This study will determine how regulation changes have affected business models in the insurance industry, how customers are treated fairly within the insurance industry, and how operational efficiency is achieved despite regulation changes within the insurance industry.
The South African short-term insurance industry has been inundated with many competitors attempting to obtain a space for which there is limited market share. Faced with an increase of invasive legislature, the entire industry is devoting a substantial amount of time in advancing this new regulatory regime. Amidst the competitive onslaught and regulatory arbitrage, the underwriting management agencies (UMA’s) are continuously looking for new ways to grow their businesses against the backdrop of a limited distribution channel and an expensive business model.
The study was conducted through the use of a survey distributed to UMAs within local insurance companies. The survey contained quantitative questions answerable through a Likert scale. The questions revolved around the effect of regulations on operational efficiency, the Treating Customers Fairly (TCF) initiative, and business model changes in order to accommodate regulatory changes.
Inhaltsverzeichnis (Table of Contents)
- ABSTRACT
- TABLE OF CONTENTS
- LIST OF FIGURES
- LIST OF TABLES
- CHAPTER 1: INTRODUCTION TO THE RESEARCH PROBLEM
- 1.1) Introduction.
- 1.2) Problem Statement.......
- 1.3) Nature of Study.
- 1.4) Research Questions and Hypotheses.
- 1.5) Research Objectives
- 1.6) Purpose of the Study
- 1.7) Theoretical Base.......
- 1.8) Operational Definitions
- 1.9) Assumptions....
- 1.10) Limitations....
- 1.11) Scope and Delimitations..\li>
- 1.12) Significance of the Study.
- 1.13) Research Approach and Overview.
- 1.14) Summary and Transition
- CHAPTER 2: LITERATURE REVIEW.
- 2.1) Introduction........
- 2.2) Business Models
- 2.2.1) Social Requirement of Business Models
- 2.2.2) Innovation and Technology..\li>
- 2.2.3) Business Model Frameworks and Functions
- 2.2.4) Changing Business Models
- 2.2.5) Contingency Factors and Interdependencies
- 2.2.6) Business Model and Value Creation
- 2.3) Regulation......
- 2.3.1) Regulation and the Financial Crisis.
- 2.3.2) Increased Scrutiny...\li>
- 2.3.3) Open-Ended Regulation
- 2.3.4) Regulation and Small Business
- 2.3.5) Treating Customers Fairly.....
- 2.3.6) Treating Customers Fairly and Value Creation
- 2.3.7) Treating Customers Fairly and Ethics.
- 2.3.8) Engagement of Companies in TCF.
- 2.4) Operational Efficiency.
- 2.4.1) Competition and Operational Efficiency...\li>
- 2.4.2) Relationship between Business Models and Operational Efficiency......
- 2.4.3) Points of Operational Efficiency
- 2.4.4) Operational Efficiency Factors
- 2.5) Summary
- CHAPTER 3: RESEARCH QUESTIONS AND HYPOTHESES
- CHAPTER 4: RESEARCH METHODOLOGY.
- 4.1) Methodology....
- 4.2) Unit of Analysis.
- 4.3) Population...........
- 4.4) Sampling.
- 4.5) Research Instrument.....
- 4.6) Data Collection and Analysis.
- 4.7) Limitations...\li>
- 4.8) Conclusion..\li>
- CHAPTER 5: RESULTS
- 5.1) Brief Review of the Methodology.
- 5.2) Data Review.
- 5.3) Likert Scale Testing.
- 5.4) Restatement of the Research Questions and Hypotheses
- 5.5) Reliability and Validity.
- 5.6) Demographic Statistics.
- 5.6.1) Gender
- 5.6.2) Age
- 5.6.3) Length of Employment...
- 5.6.4) Company Role
- 5.7) RQ 1: To What Extent have Regulations Affected Operational Efficiency?
- 5.8) RQ 2: To What Extent have Regulations Affected Business Models?..\li>
- 5.9) RQ 3: To What Extent have Regulations Affected how Customers are Treated?.
- 5.10) H1: Underwriting Managers have Achieved High Rates of Operational Efficiency
- 5.11) Significant Inferential Statistics.
- 5.12) H2: Regulations have Affected Business Models and how Customers are Treated .........
- 5.13) Conclusion..\li>
- CHAPTER 6: DISCUSSION OF RESULTS
- 6.1) Restatement of the Research Questions and Hypotheses.
- 6.2) Demographic Statistics.
- 6.3) RQ 1: To What Extent have Regulations Affected Operational Efficiency?
- 6.4) RQ 2: To What Extent have Regulations Affected Business Models?
- 6.7) RQ3: To What Extent have Regulations Affected how Customers are Treated?.
- 6.6) H1: Underwriting Managers have Achieved High Rates of Operational Efficiency
- 6.8) H2: Regulations have Affected Business Model and how Customers are Treated.
- 6.9) Conclusion..\li>
Zielsetzung und Themenschwerpunkte (Objectives and Key Themes)
This study investigates the impact of business model regulation on operational efficiency and treating customers fairly within the South African insurance sector. Using a survey distributed to underwriting managers at local insurance companies, the study aims to assess the extent to which regulatory changes have affected operational efficiency, business models, and customer treatment practices.
- Impact of regulations on operational efficiency in the insurance industry
- Influence of regulations on business model changes and adaptations within insurance companies
- Examination of the Treating Customers Fairly (TCF) initiative and its effectiveness in promoting fair customer treatment
- Assessment of the relationship between regulations, business models, and operational efficiency
- Analysis of the impact of regulatory changes on customer treatment practices and perceived fairness
Zusammenfassung der Kapitel (Chapter Summaries)
Chapter 1 introduces the research problem and outlines the study's scope, objectives, and theoretical framework. It delves into the nature of the study, research questions and hypotheses, purpose, assumptions, limitations, and significance. This chapter provides a comprehensive overview of the research context and its relevance.
Chapter 2 presents a comprehensive literature review, exploring key concepts related to business models, regulation, operational efficiency, and treating customers fairly. It examines the social requirements of business models, the role of innovation and technology, and various frameworks for understanding business model functions. The chapter also explores the impact of regulation, particularly in the context of the financial crisis, and the evolving landscape of customer treatment principles and practices.
Chapter 3 elaborates on the specific research questions and hypotheses that guide the study. It provides a clear statement of the research inquiry and the anticipated relationships between the variables under investigation.
Chapter 4 outlines the research methodology employed in the study. It details the unit of analysis, population, sampling techniques, research instrument used to collect data, and the data analysis procedures employed.
Chapter 5 presents the findings of the study. It analyzes the data collected from the survey of underwriting managers, examining the extent to which regulations have affected operational efficiency, business models, and customer treatment practices. The chapter also explores the demographic characteristics of the respondents and their perspectives on the impact of regulations.
Chapter 6 delves into a discussion of the study's results, interpreting the findings in relation to the research questions and hypotheses. It provides insights into the complexities of the relationship between regulations, business models, and operational efficiency, and highlights the implications for the insurance industry.
Schlüsselwörter (Keywords)
The research focuses on the intersection of business models, operational efficiency, treating customers fairly, and regulation within the insurance industry. Key concepts investigated include the impact of regulatory changes on business models, the effectiveness of the Treating Customers Fairly (TCF) initiative, and the relationship between regulations and operational efficiency. The study utilizes empirical research methodologies to analyze these concepts, ultimately contributing to a deeper understanding of the dynamic interplay between these factors in the insurance sector.
- Arbeit zitieren
- Ismail Ismail (Autor:in), 2015, Regulation changes and their impact on business models in the insurance industry, München, GRIN Verlag, https://www.grin.com/document/489476
