Company Management in the Insurance Industry: Valuing Employees and Their Commitment to Work

doi:10.21203/rs.3.rs-3601445/v1

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Company Management in the Insurance Industry: Valuing Employees and Their Commitment to Work

https://doi.org/10.21203/rs.3.rs-3601445/v1

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The role of employees within an organizational has become the subject of research, both in academia and in companies themselves. Nowadays, it is important to realize that companies must value the way they manage their relationships with employees, so that they can create value and benefits for both parties. The aim of this research is to analyze which aspects lead to greater commitment on the part of employees and what makes them feel valued in their organizations. To meet this objective, a quantitative methodology was used, through the application of a questionnaire to various employees in the insurance industry. The results show a positive relationship between leadership, the inclusion of employees and their commitment to work, and also that participation in decision-making positively influences their satisfaction, appreciation and loyalty to the company they work for. It can therefore be concluded that investing in employees, as well as increasing their satisfaction and commitment, is crucial for sustainable growth and organizational success.

INSURANCE INDUSTRY

COMMITMENT

VALUATION

LEADERSHIP

EMPLOYEES

According to Uchida and Kino (2021), there is a trend in the labour market that has made it increasingly uncertain and, at the same time, fickle. The authors emphasise that the concept of longevity in a single job has dissipated over the years, causing employees to seek benefits and characteristics that were not important to them in the past. The need for organisations to adapt to the new reality of Human Resources Management (HRM), has been increasing year on year (Arjomandy, 2016). For some years now, some of the main functions of HRM have been to promote the well-being and motivation of employees, since their perception is positively associated with their commitment to their employer (Kehoe, R. & Wright, 2013; Robbins, 2005).

Sainju et al. (2021) states that employee satisfaction is a relevant variable in the performance of each employee, both in terms of their results and organisational success. The practices that have the greatest impact on employee satisfaction and commitment are related to the nature of the work, since tasks that favour greater employee autonomy end up having a more positive impact, as does a greater volume of information and feedback (López-Fernández, M., Romero-Fernández, P. M., & Aust, 2018).

In order to have employees who are able to achieve the best of what is asked of them and who are satisfied with their quality of life at work, there needs to be good managers in an organisation, regardless of the sector. Marques and Cunha (1996) state that the skills inherent in good management, such as effective leadership, can be learned through appropriate training, which should adopt an inter-organizational approach and cover topics such as motivation, work analysis, team management, leadership of groups and organizations, culture and, finally, the political behaviour of organizations. The authors also state that a high quality relationship between a leader and his or her followers allows for a better understanding of teaching issues and for both parties to easily define their objectives, resulting in better performance, not only for the leaders, but also for the employees and the entire organization.

It is true that it is not possible for organizations to control every aspect of employee satisfaction, since there are a number of factors that contribute to this satisfaction, such as: the type of tasks to be performed (Dawis, R., England, G., & Lofquist, 1964); personality and characteristics of each employee (Babin, B. J., & Boles, 1996); remuneration system (Bettencourt, L. A., & Brown, 1997); external influences on the work environment (Ferreira, J. C., Neves, J., & Caetano, 2001); past experiences (Linz, 2004); e working conditions (Poggi, 2010). However, an employee who feels valued within the organization where they work will perform their duties better and become more contributively to the development of the tasks assigned to them, which will subsequently be reflected in the positivity of their personal and behavioural activities.

It is on the basis of these assumptions that we can see that there are changes in the labour market that are inherent to business stability. HRM plays a fundamental role in employee satisfaction and commitment, so it can be deduced that aspects such as employee relationship management, value creation, mutual benefits, adaptability, well-being and talent retention are crucial factors for the success of organisations. The main objective is therefore to analyze which aspects lead to greater commitment on the part of employees and what makes them feel valued within their organizations. In line with the aforementioned objective, the following specific objectives were identified:

Identify how leaders influence employee commitment;
To analyse how the inclusion of employees in company processes influences their satisfaction;
Assess the extent to which employee commitment is valued by your company;
To ascertain the relationship between employee commitment and satisfaction;
To assess whether there is a greater commitment on the part of employees when they are given the opportunity to increase their skills.

2.1 INSURANCE INDUSTRY

According to Carvalho (2016), The insurance contract emerged at the beginning of the 14th century in the cities of Northern Italy. It arose with the aim of responding to the risks that existed in maritime shipping, in order to safeguard ship-owners, so it can be said that the Mediterranean trade was what triggered the need for guaranteed security. According to Martinez (2006), the first insurance contracts took place in 1347, corresponding in fact to maritime insurance, with the first official policy being issued in 1379 in the city of Pisa. Today, according to Kırkbeşoğlu (2014), The insurance business is defined as a business where people, institutions and companies transfer various risks to another company for a certain period of time, in exchange for a premium and in the event of a claim, these companies assume full responsibility for the reimbursement payable for material or bodily damage.

