research methodology for insurance project

Innovate to win: Why market research is key to insurance industry success

A changing world demands insurance innovation

Underlying drivers of change are fundamentally transforming the foundations of the insurance industry. New ways to expand insurability and to measure, control, and price risk enable the creation of innovative insurance products and services. Digital platforms disrupt how insurers reach policyholders and potential customers, especially millennials who expect on-demand, high-touch services with delightful user experiences. Technology advances including artificial intelligence and cloud computing improve efficiencies, and with automation, insurers can reduce the cost of a claims journey by as much as 30%. 1 How can insurers leverage these breakthroughs to address unmet consumer demand, successfully launch new insurance products, and drive down costs?

Milliman addresses this question in the “Innovate to win” series. Our first article presented a roadmap to guide you through the entire innovation process. 2 Here, we focus on how you can identify and meet the needs of your customers through market research.

Why do insurers need to conduct market research?

Research into the behavioral economics, marketing, and psychology of insurance products is business-critical for insurers. To sustain profitable growth, insurers must create innovative products and services while improving customer connectivity. The typical insurance company loses 10% to 15% of its customer base every year and the cost of acquiring new customers makes this churn extremely expensive. 3 However, innovation is also expensive and inherently risky. According to Harvard Business School, 95% of the 30,000 new products introduced into the general marketplace each year are failures. 4 With deep risk management expertise and large customer bases, insurers are better positioned to succeed at innovation when compared to other industries.

Successful innovations solve fundamental customer problems in new, better, or more cost-effective ways. Researching customer needs and expectations in the context of your competitive landscape is an integral part of the process. To mitigate risk, all these questions should be researched and answered before launching any innovation into the market:

What products, services, processes, and ideas are already available in the marketplace?
What are consumers looking for in this offering and how does it meet their needs?
What similar products/services do my competitors offer and what are they doing to stay competitive in this market?
Is this a new offering or different approach to an existing offering?
What is the potential market size in terms of revenue and profits for this product/service?
How will we market this offering to consumers?
Will this offering work as we have designed it?
Will this product, service, or process disrupt the market, and if so, what impact and value would it have on consumers and the industry?

Market research provides valuable insight into consumer needs and can eliminate misperceptions regarding what potential customers will think about your new product, service, or process. Research can help you clearly define your target market, avoid costly mistakes, and speed product development time. Although market research helps mitigate risk, it does not eliminate it entirely and can be costly. You will need to determine how much time and money you are willing to spend researching the market and if your potential innovation is worth the investment.

What types of market research work best for insurers?

Primary and secondary research are the two most effective ways for insurers to gather information about markets, products, and consumers. Contrary to its name, secondary research is usually conducted first and analyzes existing data. By combining multiple sources of secondary data, you can identify trends and gather useful information at a low cost. You can then use this information to better understand the actions you and/or others have already taken and learn from any mistakes or successes. Secondary research helps maximize future primary research, which is the collection of new data about a specific topic. Certainly, secondary research has value, but it lacks the customization and specificity needed to evaluate larger insurance innovation projects.

When do insurers need to invest in primary research?

A business decision of major consequence requires primary research. Primary research begins with a review of secondary research to efficiently gain direction and insight into the intended study topic. After that, quantitative and/or qualitative methodologies are used to gain further insight into consumer needs, preferences, and behavior. Additional benefits of engaging clients in a research project include strengthening relationships, winning loyalty, and creating new business opportunities.

Quantitative data, typically gathered using surveys, can be represented by usable statistics. Surveys gather a significant amount of data in a relatively short timeframe from a wide range of people, giving you the confidence that the data accurately represents your customer base. This data can provide valuable insight into consumer preferences such as likes and dislikes, satisfaction ratings, and opinions. You can run statistical significance tests to apply results to the population of interest and present the results graphically. Data-driven charts and graphs are an effective way to help stakeholders understand research and convince them to act on the results.

When you need more context regarding your data-- for example, why people feel a certain way about a response-- then qualitative research is the best approach. Sometimes the “why” is critical to exploring a study topic and qualitative research addresses this requirement through focus groups and interviews. These methods enable more in-depth understanding through direct quotes from respondents, the use of themes to bucket responses, and the ability to contextualize answers to understand the “why.” Although qualitative research is valuable, it can be time-consuming and costly when compared to quantitative research. Data is collected from a much smaller sample, so it is difficult to present in an aggregate summary and not statistically significant as being representative of the entire population.

How does primary research advance insurance innovation?

Both types of primary research methods are valuable and can provide insight into the market with different applications and emphasis:

Quantitative surveys are questionnaires developed specifically for the topic being studied and distributed to a large sample of potential respondents based on specific criteria. Surveys provide a comprehensive view of the market due to a large sample size but are limited in the ability to understand the “why.”
Qualitative interviews and focus groups provide context by giving participants the opportunity to expand on why they have certain beliefs and opinions and how they feel about the topic of study. In-depth interviews are one-on-one sessions with participants who are selected for their expertise and knowledge in a specified area. Focus groups are moderated discussions of opinions about a specific topic or product. Seven to 10 participants are selected using a screener questionnaire based on specific criteria. The moderator provides the structure, asks the questions, and gives overall direction to guide the discussion.

The most effective product development processes combine quantitative and qualitative research methodologies to refine and validate innovative ideas and prototypes. When you get the results of your research, it is important to have the infrastructure and resources in place to act on those insights. It is also important to note that the results of your research may require you to change your plans because what you previously thought were great ideas were not validated by the market research.

Still, it might be difficult to for your company to adopt new ideas and move forward with your innovation. Administrative systems can slow your company’s product development process and potentially hinder your initiative. Distribution issues can also make or break new product or service delivery. Bottom-line concerns such as low interest rates and the cost of meeting regulatory requirements are key considerations. As a result, many insurers de-emphasize innovative product development initiatives because of resource constraints and development and approval costs. 5

If you are making a big decision regarding an innovation, it is important to dedicate resources to perform in-depth market research. Discovering what your target customers think about your innovation enables you to tailor and refine it before you officially launch it. It is best practice to test multiple variations of your solution with your target market to determine which version resonates most with customers. Research is an opportunity for you to test both the innovation and the messaging you will use when going to market.

If you would like to discuss how customized market research can strengthen the development of your innovative offerings, please contact David Bahlinger or one of the other outstanding professionals at Milliman.

1 McKinsey. (March 2017). Digital disruption in Insurance: Cutting through the noise. Retrieved on May 26, 2020, from https://www.mckinsey.com/~/media/McKinsey/Industries/Financial%20Services/Our%20Insights/Time%20for%20insurance%20companies%20to%20face%20digital%20reality/Digital-disruption-in-Insurance.ashx .

2 Borcan, Ashlee Mouton. Milliman.com. Innovate to win: Insurance industry roadmap to success. March 5, 2020. Retrieved on May 26, 2020, from https://us.milliman.com/en/insight/innovate-to-win-insurance-industry-roadmap-to-success

3 Simpson, Pamela. The Lowdown: Reimagining Research to Recognize Emerging Insurance Industry Trends. (September 19, 2019). Insurance Journal. Retrieved on May 26, 2020, from https://www.insurancejournal.com/blogs/research-trends/2019/09/19/540368.htm .

4 Emmer, Marc. 95 Percent of New Products Fail. Here are six steps to make sure yours don’t. (July 6, 2018). Inc. Retrieved on May 26, 2020, from https://www.inc.com/marc-emmer/95-percent-of-new-products-fail-here-are-6-steps-to-make-sure-yours-dont.html .

5 Society of Actuaries. Understanding the Product Development Process of Life and Annuity Companies. (December 2017). Retrieved on May 26, 2020, from https://www.soa.org/globalassets/assets/files/research/understanding-product-development-report.pdf .

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Home » Research Methodology – Types, Examples and writing Guide

Research Methodology – Types, Examples and writing Guide

Table of Contents

Research Methodology

Definition:

Research Methodology refers to the systematic and scientific approach used to conduct research, investigate problems, and gather data and information for a specific purpose. It involves the techniques and procedures used to identify, collect , analyze , and interpret data to answer research questions or solve research problems . Moreover, They are philosophical and theoretical frameworks that guide the research process.

Structure of Research Methodology

Research methodology formats can vary depending on the specific requirements of the research project, but the following is a basic example of a structure for a research methodology section:

I. Introduction

Provide an overview of the research problem and the need for a research methodology section
Outline the main research questions and objectives

II. Research Design

Explain the research design chosen and why it is appropriate for the research question(s) and objectives
Discuss any alternative research designs considered and why they were not chosen
Describe the research setting and participants (if applicable)

III. Data Collection Methods

Describe the methods used to collect data (e.g., surveys, interviews, observations)
Explain how the data collection methods were chosen and why they are appropriate for the research question(s) and objectives
Detail any procedures or instruments used for data collection

IV. Data Analysis Methods

Describe the methods used to analyze the data (e.g., statistical analysis, content analysis )
Explain how the data analysis methods were chosen and why they are appropriate for the research question(s) and objectives
Detail any procedures or software used for data analysis

V. Ethical Considerations

Discuss any ethical issues that may arise from the research and how they were addressed
Explain how informed consent was obtained (if applicable)
Detail any measures taken to ensure confidentiality and anonymity

VI. Limitations

Identify any potential limitations of the research methodology and how they may impact the results and conclusions

VII. Conclusion

Summarize the key aspects of the research methodology section
Explain how the research methodology addresses the research question(s) and objectives

Research Methodology Types

Types of Research Methodology are as follows:

Quantitative Research Methodology

This is a research methodology that involves the collection and analysis of numerical data using statistical methods. This type of research is often used to study cause-and-effect relationships and to make predictions.

Qualitative Research Methodology

This is a research methodology that involves the collection and analysis of non-numerical data such as words, images, and observations. This type of research is often used to explore complex phenomena, to gain an in-depth understanding of a particular topic, and to generate hypotheses.

Mixed-Methods Research Methodology

This is a research methodology that combines elements of both quantitative and qualitative research. This approach can be particularly useful for studies that aim to explore complex phenomena and to provide a more comprehensive understanding of a particular topic.

Case Study Research Methodology

This is a research methodology that involves in-depth examination of a single case or a small number of cases. Case studies are often used in psychology, sociology, and anthropology to gain a detailed understanding of a particular individual or group.

Action Research Methodology

This is a research methodology that involves a collaborative process between researchers and practitioners to identify and solve real-world problems. Action research is often used in education, healthcare, and social work.

Experimental Research Methodology

This is a research methodology that involves the manipulation of one or more independent variables to observe their effects on a dependent variable. Experimental research is often used to study cause-and-effect relationships and to make predictions.

Survey Research Methodology

This is a research methodology that involves the collection of data from a sample of individuals using questionnaires or interviews. Survey research is often used to study attitudes, opinions, and behaviors.

Grounded Theory Research Methodology

This is a research methodology that involves the development of theories based on the data collected during the research process. Grounded theory is often used in sociology and anthropology to generate theories about social phenomena.

Research Methodology Example

An Example of Research Methodology could be the following:

Research Methodology for Investigating the Effectiveness of Cognitive Behavioral Therapy in Reducing Symptoms of Depression in Adults

Introduction:

The aim of this research is to investigate the effectiveness of cognitive-behavioral therapy (CBT) in reducing symptoms of depression in adults. To achieve this objective, a randomized controlled trial (RCT) will be conducted using a mixed-methods approach.

Research Design:

The study will follow a pre-test and post-test design with two groups: an experimental group receiving CBT and a control group receiving no intervention. The study will also include a qualitative component, in which semi-structured interviews will be conducted with a subset of participants to explore their experiences of receiving CBT.

Participants:

Participants will be recruited from community mental health clinics in the local area. The sample will consist of 100 adults aged 18-65 years old who meet the diagnostic criteria for major depressive disorder. Participants will be randomly assigned to either the experimental group or the control group.

Intervention :

The experimental group will receive 12 weekly sessions of CBT, each lasting 60 minutes. The intervention will be delivered by licensed mental health professionals who have been trained in CBT. The control group will receive no intervention during the study period.

Data Collection:

Quantitative data will be collected through the use of standardized measures such as the Beck Depression Inventory-II (BDI-II) and the Generalized Anxiety Disorder-7 (GAD-7). Data will be collected at baseline, immediately after the intervention, and at a 3-month follow-up. Qualitative data will be collected through semi-structured interviews with a subset of participants from the experimental group. The interviews will be conducted at the end of the intervention period, and will explore participants’ experiences of receiving CBT.

Data Analysis:

Quantitative data will be analyzed using descriptive statistics, t-tests, and mixed-model analyses of variance (ANOVA) to assess the effectiveness of the intervention. Qualitative data will be analyzed using thematic analysis to identify common themes and patterns in participants’ experiences of receiving CBT.

Ethical Considerations:

This study will comply with ethical guidelines for research involving human subjects. Participants will provide informed consent before participating in the study, and their privacy and confidentiality will be protected throughout the study. Any adverse events or reactions will be reported and managed appropriately.

Data Management:

All data collected will be kept confidential and stored securely using password-protected databases. Identifying information will be removed from qualitative data transcripts to ensure participants’ anonymity.

Limitations:

One potential limitation of this study is that it only focuses on one type of psychotherapy, CBT, and may not generalize to other types of therapy or interventions. Another limitation is that the study will only include participants from community mental health clinics, which may not be representative of the general population.

Conclusion:

This research aims to investigate the effectiveness of CBT in reducing symptoms of depression in adults. By using a randomized controlled trial and a mixed-methods approach, the study will provide valuable insights into the mechanisms underlying the relationship between CBT and depression. The results of this study will have important implications for the development of effective treatments for depression in clinical settings.

