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A comparative analysis of social media brand image of insurance companies in South Africa: a longitudinal study
- Authors: Gudu, Daniel
- Date: 2020
- Subjects: Social media -- South Africa , Internet marketing -- South Africa , Chernoff faces , Ínsurance companies -- South Africa -- Marketing , Insurance companies -- South Africa -- Case studies , Multivariate analysis -- Graphic methods
- Language: English
- Type: text , Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/144277 , vital:38327
- Description: Social media is changing the way business is conducted. Almost five billion videos are watched on YouTube every single day. Social media has an extensive worldwide presence. Out of the total global population of over 7,5 billion people, over 4 billion are internet users. Of these, over 3 billion are active on social media. Social media is very influential in today's decision-making processes. Businesses must integrate social media into their strategies. The purpose of this research was to investigate the use of a novel method, Chernoff Faces, to assess and compare the social media brand images of six insurance companies in South Africa based on social conversation measurement. The intention of research was towards observing existing situations at hand and pointing out the game changers that can provide the industry with a new leap. Social media are multidimensional and understanding them requires tracking different measures simultaneously. Integrating social media into a communication strategy leads to a problem in finding the best way to portray and communicate multivariate data. It is essential to find the best way to represent and transmit the data so that marketing executives can quickly and easily monitor changes in brand images. Previous studies have successfully proved the possibility of using this method to gauge a "snapshot in time." This study took the concept further by closely monitoring the results for a set of brands over a period to account for the dynamic nature of social media. Accordingly, the study was a longitudinal study of 30 days. Data on the insurance companies was collected from Social Mention, a social media search and analysis platform that aggregates user-generated content into a single stream of information. A tool in the statistical software Stata, Chernoff's faces, was used to analyse the results by generating facial expressions to the metrics associated with the social mentions of each of the insurance companies. The resulting facial expressions were then analysed to recognise the more favourable and stable brands and those that need appropriate risk management. Managing Social Media is challenging as managers must always keep it as positive as possible. Brand managers, therefore, need a better tool to gauge the mood in social media conversations due to the fast-changing nature of social media and the importance of social media to business especially insurance.
- Full Text:
- Authors: Gudu, Daniel
- Date: 2020
- Subjects: Social media -- South Africa , Internet marketing -- South Africa , Chernoff faces , Ínsurance companies -- South Africa -- Marketing , Insurance companies -- South Africa -- Case studies , Multivariate analysis -- Graphic methods
- Language: English
- Type: text , Thesis , Masters , MBA
- Identifier: http://hdl.handle.net/10962/144277 , vital:38327
- Description: Social media is changing the way business is conducted. Almost five billion videos are watched on YouTube every single day. Social media has an extensive worldwide presence. Out of the total global population of over 7,5 billion people, over 4 billion are internet users. Of these, over 3 billion are active on social media. Social media is very influential in today's decision-making processes. Businesses must integrate social media into their strategies. The purpose of this research was to investigate the use of a novel method, Chernoff Faces, to assess and compare the social media brand images of six insurance companies in South Africa based on social conversation measurement. The intention of research was towards observing existing situations at hand and pointing out the game changers that can provide the industry with a new leap. Social media are multidimensional and understanding them requires tracking different measures simultaneously. Integrating social media into a communication strategy leads to a problem in finding the best way to portray and communicate multivariate data. It is essential to find the best way to represent and transmit the data so that marketing executives can quickly and easily monitor changes in brand images. Previous studies have successfully proved the possibility of using this method to gauge a "snapshot in time." This study took the concept further by closely monitoring the results for a set of brands over a period to account for the dynamic nature of social media. Accordingly, the study was a longitudinal study of 30 days. Data on the insurance companies was collected from Social Mention, a social media search and analysis platform that aggregates user-generated content into a single stream of information. A tool in the statistical software Stata, Chernoff's faces, was used to analyse the results by generating facial expressions to the metrics associated with the social mentions of each of the insurance companies. The resulting facial expressions were then analysed to recognise the more favourable and stable brands and those that need appropriate risk management. Managing Social Media is challenging as managers must always keep it as positive as possible. Brand managers, therefore, need a better tool to gauge the mood in social media conversations due to the fast-changing nature of social media and the importance of social media to business especially insurance.
