Disruptive Technologies in the Operation of Insurance Industry

The aim of this paper is to present and discuss the opportunities and risks related to implementation of new digital disruptive technologies in the operation of insurance companies. We compare theoretical knowledge and empirical evidence of six alternative approaches of digitalization implementation in insurance companies. We review trends and analyse the application of information technologies in risk management, in sales and distribution, Insurtech, big data and predictive analytics, Internet of things (IoT), telematics devices and Blockchain technology in insurance. Regardless of the threats related to digitalization processes and increasing number of "attackers" in the insurance sector, insurance companies are slowly and gradually embracing new technologies, adapting their strategies, organizational structures, risk management, employees and culture in order to add value to their companies and to the customers

VALORIZACIJA NAJVAŽNIJIH UTJECAJA OKOLINE NA PROMJENE TROŠKOVNE STRUKTURE PODUZEĆA

Companies are operating as integral parts of their environment, and thus, they depend on it, as well as on the changes that occur in the environment. They are usually unable to control environmental impacts, so they need to develop a system which can partially reduce these impacts; they need to adjust and synchronize with changes. Due to the development of this mechanism, companies could adapt their business activities to the most of the impacts from the environment, providing thereby the highest profit at the end of the fiscal year. The purpose of this paper is to point out the principles of designing a model that could enable the enterprise to assess the most important impacts from the environment, quantifying their influence on its cost structure. Decisions about necessary changes in system operations should be based on the results of calculations in order to achieve the results as defined in the dynamic plan, or control them within satisfying limits.Poduzeće posluje kao sastavni dio okoline i nalazi se u zavisnom položaju, kako u odnosu prema sâmoj okolini, tako i u odnosu na promjene unutar nje. Poduzeće najčešće nije u mogućnosti djelovati na utjecaje iz okoline pa mora razviti sustav kojim će ih djelomično neutralizirati, prilagođavati im se i usklađivati se s promjenama i novonastalim uvjetima. Razvijanjem jednog ovakvog mehanizma poduzeće treba prilagoditi svoje poslovanje najvećem broju utjecaja iz okoline i tako na kraju poslovne godine osigurati najveću moguću dobit. Ovim radom želi se ukazati na načela projektiranja modela koji bi valorizirao najvažnije utjecaje okoline i kvalificirao njihov utjecaj na troškovnu strukturu poduzeća. Na osnovi rezultata proračuna donosile bi se odluke o potrebnim izmjenama u sustavu poslovanja kako bi se rezultati postigli u okvirima koji su definirani dinamičnim planom ili, ako to nije ostvarivo, održali u području zadovoljavajućih granica

Learning by internationalization: positive effects on innovation in Chinese companies

Svrha ovog istraživanja je analiza odnosa između inovacija i internacionalizacije, kao i testiranje prezentiranog modela istraživanja. Istraživanjem je obuhvaćeno 486 kompanija iz Kine i dokazano je da internacionalizacija pozitivno utječe na sva četiri tipa inovacija, i to proizvoda, procesa, marketinga i organizacije. Također je dokazano i da se za postizanje inovacija u području marketinga i organizacije naročito preporučuje tzv. internacionalizacija visoke razine. Istraživanje je također dokazalo da je direktni kontakt sa stranim kupcima od iznimnog značaja za ostvarivanje većih koristi od internacionalizacije u kontekstu unapređenja sva četiri tipa inovacija.The purpose of this research is to analyse the relationship between innovation and internationalization in Chinese companies and to test presented research model. During the research process, 486 companies from China were analyzed and all four types, product, process, marketing and organizational innovations are proved to be positively influenced by internationalization. In addition to this, it is proved that for improvement of marketing and organizational innovation high-level of internationalization is highly recommended. What is more, this research has proved that direct contact with foreign customers is extremely important for having higher benefits of internationalization in the context of improvement of all four types of innovation

The Role and Importance of Insurance of Business and Supply Chain Interruptions

The subject of this paper is the issue of business continuity and risks of disruptions and the role of insurance. Special importance is given to the problem of supply chain sustainability. The critical element of success in business is maintaining continuous operations. If companies are not in a position to achieve that aim, or to finance their losses after an accident that can cause interruption, they certainly will fail. Insurance has a pivotal role in business and supply chain continuity risk management. As well as in all other cases, insurance cannot directly safeguard companies from accidents and subsequent disruptions but is the most important source of indemnification for losses when insured events materialize. Unlike developed economies, this type of insurance still does not have such importance in Serbia and other former Yugoslavian republics. We conclude that insurance, as an integral part of risk management efforts, should be combined together with other risk management techniques in order to provide business and supply chain continuity