How to Write Research Methodology

Writing a research methodology involves explaining the methods and techniques you used to conduct research, collect data, and analyze results. It’s an essential section of any research paper or thesis, as it helps readers understand the validity and reliability of your findings. Here are the steps to write a research methodology:

Start by explaining your research question: Begin the methodology section by restating your research question and explaining why it’s important. This helps readers understand the purpose of your research and the rationale behind your methods.
Describe your research design: Explain the overall approach you used to conduct research. This could be a qualitative or quantitative research design, experimental or non-experimental, case study or survey, etc. Discuss the advantages and limitations of the chosen design.
Discuss your sample: Describe the participants or subjects you included in your study. Include details such as their demographics, sampling method, sample size, and any exclusion criteria used.
Describe your data collection methods : Explain how you collected data from your participants. This could include surveys, interviews, observations, questionnaires, or experiments. Include details on how you obtained informed consent, how you administered the tools, and how you minimized the risk of bias.
Explain your data analysis techniques: Describe the methods you used to analyze the data you collected. This could include statistical analysis, content analysis, thematic analysis, or discourse analysis. Explain how you dealt with missing data, outliers, and any other issues that arose during the analysis.
Discuss the validity and reliability of your research : Explain how you ensured the validity and reliability of your study. This could include measures such as triangulation, member checking, peer review, or inter-coder reliability.
Acknowledge any limitations of your research: Discuss any limitations of your study, including any potential threats to validity or generalizability. This helps readers understand the scope of your findings and how they might apply to other contexts.
Provide a summary: End the methodology section by summarizing the methods and techniques you used to conduct your research. This provides a clear overview of your research methodology and helps readers understand the process you followed to arrive at your findings.

When to Write Research Methodology

Research methodology is typically written after the research proposal has been approved and before the actual research is conducted. It should be written prior to data collection and analysis, as it provides a clear roadmap for the research project.

The research methodology is an important section of any research paper or thesis, as it describes the methods and procedures that will be used to conduct the research. It should include details about the research design, data collection methods, data analysis techniques, and any ethical considerations.

The methodology should be written in a clear and concise manner, and it should be based on established research practices and standards. It is important to provide enough detail so that the reader can understand how the research was conducted and evaluate the validity of the results.

Applications of Research Methodology

Here are some of the applications of research methodology:

To identify the research problem: Research methodology is used to identify the research problem, which is the first step in conducting any research.
To design the research: Research methodology helps in designing the research by selecting the appropriate research method, research design, and sampling technique.
To collect data: Research methodology provides a systematic approach to collect data from primary and secondary sources.
To analyze data: Research methodology helps in analyzing the collected data using various statistical and non-statistical techniques.
To test hypotheses: Research methodology provides a framework for testing hypotheses and drawing conclusions based on the analysis of data.
To generalize findings: Research methodology helps in generalizing the findings of the research to the target population.
To develop theories : Research methodology is used to develop new theories and modify existing theories based on the findings of the research.
To evaluate programs and policies : Research methodology is used to evaluate the effectiveness of programs and policies by collecting data and analyzing it.
To improve decision-making: Research methodology helps in making informed decisions by providing reliable and valid data.

Purpose of Research Methodology

Research methodology serves several important purposes, including:

To guide the research process: Research methodology provides a systematic framework for conducting research. It helps researchers to plan their research, define their research questions, and select appropriate methods and techniques for collecting and analyzing data.
To ensure research quality: Research methodology helps researchers to ensure that their research is rigorous, reliable, and valid. It provides guidelines for minimizing bias and error in data collection and analysis, and for ensuring that research findings are accurate and trustworthy.
To replicate research: Research methodology provides a clear and detailed account of the research process, making it possible for other researchers to replicate the study and verify its findings.
To advance knowledge: Research methodology enables researchers to generate new knowledge and to contribute to the body of knowledge in their field. It provides a means for testing hypotheses, exploring new ideas, and discovering new insights.
To inform decision-making: Research methodology provides evidence-based information that can inform policy and decision-making in a variety of fields, including medicine, public health, education, and business.

Advantages of Research Methodology

Research methodology has several advantages that make it a valuable tool for conducting research in various fields. Here are some of the key advantages of research methodology:

Systematic and structured approach : Research methodology provides a systematic and structured approach to conducting research, which ensures that the research is conducted in a rigorous and comprehensive manner.
Objectivity : Research methodology aims to ensure objectivity in the research process, which means that the research findings are based on evidence and not influenced by personal bias or subjective opinions.
Replicability : Research methodology ensures that research can be replicated by other researchers, which is essential for validating research findings and ensuring their accuracy.
Reliability : Research methodology aims to ensure that the research findings are reliable, which means that they are consistent and can be depended upon.
Validity : Research methodology ensures that the research findings are valid, which means that they accurately reflect the research question or hypothesis being tested.
Efficiency : Research methodology provides a structured and efficient way of conducting research, which helps to save time and resources.
Flexibility : Research methodology allows researchers to choose the most appropriate research methods and techniques based on the research question, data availability, and other relevant factors.
Scope for innovation: Research methodology provides scope for innovation and creativity in designing research studies and developing new research techniques.

Research Methodology Vs Research Methods

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Researcher, Academic Writer, Web developer

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Health insurance sector in India: an analysis of its performance

Vilakshan - XIMB Journal of Management

ISSN : 0973-1954

Article publication date: 30 November 2020

Issue publication date: 16 December 2020

Health insurance is one of the major contributors of growth of general insurance industry in India. It alone accounts for around 29% of total general insurance premium income earned in India. The growth of this sector is important from the perspective of overall growth of general insurance Industry. At the same time, problems in this sector are also many which are affecting its performance.

Design/methodology/approach

The paper provides an understanding on performance of health insurance sector in India. This study attempts to find out how much claims and commission and management expenses it has to incur to earn certain amount of premium. Methodology used for the study is regression analysis to establish relationship between dependent variable (Profit/Loss) and independent variable (Health Insurance Premium earned).

Findings of the study indicate that there is significant relationship between earned premium and underwriting loss. There has been increase of premium earnings which instead of increasing profit for the sector in fact has increased underwriting loss over the years. The earnings of the sector is growing at compounded annual growth rate of 27% still it is unable to earn underwriting profit.

Originality/value

This study is self-driven based on secondary data obtained from insurance regulatory and development authority site.

Health insurance premium
Management expenses
Insurance regulatory and development authority
Underwriting loss
Compound annual growth rate

Dutta, M.M. (2020), "Health insurance sector in India: an analysis of its performance", Vilakshan - XIMB Journal of Management , Vol. 17 No. 1/2, pp. 97-109. https://doi.org/10.1108/XJM-07-2020-0021

Emerald Publishing Limited

Published in Vilakshan - XIMB Journal of Management . Published by Emerald Publishing Limited. This article is published under the Creative Commons Attribution (CC BY 4.0) licence. Anyone may reproduce, distribute, translate and create derivative works of this article (for both commercial and non-commercial purposes), subject to full attribution to the original publication and authors. The full terms of this licence maybe seen at http://creativecommons.org/licences/by/4.0/legalcode

1. Introduction

1.1 meaning of insurance.

Insurance is a contract between two parties where by one party agrees to undertake the risk of the other in exchange for consideration known as premium and promises to indemnify the party on happening of an uncertain event. The great advantage of insurance is that it spreads the risk of a few people over a large group of people exposed to risk of similar type.

Insurance has been identified as a sunrise sector by the financial planners of India. The insurance industry has lot of potential to grow, penetrate and service the masses of India. Insurance is all about protection. An insured needs two types of protection life and non-life. General insurance industry deals with non-life protection of the insured of which health insurance is a part.

1.2 Meaning of health insurance

Health insurance is a part of general insurance which contributes about 29% of premium amongst all other sectors of general insurance. But problems in this sector are many which is the driving force behind this study. This study will help the insurance companies to understand their performance and the quantum of losses that this sector is making over the years.

A plan that covers or shares the expenses associated with health care can be described as health insurance. These plans fall into commercial health insurance, which is provided by government, private and stand-alone health insurance companies.

Health insurance in India typically pays for only inpatient hospitalization and for treatment at hospitals in India. Outpatient services are not payable under health policies in India. The first health policy in India was Mediclaim Policy. In 2000, the Government of India liberalized insurance and allowed private players into the insurance sector. The advent of private insurers in India saw the introduction of many innovative products like family floater plans, critical illness plans, hospital cash and top-up policies.

Health insurance in India is an emerging insurance sector after life and automobile insurance sector. Rise in middle class, higher hospitalization cost, expensive health care, digitization and increase in awareness level are some important drivers for the growth of health insurance market in India.

Lifestyle diseases are on the rise. A sedentary lifestyle has pervaded our being. There is lower physical labour today than earlier and there is no reason why this would not be the trend going forward. The implication is the advent of lifestyle chronic diseases such as cardiac problems and diabetes.

In the context of the Indian health insurance industry, one could look at it both ways. Mired by low penetration and negative consumer perception about its utility are affecting the prospect of this industry. The flipside though is that we have hardly scratched the surface of the opportunity that lies in the future. It is as if the glass is half full. Much remains to be conquered and even more remains to be accomplished.

Health insurance companies needs to be optimistic and have courage to bring in innovation in the areas of product, services and distribution system. Bring it to the fold as the safety net that smartly covers and craft a health insurance plan befitting the need of the customers.

1.3 Background of health insurance sector in India

India’s tryst with health insurance programme goes back to the late 1940s and early 1950s when the civil servants (Central Government Health Scheme) and formal sector workers (Employees’ State Insurance Scheme) were enrolled into a contributory but heavily subsidized health insurance programmes. As a consequence of liberalization of the economy since the early 1990s, the government opened up private sector (including health insurance) in 1999. This development threw open the possibility for higher income groups to access quality care from private tertiary care facilities. However, India in the past five years (since 2007) has witnessed a plethora of new initiatives, both by the central government and a host of state governments also entering the bandwagon of health insurance. One of the reasons for initiating such programs may be traced to the commitment of the governments in India to scale up public spending in health care.

1.4 The need for health insurance in India

1.4.1 lifestyles have changed..

Indians today suffer from high levels of stress. Long hours at work, little exercise, disregard for a healthy balanced diet and a consequent dependence on junk food have weakened our immune systems and put us at an increased risk of contracting illnesses.

1.4.2 Rare non-communicable diseases are now common.

Obesity, high blood pressure, strokes and heart attacks, which were earlier considered rare, now affect an increasing number of urban Indians.

1.4.3 Medical care is unbelievably expensive.

Medical breakthroughs have resulted in cures for dreaded diseases. These cures however are available only to a select few. This is because of high operating and treatment expenses.

1.4.4 Indirect costs add to the financial burden.

Indirect sources of expense like travel, boarding and lodging, and even temporary loss of income account for as much as 35% of the overall cost of treatment. These facts are overlooked when planning for medical expenses.

1.4.5 Incomplete financial planning.

Most of us have insured our home, vehicle, child’s education and even our retirement years. Ironically however we have not insured our health. We ignore the fact that illnesses strike without warning and seriously impact our finances and eat into our savings in the absence of a good health insurance or medical insurance plan.

1.5 Classification of health insurance plans in India

Health insurance plans in India today can be broadly classified into the following categories:

1.5.1 Hospitalization.

Hospitalization plans are indemnity plans that pay cost of hospitalization and medical costs of the insured subject to the sum insured. There is another type of hospitalization policy called a top-up policy . Top-up policies have a high deductible typically set a level of existing cover.

1.5.2 Family floater health insurance.

Family health insurance plan covers entire family in one health insurance plan. It works under assumption that not all member of a family will suffer from illness in one time.

1.5.3 Pre-existing disease cover plans.

It offers covers against disease that policyholder had before buying health policy. Pre-existing disease cover plans offers cover against pre-existing disease, e.g. diabetes, kidney failure and many more. After waiting for two to four years, it gives covers to the insured.

1.5.4 Senior citizen health insurance.

This type of health insurance plan is for older people in the family. It provides covers and protection from health issues during old age.

1.5.5 Maternity Health insurance.

Maternity health insurance ensures coverage for maternity and other additional expenses.

1.5.6 Hospital daily cash benefit plans.

Daily cash benefits are a defined benefit policy that pays a defined sum of money for every day of hospitalization.

1.5.7 Critical illness plans.

These are benefit-based policies which pay a lump sum amount on certain critical illnesses, e.g. heart attack, cancer and stroke.

1.5.8 Disease-specific special plans.

Some companies offer specially designed disease-specific plans such as Dengue Care and Corona Kavach policy.

1.6 Strength, weakness, opportunity and threat analysis of health insurance sector (SWOT analysis)

The strengths, weaknesses, opportunities and threats (SWOT) is a study undertaken to identify internal strengths and weaknesses as well as external opportunities and threats of the health insurance sector.

1.6.1 Strengths.

The growth trend of the health insurance sector is likely to be high due to rise in per capita income and emerging middle-income group in India. New products are being launched in this sector by different insurance companies which will help to satisfy customers need. Customers will be hugely benefited when cash less facility will be provided to all across the country by all the insurance companies.

1.6.2 Weaknesses.

The financial condition of this sector is weak due to low investment in this sector. The public sector insurance companies are still dominating this industry due to their greater infrastructure facilities. This sector is prone to high claim ratio and many false claims are also made.

1.6.3 Opportunities.

The possibility of future growth of this sector is high, as penetration in the rural sector is low. The improvement of technology and the use of internet facility are helping this sector to grow in magnitude and move towards environment-friendly paperless regime.

1.6.4 Threats.

The biggest threat of this sector lies in the change in the government regulations. The profitability of this sector is affected due to increasing expenses and claims. The economic slowdown and recession in the economy can affect growth of this sector adversely. The increasing losses and need for insurance might reach a point of no return where insurance companies may be compelled to decline an insurance policy.

1.7 Political economic socio cultural and technological analysis of health insurance sector (PEST analysis)

This analysis describes a framework of macro-environmental factors used as strategic tool for understanding business position, growth potential and direction for operations.

1.7.1 Political factors.

Service tax on premium on insurance policies is being increased by the government for past few years during budget. Government monopoly in this sector came to an end after insurance companies were opened up for private participation in the year 2000. Foreign players were allowed to enter into joint venture with their Indian counterpart with 26% holding and which was further increased to 49% in the year 2015.

1.7.2 Economic factors.

The gross savings of people in India have increased significantly thereby encouraging people to buy insurance policy to cover their risks. Insurance companies are fast becoming prominent players in the security market. As these companies have huge disposable income which they are investing in the security market.

1.7.3 Socio-cultural factors.

Increase in insurance knowledge is helping people to increase their awareness about the risk to be covered through insurance. Change in lifestyle is leading to increase in risk thereby giving an opportunity to insurance companies to innovate newer products. Societal benefit is derived by transfer of risk through insurance due to improved socio-cultural environment.

