IDEAS home Printed from https://ideas.repec.org/a/gam/jsusta/v14y2022i16p9976-d886400.html
   My bibliography  Save this article

Analysis of Changes in Innovative Management of Global Insurers in the Pre- and Post-COVID-19 Eras

Author

Listed:
  • Hyun Jung Kim

    (Graduate School of Management of Technology, Sungkyunkwan University, Seoburo 2066, Suwon 16419, Korea)

  • Keun Tae Cho

    (Department of Systems Management Engineering, Graduate School of Management of Technology, Sungkyunkwan University, Seoburo 2066, Suwon 16419, Korea)

Abstract

This study aims to determine the changes in the innovative management of global insurers in the pre- and post-COVID-19 eras. The keywords of the CEO messages included in the sustainability reports and annual reports of 91 global insurers were used to perform network analysis based on text mining. Specifically, (1) words related to innovation as emphasized in the CEO message of global insurers were extracted, (2) keywords related to innovation in the past three years, of 2018–2020, were compared, and (3) the characteristics of innovative management were analyzed based on the connotations in these words and their structural interpretation. The results showed that the keywords emphasized by the CEOs varied each year; “market” in 2018, “risk” and “value” in 2019, and “people” in 2020. Furthermore, mapping the open innovation success factors based on the keywords extracted according to eigenvector centrality showed that the key factors exhibiting the highest centrality represented the process in 2018, the provision of resources in 2019, and governance in 2020, indicating changes in innovative management. The significance of this study lies in suggesting a directionality of change in post-COVID-19 innovative management for stakeholders, clients, and employees of global insurers.

Suggested Citation

  • Hyun Jung Kim & Keun Tae Cho, 2022. "Analysis of Changes in Innovative Management of Global Insurers in the Pre- and Post-COVID-19 Eras," Sustainability, MDPI, vol. 14(16), pages 1-21, August.
    • Handle: RePEc:gam:jsusta:v:14:y:2022:i:16:p:9976-:d:886400
    as

    Download full text from publisher

    File URL: https://www.mdpi.com/2071-1050/14/16/9976/pdf
    Download Restriction: no
    File URL: https://www.mdpi.com/2071-1050/14/16/9976/
    Download Restriction: no
    ---><---

