9th Students' Research Symposium 2020
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Item Market Share and Company Performance: Special Reference to Listed Insurance Companies in Sri Lanka(Department of Finance Faculty of Commerce and Management Studies University of Kelaniya, 2020) Perera, M. S. R.; Wijesinghe, M. R. P.Introduction - Insurance services are now being integrated into wider financial industry and the insurance sector plays an important role in service-based economy of Sri Lanka. The impact of market - share on profitability subjects for many studies and found that different impacts between these two variables. No significant studies have been conducted in Sri Lanka regarding this topic and relating to the insurance industry. Analyzing the impact of market share on profitability of insurance industry in Sri Lanka is the main objective of this study. Design/methodology/approach - Two profitability ratios are used to measure the profitability namely Return on Assets (ROA) and Net Profit Margin (NPM). Secondary data is used for studying the impact of market share on profitability. Data is collected from published annual reports of insurance companies during the five year (2013- 2018) period of time. There are 28 listed insurance companies in Sri Lanka and among these companies 17 companies are selected as the sample. Descriptive statistics, correlation analysis and Regression analysis techniques are applied for data analysis. Findings - The findings of this study indicated that the higher level of market share associates for higher level of performance and lower level of market share associates for the lower level of profitability. Overall result of this study indicated that there is a significant and positive relationship between market share and performance. Conclusion - This study indicated that the higher level of market share associates for higher level of performance and lower level of market share associates for the lower level of profitability. Overall result of this study indicated that there is a significant and positive relationship between market share and performance.Item Factors Influence in Low Income Level Farmers’ Perception Towards Micro- Insurance in Sri Lanka; With Special Reference to North Western Province(Department of Finance Faculty of Commerce and Management Studies University of Kelaniya, 2020) Karunarthna, K. K. O. J.; Basnayake, W. B. M. D.Introduction-The micro insurance concept is an important element in developing countries. Even if this phenomenon is most successful in several countries, micro insurance has less popularity in Sri Lanka due to the poor knowledge and wrong opinions in the society. Low accessibility to credit facilities has been devastating the lower-income level farming business in Sri Lanka. Therefore, the lower-income level farmers in Sri Lanka encounter difficulties as these farmers cannot directly access credit facilities to boom and develop their farm business activities, which has led to agricultural business setbacks in the country. This paper investigated how micro- insurance policy has influenced peace of mind among lower-income farmers in Sri Lanka. Design/Methodology/Approach - The study used a survey research methodology, with the sample of low income level farmers in North Western province of Sri Lanka as the scope of the study. The data for this study was extracted from the primary sources through good designed, structured questionnaires, using correlation regression analysis to analyse the extracted data. Moreover, this aims to determine the present and future relationship between the variables; Accessibility, Knowledge, Ability to pay, behaviour of agents. and the perception of low income level farmers to micro insurance. Findings-The findings revealed that using micro insurance as a health risks management tool among lower-income farmers in rural areas. Conclusion - the study concludes that Micro-insurance can mitigate the vulnerability among the lower-income level farmers in the country.Item Determinants of Profitability of Insurance Companies in Sri Lanka(Department of Finance Faculty of Commerce and Management Studies University of Kelaniya, 2020) Ranaweera, R. L. V.; Weerasinghe, W. D. J. D.Introduction - Insurance sector in Sri Lanka is now being integrated into wider financial industry. Profitability of the aforesaid industry is key in maximizing its owner`s wealth. A key indicator of insurance companies’ profitability is return on assets. The main objective of this study is to identify and compare the determinants of profitability of Insurance Companies in Sri Lanka. Design/Methodology/Approach - The sample of this study includes top 10 insurance companies including both general and life insurance companies. The sample data covers a period of 5 years. Secondary data obtained from financial statements of individual insurance companies, IRCSL publications and related other journals. Descriptive Statistics, Correlation Analysis, Multiple Linear Regression and panel data analysis are the analysis tools used for data analysis. Findings - This research provide results found that there is a positive relationship between profitability and the firm’s age, volume of capital, loss ratio, economic growth as well as inflation rate. On the other hand, the rest of the explanatory variables shows that there is a negative relationship between profitability. Conclusion – It is concluded that when the maturity of an insurance company increases in terms of age and volume of capital the profitability of the insurance company increases. Further, when economic growth increases insurance products become more popular among policy holder and it increases the profitability.Item Critical Illnesses Coverage Pricing in Health Insurance Products(Department of Finance Faculty of Commerce and Management Studies University of Kelaniya, 