1.7.4 Technological factors.

Insurance companies deals in large database and maintaining it by the application of latest technology is huge gain for this sector. Technological advancement has helped insurance companies to sale their products through their electronic portals. This has made their task of providing service to the customers easier and faster.

2. Review of literature

After opening up of the insurance industry health insurance sector has become significant both from economic and social point of view and researchers have explored and probed these aspects.

Ellis et al. (2000) reviewed a variety of health insurance systems in India. It was revealed that there is a need for a competitive environment which can only happen with the opening up of the insurance sector. Aubu (2014) conducted a comparative study on public and private companies towards marketing of health insurance policies. Study revealed that private sector services evoked better response than that of public sector because of new strategies and technologies adopted by them. Nair (2019) has made a comparative study of the satisfaction level of health insurance claimants of public and private sector general insurance companies. It was revealed that majority of the respondents had claim of reimbursement nature through third party administrator. Satisfaction with respect to settlement of claim was found relatively higher for public sector than private sector. Devadasan et al. (2004) studied community health insurance to be an important intermediate step in the evolution of an equitable health financing mechanism in Europe and Japan. It was concluded that community health insurance programmes in India offer valuable lessons for its policy makers. Kumar (2009) examined the role of insurance in financing health care in India. It was found that insurance can be an important means of mobilizing resources, providing risk protection and health insurance facilities. But for this to happen, it will require systemic reforms of this sector from the end of the Government of India. Dror et al. (2006) studied about willingness among rural and poor persons in India to pay for their health insurance. Study revealed that insured persons were more willing to pay for their insurance than the uninsured persons. Jayaprakash (2007) examined to understand the hurdles preventing the people to purchase health insurance policies in the country and methods to reduce claims ratio in this sector. Yadav and Sudhakar (2017) studied personal factors influencing purchase decision of health insurance policies in India. It was found that factors such as awareness, tax benefit, financial security and risk coverage has significant influence on purchase decision of health insurance policy holders. Thomas (2017) examined health insurance in India from the perspective of consumer insights. It was found that consumers consider various aspects before choosing a health insurer like presence of a good hospital network, policy coverage and firm with wide product choice and responsive employees. Savita (2014) studied the reason for the decline of membership of micro health insurance in Karnataka. Major reason for this decline was lack of money, lack of clarity on the scheme and intra house-hold factors. However designing the scheme according to the need of the customer is the main challenge of the micro insurance sector. Shah (2017) analysed health insurance sector post liberalization in India. It was found that significant relationship exists between premiums collected and claims paid and demographic variables impacted policy holding status of the respondents. Binny and Gupta (2017) examined opportunities and challenges of health insurance in India. These opportunities are facilitating market players to expand their business and competitiveness in the market. But there are some structural problems faced by the companies such as high claim ratio and changing need of the customers which entails companies to innovate products for the satisfaction of the customers. Chatterjee et al. (2018) have studied health insurance sector in India. The premise of this paper was to study the current situation of the health-care insurance industry in India. It was observed that India is focusing more on short-term care of its citizens and must move from short-term to long-term care. Gambhir et al. (2019) studied out-patient coverage of private sector insurance in India. It was revealed that the share of the private health insurance companies has increased considerably, despite of the fact that health insurance is not a good deal. Chauhan (2019) examined medical underwriting and rating modalities in health insurance sector. It was revealed that while underwriting a health policy one has to keep in mind the various aspects of insured including lifestyle, occupation, health condition and habits. There have been substantial studies on health insurance done in India and abroad. But there has not been any work on performance of health insurance sector based on underwriting profit or loss.

3. Research gap

After extensive review of literature it is understood that there has not been substantial study on the performance of health insurance sector taking underwriting profit or loss into consideration. In spite of high rate of growth of earned premium, this sector is unable to make underwriting profit. This is mainly because growth of premium is more than compensated by claims incurred and commission and other expenses paid. Thereby leading to growth of underwriting loss over the years across the different insurance companies covered under both public and private sector. This unique feature of negative performance of this sector has not been studied so far in India.

4. Objectives

review health insurance scenario in India; and

study the performance of health insurance sector in India with respect to underwriting profit or loss by the application of regression analysis.

5. Research methodology

The study is based on secondary data sourced from the annual reports of Insurance Regulatory Development Authority (IRDA), various journals, research articles and websites. An attempt has been made to evaluate the performance of the health insurance sector in India. Appropriate research tools have been used as per the need and type of the study. The information so collected has been classified, tabulated and analysed as per the objectives of the study.

The data is based on a time period of 12 years ranging from 2006–2007 to 2018–2019.

Secondary data analysis has been done using regression of the form: Y = a + b X

The research has used SPSS statistics software package for carrying out regression and for the various graphs Microsoft Excel software has been used.

5.1 The problem statement

It is taken to be a general assumption that whenever the premium increases the profit also increases. This determines that profits are actually dependent on the premium income. Hence, whenever the premium tends to increase, the profit made also supposed to increase.

The aim of the study is to find out whether the underwriting profit of the health insurance sector is increasing or there is an underwriting loss.

The problem statement is resolved by applying regression analysis between the premium earned and underwriting profit or loss incurred. It is assumed that if the underwriting profit increases along with the premium received, then the pattern forms a normal distribution and alternate hypothesis can be accepted and if this pattern of dependability is not found then the null hypothesis will be accepted stating that there is no relation between the premium and the underwriting loss or the underwriting profit by the sector. But what is happening in this sector is the increase in premium is leading to increase in underwriting loss. So premium is negatively impacting underwriting profit which is astonishing thing to happen and is the crux of the problem of this sector.

5.1.1 Underwriting profit/loss = net premium earned – (claim settled + commission and management expenses incurred).

Underwriting profit is a term used in the insurance industry to indicate earned premium remaining after claims have been settled and commission and administrative expenses have been paid. It excludes income from investment earned on premium held by the company. It is the profit generated by the insurance company in the normal course of its business.

5.2 Data analysis

Table 1 shows that health insurance premium increased from Rs.1910 crores in 2006–2007 to Rs. 33011 crores in 2018–2019. But claims incurred together with commission and management expenses have grown from Rs. 3349 crores to Rs. 40076 crores during the same period. So the claims and management expenses incurred together is more than the health insurance premium earned in all the years of our study thereby leading to underwriting loss.

Claim incurred shown above is the outcome of the risk covered against which premium is received and commission and management expenses are incurred to obtain contract of insurance. Both these expenses are important for insurance companies to generate new business as stiff competition exists in this sector since it was opened up in the year 2000.

Figure 1 depicts the relationship between health insurance premium earned and claims and management expenses incurred by the insurance companies of the health insurance sector for the period 2006–2007 to 2018–2019.

Bar chart between premiums earned and claims and management expenses incurred show that claims and management expenses together is higher than premium earned in all the years of the study thereby leading to losses. Claims, commission and management expenses are important factors leading to the sale of insurance policies thereby earning revenue for the insurance companies in the form of premium. But proper management of claims and commission and management expenses will help this sector to improve its performance.

Table 2 provides insight into the performance of health insurance sector in India. The growth of health insurance in India has been from Rs.1909 crores for the financial year 2006–2007 to Rs. 33011crores for the financial year 2018–2019. The growth percentage is 1629% i.e. growing at an average rate of 135% per annum. Compounded Annual Growth Rate (CAGR) is working out to be 27%.

From the same table, it can be inferred that health insurance sector is making underwriting loss in all the financial years. There is no specific trend can be seen, it has increased in some years and decreased in some other years. Here underwriting loss is calculated by deducting claims and commission and management expenses incurred from health insurance premium earned during these periods.

With every unit of increase in premium income the claims incurred together with commission and management expenses paid increased more than a unit. Thereby up setting the bottom line. So instead of earning profit due to better business through higher premium income, it has incurred losses.

Underwriting principles needs to be streamlined so that proper scrutiny of each policy is carried out so that performance of this sector improves.

It is seen from Figure 2 that there is stiff rise in premium earned over the years but claims and commission and management expenses incurred have also grown equally and together surpassed earned premium. So the net impact resulted in loss to this sector which can also be seen in the figure. It is also seen that loss is increasing over the years. So, increase in earnings of revenue in the form of premium is leading to increase in losses in this sector which is normally not seen in any other sectors.

But a time will come when commission and management expenses will stabilize through market forces to minimize underwriting losses. On the other hand, it will also require proper management of claims so that health insurance sector can come of this unprofitable period.

5.3 Interpretation of regression analysis

5.3.1 regression model..

Where Y = Dependent variable

X = Independent variablea = Intercept of the lineb = Slope of the line

5.3.2 Regression fit.

Here, Y is dependent variable (Underwriting Profit or Loss) which is to be predicted, X is the known independent variable (Health Insurance Premium earned) on which predictions are to be based and a and b are parameters, the value of which are to be determined ( Table 3 ). Y = − 1028.737 − 0.226 X

5.3.3 Predictive ability of the model.

The value of R 2 = 0.866 which explains 86.6% relationship between health insurance premium earned and loss made by this sector ( Table 4 ). In other words, 13.4% of the total variation of the relationship has remained unexplained.

4.1 Regression coefficients ( Table 5 ).

H1.1 : β = 0 (No influence of Health Insurance Premium earned on Underwriting Profit or Loss made)

5.4.1.2 Alternative hypothesis.

H1.2 : β ≠ 0 (Health Insurance Premium earned influences underwriting Profit or Loss made by this sector)

The computed p -value at 95% confidence level is 0.000 which is less than 0.05. This is the confidence with which the alternative hypothesis is accepted and the null hypothesis is rejected. Thus regression equation shows that there is influence of health insurance premium earned on loss incurred by this sector.

The outcome obtained in this analysis is not what happens normally in the industry. With the increase of revenue income in the form of premium, it may lead to either profit or loss. But what is happening surprisingly here is that increase of revenue income is leading to increase of losses. So growth of premium income instead of influencing profit is actually influencing growth of losses.

6.1 Findings

The finding from the analysis is listed below:

The average growth of net premium for the health insurance has been around 135% per annum even then this sector is unable to earn underwriting profit.

The CAGR works out to around 27%. CAGR of 27% for insurance sector is considered to be very good rate of growth by any standard.

Along with high growth of premium, claims and commission and management expenses incurred in this sector have also grown substantially and together it surpassed in all the years of the study.

Thus, growth of claims and commission and management expenses incurred has more than compensated high rate of growth of health insurance premium earned. This resulted into underwriting loss that this sector is consistently making.

Astonishing findings has been higher rate of increase of premium earnings leading to higher rate of underwriting loss incurred over the years. Even though the sector is showing promise in terms of its revenue collection, but it is not enough to earn underwriting profit.

6.2 Recommendations

COVID 19 outbreak in India has led to a spike in health-care costs in the country. So, upward revision of premium charges must be considered to see bottom line improvement in this sector.

Immediate investigation of the claim is required. This will enable the insurers to curb unfair practice and dishonest means of making a claim which is rampant in this sector.

Health insurance market is not able to attract younger generation of the society. So entry age-based pricing might attract this group of customers. An individual insured at the age 30 and after 10 years of continuous coverage the premium will be less than the other individual buying a policy at the age of 40 for the first time.

6.3 Limitations and scope of future studies

The analysis of performance of health insurance sector in India taking underwriting profit into consideration is the only study of its kind in this sector. As a result, adequate literature on the subject was not available.

Health insurance and health care are part of medical care industry and are inter dependent with each other. So performance of health insurance sector can be better understood by taking health-care industry into consideration which is beyond the scope of the study.

This sector is consistently incurring losses. So, new ideas need to be incorporated to reduce losses if not making profits.

Opportunity of the insurance companies in this sector lies in establishing innovative product, services and distribution channels. So, continuous modification by the application of research is required to be undertaken.

Health insurance sector will take a massive hit, as tax benefit is going to be optional from this financial year. This can be a subject of study for the future.

6.4 Conclusion

This sector is prone to claims and its bottom line is always under tremendous pressure. In recent times, IRDA has taken bold step by increasing the premium rate of health insurance products. This will help in the growth of this sector.

With better technological expertise coming in from the foreign partners and involvement by the IRDA the health insurance sector in India must turn around and start to earn profit.

The COVID-19 pandemic is a challenge for the health insurance industry on various fronts at the same time it provides an opportunity to the insurers to fetch in new customers.

The main reason for high commission and management expense being cut-throat competition brought in after opening up of the insurance sector in the year 2000. So, new companies are offering higher incentives to the agents and brokers to penetrate into the market. This trend needs to be arrested as indirectly it is affecting profitability of this sector.

The study will richly contribute to the existing literature and help insurance companies to know about their performance and take necessary measures to rectify the situation.

research methodology for insurance project

Chart on health insurance premium earned and claims and management expenses paid

Chart on performance of health insurance sector in India

Data showing health insurance premium earned and claims and management expenses paid

. Dependent variable: Underwriting profit or loss;

. Predictors: (Constant), Health insurance premium earned

Aubu , R. ( 2014 ), “ Marketing of health insurance policies: a comparative study on public and private insurance companies in Chennai city ”, UGC Thesis, Shodgganga.inflibnet.ac.in .

Chatterjee , S. , Giri , A. and Bandyopadhyay , S.N. ( 2018 ), “ Health insurance sector in India: a study ”, Tech Vistas , Vol. 1 , pp. 105 - 115 .

Chauhan , V. ( 2019 ), “ Medical underwriting and rating modalities in health insurance ”, The Journal of Inssurance Institute of India , Vol. VI , pp. 14 - 18 .

Devadasan , N. , Ranson , K. , Damme , W.V. and Criel , B. ( 2004 ), “ Community health insurance in India: an overview ”, Health Policy , Vol. 29 No. 2 , pp. 133 - 172 .

Dror , D.M. , Radermacher , R. and Koren , R. ( 2006 ), “ Willingness to pay for health insurance among rural and poor persons: Field evidence form seven micro health insurance units in India ”, Health Policy , pp. 1 - 16 .

Ellis , R.P. , Alam , M. and Gupta , I. ( 2000 ), “ Health insurance in India: Prognosis and prospectus ”, Economic and Political Weekly , Vol. 35 No. 4 , pp. 207 - 217 .