- Full Text:
A critical analysis of the management of climate change risk among short-term insurers in South Africa: evidence from company annual reports
- Authors: Banda, Musale Hamangaba
- Date: 2009
- Subjects: Insurance companies -- South Africa -- Case studies , Risk (Insurance) -- South Africa , Risk management -- Evaluation -- South Africa , Insurance companies -- South Africa -- Management , South Africa -- Economic conditions -- 1991 -- Environmental aspects , Climatic changes -- Risk assessment -- South Africa , Disaster insurance -- South Africa
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:792 , http://hdl.handle.net/10962/d1003943
- Description: This study investigates the extent to which South African short-term insurance companies manage climate change risk, as evidenced in their annual and sustainability reporting. The study context takes into account the fact that the world’s climate has been changing at a more accelerated rate since the early 1970s, causing disasters that have negatively affected world economies in the last ten years. Insurers, due to their huge financial resource base, long history of spurring innovation around risk and encouraging loss-reducing behaviour as well as high levels of vulnerability, have been identified as one industry that could lead societies in finding solutions to climate change risk. A key element of such a corporate resolve involves taking a leadership position which makes business sense for insurers. As such, this research analyses how innovative solutions to change-related problems could result in reduced exposure to climate change in line with corporate triple bottom line objectives. Based on a purposive sampling of short-term insurance companies operating in the South African market during the 2007 financial year, the study uses the companies’ annual and sustainability reports in order to critically assess evidence of climate change-related performance. The assessment is undertaken against the best practice indicators of climate change risk management, as defined by Ceres – a global researcher on climate change management in the business context. The data analysis is largely qualitative, consisting of a narrative presentation of the results and a conceptual application of the results to the triple bottom line which forms the theoretical framework of this study. The study finds that the South African short-term insurers were generally not living up to the climate change management ideals, in comparison to their multinational counterparts. For the South African short-term insurers, corporate strategic product innovation and planning was insignificant. Also negligible was board involvement, as well as CEO involvement, though in at least one case of the 4 local short-term insurance, there was evidence of extensive CEO involvement in climate change risk management. On the whole, these findings represent a lapse in corporate governance inasmuch as climate change risk management is concerned. Local short-term insurers generally performed well in the area of public disclosure, with their scores ranging from insignificant to extensive. In contrast, multinational short-term insurers’ performance with regard to climate change risk intervention ranged from insignificant tointegrated, across the five governance areas of board oversight, management execution, public disclosure, emissions accounting and strategic planning. As such, the study broadly recommends that short-term insurers in South Africa should make climate change part of their overall risk management strategies in order for them to remain competitive in an environment of increased climate change-related risk. More specifically, the research project recommends that the local insurers should proactively lead climate change mitigation measures through, for instance, investing in clean energy projects and incentivising their clients’ participation in the carbon market to prepare themselves for possible regulatory restrictions after the Copenhagen climate change conference planned for December 2009. This study also challenges insurers to help communities and as well as other businesses in their value chain to reduce their negative impacts on the world’s climate and to be more resilient against disasters which may arise from the high levels of greenhouse gases already in the atmosphere. Further, it recommends that insurers should create internal board and executive level climate change-related structures, as these will facilitate the integration of the proposed initiatives into their overall sustainability strategies. Above all, the study recommends that insurers should enhance the reporting of their climate change-related risk, opportunities and initiatives to improve their integrity.
- Full Text:
- Authors: Banda, Musale Hamangaba
- Date: 2009
- Subjects: Insurance companies -- South Africa -- Case studies , Risk (Insurance) -- South Africa , Risk management -- Evaluation -- South Africa , Insurance companies -- South Africa -- Management , South Africa -- Economic conditions -- 1991 -- Environmental aspects , Climatic changes -- Risk assessment -- South Africa , Disaster insurance -- South Africa
- Language: English
- Type: Thesis , Masters , MBA
- Identifier: vital:792 , http://hdl.handle.net/10962/d1003943
- Description: This study investigates the extent to which South African short-term insurance companies manage climate change risk, as evidenced in their annual and sustainability reporting. The study context takes into account the fact that the world’s climate has been changing at a more accelerated rate since the early 1970s, causing disasters that have negatively affected world economies in the last ten years. Insurers, due to their huge financial resource base, long history of spurring innovation around risk and encouraging loss-reducing behaviour as well as high levels of vulnerability, have been identified as one industry that could lead societies in finding solutions to climate change risk. A key element of such a corporate resolve involves taking a leadership position which makes business sense for insurers. As such, this research analyses how innovative solutions to change-related problems could result in reduced exposure to climate change in line with corporate triple bottom line objectives. Based on a purposive sampling of short-term insurance companies operating in the South African market during the 2007 financial year, the study uses the companies’ annual and sustainability reports in order to critically assess evidence of climate change-related performance. The assessment is undertaken against the best practice indicators of climate change risk management, as defined by Ceres – a global researcher on climate change management in the business context. The data analysis is largely qualitative, consisting of a narrative presentation of the results and a conceptual application of the results to the triple bottom line which forms the theoretical framework of this study. The study finds that the South African short-term insurers were generally not living up to the climate change management ideals, in comparison to their multinational counterparts. For the South African short-term insurers, corporate strategic product innovation and planning was insignificant. Also negligible was board involvement, as well as CEO involvement, though in at least one case of the 4 local short-term insurance, there was evidence of extensive CEO involvement in climate change risk management. On the whole, these findings represent a lapse in corporate governance inasmuch as climate change risk management is concerned. Local short-term insurers generally performed well in the area of public disclosure, with their scores ranging from insignificant to extensive. In contrast, multinational short-term insurers’ performance with regard to climate change risk intervention ranged from insignificant tointegrated, across the five governance areas of board oversight, management execution, public disclosure, emissions accounting and strategic planning. As such, the study broadly recommends that short-term insurers in South Africa should make climate change part of their overall risk management strategies in order for them to remain competitive in an environment of increased climate change-related risk. More specifically, the research project recommends that the local insurers should proactively lead climate change mitigation measures through, for instance, investing in clean energy projects and incentivising their clients’ participation in the carbon market to prepare themselves for possible regulatory restrictions after the Copenhagen climate change conference planned for December 2009. This study also challenges insurers to help communities and as well as other businesses in their value chain to reduce their negative impacts on the world’s climate and to be more resilient against disasters which may arise from the high levels of greenhouse gases already in the atmosphere. Further, it recommends that insurers should create internal board and executive level climate change-related structures, as these will facilitate the integration of the proposed initiatives into their overall sustainability strategies. Above all, the study recommends that insurers should enhance the reporting of their climate change-related risk, opportunities and initiatives to improve their integrity.
- Full Text:
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