Learning from insurance data: Injuries to other road users in motorcyclist at-fault crashes

In multi-vehicle motorcycle crashes, the motorcycle rider is less likely to be at-fault but more commonly severely injured than the other road user. Therefore, not surprisingly, crashes in which motorcycle riders are at-fault and particularly the injuries to the other road users in these crashes have received little research attention. This paper aims to address this gap in the literature by investigating the factors influencing the severity of injury to other road users in motorcyclist-at-fault crashes. Five years of data from Queensland, Australia, were obtained from a database of claims against the compulsory third party (CTP) injury insurance of the at-fault motorcyclists. Analysis of the data using an ordered probit model shows higher injury severity for crashes involving young (under 25) and older (60+) at-fault motorcyclists. Among the not at-fault road users, the young, old, and males were found to be more severely injured than others. Injuries to vehicle occupants were less severe than those to pillions. Crashes that occurred between vehicles traveling in opposite directions resulted in more severe injuries than those involving vehicles traveling in the same direction. While most existing studies have analyzed police reported crash data, this study used CTP insurance data. Comparison of results indicates the potential of using CTP insurance data as an alternative to police reported crash data for gaining a better understanding of risk factors for motorcycle crashes and injury severity.

25th Anniversary of the Linked Life Insurance Commemorative Medal

Obverse: Inscription. Reverse: The life insurance emblem, a house with family inside, shekel coin on the roof of the house.

Accounting for risk: The advent of capped conveyancing title insurance

Title insurance companies originating from America, have, in the past 15 years become part of the Australian conveyancing landscape. However for most residential freehold owners, their activities would be a mystery. A purchaser does not routinely obtain title insurance, with the companies presently focussing on servicing the mortgagee sector. While the lack of penetration in the residential purchaser market may be attributed to the consumer’s lack of knowledge, evidence from Ontario and New Zealand illustrates that title insurance is likely to become an additional cost in the conveyancing process in Australia. In this article we highlight the reasons why, and demonstrate how title insurers have, by working with the legal profession been able to subtly move the risk of responsibility for compensation for loss, (at least in the first instance) from the state to the insurer, but with the added benefit for the state and the conveyancing agents that the cost of the insurance is ultimately borne by the consumer. In New Zealand this development is being accelerated by the introduction of capped conveyancing title insurance. Whether title insurance will become part of the conveyancing process is no longer the relevant question for Australia, (it undoubtedly will), but the unknown issue is just how title insurance companies will work with conveyancing agents to infiltrate the market, and what response this infiltration will have in terms of the state’s view as to their continued role in the provision of assurance. We suggest that developments from New Zealand in relation to capped conveyancing insurance are likely to be replicated in Australia in the near future, and that the state’s role in providing an assurance fund will continue, though the state may seek to expand the areas in which the right to compensation is restricted.

Auditing design and innovation programmes within a multinational insurance provider

The financial services industry is key to the success of the Australian economy, however even established businesses need to continually push to innovate. At present, design is becoming widely accepted as means to innovate and many companies currently have design and innovation programmes. The goal of these programmes is to foster a design capability amongst staff members. However, little is known as to the impact of the innovation capabilities such design programmes claim to instil. Therefore, this paper seeks to investigate how a financial services firm is currently attempting to build a design capability amongst staff members. Using a case study approach the research team audited four design capability programmes currently being deployed by the case firm. The study highlights the strengths and weaknesses of current efforts by the firm and current barriers to achieving design capability. The implications of this paper include key insights for both academics and industry.

Directors and officers insurance – Recent critical issues in Australia and New Zealand

Directors and Officers Liability Insurance (“D&O insurance”) has grown and evolved rapidly over the past 80 years to assume an important position in most corporations’ corporate governance and risk management strategies. This article focuses upon certain topical matters of particular concern to directors and officers including the availability of defence costs where a D&O policy is subject to a statutory charge; the commercial desirability of stand-alone “A-side” coverage, being the cover provided directly to directors and officers for loss resulting from claims made against them for wrongful acts; the impact of fraud and/or dishonesty upon D&O cover; and disclosure of the nature and extent of D&O cover to the directors and officers themselves and to third parties – in the latter case such access frequently being necessary to determine the economic viability of pursuing a proposed action against a company and its directors and officers.

The Finnish Leadership Style in Transition - A Study of Leadership Criteria in the Insurance Business, 1997-2004 (summary section only)