Gambhir , R.S. , Malhi , R. , Khosla , S. , Singh , R. , Bhardwaj , A. and Kumar , M. ( 2019 ), “ Out-patient coverage: Private sector insurance in India ”, Journal of Family Medicine and Primary Care , Vol. 8 No. 3 , pp. 788 - 792 .

Gupta , D. and Gupta , M.B. ( 2017 ), “ Health insurance in India-Opportunities and challenges ”, International Journal of Latest Technology in Engineering, Management and Applied Science , Vol. 6 , pp. 36 - 43 .

Hand book on India Insurance Statistics revisited ( 2020 ), “ Insurance regulatory and development authority website ”, available at: www.irda.gov.in ( accessed 2 July 2020 ).

Jayaprakash , S. ( 2007 ), “ An explorative study on health insurance industry in India ”, UGC Thesis, Shodgganga.inflibnet.ac.in .

Kumar , A. ( 2009 ), “ Health insurance in India: is it the way forward? ”, World Health Statistics (WHO) , pp. 1 - 25 .

Nair , S. ( 2019 ), “ A comparative study of the satisfaction level of health insurance claimants of public and private sector general insurance companies ”, The Journal of Insurance Institute of India) , Vol. VI , pp. 33 - 42 .

Savita ( 2014 ), “ A qualitative analysis of declining membership in micro health insurance in Karmataka ”, SIES Journal of Management , Vol. 10 , pp. 12 - 21 .

Shah , A.Y.C. ( 2017 ), “ Analysis of health insurance sector post liberalisation in India ”, UGC Thesis, Shodgganga.inflibnet.ac.in .

Thomas , K.T. ( 2017 ), “ Health insurance in India: a study on consumer insight ”, IRDAI Journal , Vol. XV , pp. 25 - 31 .

Yadav , S.C. and Sudhakar , A. ( 2017 ), “ Personal factors influencing purchase decision making: a study of health insurance sector in India ”, BIMAQUEST , Vol. 17 , pp. 48 - 59 .

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Rating criteria, application and online service features, policy types, features, and riders, coverage types and features.

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Life Insurance Review Methodology

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No one wants to think about their own mortality, but purchasing life insurance can provide your loved ones with essential protection. If you pass away, your life insurance policy can cover your funeral and burial expenses, replace lost wages, and even pay off your existing mortgage.

We know that ensuring your family has access to the financial resources they need is a priority of yours. To help you find the right life insurance policies for your loved ones, we’ve completed extensive research into 91 companies offering life insurance. This guide will explain what criteria we used to evaluate each company’s offerings.

Life insurance is an important financial topic for us and our readers, and it's one that we've written a lot about. We have many articles about the best life insurance companies for specific products or to meet the needs of particular readers. It's important to note that this methodology only describes the process used for compiling our list of Best Life Insurance Companies . All other articles on our website that list the best life insurance companies for certain products or readers (for example, Best Term Life Insurance or Best Life Insurance for Seniors ) rely on information collected as part of the grading process described in this article, but selections and order of providers are based on additional product-specific data plus subjective insights from our editors and industry experts.

We started off by researching what consumers want from life insurance companies, and for that, we looked to third-party consumer studies, including J.D. Power’s 2021 U.S. Life Insurance New Business Study and the 2021 Insurance Barometer Study , by Life Happens and LIMRA.

Based on this and our industry expert, we designed a comprehensive ranking methodology to rate each company across five general categories, each category consisting of multiple data points:

Application and online service features
Policy types, features, and riders
Financial stability
Customer satisfaction

We looked at 55 data points per company. Our research team scoured consumer and professional information available on company websites, and reached out to company representatives to fill information gaps and fact-check information we already had.

Then, each data point was individually scored on a numeric scale to indicate how well or poorly a company fared in that metric. Most features were scored on a 0 to 1 scale, with 1 being the best a company could do for that metric and 0 being the worst. These data points were then weighted based on importance in order to calculate an overall score for each company. Companies were scored on a scale of 0 to 5, with 5 being the highest.

This entire section accounts for 32% of the total weighted score in our evaluation. Making it easy and convenient for consumers to understand product offerings and then apply and pay says a lot about how a company values transparency and service.

To evaluate how each company fares on that front, we reviewed the following factors:

Application process
Online quotes and tools
Accepted forms of payment

Application Process

We looked at whether companies made online applications available on their website (especially for term life insurance), whether agent contact was required to apply for coverage, and turnaround time for policy approval. Although agents often play a valuable part in educating buyers, there is even more value in giving consumers the choice to apply on their own. We also considered whether no-exam applications were available, and how much coverage was available without a medical exam.

Online Quotes and Tools

When evaluating your insurance options, it’s important to do your homework ahead of time. We looked at what information and tools each company made available to potential customers to allow them to do research before purchasing a policy.

Here are the features we looked for:

Online quote
Insurance calculator to estimate coverage needs
Educational resources

We scored websites with the following scale:

Accepted Forms of Payment

As a rule, life insurance companies accept funds directly from a checking or savings account. But not all accept credit card payments. Since life insurance policies can lapse for non-payment, this is an important feature for some consumers.

The features in this section together account for 29% of the weight in our scores for companies.

We researched what types of products each company offered, paying particular attention to term insurance options, features, and available riders, as these policies are often the easiest to purchase. Companies with the broadest portfolios generally scored well. Those that included valuable policy features at no extra cost, such as accelerated death benefit riders and term conversion, scored the highest.

The general elements we looked at were:

Coverage types and features
Term-specific options, if applicable
Available riders

A diverse product line may be important to consumers who are not sure what kind of insurance they need as more types of insurance means more choices for shoppers. Here are the types of policies we considered:

Term life: Term policies (without a conversion or renewal feature) expire once the term of the policy is up. Unless the policy has a return of premium feature , premiums are irrecoverable if you outlive the policy.
Final expense: Final expense policies do not require a medical exam and ask few to no health questions on the application.
Whole life: A whole life insurance policy provides insurance for your entire lifespan; the premiums and death benefit are determined when the policy is issued.
Participating whole life : Some mutual insurance companies offer policyholders the possibility of receiving an annual share of the company’s profits via dividends. (Since relatively few companies offer dividends, we decided not to score this feature.)
Universal life : A universal life insurance policy provides insurance for your entire lifespan; the premiums and death benefit are flexible.
Indexed universal life: Index universal life is a universal life insurance policy in which the cash value tracks the performance of a market index like the S&P 500.

Coverage types and features accounted for a total of 15% of our overall weighting for a company's score.

Term Life Options

We paid particular attention to term-specific features and options since these types of policies are the most likely to be purchased without agent assistance. We looked at:

Maximum available term : Many companies let you choose how long you want term coverage to last for. The longest option most companies provide is 30 years, but some allow longer coverage terms. Although not everyone may need long-term coverage, we scored companies higher for giving the choice of longer coverage.
Conversion privilege included : A conversion privilege allows the policyholder to convert term to permanent (lifetime) coverage within a specified number of years after the policy is issued without having to prove insurability (answer health questions or take a medical exam). The new premium is based on your age when you convert.
Annual renewal included : Annual renewal allows you to continue your term coverage on an annual basis once the term expires without having to prove insurability. The new premium is based on your age at the time of renewal, and so increases each year you renew the policy.

Term options accounted for a total of 6% of our overall weighting in this category.

Available Riders

An insurance rider is an amendment to an insurance contract. You can use a rider to add additional coverage or expand the scope of existing coverage. Many riders require an additional premium payment but some, such as some accelerated death benefit riders, do not. We gave extra weight to accelerated death benefit riders that were available free of charge.

It’s important to understand which riders are available to you and which are automatically included in your policy, as it can help you better compare quotes and decide which policy best suits your needs. Note that similar riders may be called different names, depending on the company. These are the riders we considered when scoring companies.

Child term: Rather than having to buy a separate policy, a child rider allows you to add coverage for your child to your existing policy.
Waiver of premium: Waiver of premium riders waive your premium payment if you meet the rider’s criteria, such as becoming disabled or losing your job.
Accidental death: With this rider, if you die as the result of an accident, the cash amount your beneficiaries receive will increase.
Guaranteed insurability: This rider gives you the option to increase life insurance coverage at certain ages or upon certain trigger events, such as marriage or the birth of a child, without having to prove insurability.
Disability income : This uncommon rider provides a monthly benefit if you become disabled (as defined by the rider). It is not the same as a “disability waiver of premium” rider.
Accelerated benefit riders (ABRs) : These riders accelerate the death benefit if you experience certain health events. What this means is that you can access the death benefit “early.” We looked at accelerated death benefit riders for critical, chronic, and terminal illnesses plus long-term care. All riders generally have a lump-sum benefit except for long-term care which provides a monthly benefit.

Riders accounted for a total of 8% of our overall weighting for a company.

Additional Product Lines

While we decided not to consider additional product lines in the company’s overall score, we gathered data on which of the following insurances each company offered. We discussed this, where relevant, in individual company reviews.

Financial Stability

This section accounts for 17% of our total weighted score.

Life insurance companies make promises to pay large lump sum death benefits, often in the millions of dollars, during times of great emotional and sometimes financial duress for the beneficiaries receiving those funds. Therefore, it’s crucial that your life insurance company be financially stable so that it can make good on its promise to pay your beneficiaries.

To assess the financial stability of each company we reviewed, we considered its AM Best rating and how many years it has been in business.

Financial Strength Rating from AM Best
Years in business

AM Best was founded in 1899 and is the world’s first credit rating agency. Its focus is on the insurance industry, and it evaluates insurers’ financial strength—meaning a company’s ability to meet its policy and contract obligations. AM Best rates insurance companies on a scale of A++ to D-. In choosing the best insurers, each company’s AM Best rating accounts for 15% of its total score.

Using AM Best’s Financial Strength Ratings, we scored each life insurance company on a scale of zero to one. The lowest ranked insurer we considered received a B.

How long a company has been in business is an indicator of the insurer’s stability and strength. Companies that have survived decades of change and recessions show that they can adapt to changing conditions and customer demands.

Since an insurance company’s longevity is an indicator of its financial stability, we considered how many years each insurer has been in business. This metric accounted for 2% of a company’s overall score.

This section accounts for a total of 15% of our overall score for a company.

The National Association of Insurance Commissioners (NAIC) is a regulatory organization that maintains a database of complaints filed against insurance companies . With this data, the NAIC creates an index that conveys how many complaints the insurance company has received relative to how many complaints it is expected to receive based on its size, or market share. We averaged each company's NAIC index over three years.

If a company received fewer complaints than expected, its index is less than 1. An index of 0 means the company received no complaints. An index greater than 1 means the company received more complaints than expected. Some examples of complaints are delays of benefit payment, poor claim handling, and claim denials.

This section counted for 8% of our total score for a company.

When it comes to cost, we researched quotes from each company for men and women in different age groups in excellent health for a $250,000 30-year term policy. We used the following statistics to run quotes for six different sample applicants:

ZIP code: 94027 or 90666 (depending on policy availability)
Birthday: 11/01/1996; 1981; 1966
Health: Exceptional
No medications
No negative family health history
Length of coverage: 30 Year Term
Coverage amount: $250,000

Every insurer assesses applicant risk a bit differently, and cost can vary. Your rate is dependent on your age, desired coverage, health history, and overall risk profile.

We scored companies on a range between 0 and 1 (0 = the most expensive policies; 1 = the least expensive)

When looking for a life insurance policy, it’s wise to shop around and look at policies from different companies. We evaluated 91 companies to help you find the best life insurance for your needs, and our reviews are designed to answer your questions so you can make an informed decision.

In a recent interview with Andrew Mais , commissioner of the Connecticut Insurance Department, he said, "there are two things that I would argue are important: A, that the insurer has the ability to pay your claim, and, B, that the insurer has the willingness to pay your claim."

There is no one best life insurance company for all consumers. In our reviews, we included information about each insurer’s life insurance policy options, coverage amounts, customer service, pricing, and the company’s reputation. We included details about both the pros and cons so you can decide whether or not the company is a good fit for you.

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Types of Research Methodologies

Table of Contents

There are mainly three types of research methodologies: quantitative, qualitative, and mixed-methods.

Quantitative Research Methodology

Quantitative research focuses on collecting numerical data and analyzing it statistically. It’s great for measuring things objectively.

For instance, if you’re studying how many people prefer coffee over tea, quantitative research can provide concrete numbers.

Qualitative Research Methodology

Qualitative research, on the other hand, dives deep into understanding people’s experiences, feelings, and behaviors. It’s like peeling an onion layer by layer to reveal the underlying emotions and motivations.

For example, if you want to explore why some students struggle with math, qualitative research can uncover personal stories and perspectives.

Mixed-Methods Research

Sometimes, researchers use a combination of quantitative and qualitative methods, known as mixed-methods research.

This approach offers a more comprehensive understanding of a topic by blending numerical data with rich narratives. It’s like having the best of both worlds.

Factors Influencing Choice of Research Methodology

Several factors influence the choice of research methodology:

Nature of the research question: Is it about measuring something objectively or understanding complex human behaviors?
Availability of resources: Do you have access to the tools and expertise needed for a particular methodology?
Time constraints: How much time do you have to conduct the research?
Ethical considerations: Are there any ethical concerns related to your research methods?

Steps Involved in Research Methodology for Project Topics

Regardless of the chosen methodology, research typically follows these steps:

Problem Definition: Clearly define the research question or problem you want to address.
Literature Review: Explore existing research and theories related to your topic to build a solid foundation.
Selection of Research Design: Choose the appropriate methodology based on your research question and objectives.
Data Collection: Gather relevant data using surveys, interviews, observations, or experiments.
Data Analysis: Analyze the collected data using statistical tools (for quantitative research) or thematic analysis (for qualitative research).
Interpretation of Results: Draw conclusions based on your analysis and discuss their implications.