    References listed on IDEAS

    as
    1. Bernardo Nicoletti, 2016. "Innovation in Insurance," Palgrave Studies in Financial Services Technology, in: Digital Insurance, chapter 1, pages 6-46, Palgrave Macmillan.
    2. Rezaee, Zabihollah, 2016. "Business sustainability research: A theoretical and integrated perspective," Journal of Accounting Literature, Elsevier, vol. 36(C), pages 48-64.
    3. Hyung Jong Na & Kun Chang Lee & Seung Uk Choi & Seong Tae Kim, 2020. "Exploring CEO Messages in Sustainability Management Reports: Applying Sentiment Mining and Sustainability Balanced Scorecard Methods," Sustainability, MDPI, vol. 12(2), pages 1-21, January.
    4. Robin Pearson, 1997. "Towards an Historical Model of Services Innovation: The Case of the Insurance Industry, 1700–1914," Economic History Review, Economic History Society, vol. 50(2), pages 235-256, May.
    5. Yun Gil Choi & Keun Tae Cho, 2020. "Analysis of Safety Management Characteristics Using Network Analysis of CEO Messages in the Construction Industry," Sustainability, MDPI, vol. 12(14), pages 1-18, July.
    6. Jana Diesner & Kathleen M. Carley & Laurent Tambayong, 2012. "Extracting socio-cultural networks of the Sudan from open-source, large-scale text data," Computational and Mathematical Organization Theory, Springer, vol. 18(3), pages 328-339, September.
    7. Ellen Pei‐yi Yu & Christine Qian Guo & Bac Van Luu, 2018. "Environmental, social and governance transparency and firm value," Business Strategy and the Environment, Wiley Blackwell, vol. 27(7), pages 987-1004, November.
    8. Yongkyu Choi & Keun Tae Cho, 2021. "Analysis of Environmental Management Characteristics Using Network Analysis of CEO Communication in the Automotive Industry," Sustainability, MDPI, vol. 13(21), pages 1-23, October.
    9. Aerts, Walter & Cormier, Denis & Magnan, Michel, 2008. "Corporate environmental disclosure, financial markets and the media: An international perspective," Ecological Economics, Elsevier, vol. 64(3), pages 643-659, January.
    10. Antonina Kloptchenko & Tomas Eklund & Jonas Karlsson & Barbro Back & Hannu Vanharanta & Ari Visa, 2004. "Combining data and text mining techniques for analysing financial reports," Intelligent Systems in Accounting, Finance and Management, John Wiley & Sons, Ltd., vol. 12(1), pages 29-41, January.
    11. Humphery-Jenner, Mark L. & Powell, Ronan G., 2011. "Firm size, takeover profitability, and the effectiveness of the market for corporate control: Does the absence of anti-takeover provisions make a difference?," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 418-437, June.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Maha Faisal Alsayegh & Rashidah Abdul Rahman & Saeid Homayoun, 2020. "Corporate Economic, Environmental, and Social Sustainability Performance Transformation through ESG Disclosure," Sustainability, MDPI, vol. 12(9), pages 1-20, May.
    2. Jun Xie & Wataru Nozawa & Michiyuki Yagi & Hidemichi Fujii & Shunsuke Managi, 2019. "Do environmental, social, and governance activities improve corporate financial performance?," Business Strategy and the Environment, Wiley Blackwell, vol. 28(2), pages 286-300, February.
    3. Yongkyu Choi & Keun Tae Cho, 2021. "Analysis of Environmental Management Characteristics Using Network Analysis of CEO Communication in the Automotive Industry," Sustainability, MDPI, vol. 13(21), pages 1-23, October.
    4. Yunseok Hong & Keuntae Cho, 2024. "Differences in CEO Communication Strategies between High- and Low-Performing Firms in the Global Auto Parts Industry," Sustainability, MDPI, vol. 16(8), pages 1-19, April.
    5. Hua Tang, 2022. "The Effect of ESG Performance on Corporate Innovation in China: The Mediating Role of Financial Constraints and Agency Cost," Sustainability, MDPI, vol. 14(7), pages 1-21, March.
    6. Leire Guerenabarrena-Cortazar & Jon Olaskoaga-Larrauri & Ernesto Cilleruelo-Carrasco, 2021. "Integration of Sustainability in Engineering and Architectural Studies in Spanish Universities," Sustainability, MDPI, vol. 13(14), pages 1-14, July.
    7. Ting Qian & Caoyuan Yang, 2023. "State-Owned Equity Participation and Corporations’ ESG Performance in China: The Mediating Role of Top Management Incentives," Sustainability, MDPI, vol. 15(15), pages 1-21, July.
    8. Jiang, Yihuo & Ni, Hongliang & Ni, Yihan & Guo, Xiaomei, 2023. "Assessing environmental, social, and governance performance and natural resource management policies in China's dual carbon era for a green economy," Resources Policy, Elsevier, vol. 85(PB).
    9. Trang Cam Hoang & Indra Abeysekera & Shiguang Ma, 2018. "Board Diversity and Corporate Social Disclosure: Evidence from Vietnam," Journal of Business Ethics, Springer, vol. 151(3), pages 833-852, September.
    10. Al-Shaer, Habiba & Uyar, Ali & Kuzey, Cemil & Karaman, Abdullah S., 2023. "Do shareholders punish or reward excessive CSR engagement? Moderating effect of cash flow and firm growth," International Review of Financial Analysis, Elsevier, vol. 88(C).
    11. Schenk, Catherine R., 1998. "The Origins of the Eurodollar Market in London: 1955-1963," Explorations in Economic History, Elsevier, vol. 35(2), pages 221-238, April.
    12. Hwang, Sunwoo & Kim, Woochan, 2011. "Managerial entrenchment of anti-takeover devices: quasi-experimental evidence from Korea," MPRA Paper 44030, University Library of Munich, Germany.
    13. H. L. Zou & R. C. Zeng & S. X. Zeng & Jonathan J. Shi, 2015. "How Do Environmental Violation Events Harm Corporate Reputation?," Business Strategy and the Environment, Wiley Blackwell, vol. 24(8), pages 836-854, December.
    14. Rashidah Abdul Rahman & Maha Faisal Alsayegh, 2021. "Determinants of Corporate Environment, Social and Governance (ESG) Reporting among Asian Firms," JRFM, MDPI, vol. 14(4), pages 1-13, April.
    15. Basnet, Anup & Davis, Frederick & Walker, Thomas & Zhao, Kun, 2021. "The effect of securities class action lawsuits on mergers and acquisitions," Global Finance Journal, Elsevier, vol. 48(C).
    16. Yongliang Yang & Jin Wen & Yi Li, 2020. "The Impact of Environmental Information Disclosure on the Firm Value of Listed Manufacturing Firms: Evidence from China," IJERPH, MDPI, vol. 17(3), pages 1-20, February.
    17. Yuxuan Li & Xin Miao & Dequan Zheng & Yanhong Tang, 2019. "Corporate Public Transparency on Financial Performance: The Moderating Role of Political Embeddedness," Sustainability, MDPI, vol. 11(19), pages 1-17, October.
    18. Tan, Yafei & Zhu, Zhaohui, 2022. "The effect of ESG rating events on corporate green innovation in China: The mediating role of financial constraints and managers' environmental awareness," Technology in Society, Elsevier, vol. 68(C).
    19. Humphery-Jenner, M., 2011. "Internal and External Discipline Following Securities Class Actions," Discussion Paper 2011-044, Tilburg University, Center for Economic Research.
    20. Harford, Jarrad & Humphery-Jenner, Mark & Powell, Ronan, 2012. "The sources of value destruction in acquisitions by entrenched managers," Journal of Financial Economics, Elsevier, vol. 106(2), pages 247-261.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:gam:jsusta:v:14:y:2022:i:16:p:9976-:d:886400. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: MDPI Indexing Manager (email available below). General contact details of provider: https://www.mdpi.com .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.