2017, Vol.28, No.1

Journal of Insurance and Finance 2023 KCI Impact Factor : 0.59

pISSN : 2384-3209
https://journal.kci.go.kr/kiri

For the insurance pricing, variable selection which has different risk pattern and grouping for risk estimation should be considered first. Since a variable, such as gender, is an obvious classification measure, it is not appropriate for considering one of grouping criteria. However, an age variable has a wide range and the criteria for its grouping is ambiguous. Considering each age for risk estimation makes a credibility issue due to the number of customer in each cell. Moreover, the age variable has its unique characteristics that is depending on time and the order for the grouping should be reflected. In this research, the most effective way for the age variable grouping is proposed by considering the variable characteristics. More precisely, various grouping methods currently applied and new method 'The Stopping Rule' will be introduced. Using real insurance data, analysis results are given to compare the performance and also be shown that the properness and effectiveness of the proposed grouping method, ‘The Stopping Rule’.

This study proposes a framework of the relationships among social influence, perceived securities, trust, satisfaction, and intention of continuous use in the context of IoT-based smart banking services. In developing a research model, we adopted the attitude theory (cognition, affection, and conation) and extended the theory by combining with social influence and perceived securities (i.e. perceived security on services, platform, network, and devices) factors. We surveyed IoT-based smart banking services users through web. This study tests the proposed model empirically using statistical software, SmartPLS 2.0 M3. Our results show causal relationships among social influence, security, trust variables, and intention to use of the financial services. The results also suggest that we should strengthen the perceived level of security and trust of the banking services when we develop a strategy of the IoT-based financial services. Those prerequisite factors will lead to consumer satisfaction in the smart financial service market. Our findings can be applied to the development of various IoT-based financial services, including insurance and security.

This study analyzes the suitability of Korean life insurers' marketing channels focusing on insurers' characteristics and solicitation methods. For empirical analyses, 2,254,633 new policies signed in 2012 are sampled and their states (maintaining, death, maturity, lapse, and surrender) as of December 31, 2015 are investigated. Collected data are statistically analyzed using frequency analysis, cross analysis, and chi-square analysis. Overall result shows that independent channels, such as general agents and bancassurance channels, are more suitable than exclusive channels such as solicitor and exclusive agents. However, results are different depending on life insurers' characteristics and solicitation methods. For the big 3 companies, the bancassurance channels show higher persistency rate than the dependent channels, while the GA channels show lower persistency rate than the dependent channels. For foreign companies, the persistency rate is higher in the GA channels, lower in the bancassurance channels, similar in the solicitor channels compared to the dependent channels. For contracts solicited face-to-face, the independent channels show higher persistency rate than the dependent channels. However, for contracts solicited through home-shopping, the persistency rate of the GA channels is higher than the solicitor channels and similar to the tied agent channels.