Journal of Insurance and Financial Management, 2023
Fixed point theory has been applied to various practical problems of insurance and finance during... more Fixed point theory has been applied to various practical problems of insurance and finance during several decades. In our earlier paper (Voutilainen, 2022) we have presented problem classes which have been tackled in the literature by equilibrium theoretical methods. In Voutilainen (2023) we study fixed point problem solution methods with the help of equilibrium problem solutions. For this paper we have gathered and commented on specific fixed point applications to the insurance and finance areas. Many of them also adopt other interesting theoretical areas.
Journal of Insurance and Financial Management, 2023
Fixed point theory and fixed point algorithms are significant in mathematics, and so are equilibr... more Fixed point theory and fixed point algorithms are significant in mathematics, and so are equilibrium theory and algorithms. Both fixed point and equilibrium theories have also important applications in economics. Equilibrium problems and the search for equilibrium points are significant as such, but interestingly an equilibrium algorithm can also be used to solving neighbouring problems like e.g., fixed point problems. Therefore, we present in this literature survey equilibrium problem types and for each type we find from the literature algorithms which solve the problems of that type and at the same time the corresponding fixed point problems. In the beginning we present some famous fixed point theorems.
Incentive-based health insurance applications have been implemented to trigger lower insurance pr... more Incentive-based health insurance applications have been implemented to trigger lower insurance premiums when the individual follows healthy living habits. It has been recognised that this benefit notwithstanding, consumers’ perceptions related to such applications in the life-insurance field and health tracking are not necessarily positive. Recent research has recognised that psychological ownership, a mental state wherein one feels a technology or application to be his or her own, plays a crucial role in individuals’ willingness to adopt and use new technologies. It has been suggested that many digital applications and platforms possess unique empowering and co-creative features that offer special potential to facilitate the emergence of psychological ownership and satisfy the underlying needs. The aim of our study, proceeding from these premises, was to identify and thematize hurdles to take-up of incentive-based health insurance applications with regard to meeting needs that driv...
Copyright (c) 2017 Raimo Voutilainen. This journal has a Creative Commons Attribution 4.0 Interna... more Copyright (c) 2017 Raimo Voutilainen. This journal has a Creative Commons Attribution 4.0 International License.
Journal of Insurance and Financial Management, 2022
Investments are important for any insurance company as is also good success in investment operati... more Investments are important for any insurance company as is also good success in investment operations. Bad investment performance may ruin a company even if underwriting business would be profitable. In this article investment discussion is mostly based on the author's experience in executive positions in insurance companies. It is possible to find numerous theoretical papers on insurance company investments, but this text is intended to be closer to practise and to gather useful knowledge from various sides of the topic. The literature review helps a reader to find more theoretical literature. The core of the paper consists of eligible investment instruments and methods, investment risks and solvency. Solvency and especially solvency capital requirement are discussed from the investment risk point of view.
... paper. I wish to thank the previous MCDS research seminar group of Helsinki School of Economi... more ... paper. I wish to thank the previous MCDS research seminar group of Helsinki School of Economics for fruitful seminar discussions. I am also indebted to Doctor Adrian Williams for examining the language of the first article. I ...
Journal of Insurance and Financial Management, 2022
Alternative ownership models of an insurance company are considered. After listing the most impor... more Alternative ownership models of an insurance company are considered. After listing the most important models each one is discussed based on literature and the author's own experience. Special attention is paid to mutual/stock ownership models, but the question of their superiority is left unanswered. In the conclusion the problem is still analysed, and a proposal for further research is given.
Journal of Insurance and Financial Management, 2022
As all enterprises, insurance companies must deal with many kinds of threats and can find many op... more As all enterprises, insurance companies must deal with many kinds of threats and can find many opportunities. Many trends and actions bring about both opportunities and threats, and it requires both skills and experience from the management to assess both sides and compare them wisely.
Journal of Insurance and Financial Management, 2021
The author presents his observations on insurance company management based mainly on his own mana... more The author presents his observations on insurance company management based mainly on his own management experience and his own research work. After a review on academic literature, the author discusses important points of view of insurance company management. He discusses the foundation of an insurance company, the management of an ongoing insurance company, perspectives for the board of directors and the managing director of a company, and the termination of an insurance enterprise. The author gives plenty of examples from the Finnish insurance industry.
Purpose – The purpose of this paper is to analyse how insurances can be used in the management of... more Purpose – The purpose of this paper is to analyse how insurances can be used in the management of human capital risks. The issue is highlighted in the context of small and medium-sized enterprises (SMEs). Design/methodology/approach – Building on literature on intellectual liabilities, the paper provides a comprehensive picture of human capital related risks, emphasising their effects on SMEs. The
Zusammenfassung In diesem Beitrag untersuchen wir alternative Allianzstrukturen zwischen Banken ... more Zusammenfassung In diesem Beitrag untersuchen wir alternative Allianzstrukturen zwischen Banken und Versicherungsgesellschaften aus der Sicht finnischer Konsumentenvertreter. Zur Bewertung sechs alternativer Strukturmodelle werden sieben Kriterien herangezogen. Dabei zeigt sich, dass diejenigen Allianzmodelle am meisten präferiert wurden, die einfache Leistungsverbünde darstellen. Zugleich wurde untersucht, inwieweit die Konsumentenvertreter mit der Sichtweise vertraut waren, unter der die Bank-und Versicherungsvorstände sowie die Aufsichtsbehörden Allianzprobleme analysieren.
