The impact of e-commerce on the Iranian insurance companies

The conditions for doing business are rapidly changing. The Internet and related advances in information technology significantly affect financial services in general and insurance markets and institutions in particular. The growing importance of e-commerce represents a watershed event for insurance markets and institutions, as it does for most industries. By lowering information costs, e-commerce will enable insurers to classify, underwrite, and price risk as well as settle claims more accurately and efficiently. Overall, the Internet will significantly enhance the efficiency of insurance markets and institutions and benefit consumers by lowering transaction and information costs. The effects of e-commerce are the subjects of intense debate in insurance industry. The foundation for the purpose of this research has been created by a prospective study to explore the impact of application of e-commerce on the Iranian insurance industry. In order to fulfill the purpose of this study, a frame of reference has been emerged based on a vast literature review. With the focus at quantitative research as a general approach and descriptive research as the type of research in this study, a structured questionnaire was used as the data collection instrument. To accomplish this, a survey of 258 people (in almost all active insurance companies in Iran) has been carried out. The respondents from almost every department within the targeted insurance companies were randomly chosen. We have focused on the perception of insurers regarding the subject of study, and thus, the perception of other stakeholder such as insurance agents/brokers and even their customers have been suggested for future research, due to limitation and demarcation of this research. This dissertation has been organized in the seven chapters. An introduction this study, problem statements and research questions were presented in chapter one. The second chapter was devoted to literature review. The emerged frame of reference was provided in the third chapter and our research methodology was discussed in the fourth chapter. Data presentation and analysis were done in accordance with the research questions and the frame of reference in chapter five and six, respectively. Finally, in the last chapter findings and conclusions were drawn by answering the research questions. With respect to the findings, we conclude that the Iranian insurance companies were positively looked at e-commerce and its application in their companies. Their attitude and views toward e-commerce was positive so that they found that e-commerce would be an opportunity rather than a challenge or even a threat for insurance industry. They highly believed that e-commerce would affect on insurance companies and, thus, their companies should embrace e-commerce. Lack of skilled staffs in e-commerce application and scarcity of IT experts were the most infrastructure requirements which they found that the Iranian insures were suffering from. Whereas they were well equipped with hardware and networking as well as general and professional insurance software required in e-commerce applications. Lagging of other supportive sectors (e.g., e-Banking and Telecommunications), lack of appropriate legislation and regulation (e.g., copy right, digital signature, ?), low Internet usage and fewer users, traditionally attitudes and views over the companies and scarcity of skilled staffs were the five top major obstacles which would hinder the Iranian insurers to embrace e-commerce. E-commerce is potentially applicable to marketing and sales as well as R&D with respect to insurance value chain. On the other hand, as far as insurance products concern, auto (motor) insurance, marine and aviation, life insurance and fire insurance were highly perceived to suitable to e-commerce (sale online). Finally, the Iranian insurance companies were chiefly believed that in the case of e-commerce application they would get these top five benefits: brand and image promotion (as a pioneer and modern company), extended corporation with partners (specially in the reinsurance cases), lower invest for establishing the sales and after sales services network, cost reduction in value chain management (e.g. product/service development) and decentralization and no restrictions imposed by national borders.

Internet Banking in Sweden

Purpose – The growing importance of use of Internet banking as another service delivery channel by banks to their customers lead to a number of supposition and deductions been made on the value creation of Internet banking and its extent of use. In the light of this, a profound and comprehensive study was conducted with the aim to first, determine the extent of use of Internet banking in Sweden, second, to validate the conjecture and the anecdote inferences that Internet banking provides values to both the bank and its customers.
Design/Methodology/approach - To test the validity of the conjecture and the anecdote inferences made over the years, the author use data collected in two folds. One set was collected from financial institution “the big four banks” and the other set from 60 bank customers out of the 90 questionnaires administered.
Findings - The results provide first, evidence of the high rate of adoption of Internet banking in Sweden, second, the values the banks and its customers have enjoyed since the advent of Internet banking.
Research limitations/implications - Although this exploratory study approach may have validated the proposed model, further research into other cities is required to generalize these findings as this study has the limitation of using only Stockholm and the number of respondents used.
Originality/value - The findings contribute and support several other studies that pointed to the fact that use of Internet banking channel of delivery is on the increase, and its value creation far exceed all other service delivery channels; provide critical implications for managers of financial institutions, Internet service providing firms, government and highlight directions for future research.
Keywords Internet banking, Online banking, Service delivery channels, Technology-based, Enabled-service, Product-service Continuum

