Pros and Cons of Health Insurance Platforms

From Digital Culture & Society

(Difference between revisions)

Revision as of 00:34, 2 December 2023

1 Datanalysing the uninsured: The coloniality of inclusive insurance platforms
2 Surrounded by middlemen - how multi-sided platforms change the insurance industry
3 The Effects of Trust on Policyholders’ Purchase Intentions in an Online Insurance Platform

Datanalysing the uninsured: The coloniality of inclusive insurance platforms

Perticone, Y., Graz, J.-C., & Rahel, K. (2023). Datanalysing the uninsured: The coloniality of inclusive insurance platforms. Competition & Change, 27(3-4), 594-614. [1]

Overview

This article discusses the rise of digital platforms to provide insurance coverage in developing countries. It argues how the rise of inclusive insurance platforms in these regions is dependent on three dimensions of data analysis. The three dimensions include fostering a digital system that follows communication standards that are considered safe by global regulatory standards, collecting data in a fashion that reflects racial hierarchies and brings the prioritized or disadvantaged groups based on their race to light and, objectifying or commodifying individuals gathered in the dataset and seeing them as objects for profit to extract financial value from them. This process, termed "datanalysing," essentially turns populations in the Global South into profitable resources. The article illustrates its principles with the example of automobile insurance. According to the idea, utilizing individuals from these places as financial assets reinforces colonial practices of managing and categorizing subjugated populations. The study emphasizes the importance of historical and social factors in research, highlighting the potentially exploitative character of the quest for inclusive insurance.

Strengths and Weaknesses

The research portrays its strengths by taking an interdisciplinary approach and combining insights from International Political Economy (IPE), platform capitalism, and post/decolonial studies. This approach enriches the analysis by considering economic, political, and socio-cultural dimensions. The study also focuses on inclusive insurance platforms in Latin America, Africa, and Southeast Asia, providing a global perspective on the topics addressed. This global perspective adds to a more thorough understanding of platform capitalism's influence on various locations. The application of a case study methodology allows for a thorough assessment of inclusive auto insurance in the context of platform capitalism. The research also uses a range of data sources, including in-depth interviews with important players, official papers, industry reports, and development organisation research studies. This enables for a more nuanced grasp of the difficulties and dynamics at hand and the multifaceted approach improves the findings' dependability and depth. Some of the weaknesses displayed by the research include limited generalizability as the case study is limited to inclusive motor insurance, and the conclusions may not be easily generalized to other areas of platform capitalism. The study might benefit by analyzing the applicability of its findings in diverse circumstances. The data is also subject to potential biases, the challenge of gaining access to certain information due to confidentiality issues and travel restrictions during the pandemic is acknowledged by the researchers. However, the research should provide a more detailed discussion of the potential bias introduced by these challenges and how it may impact the validity of the findings. Moreover, the interviews in the study were carried out between November 2019 and November 2020. Because technology and platform capitalism are continuously developing, the conclusions may be impacted by the current time frame and may not completely represent following advances. Lastly, the article mentions the impact of COVID-19 on social habits but does not extensively explore how the pandemic might affect the appropriation of real-time data, which could be a relevant consideration in the current context.

Assessment

Overall, this study offers a dynamic investigation of digital platforms in the inclusive insurance market, shining light on the intricacies and constraints involved in their practices. Despite its flaws, the article contributes significantly to our knowledge of how historical legacies impact the current digital economy. It encourages policymakers to address the structural implications of inclusive insurance platforms, advocating for a more nuanced approach to financial inclusion in the Global South. This research is aimed at benefiting academic researchers, policymakers and practitioners or professionals in the insurance industry. This research can majorly help policymakers who want to understand the ramifications of inclusive insurance systems by shedding light on the implications of data privacy and other issues relating to the rise of digital platforms in the field. Future study might focus on specific policy proposals that solve the stated difficulties while also supporting ethical data practices.