The Insurance Industry (II) plays a vigorous role in a country's economy, on a par with financial institutions such as banks, stock markets and others. In agreement with Senol et al. (2020), the insurance business only works if there is a risk factor, which arises as a result of the activities of people, entrepreneurs and investors. Subsequently, these risks are transferred to the insurance company through a subscription, so all the concerns inherent in the risk become the responsibility of the insurance company, allowing the contractor to carry out their leisure or work activities in a more relaxed manner.

There are two groups that divide the existing insurance branches: Non-Life insurance and Life insurance, the latter being associated with financial and risk products. With regard to Non-Life, Silva (2000) distinguishes insurance belonging to this branch into three types: "property insurance", which includes motor insurance, multi-risk housing insurance, fire insurance and others; "personal insurance", such as occupational accidents, personal accidents and health insurance, and; finally, "general civil liability insurance", with the purpose of compensating damages caused to third parties.

Regarding the Life Branch, Gilberto (2021) indicates that the most important for the client are Life Risk insurances. The main purpose of this is to take out a certain amount of capital to cover any misfortune that may occur in the client's life, whether it be death or disability. In the case of Death, the company makes a capital sum available to the beneficiaries indicated in the policy; in the case of Disability, the beneficiary will be the client himself, so that he can finance the expenses inherent in his day-to-day life. The Life Branch also includes capitalisation operations, such as Retirement Savings Plans (RSP), Savings and, finally, insurance linked to investment funds.

In Portugal, the history of insurance began during the reign of King D. Dinis (The Farmer), with the aim of guaranteeing compensation to ship-owners in the event of their loss or damage. The amounts allocated to compensation came from a tax applied to each ship, taking into account the size of the vessel and its traffic. Still following the evolution of the market in Portugal, Guedes-Vieira (2012) indicates that most contracts were not written, but verbal. This led to the creation of the post of "Insurance Clerk", at the time the insurance regulation and supervision authority.

In order to understand the importance of the Insurance Market, a series of data was taken from the Insurance and Pension Funds Authority of Portugal (ASF); after analyzing the data, it is possible to see indicators such as: number of companies in Portugal, employees, intermediaries and premiums issued.

Table 1

Generic Information
General information as at 31 December of each year
	2022	2021	2020
Number of insurance companies operating in Portugal	603	589	662
Public limited companies under Portuguese law	36	37	37
Life Non-Life Mixed Reinsurance	12 19 4 1	12 20 4 1	12 20 4 1
Mutual	1	1	1
Branches of Foreign Insurance Companies	26	26	28
European Union	26	26	28
Life Non-Life Mixed	2 16 8	2 16 8	4 17 7
Outside the European Union	0	0	0
Insurance companies in L.P.S.	540	525	596
Average number of employees in insurance companies	10.585	10.349	10.195
Source: (Autoridade de Supervisão de Seguros e Fundos de Pensões, 2023a)

Table 1 shows that, at the end of the 2022 financial year, there were 62 insurance companies operating in Portugal, of which 36 are public limited companies under Portuguese law and the remaining 26 are branches of foreign insurance companies. Of these companies, 14 sell only life products, 35 non-life, 12 mixed and 1 reinsurance. The average number of employees in 2022 will be around 10,585, with continued growth over the years under review.

Table 2

ASF Authorised Intermediaries in Portugal
Mediators / Type of Scheme - Portugal
	2022	2021	2020
Insurance Agents	10.600	11.846	15.743
Insurance Broker	67	67	67
Reinsurance Mediator	16	15	15
Total.	10.683	11.928	15.825
Source:(Autoridade de Supervisão de Seguros e Fundos de Pensões, 2023b)

With regard to the number of active intermediaries at the Insurance and Pension Funds Authority, Table 2 shows that there has been a decrease in registered intermediaries authorised to practice insurance mediation professionally. This reduction has to do with factors such as: failure to comply with the necessary requirements; failure to complete the necessary training to recycle the mediator's certificate; de-professionalization of the sector; among others.

Table 3

Premiums Issued
Direct Insurance Premiums Issued
	2022	2021	2020
Premiums (thousands of euros)	11.151.506	12.400.194	8.982.980
Source: (Autoridade de Supervisão de Seguros e Fundos de Pensões, 2023a)

Table 3 shows the impact of the pandemic on the calculation of insurance premiums compared to the year following it, with a drop of around €3,000,000. There is an increase of €3,417,214 in 2021, corresponding to an increase of 38 per cent compared to 2020. These figures relate to both Life and Non-Life.