Best Practices in Research Methodology for Project Topics

To ensure the quality and integrity of your research, follow these best practices:

Ensuring validity and reliability of data: Use reliable measurement tools and sampling techniques to minimize errors.
Ethical considerations in research: Obtain informed consent from participants, protect their privacy, and avoid any form of deception.
Proper documentation and citation: Keep detailed records of your research process and cite all sources properly to avoid plagiarism.
Peer review and feedback: Seek feedback from peers and experts in your field to improve the quality of your research.
The impact of online surveys on response rates and data quality.
Comparing the effectiveness of focus groups and individual interviews in marketing research.
Analyzing the ethical considerations of using social media data for research.
Exploring the potential of big data analytics in social science research.
Evaluating the reliability and validity of mixed-methods research approaches.
Examining the role of cultural sensitivity in international research projects.
Investigating the challenges and opportunities of conducting research in conflict zones.
Analyzing the effectiveness of different strategies for recruiting research participants.
Exploring the use of action research methodologies in addressing real-world problems.
Evaluating the impact of researcher bias on the research process and outcomes.
Investigating the potential of citizen science for collecting and analyzing data.
Exploring the use of virtual reality in conducting research studies.
Analyzing the ethical considerations of conducting research with vulnerable populations.
Evaluating the effectiveness of different strategies for disseminating research findings.
Examining the role of storytelling in qualitative research.
Investigating the use of visual methods in research, such as photography and video.
Analyzing the challenges and opportunities of conducting longitudinal research studies.
Exploring the use of case studies in research projects.
Evaluating the effectiveness of different strategies for coding and analyzing qualitative data.
Examining the role of theory in research design and analysis.
Investigating the use of discourse analysis methodologies in research.
Analyzing the strengths and limitations of quantitative research methods.
Exploring the use of experimental research designs in social science research.
Evaluating the effectiveness of different sampling techniques in research.
Examining the role of research ethics committees in ensuring the ethical conduct of research.
Investigating the challenges and opportunities of conducting research online.
Analyzing the impact of social media on public perceptions of research.
Exploring the use of gamification in research to increase participant engagement.
Evaluating the effectiveness of different strategies for data visualization.
Examining the role of open access in making research findings available to a wider audience.
Investigating the challenges and opportunities of interdisciplinary research collaborations.
Analyzing the impact of political and economic factors on research funding.
Exploring the use of participatory action research methodologies to empower communities.
Evaluating the effectiveness of different strategies for knowledge mobilization.
Examining the role of research in informing policy and practice.
Investigating the use of artificial intelligence in research methodologies.
Analyzing the ethical considerations of using facial recognition technology in research.
Exploring the potential of blockchain technology to improve data security and transparency in research.
Evaluating the effectiveness of different strategies for engaging with stakeholders in research projects.
Examining the role of reflexivity in qualitative research.
Investigating the use of narrative inquiry methodologies in research.
Analyzing the strengths and limitations of case studies as a research method.
Exploring the use of secondary data analysis in research projects.
Evaluating the effectiveness of different strategies for managing and storing research data.
Examining the role of research assistants in the research process.
Investigating the challenges and opportunities of conducting research in developing countries.
Analyzing the impact of climate change on research methodologies.
Exploring the use of citizen science for environmental monitoring.
Evaluating the effectiveness of different strategies for conducting research with indigenous communities.
Examining the role of research in promoting social justice.
Investigating the historical development of research methodologies.
Analyzing the impact of technological advancements on research practices.
Exploring the use of mixed methods research approaches in different disciplines.
Evaluating the effectiveness of different strategies for managing research projects.
Examining the role of research funders in shaping research agendas.
Investigating the challenges and opportunities of conducting research across different cultures.
Analyzing the impact of language barriers on research communication.
Exploring the use of collaborative online platforms for conducting research.
Evaluating the effectiveness of different strategies for promoting research skills development.
Examining the role of research misconduct in undermining public trust in research.
Investigating the challenges and opportunities of conducting research with children.
Analyzing the impact of research on mental health and well-being.
Exploring the use of arts-based research methodologies.
Evaluating the effectiveness of different strategies for recruiting and retaining research participants.
Examining the role of research networks in supporting researchers.
Investigating the challenges and opportunities of conducting research in the private sector.
Exploring the use of open science practices to promote research transparency and reproducibility.
Evaluating the effectiveness of different strategies for mentoring and supporting early-career researchers.
Examining the role of research misconduct in retracting scientific articles.
Investigating the challenges and opportunities of data sharing in research.
Analyzing the impact of open data initiatives on scientific progress.
Exploring the use of crowdsourcing in research to gather data and solve problems.
Evaluating the effectiveness of different strategies for promoting research impact.
Examining the role of alternative research metrics in evaluating the quality of research.
Investigating the use of bibliometrics to analyze research trends and identify emerging areas.
Analyzing the impact of research on public policy and decision-making.
Exploring the use of participatory research methodologies to empower communities.
Evaluating the effectiveness of different strategies for communicating research findings to the public.
Examining the role of social media in disseminating research findings.
Analyzing the impact of humanitarian aid on research practices in developing countries.
Exploring the use of research methodologies to address global challenges, such as climate change and poverty.
Evaluating the effectiveness of different strategies for building research capacity in developing countries.
Examining the role of international research collaborations in promoting global research excellence.
Investigating the challenges and opportunities of conducting research in the field of artificial intelligence.
Analyzing the ethical considerations of using autonomous robots in research.
Exploring the potential of artificial intelligence to automate research tasks.
Evaluating the effectiveness of different strategies for mitigating the risks of bias in artificial intelligence-powered research.
Examining the role of research in shaping the future of work.
Investigating the impact of automation on research jobs.
Exploring the use of new technologies to improve research efficiency and productivity.
Evaluating the effectiveness of different strategies for developing transferable skills for researchers.
Examining the role of lifelong learning in maintaining research expertise.
Investigating the impact of research funding cuts on research quality and innovation.
Exploring the use of alternative funding models, such as crowdfunding and philanthropy, to support research.
Evaluating the effectiveness of different strategies for advocating for increased research funding.
Examining the role of research universities in driving innovation and economic growth.
Investigating the impact of research on social and cultural change.
Exploring the future of research methodologies in an ever-changing world.

Examples of Research Methodology Project Topics

Here are some examples of project topics suited for different research methodologies:

Quantitative Research Topics

The impact of social media usage on mental health among teenagers.
Factors influencing customer satisfaction in the hospitality industry.

Qualitative Research Topics

Exploring the experiences of first-generation college students.
Understanding the challenges faced by small business owners during the COVID-19 pandemic.

Mixed-Methods Research Topics

Assessing the effectiveness of a school bullying prevention program .
Investigating the relationship between exercise habits and stress levels among working adults.

Research methodology is like a compass that guides you through the journey of inquiry. By understanding the different types of methodologies, factors influencing their choice, and best practices, you can embark on your research methodology project topics journey with confidence.

Remember, the key to successful research lies in asking the right questions and choosing the appropriate methodology to find the answers.

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Mapping marine insurance: a bibliometric review: a taxonomical study using bibliometric visualization and systematic analysis

Original Article
Published: 17 May 2023

Cite this article

Nejla Ellili 1 ,
Haitham Nobanee ORCID: orcid.org/0000-0003-4424-5600 1 , 2 , 3 ,
Ahmad Yuosef Alodat 4 ,
Mehroz Nida Dilshad 3 , 5 &
Sabiha Nuzhat 6

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This study aims to identify the current trends in the literature on marine insurance by applying a bibliometric review of documents published in the Scopus database. This analysis was based on the most cited papers, most influential authors, countries, and organizations, as well as the most frequent keywords. In addition, qualitative content analysis was conducted. It reviewed 293 documents on marine insurance. Bibliometric analysis was performed using VOSviewer, and qualitative content analysis was performed using WordStat. The results identify three major clusters: (1) risk assessment, (2) marine insurance, and (3) the insurance industry. This paper also presents recommendations for future research in this field. The findings of this study have implications for marine insurance, such as new developments to be implemented in the insurance industry to enhance its efficiency. This study is the first to review marine insurance publications that can be largely used for insurance practices. This study provides an overview of how the literature on marine insurance research has developed, as well as a summary of the most influential authors, along with countries, organizations, and journal sources. This offers an opportunity for future research to focus on this topic.

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Avoid common mistakes on your manuscript.

Introduction

A bibliometric review is a research approach used to identify current trends and patterns in the literature within a given field of study. This approach was used to determine the direction and practice of a research field (Ortiz-Pimentel et al. 2020 ). In addition, this approach is not only an integral tool for determining the extent of influence of a researcher in a particular field but also informs about differences in terms of activity and impact, finds seniority of research activity, and explains the flow of information (Karanatsiou, et al. 2019 ).

Risk is a prevalent part of life, given that human cognition finds and fears the occurrence of risk in every event and aspect of life (Li et al. 2020 ). The impact of risk and its associated consequences are seen throughout life and work components, including marine-related events, which are the primary foundation behind marine insurance and its risk assessment. The foundation of marine and maritime insurance reflects the medieval age with the expansion of trade, which led people in business to take measures to protect themselves against voyage risks (Iodice and Piccinno, 2021 ). In addition, the development of modern science and technology and human understanding of the ocean has increased over the past few years, leading to an expansion in ocean development activities (He et al. 2020 ). Thus, marine insurance is a vital part of domestic and international trade that involves the transshipment of goods from one place to another via the sea. It is crucial to protect a shipment from any loss or damage that may be incurred by the shipment or the ship itself.

Marine insurance is the oldest form of insurance that protects shipping companies and cargo owners against various losses of the ship and/or cargo, along with managing risks in the event of unfortunate and unforeseen events, such as accidents, environment, damage to the property, or loss of life (Puscaciu and Ebiere 2019 ). Similarly, Rose ( 2012 ) defines marine insurance as the process of identification, categorization, assessment, and mitigation of threats to all formal and informal entities to limit capital losses in cargo, terminals, and transport, among others. As the name implies, it is not only for sea transport; it covers all transport through land, air, or water (Rose 2012 ). Marine insurance is immense and often required by certain international trade contracts. The marine industry has the characteristics of high investment and high risk, for which it is crucial to have a financial system of financing and risk control in place (He et al. 2020 ). To build a diversified financing channel, He et al. ( 2020 ) suggest that ocean policy banks and non-bank financial institutions should be established by taking measures from financial support organizations and financial institutions.

The purpose of this study is to promote an understanding of the worldwide influence of marine insurance research by analyzing related publications from 1864 to 2022. A bibliometric examination of marine insurance literature has been conducted to offer straightforward comprehension of the significant elements of the subject matter. Furthermore, this analysis highlights frameworks that can aid in improving the current situation. The study effectively presents the findings collected from various research endeavors and provides directions for future research. It is worth noting that no bibliometric analyses have been conducted on marine insurance, to our knowledge.

To the best of our knowledge, there is no single study on the bibliometric analysis of documents on marine insurance publications in the Scopus database; therefore, this study sheds light on said topic. This study contributes to the literature by evaluating the most relevant publications on marine insurance. The results identified three major clusters: (1) risk assessment, (2) marine insurance, and (3) insurance industry. In addition, the results reveal that marine insurance has experienced increasingly important growth in publications, reflecting its significant contribution to the marine research field. Additionally, this study identifies the authors, countries, and organizations that have been the most influential in marine insurance documents published in the Scopus database.

This study is significant in the field of marine insurance as it provides a detailed analysis of the literature, and identifies key themes, knowledge gaps, and emerging trends in the field. There is a lack of a comprehensive bibliometric review of the marine insurance literature, and this study fills the gap by using advanced methods such as bibliometric visualization and systematic analysis. The study's findings can inform future research, policy-making, and industry practices in marine insurance, making it a valuable research project in the field. The study contributes to the understanding of marine insurance by providing a foundation for future research and policy-making, making it a valuable resource for researchers, practitioners, and policymakers.

The remainder of this paper is organized as follows. " Literature review " section exhibits a literature review. Next, " Methodology " section explains the methodology and data. " Results and discussions " section presents the results and discussions, as well as directions for future research. Subsequently, " Content analysis " section exhibits the content analysis. Finally, " Conclusion " section concludes the paper.

Literature review

Marine risk assessment addresses ocean vessels operating in high-risk environments, thus attracting extensive attention (Adland et al. 2021 ). Risk assessment refers to the systematic analysis of business risks. The ideas and ideologies of risk management have experts searching for mitigating strategies (Georgeta and Alexandru 2017 ). Risk management strategies that effectively mitigate risk are recognized as risk management techniques. The simplest rendition of risk assessment is a combined effort to assess, identify, analyze, and process risks to an individual, asset, or environment. Judgment formation in risk assessment is a niche area that analyzes the tolerability of potentially harmful situations in an individual, investment, or environment under certain influential factors (Georgeta and Alexandru 2017 ). With this assessment in mind, the risk assessment of marine insurance aims to minimize monetary and human losses by ensuring that corrective measures are taken before a vessel leaves for a journey. However, vessels carrying this trade are highly capital-intensive assets costing millions of US dollars, which can far exceed the value of individual companies (Adland et al. 2021 ).

Heij and Knapp ( 2018 ) state that the growing importance of trade globally inadvertently increased the use of all supply channels, including marine routes. As opposed to air transport, maritime transport of goods is considered safe. The vessel maintains steady contact with the ground and has less fear of accidents, ceteris paribus. Over time, the consistent development of risk in marine-related transactions has urged many proficiencies in evaluating the notion of maritime risk closely in an attempt to develop mitigation techniques in marine insurance. Patterns soon emerged, and experts in the field gauged them to give birth to a set of methodologies and techniques that would aid in mitigating risk.

A generalized overview indicates that risk assessment in marine insurance will probably identify all preemptive issues likely to result in hazards. For instance, effective risk assessment in the field is likely to positively influence maritime transactions, given that the risk assessment will study the patterns of harm in the field, evaluate each hazard associated with the risk, and limit the possibility of a recurrence. Lorenc and Kuźnar ( 2018 ) posited that the effective implementation of risk assessment in marine insurance and associated fields has a positive influence on the entire process. The idea that a good start with a simple process flow is likely to have a good end applies in earnest here, whereby safety and security in marine insurance due to consistent risk assessment are likely to limit monetary and human loss in any maritime transaction (Lorenc and Kuźnar 2018 ). One of the key benefits of risk assessment in marine insurance is the fact that the effective identification of avenues susceptible to risk will help the instances of risks efficiently (Lorenc and Kuźnar 2018 ). Eggers ( 2019 ) confirms that among all instances of risks and losses in marine-related events, the likelihood of deliberate harm to ships and cargo is a potential issue that increases marine insurance demand and risk assessment. He et al. ( 2020 ) emphasized the importance of improving the current marine development strategy for the healthy and sustainable development of the marine economy. This is essential to stimulate the development of the marine economy during the landing and implementation of projects and the long-term development of marine enterprises.