Surrounded by middlemen - how multi-sided platforms change the insurance industry

Pousttchi, K., & Gleiss, A. (2019). Surrounded by middlemen - how multi-sided platforms change the insurance industry. Electronic Markets, 29(4), 609-629. [2]

Overview

The study looks at the transforming influence of Multi-Sided Platforms (MSP) on the insurance sector, taking into account the industry's issues caused by demographic shifts, low interest rates, and the continuous digital revolution. The article fills a major research gap by analyzing how MSP affect value generation, value propositions, and consumer interactions across whole insurance markets. The major focus is on comprehending the responsibilities of MSP and their strategic implications for traditional insurance firms. The study emphasizes the insurance industry's existential issues, such as demographic shifts, persistently low interest rates, and the ubiquitous influence of digital transformation. The research then focuses on how digital transformation impacts insurance businesses' conventional structures and procedures, resulting in changes in client requirements and behaviors. MSPs are regarded as significant stakeholders who function as intermediaries between insurance firms and clients, enabling transactions, eliminating information asymmetry, and showing multi-sided platform features. The study proposes a categorization structure for MSP based on their relationship to traditional insurance companies: competition, coordination, cooperation, and collaboration.

Strengths and Weaknesses

The study has some strong points. For starters, it effectively fills a major research gap by focusing light on MSP's disruptive potential in the insurance business. The employment of a design-science methodology improves the methodological rigour of the study, allowing for a more methodical analysis. The study's comprehensiveness, which takes into account changes in roles, value configurations, and the entry of new participants, adds to a more sophisticated view of industry dynamics. Furthermore, the study's practical applicability is clear, providing practitioners with actionable information to reassess their methods in response to MSP-induced changes. Furthermore, identifying future research possibilities, particularly investigating alternative business models and the roles of big organizations such as Google, Apple, Facebook, and Amazon, provides a component for potential future research to the study. The research has some drawbacks, despite its virtues. For starters, there is a clear dependence on intellectual and theoretical analysis, with little empirical validation. More empirical data, such as case studies or industry surveys, might improve the study's rigor. The use of sophisticated language may make the subject less accessible to readers who are unfamiliar with it, indicating the need for better explanations of essential concepts. Furthermore, the study's exploration of potential bad scenarios for traditional insurers may be seen as unduly gloomy, necessitating a more balanced assessment of favorable adjustments and possibilities. Furthermore, the study's assessment of other business models is fairly restricted, and a more extensive research in this area might enhance its findings.

Assessment

Finally, this study adds to our understanding of how MSP might disrupt conventional service-oriented sectors, notably the insurance sector. The study is aimed at policy makers and practitioners in the industry alike. The report can be used to inform regulatory frameworks by policymakers interested in the insurance business and digital change. Understanding the possible effects of MSP on conventional insurers and market dynamics is critical for developing policies that promote innovation and competition. While the study recognizes its positives, such as filling a critical research gap and delivering practical insights, it might benefit from more empirical validation, clearer exposition of important ideas, and a more balanced consideration of alternative situations. Future iterations of this research might provide even more relevant insights into the shifting dynamics of the insurance sector in the age of Multi-Sided Platforms by addressing these elements.

The Effects of Trust on Policyholders’ Purchase Intentions in an Online Insurance Platform

Luo, C., Chen, Q., Zhang, Y., & Xu, Y. (2021). The Effects of Trust on Policyholders’ Purchase Intentions in an Online Insurance Platform. Emerging Markets Finance & Trade, 57(15), 4167–4184. [3] [4]

Overview

The purpose of this research is to look at the link between trust beliefs and policyholder purchase intentions in the setting of a third-party online insurance platform. The study dives into the antecedent elements impacting trust in the specific sector of online insurance by expanding prior research. The study collected 332 samples from Zuihuibao, an insurance platform, and the findings show that two aspects of trust belief, ie., ability and integrity, have a substantial influence on policyholders' inclinations to acquire insurance. Furthermore, the study investigates crucial antecedent aspects that impact policyholders' trust perceptions, such as reputation, system quality, collaboration, financial risk, and benefit. The theoretical foundation is based on trust theory, which recognizes trust as a multidimensional concept that includes ability, benevolence, and integrity. The study tries to apply this notion to the burgeoning industry of online insurance, where trust is considered as a critical component influencing individuals' behaviors and cognitions. Online insurance has acquired popularity in China's fast evolving internet finance sector, and the study examines the issues faced by third-party online insurance platforms in generating trust perceptions among policyholders. The study's theoretical contributions include verifying the validity of trust theory in the context of online insurance and finding major antecedent elements impacting trust views. Furthermore, the study intends to give practical implications for online insurance practitioners, advising them in the implementation of appropriate business strategies to generate trust beliefs and improve sales performance.