2.1 EMPLOYEES

According to Ramos (2009), the value of people in the workplace came about through Taylor in the United States, who considered man to be a fundamental part of efficient production; he therefore followed a number of HRM principles, such as: selecting only the best employees for certain jobs depending on their characteristics, training employees so that they could carry out their work efficiently, and monitoring employee performance.

Sasser and Arbeit (1976) emphasised that employees are considered to be a company's most valuable asset, regardless of their sector. The authors emphasise the dedication that leaders must have towards their subordinates, so that they can convey that same dedication to the end consumer. Less satisfied employees become more difficult to involve in the organisation's common objectives (Machova et al., 2022). The authors add that low satisfaction leads to low commitment to the organisation, and this effect can result in the loss of valuable talent and employees. It can also happen that employees, although dissatisfied, remain in the organisation but in a passive way and with little productivity, generating a strong lack of interest in the work to be done and in the organisation in general.

In order to motivate increased satisfaction, it is essential to have leaders in organisations who transmit confidence to their employees. Kent (2005) states that leadership is based on the interaction between a leader and his or her followers, and on the leader's ability to motivate and affect their behaviour, and is very effective when it comes to organisational change.

In (2008), Opoku et al. said that employees who use the services offered by companies and are satisfied with them have a higher perception of the quality of interaction, which is reflected in the performance of better work.

To Lavelle et al. (2010), employee involvement or participation has become a key research topic for strategic human resource management studies. These demonstrate various practices that encourage employee involvement in decision-making and the development and exercise of problem-solving skills (Tian & Gamble, 2018). Mackie et al. (2001) state that employee involvement practices have been essential in reducing work-related stress, increasing employee satisfaction and commitment to the employer.

Vasconcelos (2013) reinforces that it is through employee loyalty that companies are able to retain talent, generate job satisfaction, greater productivity, have employees publicise their company for free and, ultimately, obtain greater income. One of the ways to generate loyalty and retain employees is through the training that is offered and services that increase skills in order to enhance their CV. To Choo and Bowley (2007), employee training has a direct impact on employee productivity, increasing the level of satisfaction of both internal and external customers. It's also favourable for the company, since as employees' problem-solving skills increase, they are less likely to fail in their jobs (Michael & Combs, 2008).

Thus, based on the assumptions in the literature, the following research hypotheses were formulated that relate the aspects studied:

H₁a

There is a positive relationship between leadership style and the inclusion of employees in company processes.

H₁b

There is a positive relationship between leadership style and valuing employees.

H₁c

There is a positive relationship between leadership style and employee commitment.

H₁d

There is a positive relationship between leadership style and employee satisfaction.

H₂a

There is a positive relationship between including employees in company processes and valuing employees.

H₂b

There is a positive relationship between employee inclusion in company processes and employee commitment.

H₂c

There is a positive relationship between the inclusion of employees in company processes and employee satisfaction.

H₃a

There is a positive relationship between valuing employees and employee commitment.

H₃b

There is a positive relationship between valuing employees and employee satisfaction.

H₄a

There is a positive relationship between employee commitment and employee satisfaction.

Based on the object of the study, which aims to analyse which aspects lead to greater commitment on the part of employees towards their employer and what makes them feel valued within the organisations where they work, we opted to use quantitative methods to answer the questions posed.

Therefore, in order to achieve the most feasible study possible, we theoretically structured the model shown in Fig. 1, clearly defining the key elements and their connections so that we could achieve the desired objectives.

The empirical study was carried out in several II companies, where data was collected by applying a questionnaire, previously tested and validated, to employees working in the companies, available for completion between 01 and 20 May 2023.

3.1 TYPE OF STUDY AND DATA COLLECTION INSTRUMENTS

This quantitative and correlacional study aims to understand the relationship between the variables in the hypotheses formulated by analysing the data using the statistical methods explained in 3.4. In this way, it will be possible to obtain greater viability in the data studied, with a better interpretation of it.

The questionnaire was designed taking into account some of the assumptions made by Javeau (1982), which initially defined the study's main objective, hypotheses and respective analysis model. Subsequently, the research universe, exploratory studies, sampling, definitive construction of the questionnaire, administration of the questionnaire, preparation of the analysis file and, finally, analysis and writing of the discussion of the results were delimited. The questions provided in the questionnaire are evaluated on a 5-point Likert scale, in two sections, where (1) corresponds to "Strongly Disagree" and (5) to "Strongly Agree", in another section 7 points are provided, where (1) corresponds to "Strongly Disagree" and (7) to "Strongly Agree", with the exception of socio-demographic data. According to Gonçalves (2004), For a better understanding by the respondents and greater success of the study, it is important that the questionnaire is "easy to handle, orientate, read and fill in".

