confidence in the market mostly as a result of the hangover the people had from hyperinflation period when people lost the majority of their savings as most insurance policies were rendered valueless. Lower costs will eventually generate more revenue that can as businesses are still able to make a profit over every goods or service sold. Resilience is shifting the organisational mindset and very much seen as a catalyst for change. Troy Fine, Director, Risk and Compliance, Drata With the accelerating pace of regulatory change and operational resilience policies, organisations As we enter 2023, many business leaders may be experiencing feelings of uncertainty and apprehension. 2022 has been a transformative year for the finance industry, as many organisations found new ways to embrace technology. Not only could this fill a significant fiscal shortfall without hitting voters, it could also strengthen Government support as it presents itself as being serious about data protection. He is also recognized by the legal profession as an expert on insurance coverages. Businesses that work on this strategy look for the demands and needs of their target population and how their goods or services can improve their daily lives. The importance of the insurance sector to the economy and financial system is evidenced through the total assets held by players in the sector, number of players, penetration rate and the gross premium written over time. The greater the absolute value of the Boone indicator, the higher the degree of competition since the effect of reallocation is stronger. Not all strategies are appropriate and going to work for all types of industries. This means enabling consumers to research, review, and interact on their terms. App Management. Favorable climate and various other aspects of the geography constitute unacclaimed but important bounties of nature. This study evaluates competition in the insurance sector in Zimbabwe during the period 2010 to 2018. Time is ticking away. Get alerted any time new stories match your search criteria. Gartner estimates that more than two-thirds of global life and P&C insurers still rely on legacy systems (some dating to the 1970s or 80s). The authors received no direct funding for this research. (2017) did a cross-country study on the association between soundness and competition in the life insurance industry in 10 European countries. Competition in the insurance sector is an important element since it leads to the reduction in risk and uncertainty, enables efficient resources allocation, enhances product innovation, enhances economic growth and improves efficient production of financial services. Understanding Why Cybersecurity is Important in Banking, How scaling agility can help mortgage lenders thrive in a tough economy, Embracing eCommerce: what retailers will face in 2023, The impact of the cost-of-living crisis on eCommerce businesses, How digital signatures and blockchain technology can help to mitigate fraud risks, 2023, the year for policymakers to deliver, Avoiding the costs and consequences of the updated VAT penalty regime, Not all investment is the same. As one of the 32 foreign trade zones (FTZs) in Texas, several distribution centers in Dallas-Fort Worth can assemble, manufacture, process, or The need for more efficiency in this industry has never been greater, and what better way to achieve this than through enterprise apps? Reevaluate core systems and processes. The strategies include the use of the third-party environment, constant innovation with new menu items, quality products, and the use of technology to stay connected with its customers. It also concluded that through marketing innovation and creativity, the Insurance The more the firm is stabilized the more it lessens the chances of the rivals to neutralize the advantages hence keeping the company at the edge. The number of reinsurance broking firms increased by 100% during the period from 4 to 8 which might have increased competition in the industry. Its a win-win for the Government so I think it is inevitable that the ICO will be hot on the tails of companies that fall foul of permitted data use., 2023 is going to be all about doing more with much less, notes Bruce Martin, CEO of Tax Systems. Michael E. Porter in his book introduced three types of strategies that if followed in the proper way can make the business outclass which are cost leadership, differentiation, and focus. The product is the same but the consumer is naturally inclined to the cheaper one because he sees comparative advantage in doing so. On the other side of the coin, insurance carrier partners such as independent agents, brokers, and advisors can provide better quality service to a larger number of clients, or in short, sell more. One of the important reasons for its success is its ability to focus on a contingent of specific repeat customers rather than trying to hoard all the audience of different niches. Absolutely possible. Deceleration in economic activity experienced in the economy resulted in the insurance penetration rate declining consecutively in 2017 and 2018. Fraud linked to the misuse of Government-backed