The Importance of People on Delivering Service Quality

Aim: Banks in Sweden appear extend through different distribution channels. The role of branch banking has changed to provide advisory services and sell the banks' products and service which is an approach involves the people interactions. Service employees are associated with the organization service quality and customer satisfaction. A comprehensive human resource strategy thus can help the organization develop a more customer-orientation employee, in order to deliver service quality. With the help of the human resources strategies wheel (Wilson et al., 2008), how a bank develop people to deliver service quality will be showed, which finally lead to the purpose of this paper - revealing the importance of people on delivering service quality.
Method: By reading relevant literatures, the theory about service culture and human resource strategy is defined. Svenska Handelsbanken chose to be the research object. Its decentralized organization which focuses on the interplay between strong branches, highly-trained specialists and efficient support functions is useful to this research. Through face-to-face interview with branch managers, a holistic view of the situation in bank will be showed, additionally, detail information can be digging out.
Result & Conclusions: The human resources strategies used by Handelsbanken is a process generally including hire the right people, provides effective and sufficient training and needed support systems, retain the best people. As a result, this research indicates with the service culture which establishes deeply inside the organization; Handelsbanken realizes the important of people on delivering service quality. And then by choosing the right people, training them, supporting them, and retaining them as a serious of human resources strategies, the service quality is delivered. In addition, the authors find out the relation among service culture, human resources strategies and people work as a triangle, constraining and assisting each other.
Suggestions for future research: One of the limitations of this thesis is lack of employee perception. Another is hard to find a lot of information about the unique reward system in Handelsbanken - Oktogonen Fundation in English. The document is in Swedish so that the authors only can get general information from the annual report 2008 of the bank. The suggestion for future research is to conduct a study which it includes bank perspective and employee perspective.
Contribution of the thesis: The contribution of this study is to show how importance of people in service quality delivery by complementing a framework which is integrated service culture and human resource strategies.