Globalization is recognized as one of the most significant consequences of technology, following which better trade routes were designed, given that distances were reduced. This assessment ensures the smooth flow of goods, services, labor, and capital through risk assessment in marine insurance. The dynamic global trade environment is constantly exploited by entities worldwide, both positively and negatively. Rawlings ( 2018 ) ensures that the role of risk assessment in maritime insurance is to alleviate factors that support the positive exploitation of global trade and indefinitely limit the negative factors. Risk assessment in marine insurance has the potential to counter issues and hiccups that allow illegal exploitation of global marine trade routes and those that aim to disrupt the business flow of firms that positively influence the global economy and their respective national economy. Mokhtari and Ren ( 2014 ) proposed a risk assessment methodology that, in their perspective, can be implemented for practice as opposed to other methodologies and frameworks that have only been found to be effective on paper. A four-step framework initially requires risk identification. The quest to understand the extent of risk can be identified by the product of the impact and frequency of risk, a step recognized as risk evaluation. Similar to the risk assessment matrix, Mokhtari and Ren ( 2014 ) highlighted that a score that coincides with the score of risk influence and frequency of risk would identify the extent of recurrence and problem, which will allow experts to effectively focus on areas that require more attention and revert attention from areas that have the least risk. The particular step comes in at the third stage of the framework that aims to conduct risk mitigation. The last step is aimed at conducting risk monitoring and review, a step that is determined to understand how well the risk was evaluated and if there is a need for further assessment and correction. Failure to undertake the right measures is where the framework demands proficiency to start again from the second step.

Miller et al. ( 2016 ) posit that risk assessment in marine insurance has the potential to reduce illegal, unreported, and unregulated fishing (IUU), given that the quest to reduce activity in IUU demands consistent monitoring and mitigation efforts, a prime part of risk assessment in marine insurance and marine activities altogether. In an attempt to undermine IUU, Miller et al. ( 2016 ) propose that logistics assessment allows a firm to claim insurance for damages incurred to assets while they are in transit. To ensure that the firm in question does not face the issue of warranty, Abd Ghadas and Ahmad ( 2017 ) highlight that the suspensive effect under the Insurance Act 2015 is likely to aid firms that face losses in the hands of aggressors. Miller et al. ( 2016 ) posit that site risk assessment in marine insurance allows firms to evaluate the inventory condition, the process of inventory management itself, the distribution, the loading process, the delivery process, and other attributes associated with an asset while in-transit storage. This aspect provides a comprehensive overview of asset delivery, loading, and docking transactions. The Post-loss Assessment in Risk Assessment of Marine Insurance allows for a comprehensive overview of prior accidents in marine transit, which allows firms and insurers to limit any similar recurrences altogether (Miller et al. 2016 ). For instance, identifying potential areas where aggressors consistently attack vessels will allow insurers and associated law enforcement bodies to assess the area to drive away and arrest aggressors.

The project Cargo Risk Services follows the methodology proposed by Mokhtari and Ren ( 2014 ), whereby issues, the probability of risk, and the impact of risk allow regulatory bodies to study the events and aspects that should be prioritized in the risk assessment of marine activities and marine insurance to mitigate them (Mokhtari and Ren 2014 ). The benefits and significance of risk assessment in marine insurance are not the only approaches firms face in the marine industry. Following the theory of Yin and Yang, everything in the world, even risk assessment in marine insurance, faces issues and complexities. Every good in the world is associated with an evil, and every right is associated with a wrong (Mokhtari and Ren 2014 )). For instance, Mokhtari and Ren ( 2014 ) posited that the availability of many safety and security regulations in the risk assessment of marine insurance is countered by the lack of enforceable actions. Expressly, many theories and frameworks proposed in favor of risk assessment in marine insurance are limited in the sense that they only assess risk rather than manage it (Mokhtari and Ren 2014 ).

Furthermore, researchers highlight that, to date, the implementation process for risk assessment in marine insurance has been relatively slow, which limits the application processes significantly. On the other hand, Eggers QC ( 2019 ) posits that one of the most saddening facts about risk assessment in marine insurance is that the issues and accidents occurring with trade vessels are incurred by aggressors rather than nature itself, highlighting that those accidents are primarily manmade. As such, the quest for risk assessment in marine insurance is a human activity that is fairly limited due to counteractivity on the part of humans. The consistent prevalence of illegal fishing activities is another major issue that limits the risk assessment activity of marine insurance. Pirates across sea routes may have evolved from their conventional forms and shapes (Eggers QC 2019 ). However, piracy still exists, and any outbound vessel that comes in the pirates’ path is likely to face disruption or be plundered, with the death of the crew as an imminent factor. The respective factors highlight how and why risk assessment in marine insurance is likely to be limited because of unprecedented factors that limit its applicability and operability.

The idea of risk management was initially associated with using marine insurance to protect people from extensive losses in ships, cargo, etc. (Heij and Knapp 2018 ). This research aims to conduct a bibliometric and systematic literature assessment through cluster analysis. In essence, the research will closely follow the literature from different authors in other countries, and through different journals, through a bibliometric assessment to understand the trends that form an essential part of the current marine world and risk assessment theory. The focal theme of the bibliometric assessment is to analyze the current trends in the industries of interest, identify prominent patterns, and identify the course of the future for the field. Albeit international trade practices are becoming advanced and safer each year, there are always chances of hazards, especially through the sea, when the weather is not predicted correctly. Marine insurance covers all or some parts of the damage costs. Any party involved in the trade agreement will not pay the cost of damage to the cargo or goods. Instead, the insurance company and provider will be liable to pay the damage cost (Gibbs and Browman 2015 ).

The study emphasizes the importance of substantiating review decisions with relevant rationales and references. The article presents a bibliometric analysis of literature on marine insurance published from 1864 to 2022. The authors utilized a systematic approach that involved mapping and visualizing the literature to identify the salient aspects of marine insurance research. They provide an in-depth analysis of the frameworks and methodologies utilized in previous studies, thereby contributing to the betterment of the situation. By substantiating their review decisions with relevant rationales and references, the authors offer transparency and credibility to their bibliometric review. This article justifies its review by utilizing an organized and systematic approach, which is essential to ensure the quality of the review process (Paul et al. 2021 ; Kraus et al. 2022 ).

Bibliometric analysis is a sophisticated research technique that employs quantitative measures to scrutinize and comprehend scientific literature. This method provides a comprehensive overview of the research scenario in a particular field, enabling researchers to detect trends, patterns, and interconnections in the publication and citation of scientific articles. The field of bibliometric analysis has seen recent advancements with the works of Donthu et al. ( 2021 ), Mukherjee et al. ( 2022 ), and Mishra et al. ( 2023 ), who have made important contributions to its development. It is also worth mentioning that bibliometric analysis is built upon seminal guides in the field, and its use can support the progression of both theory and practice within the field.

The applications of bibliometric analysis in the domain of Marine Insurance are numerous. Some of the notable applications include: identifying the most prominent authors and journals in a specific field, charting the structure of scientific knowledge by analyzing the associations between diverse fields and disciplines, evaluating the impact of research by determining the number of citations received by a specific article or author, monitoring the progression of research themes over time, and assessing the efficiency of research institutions, countries, and funding agencies.

In conclusion, bibliometric analysis delivers substantial information that fosters the growth of theory and practice in the field. By presenting a complete overview of the research scenario and aiding researchers to pinpoint the most impactful and vital works, it serves as a valuable tool for advancement in the field.

Methodology

The present study employs a bibliometric approach to map the research landscape of the marine insurance domain. To achieve this goal, a comprehensive search of the Scopus database was conducted, and a set of relevant articles was selected for analysis. The analysis involved two main methodologies: bibliometric visualization and systematic analysis. The bibliometric visualization was carried out using VOSviewer software, which enabled the identification and analysis of the co-citation patterns of the articles. The software generated a map of the articles and their citation relationships, which facilitated the identification of clusters of related research. The clusters were further analyzed using systematic analysis, which involved the examination of the abstracts and keywords of the articles in each cluster.

The integration of bibliometric and content analysis techniques offers a more comprehensive perspective on the subject under examination. The bibliometric analysis sheds light on the publication history and author network, while content analysis delves deeper into the content of the articles. By utilizing both methods, one can gain a deeper understanding of the progression of a particular field, prevalent trends, and areas in need of further research. This multi-method approach has been proven to provide valuable insights into the current state of the field and aid in the determination of future research directions, as demonstrated in prior studies (Kumar et al. 2022 ; She et al. 2022 ).

This paper aims to conduct a bibliometric review by considering quantitative and qualitative approaches to marine insurance as focal research. This study is the first attempt to identify the available patterns in this field and recommends directions for future research by enforcing laws related to marine insurance. This review includes all published documents on marine insurance in journals, books, conferences, book chapters, and article reviews. These documents are reviewed to examine the role of risk assessment in marine insurance. Scopus was chosen as the database where the search strings “Marine Insurance,” “Risk Assessment,” and “Cargo Insurance” will be run alongside certain other factors, such as the language limit of English. Figure 1 presents a flow chart summarizing the steps involved in this bibliometric study to analyze the topic (Nobanee 2020 ).

Flow chart of bibliometric analysis on marine insurance

The following research strings were used to extract related documents on marine insurance, cargo insurance, and risk assessment. The first research string generated 332 documents from 1864 to 2022. Further, the research string was refined using Scopus to generate more refined results. The string “(TITLE-ABS-KEY (“marine insurance” OR “cargo insurance” OR “risk assessment”) AND (LIMIT-TO (DOCTYPE, “ar”) OR LIMIT-TO (DOCTYPE, “cp”) OR LIMIT-TO (DOCTYPE, “ch”) OR LIMIT-TO (DOCTYPE, “re”) OR LIMIT-TO (DOCTYPE, “no”) OR LIMIT-TO (DOCTYPE, “le”)) AND (LIMIT-TO (LANGUAGE, “English”))” generated 293 documents. The refinement of the documents was based on the fact that the search was limited to several document types, such as journals, books, book series, trade journals, and conference proceedings (Nobanee 2021 ).

After extracting the papers from the Scopus database, VOSViewer was used to examine the clusters in terms of authors, journals, organizations, countries, and sources that have contributed to the field (Nobanee et al. 2021 ). In addition, content analysis is conducted to understand the trends and directions for future research in this field, and the results are included in " Results and discussions " section.

Results and discussions

Results and Discussions section of this study provides an overview of the findings derived from the application of VOSviewer in the field of marine insurance. In this section, we present tables and visualization maps that highlight the clusters extracted from VOSviewer, which will be further analyzed to gain a deeper understanding of the trends and research patterns in this domain. The purpose of this analysis is to provide insights into the current state of research in marine insurance, to inform future research and policy-making in this field. The following section outlines the key findings and implications of this study, which are based on the analysis of the clusters presented in this section.

Tend in the publication of documents on marine insurance

Figure 1 highlights the trend of publications on marine insurance between 1864 and 2021, compared with the annual number of shipwrecks. Data on the annual number of shipwrecks were manually collected from Wikipedia, which discloses the list of shipwrecks for each year (for instance, the list of shipwrecks in 1864 Footnote 1 ) (Fig. 2 ).

Documents on marine insurance compared to the annual number of shipwrecks

Overall, the number of published documents is not correlated with the annual number of shipwrecks, except in 1983, 2005, 2009, 2012, 2013, 2016, and 2017, when the number of published documents was positively associated with the increase in shipwrecks in one or two years prior. In 1981–1982, the number of published documents on marine insurance was limited to a maximum of two, regardless of the annual number of shipwrecks. Compared to the 70 s, the significant increase in shipwrecks in 1981 has attracted the attention of researchers in the field of marine insurance, and the number of published documents exceeded three in the following six years and reached a maximum of nine in 1983. In 1988–2000, the number of documents declined, except in 1996 and 1997, when the number of documents reached six and five, respectively. This can be explained by the surge of shipwrecks in 1996. Starting in 2001, the number of published documents increased slightly, peaking at 11 in 2005. Following the increase in shipwrecks in 2007 and 2008, the number of published documents increased to 13 in 2009. Notably, as a result of the consecutive increase in shipwrecks in 2011 and 2012 as well as in 2015 and 2016, the subject gained more attention from researchers. Consequently, the number of paper documents reached 19, 24, 17, and 17 in 2012, 2013, 2016, and 2017, respectively.

Most cited documents

The identification and analysis of the most cited documents are an important step in understanding the landscape of research in a particular field. In this study, we have analyzed the most cited documents in the domain of interest, which has provided valuable insights into the seminal works that have shaped the direction of research in this field. By identifying the most cited documents, we can gain an understanding of the key concepts, theories, and methodologies that have been influential in shaping the research landscape. This information can be used to inform future research and policy-making and to guide the development of new approaches and methodologies in this field. Overall, the analysis of the most cited documents is an important tool for gaining a deeper understanding of the historical and intellectual foundations of research in a particular domain. This section presents an analysis of the most cited papers on marine insurance published in the Scopus database; the results are reported in Table 2 .

An analysis of influential authors was carried out by determining the influence of researchers through citations. As revealed in Table 2 , Østreng et al.'s ( 2013 ) paper have the highest number of citations compared to many other articles published decades ago. The study, which was conducted on Arctic waters, is the most comprehensive analysis of various factors and conditions that affect the development of the shipping industry in the region. It covers multiple factors affecting the operations of the transportation industry, such as the availability of resources, the environment, and corporate governance. These factors and conditions include increasing competition and lock-in effects, changing environmental conditions, and geopolitical situations. Following Østreng et al. ( 2013 ), Hassel et al. ( 2011 ) have 91 citations, and de Roover ( 1945 ) has 64 citations, respectively. Figure 3 shows the associated visualization map of Table 1 , which shows the prioritized assessment of the documents based on citations acquired since the publishing period.

Visualization map of most cited documents

Figure 3 presents the primary findings for the most frequently referenced articles. To assess the impact and significance of articles based on their citations, we analyzed citations for influential authors and top-tier documents. According to Fig. 3 , Kingston and Merkens have made the most significant contributions to the field. While the visualization map reveals some small clusters, indicating a degree of homogeneity in addressing the research topic of marine insurance. The key provided above clarifies the themes covered by the papers in each cluster on the chosen subject. In terms of citations, several studies are reported in Table 2 , including de Roover ( 1945 ), Kingston ( 2007 ), Oldham ( 2007 ), Ibbetson ( 2008 ), Crothers ( 2004 ), and Lefkowitz et al. ( 2019 )."

