The strategic management of knowledge assets for competitive advantage in enterprises is important. This paper presents a systematic approach that can be followed to formulate a knowledge management (KM) strategy. The management of knowledge should not be done in an ad hoc or isolated manner. It should be integrated into the other management activities in the enterprise and linked to the strate...

In this paper we present an approach to market based valuation of life insurance policies, in the spirit of the NUMAT proposed by Hans Bühlmann (2002) in an editorial in the ASTIN Bulletin. We have experienced the valuation method for more than one decade, both as a pricing procedure applied to policy portfolios of leading insurance companies, and by including the valuation principles into seve...

Data from three recent surveys indicate that about 40 percent of workers with employment-based health insurance are enrolled in plans that their employers self-insure. Despite the considerable differences between federal regulation of these self-insured plans and state regulation of employer plans purchased from an insurance company, we find striking similarities in the populations they serve, ...

In this communication, we develop suitable valuation techniques for a with-profit/unitized with profit life insurance policy providing interest rate guarantees, when a jump-diffusion process for the evolution of the underlying reference portfolio is used. Particular attention is given to the mispricing generated by the misspecification of a jumpdiffusion process for the underlying asset as a pu...

In this communication, we develop suitable valuation techniques for a with-profit/unitized with profit life insurance policy providing interest rate guarantees, when a jump-diffusion process for the evolution of the underlying reference portfolio is used. Particular attention is given to the mispricing generated by the misspecification of a jumpdiffusion process for the underlying asset as a pu...

There is a growing interest among insurance companies to be able not only to compute total company capital requirements but also to allocate this total capital across its various business units. Wang (2002) recently recommended allocating the total cost of capital of an insurance company based on the idea of “exponential tilting”. Under the assumption that the risks or losses follow a multivari...

BACKGROUND AND PURPOSE Our knowledge of complications and adverse events in spinal surgery is limited, especially concerning incidence and consequences. We therefore investigated adverse events in spine surgery in Sweden by comparing patient claims data from the County Councils' Mutual Insurance Company register with data from the National Swedish Spine Register (Swespine). METHODS We analyze...

A large conglomerate such as a property/casualty insurance firm in this case, can be divided along business boundaries. This division might be along commercial lines, homeowner lines and perhaps across countries. An insurance firm’s capital can be interpreted as a buffer that protects the company from insolvency and its inability to pay policyholder losses. Rare events have been simulated over ...

How much do individuals pay to insure against moderate losses? To address this question I study a new homeowners-insurance data set on individual deductible choice. Even though lower deductibles require sharply higher yearly premiums, 83% of customers paid for a deductible lower than the maximum available of $1000. The prototypical homeowner paid $100 to reduce the deductible to $500, yet with ...