Strengths and Weaknesses

The study's fresh and original contribution to trust theory is a major strength. The research pioneers an investigation into the characteristics of trust that substantially impact policyholders' decisions in the arena of online insurance by expanding the application of trust theory beyond traditional contexts. This innovative viewpoint opens the door to a more in-depth study of the psychological variables at work in the online insurance market.

Another impressive part of the study is the discovery of helpful variables for trust. Benefit and collaboration appear as critical components affecting policyholders' trust perceptions. The practical implications of these findings provide online insurance practitioners with concrete recommendations and ideas. The study's suggestions, which include improving cooperative connections and decreasing financial risks, present a useful road map for managers looking to improve trust on their platforms. Furthermore, the study distinguishes the influence of trust characteristics, indicating that ability, kindness, and integrity all have varied implications on policyholders' purchasing intentions. This detailed knowledge allows practitioners to adjust their approach to the precise elements of trust they wish to strengthen. The insights acquired into the diverse consequences of various categories of risk, particularly financial and privacy threats, help to a more thorough understanding of the trust dynamics in the online insurance arena. The study does have its weaknesses too as trust can be a subjective concept and not all recommendations apply to the generalized public. One significant issue is the possible lack of generalizability as a result of the dependence on data from a single third-party online insurance platform, Zuihuibao. While the findings may be applicable to comparable platforms, the extent to which they may be extended to different platforms is unknown, raising concerns about the study's broader application. Furthermore, the study focuses solely on third-party platforms, leaving out insights regarding trust dynamics on insurance company websites. Recognizing this limitation, the paper advocates for more research to investigate trust determinants in various online insurance circumstances, emphasizing the need for a more thorough understanding. One notable flaw is the contradictory conclusion about benevolence. According to the study, benevolence has no substantial influence, which contradicts past studies in the electronic commerce arena. This disparity raises concerns regarding the generalizability of trust characteristics across different online environments, indicating the need for more research. Furthermore, questions are raised by the study's limited analysis of privacy risk, specifically its claim that privacy risk had no influence on trust perceptions. While the explanation links this to the macroenvironment of online transactions in mainland China, a more nuanced examination of privacy issues might give a more complete picture.

Assessment

Finally, this study makes significant progress in revealing information on trust dynamics in third-party online insurance platforms. Its unique contribution to trust theory, discovery of supporting variables, and sophisticated analysis of trust dimensions and risk kinds are its strengths. However, its shortcomings, such as the possible lack of generalizability due to the research of a single online platform, control of insurance company websites, and the extent of antecedent factors, highlight the need for more study. Despite these flaws, the study offers useful insights for practitioners and scholars alike, opening the way for a more thorough understanding of trust in the expanding world of online insurance platforms.

Retrieved from "https://kumu.brocku.ca/digitalculturesociety/Pros_and_Cons_of_Health_Insurance_Platforms"