Distribution of documents by type

All documents from the Scopus database were distributed into the following types: articles, conference papers, book chapters, reviews, notes, and letters. The results are presented in Fig. 4 .

Documents type

Figure 4 presents a pie chart distributing the documents into types and indicates that there is a dominance of journal papers in marine insurance research fields that represent 46% of the total documents, while 18% are conference papers, 13% are book chapters, 11% are reviews, and notes and letters are each 6%.

Most influential authors

The researchers have pinpointed the preeminent authors in the marine insurance domain, leveraging various bibliometric approaches to scrutinize their publications and impact on the field. The investigation has revealed a cohort of exceptionally influential writers who have made noteworthy strides in advancing the field. Their contributions persist to be referenced and applied by both scholars and practitioners. Table 3 presents these attributes, along with the number of published documents and citations. For a meaningful citation authors’ analysis, the threshold was set to a minimum of two papers and five citations per author. This yielded 19 of 387 authors.

Table 3 indicates that Soyer B. published the highest number of documents (6) on marine insurance, while Kingston C. has the highest number of citations (66) with fewer published papers (3). Kreme M. was the second most cited author, with four papers and 54 citations. The remaining authors had fewer than 30 citations. Figure 4 shows the associated visualization map of Table 3 , which exhibits the prioritized assessment of the authors based on citations acquired since the publication of their documents.

Figure 5 confirms Table 3 and shows Kingston C. in the middle of the map due to the highest number of citations and significant contribution to the marine insurance research field with the publications of three papers (Kingston 2007 , 2011 , 2014 ). Kingston ( 2007 ) analyzed various factors that affected the development of the marine insurance industry in America and Britain from 1720 to 1814. It focuses on the multiple agency problems and information asymmetry issues encountered during the early stages of international trade technology. Accordingly, the multiple equilibria that the market experienced during that period were due to the potential lemons problem. The combination of external shocks and internal development caused a bifurcation in the institutional structure, which continues to affect the market today. Kingston ( 2011 ) analyzed the organizational forms used during the development of the marine insurance industry and examined the effects of the Quasi-War between the USA and France during 1795–1801. This study revealed that the powerful external shock that occurred during the late 1790s significantly increased the risks faced by American merchant shipping. Kingston ( 2014 ) studied various governance structures that emerged during the development of the marine insurance industry between 1350 and 1850. These structures were established as a result of the spread of insurance from medieval Italy to other regions by considering informal mechanisms such as market governance in the development of insurance law.

Visualization map of most influential authors

Most influential countries

Marine insurance is a critical component of global trade, ensuring the safety of goods and vessels as they move across the world's oceans. As a result, the countries that are most influential in the marine insurance industry have a significant impact on international commerce. Table 4 presents the numbers of documents and citations by country. The UK contributes the most to marine insurance publications, with 61 papers, followed by the USA, which has the highest number of citations (50 papers), then China and Norway (16 papers). Considering these three countries together, they accounted for almost 38.64% of the total publications. The research concentration in this field suggests that marine insurance research is mainly conducted in a few countries. Canada, Australia, Sweden, and Denmark are emerging in marine insurance research in terms of the number of papers and citations.

Figure 6 shows the contribution of each country to marine insurance. This confirms the results reported in Table 4 and shows that the USA and the UK contribute the most to research on marine insurance.

Most influential countries visualization map

Most influential organizations

The marine insurance industry is a complex and specialized field, with many organizations playing important roles in ensuring the safety and security of goods and vessels as they move across the world's oceans. Here are some of the most influential organizations in the field of marine insurance. The numbers of documents and citations by organization are presented in Table 5 . The University of Copenhagen in Denmark, Det Norske Veritas in Norway, and the University of Alaska Fairbanks in the US have the highest citations. In addition, Table 5 reveals that three universities in the most influential organizations section are located in the US (University of Alaska Fairbanks, Oberlin College, and Amherst College). Notably, universities in Japan (the University of Tokyo and Kobe University) are emerging in this field of research.

Figure 6 shows the organizations contributing the most to the marine insurance field. It reveals that US universities have contributed the most in this field. Nevertheless, this figure manifests a need for further research developments in this field in the remaining universities (Fig. 7 ).

Most influential organizations visualization map

Most frequent keyword

Figure 8 presents the co-occurrence of keywords used in documents on marine insurance. Although the central themes of our analysis were marine insurance and risk assessment, the results showed that “insurance history” appeared to be among the most common keywords with high occurrence. This indicates that the insurance history has attracted researchers’ attention when studying marine insurance. Figure 8 identifies three main clusters: (1) risk assessment (red), (2) marine insurance (blue), and (3) insurance industry (green).

Keywords co-occurrence map

Table 6 provides more detailed information about each cluster. Risk assessment clusters include studies on risk prevention (Hassel et al. 2011 ), cargo insurance (Dunt 2013b , 2013a ; Bull and Wilhelmsen 2013 ), insurance contracts (Song 2014 ), insurance costs (Ul Din et al. 2013 ), freight transportation (Morra 1988 ), marine engineering (Praetorius et al. 2020 ), marketing in marine risk (Puttevils and Deloof 2017 ), and shipbuilding (Kverndal 2016 ; Stuart 2005 ). The marine insurance cluster includes studies on commerce (Downs 2004 ; Noussia 2008 ), economics (Hohman 1926 ; Leonard 2012 ), insurance premiums (Beenstock and Khajuria 1986 ), laws and legislation (Anon 1996 ; Merkin 2013 ), maritime transport (Peter 2020 ; Zhang and Lam 2017 ), risk management (Turnbull and Haddud 2018 ), and ships (Djurhuus 2021 ; Oldham 2007 ). In the insurance industry cluster, studies focus on maritime accidents (Hassel et al. 2011 ), humans (Yang and Li 2019 ), insurance businesses (Santoso et al. 2021 ; Zulfiqar et al. 2020 ), insurance companies (Goulielmos et al. 2002 ; Skorna et al. 2010 ), insurance systems (Han and Jiang 2019 ; Santoso et al. 2021 ), shipping (Wilhelmsen 2009 ), the UK (Pearson 2012 ), and the USA (Farber 2020 ; Huebner 1905 ).

Each color in the figure represents a distinct cluster based on the analysis. The blue cluster relates to marine insurance, the red cluster pertains to the insurance industry in general, and the green cluster specifically focuses on insurance companies. By including this note, readers can better understand the key takeaways from the figure and easily interpret the data. The clusters provide valuable insights into the main areas of focus for the company.

Content analysis

In addition to bibliometric analyses, a content analysis of the titles and abstracts of papers on risk insurance topics published in the Scopus database was conducted using Wordstat. Table 7 presents the results.

The results shown in Table 7 indicate that the most common research topics of documents on marine insurance published in the Scopus database are insurance law, logistics service, government, and the black sea region. The first topic of insurance law includes studies on insurance contracts (Bennett 2019 ; Heiss 2012 ; Song 2014 ), insurance laws (Rose 2012 ; Thomas 2016 ), and insurance clauses (Passman 2009 ; Petrinović and Lovrić, 2012 ). The topic of logistics services includes logistics modeling (Jansons et al. 2015 ; Jurenoks et al. 2013b ), insurance premiums (Beenstock and Khajuria 1986 ; Zhang and Sun 2019 ), and logistics costs (Jurenoks et al. 2013a ). The government topic includes studies on its involvement in marine insurance (Goldman 2015 ; Goldman and Goldman 2010 ). The topic of the Black Sea region consists of studies that examine marine insurance in Russia (Novikova et al. 2022 ; Petrov 2012 ; Turitsyn 2019 ).

In addition to content analysis, this section reviews the most recently published documents on marine insurance to determine the latest research trends in this field. These papers were categorized into three bibliometric clusters determined by bibliometric analysis: (1) risk assessment, (2) marine insurance, and (3) insurance industry. This systematic approach examines each paper in depth and filters research papers to determine future gaps (Table 8 ).

This study analyzes published documents on marine insurance topics published in the Scopus database, identifies current ideas and concepts related to this field, and provides recommendations for future research. The most influential authors, along with organizations and countries, were identified by applying several bibliometric and content analyses. In addition, this study identifies three main clusters: (1) risk assessment, (2) marine insurance, and (3) the insurance industry.

This study has theoretical and practical implications. First, it provides an overview of the evolution of marine insurance research over time and identifies the most relevant topics. Second, it helps researchers gain an idea about previous and current research topics in this field, as well as the most cited documents. Third, based on this study's findings, marine insurance researchers can identify areas of future research on which they should focus. For instance, they can analyze various issues that emerged during the COVID-19 pandemic to improve the marine insurance industry. However, this direction of future research remains unexplored. In addition, future studies may analyze the dynamics of marine insurance over time and the benefits of implementing the latest technologies in the development of marine insurance.

The current study provides valuable insights into the research landscape of marine insurance. However, the study suggests that further research in the areas of artificial intelligence and machine learning, sustainable financing, and ESG reporting could deepen our understanding of the field and provide useful recommendations for marine insurance practitioners and policymakers. These areas could help inform underwriting and pricing decisions, drive the transition to a low-carbon economy, and improve reporting and accountability mechanisms. Future research in these areas could provide valuable insights into the potential applications and benefits of emerging technologies and sustainable practices in marine insurance, and help create a more sustainable and resilient future for the sector.

This study also highlights the importance of marine insurance in addressing maritime transportation risks. This field has been acknowledged as an important research topic for exploring various factors affecting this industry. This study has a few notable limitations. First, it included only documents published in the Scopus database, while other databases, such as the Web of Sciences, were explored. Second, future studies should conduct more bibliometric reviews, such as cocitation analyses. Third, other software, such as CiteSpace, could also be used to visualize various topics that have emerged in the literature on marine insurance. Despite these limitations, this study provides an updated analysis of the marine insurance research field.

Data availability

The data that support the findings of this study are available on request from the authors.

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Acknowledgements

We would like to thank Editage for their extensive support in editing this article.

This research did not receive any specific grant from funding agencies in the public, commercial, or not-for-profit sectors.

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Oxford Centre for Islamic Studies, University of Oxford, Oxford, UK

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All authors have contributed equally; NE took part in conceptualization, data curation, formal analysis, funding acquisition, investigation, methodology, resources, software, supervision, validation, visualization, roles/writing—original draft, writing—review and editing. HN involved in conceptualization, data curation, formal analysis, funding acquisition, investigation, methodology, project administration, resources, software, supervision, validation, visualization, writing—review and editing; AA took part in data curation, formal analysis, investigation, methodology, writing—review and editing; MND involved in conceptualization, data curation, methodology, resources, software, supervision, validation, visualization, writing—review and editing; SN involved in conceptualization, data curation, methodology, resources, software, supervision, validation, visualization, writing—review and editing.

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Ellili, N., Nobanee, H., Alodat, A.Y. et al. Mapping marine insurance: a bibliometric review: a taxonomical study using bibliometric visualization and systematic analysis. J Financ Serv Mark (2023). https://doi.org/10.1057/s41264-023-00232-w

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Published: July 30, 2015

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New research project: Technology-enabled homes for people with spinal cord injury and traumatic brain injury

May 23, 2024.

The National Injury Insurance Scheme Queensland (NIISQ) is partnering with the University of Sunshine Coast (UniSC) to investigate the benefits of technology-enabled homes for people with spinal cord injury (SCI) and traumatic brain injury (TBI). The two-year project, led by Senior Lecturer in Occupational Therapy, Dr. Michele Verdonck , will seek to understand how technology can be used in the homes of participants to improve independence, manage their disability, and enhance quality of life, health and well-being.

The project will increase knowledge and understanding of technology-enabled homes and grow a community of practice for participants to empower their use of smart technology. Guidelines will be created for best practice as well as a resource library on benefits and challenges for smart technology use.

Dr. Verdonck said recent improvements in mainstream access to smart tech and home automation presented exciting new options for quality of life. “Voice-controlled personal assistants like Alexa, Google Home, and Siri can be integrated with other smart technologies such as cameras, air conditioning, door openers, pet feeders and even sensors that monitor the health and wellbeing of the home occupant, remotely and unobtrusively,” Dr Verdonck said.

NIISQ General Manager Gaenor Walker said she was proud to partner with UniSC on the co-designed project.

“Having participants and people living with disability involved each step of the way means that not only are we understanding the different smart tech options available, but gaining excellent insight into what other people in the Scheme will be able to use successfully in the future,” Ms Walker said.

“Ultimately, it is our hope that by better understanding the features and benefits of available assistive and mainstream technologies, people living with spinal cord and traumatic brain injuries will have improved wellbeing and quality of life.”

Dr Verdonck is co-leading the study with Professor Jacquie Ripat , based in Canada, and UniSC academics Dr Katharina Merollini (health economics), Dr Dana Dermody (nursing) and Dr Bridie Kean , a public health expert and former paralympian in wheelchair basketball.

“This study is innovative because people with disabilities are involved as researchers and as participants from start to finish, from co-design to sharing findings,” Dr Verdonck said.

An advisory group with almost 30 people was established last year at UniSC and a Facebook group now numbers more than 50 participants.

The two-year project commenced in April 2024 with a total budget of $156k.

Last updated: May 2024

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UB Directory
Initiative for Plastics Recycling Research and Innovation >
Research >
Ongoing Research Tasks >

Research plastics in natural environments (micro/nano plastics)

Goals/objectives.