2020) Fernando, M.D.K.; Wijesinghe, M. R. P.Introduction - Health insurance is a one of the major solution for the financial issues due to medical needs of peoples in various types. The health issues of the people are very deferent. Because some people have high risky health issues. The study focuses on type of critical illnesses affect in to the people and how to design a customer oriented coverage. Using these critical illnesses, the insurance companies are offer a coverage of “critical illness benefit coverage”. This study focus to describe how to pricing critical illness coverage premium. In that coverage usually include 40 types of critical illnesses in most of the insurance companies. It mainly depends on mortality risk and risk behaviour of the various type of critical illnesses in Sri Lanka. Design/methodology/approach - Mortality data collected by IMMR report (2004- 2018) of health ministry of Sri Lanka. All the data adjust from the population of Sri Lanka. After that made calculations and found the relationship among the variables. Insurance companies are usually providing critical illness coverage for all 40 illnesses. Findings – The study focus and practically implement to how to pricing customer oriented critical illness health coverage for the customer preference and opinion. As per the customer point of view, company had an opportunity to minimize to the customer extra payment for their non-essential coverage and they had an opportunity to design their needed coverage. Otherwise organization point of view, they had an opportunity to their product development for the need of customer. Conclusion - According to the finding and discussion finally researcher practically implement the objective of the study for the appropriate manner.Item The Impact of the Performance of Life Insurance Companies on the Growth of Sri Lankan Economy(Department of Finance Faculty of Commerce and Management Studies University of Kelaniya, 2020) Rajapaksha, R. A. D. N.; Gunasekera, A. L.Introduction - Insurance service and sector is playing a major and important role in an economy and provide significant contribution to the economy through encouraging long term investments, reinvestments of additional funds in public and private sector securities such as corporate and government bonds and debt securities Design/Methodology - The population of the research comprises of all the life insurance companies in Sri Lanka. The collected data has analysed using panel data analysis model combined of cross-sectional data and time series data. Findings - The results of the study have revealed that among three factors that was studied, Penetration rate of insurance industry influences greatly on the economic growth of Sri Lanka while Gross Written Premium and Total Assets of insurance companies are not significantly influence on economic growth. Conclusion - There are more factors effect on life insurance companies; political factors; insurance advisor’s behaviour that may differ in diverse extents. Hence, future researchers can be used more factors and identify relationship among those factors and economic growth of Sri LankaItem The Impact of Internal Factors on Financial Performance of Life Insurance Companies in Sri Lanka(Department of Finance Faculty of Commerce and Management Studies University of Kelaniya, 2020) Uduwana, G. W.; Basnayake, W. B. M. D.Introduction- The performance of the company plays a leading role towards the growth of the industry which ultimately leads to the overall success of the economy. Therefore, Organizational performance has attracted scholarly attention in corporate finance literature over the several decades. Nevertheless, a little attention has been paid for such when it comes to the insurance sector. Thus, the present study attempts to identify the factors determining the profitability of insurance companies operating in Sri Lanka by taking return on asset as dependent variable. Design/methodology/approach -The sample for this study includes the 10 Life insurance companies in Sri Lanka and it used the data pertaining to five financial years from year 2015. For the purpose of analysing the data, descriptive analysis, correlation analysis and regression analysis were conducted with the aim of testing hypotheses formulated for this research. Therefore, internal factors such as Age of the firm, Size, Liquidity, and leverage were regressed against Return on Assets. Findings-This study led to the conclusion that profitability of insurance companies in Sri Lanka is positively and significantly influenced by liquidity and Leverage while age and Size of the firm have an insignificant effect on the performance of Life insurers in Sri Lanka. Conclusion- Finally, the research recommends life insurance companies in Sri Lanka to perform better in terms of their return on assets where, they need to improve the leverages and liquidity to a certain level based on the results of the study.Item Factors Influence on Low Life Insurance Policy Demand in Sri Lanka(Department of Finance Faculty of Commerce and Management Studies University of Kelaniya, 2020)Introduction – Life insurance contributes to the country by ensuring the economic and financial protection of people. Even though those crucial things have life insurance, Sri Lankan people tend to have a life insurance policy. The purpose of this study is to determine the factors that influence this low life insurance policy demand in Sri Lanka. Design/Methodology/Approach - A survey conducted for collection of data through a questionnaire distributed to people who lived in Moneragala District. The study follows the convenient sampling method to collect data; the researcher has distributed 260 questionnaires and 250 responses get back. Cronbach's alpha, Multiple Linear Regression and Pearson Correlation used for data analysis, and SPSS used