 ==Datanalysing the uninsured: The coloniality of inclusive insurance platforms==
-Perticone, Y., Graz, J.-C., & Rahel, K. (2023). Datanalysing the uninsured: The coloniality of inclusive insurance platforms. Competition & Change, 27(3-4), 594-614.
+Perticone, Y., Graz, J.-C., & Rahel, K. (2023). Datanalysing the uninsured: The coloniality of inclusive insurance platforms. Competition & Change, 27(3-4), 594-614. [https://doi-org.proxy.library.brocku.ca/10.1177/10245294221125849Context]
-Article Link & D.O.I:
-[https://doi-org.proxy.library.brocku.ca/10.1177/10245294221125849Context]
 ==='''Overview'''===
 This article discusses the rise of digital platforms to provide insurance coverage in developing countries. It argues how the rise of inclusive insurance platforms in these regions is dependent on three dimensions of data analysis. The three dimensions include fostering a digital system that follows communication standards that are considered safe by global regulatory standards, collecting data in a fashion that reflects racial hierarchies and brings the prioritized or disadvantaged groups based on their race to light and, objectifying or commodifying individuals gathered in the dataset and seeing them as objects for profit to extract financial value from them. This process, termed "datanalysing," essentially turns populations in the Global South into profitable resources.
 ==='''Assessment'''===
 Overall, this study offers a dynamic investigation of digital platforms in the inclusive insurance market, shining light on the intricacies and constraints involved in their practices. Despite its flaws, the article contributes significantly to our knowledge of how historical legacies impact the current digital economy. It encourages policymakers to address the structural implications of inclusive insurance platforms, advocating for a more nuanced approach to financial inclusion in the Global South. This research is aimed at benefiting academic researchers, policymakers and practitioners or professionals in the insurance industry. This research can majorly help policymakers who want to understand the ramifications of inclusive insurance systems by shedding light on the implications of data privacy and other issues relating to the rise of digital platforms in the field. Future study might focus on specific policy proposals that solve the stated difficulties while also supporting ethical data practices.
+==Surrounded by middlemen - how multi-sided platforms change the insurance industry==
+Pousttchi, K., & Gleiss, A. (2019). Surrounded by middlemen - how multi-sided platforms change the insurance industry. Electronic Markets, 29(4), 609-629. [https://doi.org/10.1007/s12525-019-00363-w]
+==='''Overview'''===
+The study looks at the transforming influence of Multi-Sided Platforms (MSP) on the insurance sector, taking into account the industry's issues caused by demographic shifts, low interest rates, and the continuous digital revolution. The article fills a major research gap by analyzing how MSP affect value generation, value propositions, and consumer interactions across whole insurance markets. The major focus is on comprehending the responsibilities of MSP and their strategic implications for traditional insurance firms. The study emphasizes the insurance industry's existential issues, such as demographic shifts, persistently low interest rates, and the ubiquitous influence of digital transformation. The research then focuses on how digital transformation impacts insurance businesses' conventional structures and procedures, resulting in changes in client requirements and behaviors. MSPs are regarded as significant stakeholders who function as intermediaries between insurance firms and clients, enabling transactions, eliminating information asymmetry, and showing multi-sided platform features. The study proposes a categorization structure for MSP based on their relationship to traditional insurance companies: competition, coordination, cooperation, and collaboration.
+==='''Strengths and Weaknesses'''===
+The study has some strong points. For starters, it effectively fills a major research gap by focusing light on MSP's disruptive potential in the insurance business. The employment of a design-science methodology improves the methodological rigour of the study, allowing for a more methodical analysis. The study's comprehensiveness, which takes into account changes in roles, value configurations, and the entry of new participants, adds to a more sophisticated view of industry dynamics. Furthermore, the study's practical applicability is clear, providing practitioners with actionable information to reassess their methods in response to MSP-induced changes. Furthermore, identifying future research possibilities, particularly investigating alternative business models and the roles of big organizations such as Google, Apple, Facebook, and Amazon, provides a component for potential future research to the study.
+The research has some drawbacks, despite its virtues. For starters, there is a clear dependence on intellectual and theoretical analysis, with little empirical validation. More empirical data, such as case studies or industry surveys, might improve the study's rigor. The use of sophisticated language may make the subject less accessible to readers who are unfamiliar with it, indicating the need for better explanations of essential concepts. Furthermore, the study's exploration of potential bad scenarios for traditional insurers may be seen as unduly gloomy, necessitating a more balanced assessment of favorable adjustments and possibilities. Furthermore, the study's assessment of other business models is fairly restricted, and a more extensive research in this area might enhance its findings.
+==='''Assessment'''===
+Finally, this study adds to our understanding of how MSP might disrupt conventional service-oriented sectors, notably the insurance sector. The study is aimed at policy makers and practitioners in the industry alike. The report can be used to inform regulatory frameworks by policymakers interested in the insurance business and digital change. Understanding the possible effects of MSP on conventional insurers and market dynamics is critical for developing policies that promote innovation and competition. While the study recognizes its positives, such as filling a critical research gap and delivering practical insights, it might benefit from more empirical validation, clearer exposition of important ideas, and a more balanced consideration of alternative situations. Future iterations of this research might provide even more relevant insights into the shifting dynamics of the insurance sector in the age of Multi-Sided Platforms by addressing these elements.