loans is also widespread., Despite the many challenges that businesses and their credit management teams are facing on a day-to-day basis, there will also be commercial opportunities in the year ahead. The firm profit function is given by (2) i=pimciqi2, The firm is therefore supposed to choose the optimal level of output qi. Cobbinah et al. Equation 3 shows the relationship between output and marginal costs. A survey conducted recently by the Office for National Statistics (ONS) found that one in 10 UK businesses reported being at a moderate-to-severe risk of insolvency, with rising energy costs cited as a major factor. Andrew Doukanaris, Business Director Fintech Europe at Intellias, acknowledges that the success of Buy-Now-Pay-Later (BNPL) payment options will continue over the next 12 months and beyond: BNPL schemes have become a practically overnight sensation. The introduction of price comparison sites offered customers a quick and easy way to compare deals and switch, and has now become the mainstream option when buying or renewing policies. Since all the results had a negative sign for the Boone indicator, for ease of discussion only the absolute value is shown. Which Life and Annuity Deals Might Be Best for the Clients? Be it new customer onboarding, procure to pay, change of details, or new product development, process mining offers process transparency in its raw form. The competition in the market can increase when the products of the insurance firms become close substitutes that is when increases but remains below . Alternatively, competition can increase when entry costs decline. Its founders decided to go the niche route and develop the platforms initial user base through referrals instead of developing a fool-proof strategy to take on to the social medias juggernauts. Businesses have to realize their potential and target the right audience with proper strategies. It is a market structure that allows the companies to perform in a certain way and follow the particular strategies that are suitable under that environment. A differential advantage is attained when your goods and services differ from your competitors in a better way and they are looked at superior by customers. In addition, because they handle many different carriers, the complex details of any given plan can be difficult to remember, and not having answers could mean losing a sale. The equation shows that profits depend on marginal costs in a quadratic way. As we know that every new and costly All of the above are topics are often discussed within the insurance world, but the broader fundamental challenge lying ahead is how insurers will create the springboard and set themselves ready for adapting and keeping up with changing customer and wider societal shifts. As we enter 2023, many business leaders may be experiencing feelings of uncertainty and apprehension. In 1985, Michael Porter wrote a book in which he identified three strategies that can be adopted by any firm to tackle the possible competition in any marketplace. Should customers have to print, fill out, sign, and fax a claim? Compliance as a Competitive Advantage in the Insurance Industry Submitted by: Teresa Settas. Their study involved calculating the Boone indicator using three different approximations of the marginal costs: average variable costs; marginal costs derived from a trans-log costs function; and scale-adjusted marginal costs. Journal of Emerging Trends in Economics and Management Sciences (JETEMS) 2 (1):18-21 (ISSN:2141-7024) achieving competitive advantage. It also concluded that through marketing innovation and creativity, the insurance industry can improve their businesses and achieve a competitive advantage. Insurance is important because the world is defined by uncertainties and risks (Din et al., 2017). The slow growth of the sector was in response to the generally depressed performance of the national economy over the same period. But all is not lost. Bringing these improvements to the product or service means you have to deliver high quality to customers. To stay competitive, insurance carriers and agents are being forced to rethink how they interact with their digitally savvy consumers and redefine customer centricity. Finance Derivative Names the Worlds Best Financial Institutions and Banks 2022 in Netherlands on December 23, 2022, Festive Fraud: How to Avoid Christmas Shopping Fraud this Year, What to expect from banking and payments in 2023, How Banking as a Service (BaaS) unlocks opportunity for the banking sector, The Future of Payments: Biometrics Within the Financial Ecosystem. With a new political landscape, rising inflation, a cost-of-living crisis and increasing pressure from HMRC for payments, many businesses are preparing for a big cash squeeze in 2023. The study follows the Boone et al. Relevant also are population, culture, and events in history, as are the role of the government in They establish that insurers in Zimbabwe were operating under monopolistic competition during the period 20102017 with competition increasing during the period differentiation (Musiiwa & Dzingai, 2021). 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