Money in the Bank!A How-to Guide to Opening a Bank Account

With all the different options banks now offer, setting up a bank account can be a confusing thing. But if you want to protect your money it’s important to keep it in a bank so it won’t be stolen. Having a bank account also helps you save money and avoid carrying all your money around with you all the time. You can even make a little money by keeping your money in the bank! Here are some questions you might have about banking and some tips to make the process a little easier.What are the different kinds of bank accounts? A savings account is an account that allows you to store your money and gain interest on it. Interest means that the bank pays you to keep your money in their bank.
Another kind of savings account is a high-interest savings account. This kind of account gives you a higher rate of interest. However, it requires you to have a higher minimum balance, which means you have to have more money in your account at all times.
A checking account is different from a savings account because it doesn’t pay interest on your money. If you have a checking account, you can withdraw money from an ATM (see below for how to use an ATM). You can also write checks.
You can also link your savings and checking accounts. To do this, you open a checking account and a savings account and link them together. This way, you can keep most of your money in your savings account where it will gain interest. Then you can keep the money you need for everyday spending in your checking account so you have access to it. You can always transfer money from your savings to your checking account, but keep in mind that there is often a fee to do so.
You also have the option of setting up a joint account. This is what married couples usually do. It means that you both have equal access to the money in the account.
How do I know which kind of account I want?A savings account is the best option if you’re saving money for something long-term because of the interest the bank pays you for having this kind of account. The more money you have in your account, the more interest they pay you. This makes a savings account a good option if you’re planning to leave the money in the bank for a long time because the longer it stays there, the more money will accumulate.
If you want to use the money in the bank for day-to-day purchases, you should get a checking account. This is more convenient than a savings account because of the access it gives you to ATMs and checks. However, make sure that you’re careful about writing checks. Whenever you write one, make sure you have enough money in your account. If there isn’t, the check will bounce. This means that the bank will be notified and will charge you a large fee. You also will be penalized at the store where you wrote your bounced check.
A joint account is only a good idea if you’re in a stable marriage, because both people have access to all the money in the account. It’s a smart thing for a married couple to have in case there is an emergency or one person dies because then the other person doesn’t have to worry about access to money.
How do I open a Bank Account?First, decide whether you want to open a checking account or a savings account. Then pick a bank. If you’re opening a checking account, make sure that the bank you choose has ATM locations near you. If you’re opening a savings account, find out what interest rate the bank offers. No matter which type of account you’re opening, you should compare the fees each bank charges to transfer money between accounts, use ATMs, or just to keep your money in the bank. You should also make sure that your bank is FDIC insured. This means that any money you deposit is insured up to $100,000.
Once you have chosen a bank, go to their location near you and fill out the forms to open an account. You’ll also need to give them money to put in the account. Some banks require a minimum amount of money to do this. Make sure you have enough money before you go to the bank.
Don’t forget to bring identification with you. You’ll need proof that you’re over 18 years old. You’ll also need to prove your address and identity. Most banks will ask for a driver’s license or Social Security number, but if you don’t have those things usually a passport will do.
How does an ATM work?ATM stands for Automatic Teller Machine, because it does the same job as a bank teller. If you have a checking account, you can use an ATM instead of going into the bank and working with the teller. This can be a much quicker and more convenient way to do your banking.
Using an ATM is simple. All you need is your ATM card, which the bank will give you when you set up your account. They’ll also tell you to choose a 4-digit PIN (personal identification number). This should be a number that has some meaning to you so that you won’t forget it. It’s important that you remember your pin number because you need it to use the ATM. Never give your pin number to anyone! Your pin number is a direct link to the money in your bank account. Therefore whoever knows your pin can empty your bank account very easily. For security reasons, you never even write down your pin number unless you are planning on shredding the document.
Using an ATM you can check your balance, or how much money you have in your account. You can also use it to deposit or withdraw money. To deposit money, insert your card into the machine and type in your PIN when it asks you to. Then select “deposit” and insert your money into the machine. Some ATMs require you to put your money in a deposit envelope before inserting it into the machine. Others allow you to put the money directly into the machine.
To withdraw money, insert your card and type in your PIN when it asks you to. Then select “withdrawal” and select how much money you want to take out. When you’re finished, don’t forget to take your card, your receipt, and your cash.
*Lots of banks charge you a fee if you use another banks ATM to deposit or withdraw money. When you’re choosing a bank, make sure you pick one with ATM locations near you. This way, you don’t have to pay this fee.
WARNING: ATMs are common sites of robbery. Always be aware of your surroundings when using an ATM. Immediately put any withdrawn or deposited money in a secure place, and make sure no one is following you after you use the ATM. There is often a painted line that people must stand behind while others are using the ATM. However, you should still take great caution to conceal your pin number and the amount of money you are taking out.

Importance of Online Banking

Midsize corporations in North America are using their financial institutions' online banking services more often these days, according to survey findings released just as this issue was going to press.
What's more, a significant number have begun to cite e-banking capabilities as a key factor in choosing which institution will get their business.
Greenwich Associates, an international research and consulting firm specializing in financial services, interviewed 500 corporate treasurers and other executives at middle-market companies in the United States and Canada this past May and June. The results showed that well over half of the businesses were already using their banks' Web sites, up substantially compared with 2000, while nearly 50% of the respondents said online offerings represent an important component of their banking relationships.
"One in five says they are actively directing more business to those banks with superior Internet banking capabilities," says Steve Busby, a consultant at the Greenwich, CT-based firm.
Greenwich Associates found that cash management has enjoyed the steepest gain ... 50% REMAINING

It's all about you

It's all about you
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Would an offshore bank account with Barclays Wealth International be right for you?

Would an offshore bank account with Barclays Wealth International be right for you? Almost certainly, if one or more of the following applies to you:
You live outside your home country
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You would like the advantages of an international bank account.
Barclays Wealth International provide foreign bank account services that give you access to and control over your finances wherever your life takes you. Whether your account is located in London, the Channel Islands, Gibraltar or the Isle of Man, banking offshore with Barclays Wealth International is safe and easy, providing you with hassle-free cross-border banking.
For example, if your adopted country uses euros, our international bank account would function just like a euro bank account, enabling you to perform transactions such as paying bills or sending money home quickly and easily.
Barclays international banking gives you benefits such as:
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International Telephone and Online Banking1