The aim of the study was to explore the importance of evaluating leadership criteria in Finland at leader/subordinate levels of the insurance industry. The overall purpose of the thesis is tackled and analyzed from two different perspectives: - by examining the importance of the leadership criteria and style of Finnish insurance business leaders and their subordinates - by examining the opinions of insurance business leaders regarding leadership criteria in two culturally different countries: the US and Finland. This thesis consists of three published articles that scrutinise the focal phenomena both theoretically and empirically. The main results of the study do not lend support to the existence of a universal model of leadership criteria in the insurance business. As a matter of fact, the possible model seems to be based more on the special organizational and cultural circumstances of the country in question. The leadership criteria seem to be quite stable irrespective of the comparatively short research time period (3–5 years) and hierarchical level (subordinate/leader). Leaders have major difficulties in changing their leadership style. In fact, in order to bring about an efficient organizational change in the company you have to alternate the leader. The cultural dimensions (cooperation and monitoring) identified by Finnish subordinates were mostly in line with those of their managers, whilst emphasizing more the aspect of monitoring employees, which could be seen from their point of view as another element of managers’ optimizing/efficiency requirements. In Finnish surveys the strong emphasis on cooperation and mutual trust become apparent by both subordinates and managers. The basic problem is still how to emphasize and balance them in real life in such a way that both parties are happy to work together on a common basis. The American surveys suggests hypothetically that in a soft market period (buyer’s market) managers employ a more relationship-oriented leadership style and correspondingly adapt their leadership style to a more task-oriented approach in a hard market phase (seller’s market). In making business better Finnish insurance managers could probably concentrate more on task-oriented items such as reviewing, budgeting, monitoring and goal-orientation. The study also suggests that the social safety net of the European welfare state ideology has so far shielded the culture-specific sense of social responsibility of Finnish managers from the hazards of free competition and globalization.

DTC Technique for Induction Machine based Integrated Starter-Generator of an Automobile

This paper mainly concentrates on the application of the direct torque control (DTC) technique for the induction machine based integrated startergenerator (ISG) for automobile applications. It also discusses in brief about the higher DC bus voltage requirements in the automobiles i.e. present 14V system vs. 42V system to meet the power requirements, modes of operation of ISG, electric machine and the drive selection for the ISG,description of DTC technique, simulation and experimental results, and implementation.

Induction reheating of A356.2 aluminum alloy and thixocasting as automobile component

The development work for producing an automobile component by thixocasting using A356.2 alloy was introduced. As the first step, the alloy was electromagnetically stirred and solidified to produce a billet with non-dendritic microstructure. The microstructure depended on several process parameters such as stirring intensity, stirring frequency, cooling rate, and melt initial superheat. Through a series of computational studies and controlled experiments, a set of process parameters were identified to produce the best microstructures. Reheating of a billet with non-dendritic microstructure to a semisolid temperature was the next step for thixo-casting of the components. The reheating process was characterized for various reheating cycles using a vertical-type reheating machine. The induction heating cycle was optimized to obtain a near-uniform temperature distribution in radial as well as axial direction of the billet, and the heating was continued until the liquid fraction reached about 50%. These parameters were determined with the help of a computational fluid dynamics (CFD) model of die filling and solidification of the semisolid alloy. The heated billets were subsequently thixo-cast into automobile components using a real-time controlled die casting machine. The results show that the castings are near net shape, free from porosity, good surface finish and have superior mechanical properties compared to those produced by conventional die casting processes using the same alloy.

Credit Default Swaps and Insurance: Against the Potts Opinion

Little attention has been given to the possibility that CDS transactions might be construed as insurance contracts in English law. This article challenges the widespread “Potts opinion”, which states that CDSs are not insurance, because they do not require the protection buyer to sustain a loss or to have an insurable interest in the subject matter. CDSs often do provide protection against loss that the buyer is exposed to; loss indemnity is not a necessary characterisation of an insurance contract; insurable interest does not form part of the definition of insurance, but is an additional requirement of valid insurance; and what matters is the substance not the form of the contract. The situation in the US and Australia is also briefly considered.

Influence of subcontracting on innovation and economic performance of SMEs in Indian automobile industry

Trans-national corporations (TNCs) expanding their production bases to developing countries having better conditions of manufacturing and domestic markets provide increasing opportunities for local small and medium enterprises (SMEs) to have subcontracting relationships with these TNCs Even though some theoretical and a few empirical studies throw light on the nature of assistance provided by TNCs to local SMEs through subcontracting relationships none of the studies so far quantitatively analysed the role of this assistance on the innovative performance of SMEs leading to better economic performance This paper probes the extent and diversity of assistance received by SMEs from a TNC through subcontracting and its influence on technological innovations and economic performance of SMEs in the Indian automobile industry Indian SMEs were able to receive mainly product related and purchase process assistance thereby implying that subcontracting is largely confined to purchase-supply relationships However assistance received through subcontracting is beneficial as It promoted technological innovations of SMEs the higher the degree of assistance the higher the level of innovations carried out by these SMEs which in turn facilitated their economic performance Thus this paper substantiates in the Indian context that subcontracting relationship with a TNC can be an important source of technological innovations and enhanced economic performance for SMEs (C) 2010 Elsevier Ltd All rights reserved

Heuristic algorithms for scheduling of a batch processor in automobile gear manufacturing

In this paper we address a scheduling problem for minimising total weighted tardiness. The motivation for the paper comes from the automobile gear manufacturing process. We consider the bottleneck operation of heat treatment stage of gear manufacturing. Real life scenarios like unequal release times, incompatible job families, non-identical job sizes and allowance for job splitting have been considered. A mathematical model taking into account dynamic starting conditions has been developed. Due to the NP-hard nature of the problem, a few heuristic algorithms have been proposed. The performance of the proposed heuristic algorithms is evaluated: (a) in comparison with optimal solution for small size problem instances, and (b) in comparison with `estimated optimal solution' for large size problem instances. Extensive computational analyses reveal that the proposed heuristic algorithms are capable of consistently obtaining near-optimal solutions (that is, statistically estimated one) in very reasonable computational time.