+==The Effects of Trust on Policyholders’ Purchase Intentions in an Online Insurance Platform==
+Luo, C., Chen, Q., Zhang, Y., & Xu, Y. (2021). The Effects of Trust on Policyholders’ Purchase Intentions in an Online Insurance Platform. Emerging Markets Finance & Trade, 57(15), 4167–4184. [https://doi-org.proxy.library.brocku.ca/10.1177/10245294221125849Context] [https://doi.org/10.1080/1540496X.2019.1695122]
+==='''Overview'''===
+The purpose of this research is to look at the link between trust beliefs and policyholder purchase intentions in the setting of a third-party online insurance platform. The study dives into the antecedent elements impacting trust in the specific sector of online insurance by expanding prior research. The study collected 332 samples from Zuihuibao, an insurance platform, and the findings show that two aspects of trust belief, ie., ability and integrity, have a substantial influence on policyholders' inclinations to acquire insurance. Furthermore, the study investigates crucial antecedent aspects that impact policyholders' trust perceptions, such as reputation, system quality, collaboration, financial risk, and benefit. The theoretical foundation is based on trust theory, which recognizes trust as a multidimensional concept that includes ability, benevolence, and integrity. The study tries to apply this notion to the burgeoning industry of online insurance, where trust is considered as a critical component influencing individuals' behaviors and cognitions. Online insurance has acquired popularity in China's fast evolving internet finance sector, and the study examines the issues faced by third-party online insurance platforms in generating trust perceptions among policyholders. The study's theoretical contributions include verifying the validity of trust theory in the context of online insurance and finding major antecedent elements impacting trust views. Furthermore, the study intends to give practical implications for online insurance practitioners, advising them in the implementation of appropriate business strategies to generate trust beliefs and improve sales performance.
+==='''Strengths and Weaknesses'''===
+The study's fresh and original contribution to trust theory is a major strength. The research pioneers an investigation into the characteristics of trust that substantially impact policyholders' decisions in the arena of online insurance by expanding the application of trust theory beyond traditional contexts. This innovative viewpoint opens the door to a more in-depth study of the psychological variables at work in the online insurance market.
+Another impressive part of the study is the discovery of helpful variables for trust. Benefit and collaboration appear as critical components affecting policyholders' trust perceptions. The practical implications of these findings provide online insurance practitioners with concrete recommendations and ideas. The study's suggestions, which include improving cooperative connections and decreasing financial risks, present a useful road map for managers looking to improve trust on their platforms. Furthermore, the study distinguishes the influence of trust characteristics, indicating that ability, kindness, and integrity all have varied implications on policyholders' purchasing intentions. This detailed knowledge allows practitioners to adjust their approach to the precise elements of trust they wish to strengthen. The insights acquired into the diverse consequences of various categories of risk, particularly financial and privacy threats, help to a more thorough understanding of the trust dynamics in the online insurance arena.
+	The study does have its weaknesses too as trust can be a subjective concept and not all recommendations apply to the generalized public. One significant issue is the possible lack of generalizability as a result of the dependence on data from a single third-party online insurance platform, Zuihuibao. While the findings may be applicable to comparable platforms, the extent to which they may be extended to different platforms is unknown, raising concerns about the study's broader application. Furthermore, the study focuses solely on third-party platforms, leaving out insights regarding trust dynamics on insurance company websites. Recognizing this limitation, the paper advocates for more research to investigate trust determinants in various online insurance circumstances, emphasizing the need for a more thorough understanding. One notable flaw is the contradictory conclusion about benevolence. According to the study, benevolence has no substantial influence, which contradicts past studies in the electronic commerce arena. This disparity raises concerns regarding the generalizability of trust characteristics across different online environments, indicating the need for more research. Furthermore, questions are raised by the study's limited analysis of privacy risk, specifically its claim that privacy risk had no influence on trust perceptions. While the explanation links this to the macroenvironment of online transactions in mainland China, a more nuanced examination of privacy issues might give a more complete picture.
+==='''Assessment'''===
+Finally, this study makes significant progress in revealing information on trust dynamics in third-party online insurance platforms. Its unique contribution to trust theory, discovery of supporting variables, and sophisticated analysis of trust dimensions and risk kinds are its strengths. However, its shortcomings, such as the possible lack of generalizability due to the research of a single online platform, control of insurance company websites, and the extent of antecedent factors, highlight the need for more study. Despite these flaws, the study offers useful insights for practitioners and scholars alike, opening the way for a more thorough understanding of trust in the expanding world of online insurance platforms.

Pros and Cons of Health Insurance Platforms

From Digital Culture & Society

Revision as of 00:34, 2 December 2023

Contents

Datanalysing the uninsured: The coloniality of inclusive insurance platforms

Overview

Strengths and Weaknesses

Assessment

Surrounded by middlemen - how multi-sided platforms change the insurance industry

Overview

Strengths and Weaknesses

Assessment

The Effects of Trust on Policyholders’ Purchase Intentions in an Online Insurance Platform

Overview

Strengths and Weaknesses

Assessment

Views

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