Νέο κανάλι διανομής ασφαλιστικών προϊόντων
New distribution channel for insurance products
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Ασφάλιση -- Ελλάδα ; Ασφαλιστικές εταιρείες -- Ελλάδα ; Insurance -- Greece ; Insurance companies -- GreeceAbstract
The financial crisis that has been affecting the global economy since summer 2007 is unprecedented in postwar economic history. The crisis was preceded by a long period of rapid credit growth, low interest rates and rapidly rising asset prices (especially real estate). Followed, however, by bad loan write offs in the U.S.A., UK and eurozone countries, a decline in economic activity and strict lending conditions. As a consequence, closer supervision of financial institutions, strict measures of fiscal adjustment and the enhancements of mechanisms to support countries and financial markets, were recorded worldwide. The European economy found itself in the middle of one of the deepest recessions since 1930. In the above environment, European and Greek insurance companies became active. The present thesis examines how the activity of insurance companies was affected, both in Greece and in the European Union, by the financial crisis, through the overview of the evolution of their key figures and financial indicators. The insurance market, like any sector in Greece, has been much affected by the crisis. The insurance premium production in Greece continued to decline during 2013 at a rate of 9.3 % , as a consequence of the economic crisis in the country, which has reduced the purchasing 'power' of consumers. The number of insurance companies decreased by five (from 73 to 67) from 2010 to 2013. (Stock, 2014). Under these circumstances, the greatest challenge currently faced by the insurance market is the ability of each company to adapt. Another dimension of the economic crisis is that of "suspicious" consumers who become increasingly sensitive with regard to the price of insurance products and services. In search of a better price especially for insurance products that are obligatory by law, such as car insurance, the consumer is now looking to a greater extent than before for new distribution channels of insurance products, such as the Internet. The use of online distribution channels of products gives companies the opportunity to reduce their operating costs and serves at the same time as an efficient tool for customer service that offers convenience and immediacy. Nowadays, the insurance market seeks the channels which allow public to get in direct touch with its products or services. The insurance market, even in the case of effective market segmentation, remains vast. Thus, the choice of distribution channels remains a very crucial decision, necessary and essential for any business interested in improving its performance and especially in ensuring its viability. The objective of the present thesis is to investigate the best practices that insurance companies must follow, in order to ensure their competitive advantage in their market. Following a thorough study of the difficult economic environment in our country, where insurance companies are supposed to survive, it was considered necessary to explore new - innovative distribution channels for insurance products in order to find a new point of contact with customers. Based on literature review and feedback from members of the insurance market, it has been determined that no similar study has been conducted focusing on the latest developments in the insurance industry and on new business models, well suited to the needs and trends of our time. The present thesis gathers data from published studies of official authorities such as the Greek Association of Insurance Companies, which according to its principles, systematically records the profit and loss of insurance companies - members and the trends that were created in Greece. Important published financial statements of the insurance companies, such as Balance Sheets and Statements of Accounts and also the data that the Association of Insurance Companies gather by specialized questionnaires addressed to them, consist vital source of information. Besides the Association of Insurance Companies, a lot of scientific articles were used and different foreign institutions in the insurance field, in order to outline the overall picture of the insurance market. The study is divided into four sections. The first chapter is a brief reference to the concerns of the insurance market, such as the decreased income of citizens, the preparation for the adaptation to the new Solvency II regime and the economic crisis. Based on data from the Association of Insurance Companies, the activity of insurance companies is presented at European level through the monitoring of key figures and indicators. Furthermore, the Greek insurance market evolution was analyzed, examining the main figures and indicators for the years 2000 to 2012 for Greek insurance companies, with a focus on the periods of the financial crisis and the economic recession. Finally, the role of the Bank of Greece as the supervisory authority for insurance companies is described. The second chapter provides a review of Greek and international literature with regard to the subject under study. The sector which is investigated in depth is the private insurance and particularly the insurance distribution channels. This chapter presents an overview of private insurance in Greece and Europe, putting emphasis on the new multichannel model, which combines the existing sale channels with the new - alternative channels promoting insurance products. The third chapter studies the concept of Microinsurance, which is a new industry growing mainly in developing countries, as well as alternative distribution models for insurance products. In this chapter were examined also the common characteristics of the alternative distribution models and the viability parameters of microinsurance products. The fourth chapter of this study represents the empirical approach of the present thesis. Focusing on the development of an innovative business model, examined how an insurance company could innovate in an unstable economic environment, such as the Greek one. Through the fourth chapter a new sale channel for insurance products, which appeals to customers with limited purchasing power is presented, analyzed and evaluated. A new point of contact is created with a large and variable number of customers of all ages and financial capabilities. The final chapter presents the main conclusions, as well as recommendations - solutions to address problems and concerns that affect our society. After all, the Greek insurance market has to fulfill its stabilizing role in the economy and society compensating policyholders' every day.
Postgraduate Studies Programme
Οικονομική και Επιχειρησιακή ΣτρατηγικήDepartment
Σχολή Οικονομικών, Επιχειρηματικών και Διεθνών Σπουδών. Τμήμα Οικονομικής ΕπιστήμηςNumber of pages
133Language
GreekCollections
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Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές
Attribution-NonCommercial-NoDerivatives 4.0 Διεθνές