THE PROBLEM OF THE DEMAND FOR CROP INSURANCE: THE CASE OF SERBIA

Worldwide researches of the crop insurance suggest two key problems: the lack of the insurers interest for defining supply and on the other side, insufficient interest of farmers – potential insureds. The role of the state is necessary in promoting insurance in agriculture, as well as in financing researches that are not exclusively commercial. Having in mind numerous risks and forms of managing them, starting from the fact that risk management is the basis of economic survival of agricultural production, and the lack of previous research in this area, our research is aimed at identifying key incentive and restrictive factors that determine the demand of individual farmers for crop insurance in Serbia. Different conclusions are made on the base of 12 tested hypotheses related to the problem of promoting the demand for crop insurance. Measures of dependence that were used in this paper are Spearmans rank correlation coefficient and Pearsons contingency coefficient

The role of marketing in the improvement of consumers' satisfaction

Marketing in insurance companies aims to make profits through the creation of satisfied and loyal insureds. Insurance companies should create an offer in order to satisfy the needs of existing and potential insureds, to find the best way to present this offer to potential insurers, as well as the most appropriate way of distributing the offer of insurance coverage. The starting point in this paper is the fact that the marketing approach in insurance is isolated and mostly identified with sales and advertising, rather than a more comprehensive view of the expanded marketing mix known as 7P. Marketing allows insurance companies to adjust the insurance premium, apply adequate distribution and promotion, manage the marketing orientation in the management of claims, and effectively and efficiently manage the relationships with the customers (insureds). Bearing in mind that the application of the modern concept of marketing can enable insurance companies to adapt more effectively to market conditions, the aim of this paper is to point out the importance of marketing orientation in every business activity of insurance companies as preconditions for improving the satisfaction of the insureds

Revival of high street retailing – the added value of shopping apps

Rapid and constant development of technology and social media drive every-day changes in the retail sector, modifying behaviour and power of consumers, whereby traditional brick and mortar stores are facing the risk to become obsolete. E-commerce and m-commerce offer to customer a more convenient, faster and easier way of shopping and the possibility to customize products and services to the individual needs of customers. There are different business models and tools for enhancing the on-line retail industry, which causes changes in the business of the whole retail sector, as well as in the micro and macro social and economic environment. One of consequences of increasing value of the on-line retail industry is a dropping number of customers shopping for products in brick and mortar stores in high streets and city centers. Brick and mortar retailers are exploring new ways to reach these lost shoppers. In this study an innovative application is researched that tries to bridge online and in-store shopping with an online platform (website) and a smart-phone app. The aim of this platform and app is to enhance the local shopping experience by making the physical city centre available for smart-phones and tablets

VALORIZACIJA NAJVAŽNIJIH UTJECAJA OKOLINE NA PROMJENE TROŠKOVNE STRUKTURE PODUZEĆA

Companies are operating as integral parts of their environment, and thus, they depend on it, as well as on the changes that occur in the environment. They are usually unable to control environmental impacts, so they need to develop a system which can partially reduce these impacts; they need to adjust and synchronize with changes. Due to the development of this mechanism, companies could adapt their business activities to the most of the impacts from the environment, providing thereby the highest profit at the end of the fiscal year. The purpose of this paper is to point out the principles of designing a model that could enable the enterprise to assess the most important impacts from the environment, quantifying their influence on its cost structure. Decisions about necessary changes in system operations should be based on the results of calculations in order to achieve the results as defined in the dynamic plan, or control them within satisfying limits.Poduzeće posluje kao sastavni dio okoline i nalazi se u zavisnom položaju, kako u odnosu prema sâmoj okolini, tako i u odnosu na promjene unutar nje. Poduzeće najčešće nije u mogućnosti djelovati na utjecaje iz okoline pa mora razviti sustav kojim će ih djelomično neutralizirati, prilagođavati im se i usklađivati se s promjenama i novonastalim uvjetima. Razvijanjem jednog ovakvog mehanizma poduzeće treba prilagoditi svoje poslovanje najvećem broju utjecaja iz okoline i tako na kraju poslovne godine osigurati najveću moguću dobit. Ovim radom želi se ukazati na načela projektiranja modela koji bi valorizirao najvažnije utjecaje okoline i kvalificirao njihov utjecaj na troškovnu strukturu poduzeća. Na osnovi rezultata proračuna donosile bi se odluke o potrebnim izmjenama u sustavu poslovanja kako bi se rezultati postigli u okvirima koji su definirani dinamičnim planom ili, ako to nije ostvarivo, održali u području zadovoljavajućih granica