as statistical software to analyse the survey data. Findings – Survey result shows that the life insurance literacy, trust on life insurance companies, life insurance agent’s Behaviour, monthly income levels have a significantly impact life insurance demand. Trust in life insurance companies and life insurance agents' Behaviour shows a negative relationship with life insurance demand and life insurance literacy. Monthly income levels show a positive relationship with life insurance demand. Conclusion – The study fulfils the research gap of the limited number of studies regarding this research topic. In addition to that study suggest to life insurance companies offer how to overcome this low life insurance policy demand.Item Impact of Job Attitudes on Turnover Intention in XYZ Insurance Company(Department of Finance Faculty of Commerce and Management Studies University of Kelaniya, 2020) Samarasinghe, P.G.N.; Wijesinghe, M. R. P.Introduction - In present competitive world, organizational Turnover has become a great challenge to any organization and in literature has been also illustrated this issue as well as employee Turnover has been developed as a painful challenge in any industry. Especially the insurance industry due to the rapid competition, organizations try to minimize the Turnover to save the cost. Job-related attitudes are one of the most important factors that determine employee Turnover Intention. Based on that, this study investigates the Impact of Job Satisfaction, Organizational Commitment, and Job Involvement on employee Turnover Intention in the XYZ insurance company. Design/methodology/approach – As a quantitative research approach, the data was collected via a structured questionnaire survey from XYZ insurance company. The sample was selected using the random sampling technique and it consisted of low and middle-level 156 employees. The study used multiple linear regression method to test the hypothesized relationships between the constructs. Findings – Through the findings of the study, it is indicated that Job Satisfaction, Organizational Commitment and Job Involvement has a significant negative effect on Turnover Intention. Conclusion – Organizations can acquire advantages of dropping Turnover Intention and absenteeism by developing a dedicated workforce using findings of this study. Finally, suggestions are given to enhance the current positive job-related attitudes and increase employee retention in the Organizations.Item Factors Affecting on Selecting a Life Insurance Policy (Special Reference to Gampaha District)(Department of Finance Faculty of Commerce and Management Studies University of Kelaniya, 2020) Lakshani, M. I.; Gunasekera, A. L.Introduction - Life insurance is a very important function to protect a family member as well as to provide financial security for individuals. In Sri Lanka it shows a lower level of life insurance penetration rate when compare with other developing countries although there is small increment. So, it is very important to identify exactly influencing factors towards selection of life insurance policy to encourage this lower level of life insurance penetration rate. Design/Methodology/Approach - A multiple regression analysis was applied to find out impact of each variable on selection of life insurance. Results indicate that the income level, knowledge, risk attitudes, income protection and social influence effect on selection of life insurance policy. Findings - The researcher identified that insurance policy creation without having clear view about factors that affect for customers’ decision on selecting life insurance policy are the major reason for that. By reviewing the literature, the researcher identified that income level, knowledge, risk attitudes, income protection and social influence are some of the most important factors which impacts on selection of life insurance policy. This study aims to find out whether each variables of income level, knowledge, risk attitudes, income protection and social influence effect on selection of life insurance policy. Population of the study was life insurance policy holders in Gampaha District. Data were collected through survey method and personally distributed questionnaires among 14 life insurance companies’ policy holders. Conclusion - This study is providing practical recommendations to insurer on understand customer decision when designing their insurance policy strategies regarding life insurance.Item Factors Influencing Life Insurance Consumption in Western Province, Sri Lanka(Department of Finance Faculty of Commerce and Management Studies University of Kelaniya, 2020) Jayawardana, M. M. H.; Weerasinghe, W. D. J. D.Introduction – Insurance service play a major role in the business society. Whilst life insurance companies play a major role in the insurance market in Sri Lanka. Therefore, it is important to determine the factors influencing life insurance consumption in Sri Lanka. The main objective of this research is to study, determine the factors that influence life insurance consumption in Western province, Sri Lanka. Sub objectives are the find out the relationship between income, level of education, age, gender & no of dependent with life insurance consumption. Design/Methodology/Approach - A Survey was conducted for data collection through a structured questionnaire distributed to 203 life insurance policy holders from the western province Sri Lanka. The study follows the convenient sampling method to collect data. The analysis used in the study are descriptive analysis, correlation analysis, multiple regression analysis based on the hypotheses testing. Findings - The study found strong positive relationship of No of dependence with life insurance consumption. Conclusion - The study found strong positive relationship of No of dependence with life insurance consumption