The rapid growth over recent decades of the impact of natural disasters on economies, especially in vulnerable areas, urges stakeholders to promote innovative solutions involving risk transfers that account for the new risk exposures. These proposed solutions are designed to optimize and expedite the indemnification process, which can ultimately be beneficial for both policyholders and insurers alike. This article explores the possibility of supplementing the current Romanian dwelling insurance protection scheme with a parametric mechanism. To determine the triggering parameter of the insurance pay-out, the authors consider various hazard scenarios developed based on historical events. This paper focuses on Probable Maximum Loss (PML) determination computed for events with epicenters in the Vrancea (a region and a mountain in the Carpathians) seismic area. This area is the most exposed in Romania to earthquakes, and it includes the capital, Bucharest, which is the urban area with the highest population concentration and, consequently, the highest exposure to the discussed risks.
In recent years, there have been fundamental changes worldwide in the field of the business models, in the way these create value and compete, and in the field of services supplied to customers, which have been driven by the way technology is used to interact with them all. All these changes must be supported by the appropriate strategy, a scalable infrastructure and modern technology capable of delivering: target achievement, resilience, scalability, security, information privacy and technological innovation. The insurance industry pioneer’s adaptability to new technologies, considering its clear benefits in terms of improving customer service, mitigating risk and last but not least, increasing the profitability of the business itself. This study aims to analyze how the company which manages the mandatory home insurance system in Romania, Romanian Insurance Pool Against Natural Disaster – PAID S.A has been integrated in this process of digital transformation and to present the circumstances in which the solutions were developed and implemented as well as the effects generated by them.
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