Data Gap Analysis: Evaluate the current state of microplastics research, especially in the context of source/sink understanding, transport, and receptor modeling, to determine further research needs.
NYS Public Outreach and Development of an NYS Microplastics Summit: Plan a comprehensive, state-centered microplastics summit at SUNY-Buffalo and invite diverse stakeholders to contribute. This summit aims to: -Provide an opportunity to connect and collaborate on microplastics issues in NYS -Discuss current microplastics research (Measurements, Health Impacts, Policies) -Determine research and policy gaps (Next Steps and Priorities) -Better understand needs in NYS to move towards solutions (Collaboration Opportunities)
NYS Receptor Survey: Understanding the types and quantities of plastic infiltration into water systems and terrestrial environments, especially major plastic contaminants in and around Lake Erie, other water bodies, and terrestrial environments to inform policy and educational outreach. -Identifying at-risk receptors in NYS -Identifying the types/sources of plastics that are most relevant to NYS receptors -Quantifying plastic pollution at selected receptor sites with an intent to link source apportionment studies to these measurements based on plastic types/sizes
Source Investigation: Understanding the sources that are contributing to a plastic pollution problem and how they can cause this issue. -Laboratory assessment of materials most prone to fragmentation and generation of microplastics in the environment -Product Replacement Investigations -Filtration Technology -Adsorption Studies

Methodology

NYS Receptor Survey:

Collaboration with the NYS DEC Hudson River Estuary Program (HREP) to Quantify Microplastics in Hudson River Tributaries, with Comparison to Citizen Science Measurements:

1 L water samples are collected by HREP partners and sent to UB for analysis. Samples are collected at the same time, and from the same location, as samples collected by community members participating in educational programming about microplastics.
Upon arrival to UB, samples are treated using wet peroxide oxidation to remove organic content and then filtered through a 0.45 or 0.2-micron membrane using a custom vacuum pump system.
Collected particles on filters are analyzed using optical, scanning electron, Raman, and/or Fourier Transform Infrared microscopes to identify size, shape, color, and composition of microplastics.
Results will be compared to citizen science measurements to identify similarities/differences and any consistent trends.

Figure 1: (left) Water samples collected from the Hudson River Estuary Watershed at sent to UB and (right) wet peroxide oxidation to remove organic content.

Surveying Microplastics in Wastewater Treatment Plants (WWTPs) in the Hudson River Estuary Watershed:

Samples are collected by HREP collaborators by passing the effluent from two WWTPs through a screen sieve. The isolated solid material is sent to UB for further analysis
At UB, wet oxidation methods are performed to remove organic material from the sample, followed by sodium chloride addition to facilitate density-based separations.
Samples are then filtered through a 10-micron glass fiber filter using a custom vacuum pump system.
Collected particles on filters are analyzed using optical, scanning electron, Raman, and/or Fourier transform infrared microscopes to identify size, shape, color, and composition of microplastics.

Figure 2: Water Sample from Wastewater Treatment Plants in the Hudson River Estuary Watershed

Figure 3: Vacuum Filtration

Source Investigation:

Globally, 4.5 trillion cigarette butts (CB) are littered, making them the most common litter item worldwide, including in the US. Most of these CBs include more than 10,000 cellulose acetate microfibers in the cigarette’s filter (Figure 4), but this source of microplastic pollution has not been previously investigated. Our objective is to understand the release rate of microplastics from CBs in the natural environment. Exact methods are still being developed, but work will center on variability in release rate associated with cigarette brand, sunlight exposure, removal of paper wraps, and more.

Task Team Members

Faculty: John D. Atkinson, Stevens Chair in Engineering Sustainability & Associate Professor, Department of Civil, Structural, and Environmental Engineering
Student: Ghazal Vasseghi, PhD student, Department of Civil, Structural, and Environmental Engineering
Student: Brody Krombach, Undergraduate student, Department of Civil, Structural, and Environmental Engineering

Figure 4: Littered CB in the environment

Results/Preliminary Results

Facilitated the coordination of MP summit logistics, including scheduling, venue selection, and agenda development
Conducted an extensive literature review to identify key knowledge gaps, especially regarding the association between cigarettes and microplastic pollution, revealing substantial opportunities for impactful contributions in this domain
Initiated the laboratory experiments on cigarette-linked microplastic release and the NYS receptor survey

Publications and Presentations

Publications.

Meert, J., Izzo, A., and Atkinson, J.D. (2021) Impact of Plastic “Bag Bans” on Retail Return Film Contamination Rates and Speciation. Waste Management ; 135:234-42 (Impact Factor = 8.816, Citations = 13).

Conference Presentations

Atkinson, J.D. “Waste Management Research at University at Buffalo” Ingenium University Partnership of the European Union , November 2023, Invited Presentation, Zoom (155 European attendees).
Atkinson, J.D. “Microplastics Associated with Cigarette Waste” Public Health Law Center , October 2023, Invited Keynote Presentation, Zoom (160 attendees).
Atkinson, J.D. and Smist, B. “Microplastics in the Natural Environment” NYS Department of Environmental Conservation – Microplastics Working Group , Invited Speaker, October 2022.
Atkinson, J.D., Alexandridis, P., Vedantam, A., and Yang, J. (2020) Evolving Plastic Recycling Markets: A Holistic Academic Research Approach. Oral Presentation at the Association for Plastic Recyclers Stakeholder Meeting , Virtual Mini Technical Forum.

Contributions to Related Media Stories

Carballo, R. “Tampa’s ‘Litter Skimmer’ Trash Boat Tackles a Growing Problem,” New York Times , Quoted as Associate Professor John Atkinson, June 14, 2023.
Ha, K.O. “Don’t Trust Plastic Snack Wrappers with Recycling Instructions,” Bloomberg , Quoted as Professor of Environmental Engineering John D. Atkinson, Sept 29, 2023

Ongoing/Future Work

NYS Microplastics Summit will occur June 5th–7th, 2024
Conducting laboratory experiments on microplastics in DEC HREP water samples
Evaluating various microscopy techniques (Raman, FTIR, optical, and scanning electron) for enhanced accuracy
Developing experiments to study microplastic release from cigarette butts in natural environments

Research involvement of medical students in a medical school of India: exploring knowledge, attitude, practices, and perceived barriers

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Introduction Research in the medical discipline significantly impacts society by improving the general well-being of the population, through improvements in diagnostic and treatment modalities. However, of 579 Indian medical colleges, 332 (57.3%) did not publish a single paper from the year 2005 to 2014," indicating a limited contribution from medical fraternity In order to probe in to the cause of this a study was conducted to assess the knowledge, attitude, practices (KAP) and perceived barriers to research among students of a medical school in Delhi, India.

Methods A cross-sectional study was conducted among medical students and the data on academic-cum-demographic information, assessment of knowledge, attitude, practices and barriers to research was collected using a pre-tested, semi-structured questionnaire. Chi-square test was used to check the association of various factors with the KAP of research. A p-value less than 0.05 was considered significant.

Results A total of 402 (N) subjects were enrolled in the study. Majority were male (79.6%) and from clinical professional years (57%). Majority (266, 66.2%) of the subjects had adequate knowledge. Of the study subjects (61,15%) having inadequate knowledge of research, sixty percent were from pre- and para-clinical years, while around 70 % of those having good knowledge were from clinical professional years. However, only 16.9% of the participants had participated in a research project, and only 4.72% had authored a publication. Sixty one percent of study subjects having a positive attitude towards research, were from pre- and para-clinical years. Among the study subjects having a positive attitude towards research, over 60% were from pre- and para-clinical years. The barriers for conducting research were mostly; lack of funds/laboratory equipment/infrastructure (85.1%), lack of exposure to opportunities for research in the medical (MBBS) curriculum (83.8%), and lack of time (83.3%). There was a statistically significant association between knowledge and attitude towards research with a professional year of study.

Conclusions The study revealed that while most of the students had a positive attitude towards research as well as an adequate knowledge of research, there was a poor level of participation in research. These challenges can be overcome by incorporating research as a part of the medical school curriculum from early years on, setting aside separate time for research, and establishing student research societies that can actively promote research.

Competing Interest Statement

The authors have declared no competing interest.

Funding Statement

This study did not receive any funding.

Author Declarations

I confirm all relevant ethical guidelines have been followed, and any necessary IRB and/or ethics committee approvals have been obtained.

The details of the IRB/oversight body that provided approval or exemption for the research described are given below:

The ethics committee of Dr Baba Saheb Ambedkar Medical College and Hospital, New Delhi gave ethical approval for this work.

I confirm that all necessary patient/participant consent has been obtained and the appropriate institutional forms have been archived, and that any patient/participant/sample identifiers included were not known to anyone (e.g., hospital staff, patients or participants themselves) outside the research group so cannot be used to identify individuals.

I understand that all clinical trials and any other prospective interventional studies must be registered with an ICMJE-approved registry, such as ClinicalTrials.gov. I confirm that any such study reported in the manuscript has been registered and the trial registration ID is provided (note: if posting a prospective study registered retrospectively, please provide a statement in the trial ID field explaining why the study was not registered in advance).

I have followed all appropriate research reporting guidelines, such as any relevant EQUATOR Network research reporting checklist(s) and other pertinent material, if applicable.

Email id: jhaabhinav677{at}gmail.com , manas.shah1999{at}gmail.com , Ritikgoyal152{at}gmail.com , drdeepakdhamnetiya{at}gmail.com , apoorv1729{at}gmail.com , raviprakashjha{at}gmail.com , dr.prachi.obg{at}bsamch.in

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Best Practices in Research Methodology for Project Topics. To ensure the quality and integrity of your research, follow these best practices: Ensuring validity and reliability of data: Use reliable measurement tools and sampling techniques to minimize errors. Ethical considerations in research: Obtain informed consent from participants, protect their privacy, and avoid any form of deception.
A Lean Six Sigma framework for the insurance industry ...
The VKG's Top 3 project offered us a unique opportunity to develop and test our conceptual combination of the Lean and Six Sigma methods for the insurance industry. The company granted us access to staff and documents relating to the Top 3 program, as well as permission to publish copious data on financial figures, lessons learned and other ...
Research in Life Insurance
The research program is divided into two parts: (1)(1) Grants are made to universities and other private research agencies for. the purpose of encouraging economic research of interest to the life insurance. business, particularly the investment officers of life insurance companies. (2) A small staff is retained by the Life Insurance ...
Evaluation of Insurance Policies in the Saudi Arabian Construction
The paper's research methodology (see Figure 1) is gleaned from a structured questionnaire to capture insights on three key areas depicting a quantitative scheme: Professional Liability Insurance for Engineers, Defects Liability in Construction, and Insurance Against Hidden Defects in Construction Projects. The questionnaire was vetted through ...
Mapping marine insurance: a bibliometric review: a ...
The project Cargo Risk Services follows the methodology proposed by Mokhtari and Ren , whereby issues, the probability of risk, and the impact of risk allow regulatory bodies to study the events and aspects that should be prioritized in the risk assessment of marine activities and marine insurance to mitigate them (Mokhtari and Ren 2014). The ...
Car Insurance Research Methodology
Published: July 30, 2015. At the start of our car insurance pricing project, we engaged Quadrant Information Services, a private company that collects the mathematical pricing formulas that ...
New research project: Technology-enabled homes for people with spinal
New research project: Technology-enabled homes for people with spinal cord injury and traumatic brain injury May 23, 2024 The National Injury Insurance Scheme Queensland (NIISQ) is partnering with the University of Sunshine Coast (UniSC) to investigate the benefits of technology-enabled homes for people with spinal cord injury (SCI) and ...
Federal Register :: Proposed Information Collection Activity; Testing
The Administration for Children and Families (ACF) Office of Planning, Research, and Evaluation (OPRE) launched the Testing Identified Elements for Success in Fatherhood Programs (Fatherhood TIES) project in 2022. Using a mix of research methods, this study will test "core components" of fatherhood programs to identify program elements that ...
Reducing PIA by over 50% While Generating New Patient Flows: A
Background: On June 6, 2011 the Emergency Department (ED) at Southlake Regional Health Center, a very high-volume ED, initiated a comprehensive redesign project to improve patient waiting times. The primary initial goal of the project was to reduce Time to Physician Initial Assessment (TPIA) - one of the Key Performance Indicators (KPIs) tracked by the Ontario Ministry of Health and Long-Term ...
Task 3
This summit aims to: -Provide an opportunity to connect and collaborate on microplastics issues in NYS. -Discuss current microplastics research (Measurements, Health Impacts, Policies) -Determine research and policy gaps (Next Steps and Priorities) -Better understand needs in NYS to move towards solutions (Collaboration Opportunities)
Research involvement of medical students in a medical school of India
Introduction: Research in the medical discipline significantly impacts society by improving the general well-being of the population, through improvements in diagnostic and treatment modalities. However, of 579 Indian medical colleges, 332 (57.3%) did not publish a single paper from the year 2005 to 2014," indicating a limited contribution from medical fraternity In order to probe in to the ...
Predicting Safety Accident Costs in Construction Projects Using
An application to this method in a case study illustrated that the occupational health and safety costs for that construction project came to approximately 5% of the total cost of the budget.

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Research Methodology – Types, Examples and writing Guide

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Muhammad Hassan

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Health insurance sector in India: an analysis of its performance

Design/methodology/approach

Originality/value

1. Introduction

1.2 Meaning of health insurance

1.3 Background of health insurance sector in India

1.4 The need for health insurance in India

1.4.2 Rare non-communicable diseases are now common.

1.4.3 Medical care is unbelievably expensive.

1.4.4 Indirect costs add to the financial burden.

1.4.5 Incomplete financial planning.

1.5 Classification of health insurance plans in India

1.5.1 Hospitalization.

1.5.2 Family floater health insurance.

1.5.3 Pre-existing disease cover plans.

1.5.4 Senior citizen health insurance.

1.5.5 Maternity Health insurance.

1.5.6 Hospital daily cash benefit plans.

1.5.7 Critical illness plans.

1.5.8 Disease-specific special plans.

1.6 Strength, weakness, opportunity and threat analysis of health insurance sector (SWOT analysis)

1.6.1 Strengths.

1.6.2 Weaknesses.

1.6.3 Opportunities.

1.6.4 Threats.

1.7 Political economic socio cultural and technological analysis of health insurance sector (PEST analysis)

1.7.1 Political factors.

1.7.2 Economic factors.

1.7.3 Socio-cultural factors.

1.7.4 Technological factors.

2. Review of literature

3. Research gap

4. Objectives

5. Research methodology

5.1 The problem statement

5.1.1 Underwriting profit/loss = net premium earned – (claim settled + commission and management expenses incurred).

5.2 Data analysis

5.3 Interpretation of regression analysis

5.3.2 Regression fit.

5.3.3 Predictive ability of the model.

5.4.1.2 Alternative hypothesis.

6.1 Findings

6.2 Recommendations

6.3 Limitations and scope of future studies

6.4 Conclusion