Journal of Insurance and Financial Management, 2023
Fixed point theory has been applied to various practical problems of insurance and finance during... more Fixed point theory has been applied to various practical problems of insurance and finance during several decades. In our earlier paper (Voutilainen, 2022) we have presented problem classes which have been tackled in the literature by equilibrium theoretical methods. In Voutilainen (2023) we study fixed point problem solution methods with the help of equilibrium problem solutions. For this paper we have gathered and commented on specific fixed point applications to the insurance and finance areas. Many of them also adopt other interesting theoretical areas.
Journal of Insurance and Financial Management, 2023
Fixed point theory and fixed point algorithms are significant in mathematics, and so are equilibr... more Fixed point theory and fixed point algorithms are significant in mathematics, and so are equilibrium theory and algorithms. Both fixed point and equilibrium theories have also important applications in economics. Equilibrium problems and the search for equilibrium points are significant as such, but interestingly an equilibrium algorithm can also be used to solving neighbouring problems like e.g., fixed point problems. Therefore, we present in this literature survey equilibrium problem types and for each type we find from the literature algorithms which solve the problems of that type and at the same time the corresponding fixed point problems. In the beginning we present some famous fixed point theorems.
Incentive-based health insurance applications have been implemented to trigger lower insurance pr... more Incentive-based health insurance applications have been implemented to trigger lower insurance premiums when the individual follows healthy living habits. It has been recognised that this benefit notwithstanding, consumers’ perceptions related to such applications in the life-insurance field and health tracking are not necessarily positive. Recent research has recognised that psychological ownership, a mental state wherein one feels a technology or application to be his or her own, plays a crucial role in individuals’ willingness to adopt and use new technologies. It has been suggested that many digital applications and platforms possess unique empowering and co-creative features that offer special potential to facilitate the emergence of psychological ownership and satisfy the underlying needs. The aim of our study, proceeding from these premises, was to identify and thematize hurdles to take-up of incentive-based health insurance applications with regard to meeting needs that driv...
Copyright (c) 2017 Raimo Voutilainen. This journal has a Creative Commons Attribution 4.0 Interna... more Copyright (c) 2017 Raimo Voutilainen. This journal has a Creative Commons Attribution 4.0 International License.
Journal of Insurance and Financial Management, 2022
Investments are important for any insurance company as is also good success in investment operati... more Investments are important for any insurance company as is also good success in investment operations. Bad investment performance may ruin a company even if underwriting business would be profitable. In this article investment discussion is mostly based on the author's experience in executive positions in insurance companies. It is possible to find numerous theoretical papers on insurance company investments, but this text is intended to be closer to practise and to gather useful knowledge from various sides of the topic. The literature review helps a reader to find more theoretical literature. The core of the paper consists of eligible investment instruments and methods, investment risks and solvency. Solvency and especially solvency capital requirement are discussed from the investment risk point of view.
... paper. I wish to thank the previous MCDS research seminar group of Helsinki School of Economi... more ... paper. I wish to thank the previous MCDS research seminar group of Helsinki School of Economics for fruitful seminar discussions. I am also indebted to Doctor Adrian Williams for examining the language of the first article. I ...
Journal of Insurance and Financial Management, 2022
Alternative ownership models of an insurance company are considered. After listing the most impor... more Alternative ownership models of an insurance company are considered. After listing the most important models each one is discussed based on literature and the author's own experience. Special attention is paid to mutual/stock ownership models, but the question of their superiority is left unanswered. In the conclusion the problem is still analysed, and a proposal for further research is given.
Journal of Insurance and Financial Management, 2022
As all enterprises, insurance companies must deal with many kinds of threats and can find many op... more As all enterprises, insurance companies must deal with many kinds of threats and can find many opportunities. Many trends and actions bring about both opportunities and threats, and it requires both skills and experience from the management to assess both sides and compare them wisely.
Journal of Insurance and Financial Management, 2021
The author presents his observations on insurance company management based mainly on his own mana... more The author presents his observations on insurance company management based mainly on his own management experience and his own research work. After a review on academic literature, the author discusses important points of view of insurance company management. He discusses the foundation of an insurance company, the management of an ongoing insurance company, perspectives for the board of directors and the managing director of a company, and the termination of an insurance enterprise. The author gives plenty of examples from the Finnish insurance industry.
Purpose – The purpose of this paper is to analyse how insurances can be used in the management of... more Purpose – The purpose of this paper is to analyse how insurances can be used in the management of human capital risks. The issue is highlighted in the context of small and medium-sized enterprises (SMEs). Design/methodology/approach – Building on literature on intellectual liabilities, the paper provides a comprehensive picture of human capital related risks, emphasising their effects on SMEs. The
Zusammenfassung In diesem Beitrag untersuchen wir alternative Allianzstrukturen zwischen Banken ... more Zusammenfassung In diesem Beitrag untersuchen wir alternative Allianzstrukturen zwischen Banken und Versicherungsgesellschaften aus der Sicht finnischer Konsumentenvertreter. Zur Bewertung sechs alternativer Strukturmodelle werden sieben Kriterien herangezogen. Dabei zeigt sich, dass diejenigen Allianzmodelle am meisten präferiert wurden, die einfache Leistungsverbünde darstellen. Zugleich wurde untersucht, inwieweit die Konsumentenvertreter mit der Sichtweise vertraut waren, unter der die Bank-und Versicherungsvorstände sowie die Aufsichtsbehörden Allianzprobleme analysieren.
Uploads