TESTIRANJE EFIKASNOSTI TRŽIŠTA: PUT KA ODREĐIVANJU SUŠTINSKE VREDNOSTI

The paradigm of market equilibrium and the “efficient-market hypothesis” tied to it, dealing specifically with the behavior of capital markets, has no explanation for financial bubbles and their bursting that is leading to stock market crashes. Accordingly, the main goal of this paper is to discuss the inefficiency of markets, with examples of corporate decisions that directly abuse such inefficiency to psychologically motivate desired behavior of potential customers. To test the efficiency market hypothesis, we have used Stoxx Europe 600 index historical closing daily prices, for the period from 2012–2022. Using both non-parametric and parametric tests, such as the Kolmogorov–Smirnov test, run–test for random order, and ARIMA regression, we reject the hypothesis that the market is efficient in a weak form because it doesn’t follow a random walk. Also, basic-level problems of economic theory were analyzed, emphasizing the view that perhaps the time has come to align the fundamentals of economic theory with basic concepts that have been used in practice for years.Paradigma tržišne ravnoteže i za nju vezana „hipoteza efikasnog tržišta“, koja se posebno bavi ponašanjem tržišta kapitala, nema objašnjenja za finansijske mehure i njihovo pucanje koje dovodi do kraha berze. Shodno tome, osnovni cilj ovog rada je da se diskutuje o neefikasnosti tržišta, uz primere korporativnih odluka koje direktno zloupotrebljavaju takvu neefikasnost da bi psihološki motivisale željeno ponašanje potencijalnih kupaca. Za testiranje hipoteze efikasnosti tržišta koristili smo Stoxx Europe 600 indeks istorijskih dnevnih cena akcija u periodu od 2012–2022. Koristeći neparametarske i parametarske testove, kao što su Kolmogorov–Smirnov test, run–test i ARIMA regresija, odbacujemo hipotezu da je tržište efikasno u slabom obliku jer ne prati slučajni hod. Takođe, u radu su analizirani i osnovni problemi ekonomske teorije, naglašavajući stav da je možda došlo vreme da se fundamenti ekonomske teorije usklade sa osnovnim konceptima koji se godinama koriste u praksi

Tooth Loss and Survival Analysis after Traumatic Injuries in Primary Dentition

Background/Aim: The aim of the present study was to investigate the treatment options, survival rate of traumatized primary teeth and evaluate the factors influencing the outcome. Material and Methods: The sample consisted of all dental trauma cases treated over a 14 years period at the Department of Pediatric and Preventive Dentistry, Dental Clinic of Vojvodina, Novi Sad. Criteria for inclusion in this study were: dental trauma to primary teeth and age in the moment of injury up to seven years. Dental trauma records were analyzed in order to obtain the following: gender and age of the child at the time of trauma, type of trauma, as well as the type and timing of treatment received. After data analysis a survival rate of traumatized primary teeth was evaluated. Results: The study was designed as retrospective and it included 225 children, with 346 traumatized primary teeth. The occurrence of trauma was higher in male patients (60,4%) and in children up to 4 years of age. Luxations were more frequent (72.8%) compared to isolated teeth fractures (20.8%), while the two types of injury combined were rare (6,3%). One year following dental trauma 231 teeth (0.67%) developed complications. Falls were the main cause of trauma (68.9%) and the presence of more than one traumatized tooth was frequent. A percentage of 48.8 children received dental care during first 24 h after the injury. Conclusions: Survival of injured primary teeth is relatively low, regardless of trauma type, time interval between injury and treatment and the type of provided treatment