In the first phase of the questionnaire, "Informed Consent" is provided, explaining the cause and purpose of the study, emphasising anonymity when filling it in and the importance of the issue. In the second part, all the socio-demographic information considered relevant to the study and which must be filled in by the respondent, is given in multiple choice format. Next up is a set of questions divided into the various concepts studied in the theoretical basis of this dissertation: "Leadership"; "Satisfaction and Commitment"; "Valuing" and, finally, "Inclusion".

3.2 DATA AND SAMPLE

The total population on which conclusions are to be drawn is made up of employees working for various insurance companies in the Portuguese market.

The sample was collected through direct contact with the companies which, in turn, shared the questionnaire with all their employees. It should be noted that a questionnaire survey is a data collection technique that allows the researcher to obtain "comparable, general data that can [when desirable] be analysed quantitatively" (Gonçalves, 2004). He also emphasised that it "allows access to a large amount of information about individuals". The questionnaire was sent to an e-mail address belonging to the author of this dissertation.

The sample includes 122 valid responses and the characterisation of the respondents is shown in the table below. Thus, based on the information acquired, some significant observations stand out, such as: a notable balance between female and male responses, indicating an equitable distribution of genders, representing an effort to achieve gender diversity in the workplace, with positive repercussions for inclusion and gender equality in organisations; there is also a positive relationship between the percentage of responses from heads of service and individuals over 50 years of age and 20 years of service, which reflects a commitment on the part of companies to seniority and internal promotion, resulting in professionals with greater dedication, commitment and experience; also noteworthy is the geographical concentration in the Lisbon area, which may be directly related to the hybrid working model that prevails as the most common working condition among those surveyed, reflecting a positive adaptation to current labour dynamics.

Table 4

Sample Characterisation
		N	%
Gender	Female	63	51,6%
Gender	Male	59	48,4%
Age	Less than 30 years old	10	8,2%
	31 to 40 years old	17	13,9%
	41 to 50 years old	47	38,5%
	Over 50 years old	48	39,3%
Educational qualifications	Basic education	1	0,8%
	Secondary education	56	45,9%
	Degree	46	37,7%
	Postgraduate	10	8,2%
	Masters	8	6,6%
	Doctorate	1	0,8%
Length of service in the company	Less than 2 years	10	8,2%
	2 to 5 years	16	13,1%
	6 to 10 years	11	9,0%
	11 to 20 years	25	20,5%
	Over 20 years old	60	49,2%
Region of residence	North	20	16,4%
	Centre	23	18,9%
	Greater Lisbon	71	58,2%
	Alentejo	1	0,8%
	Algarve	4	3,3%
	Madeira Autonomous Region	3	2,5%
Company Name	Others	22	18,0%
Company Name	Company Y	100	82,0%
Current condition of your job	Hybrid	62	50,8%
	In person	51	41,8%
	Remote	9	7,4%
Who you report to in the company	Head of service	50	41,0%
	Board of directors or company senior manager	5	4,1%
	Department director	44	36,1%
	Other	23	18,9%
No. of employees in the company	10 a 49	1	0,8%
	50 a 249	22	18,0%
	250 or more	99	81,1%
Company seniority	Less than 5 years	5	4,1%
	6 to 10 years	5	4,1%
	11 to 20 years	14	11,5%
	21 to 50 years	52	42,6%
	Over 50 years	46	37,7%
Source: Own elaboration

3.3 DATA ANALYSIS

The hypotheses were analysed using linear regression models. Five multiple linear regression models were estimated. In Model I, the dependent variable is inclusion and the independent variables are control variables and leadership (H₁a); Model II, the dependent variable is appreciation and the independent variables are control variables, leadership (H₁b) and inclusion (H₂a); Model III the dependent variable is commitment and the independent variables are the control variables, leadership (H₁c), inclusion (H₂b) and appreciation (H₃a); in Model IV, the dependent variable is satisfaction and the independent variables are leadership (H₁d), inclusion (H₂c), appreciation (H₃b) and commitment (H₄a)..

The following econometric models were estimated:

$${Inclusion}_{j}={\beta }_{0}+{\beta }_{1}{Control}_{j}+{\beta }_{2}{Leadership}_{j}$$

$${Valuation}_{j}={\beta }_{0}+{\beta }_{1}{Control}_{j}+{\beta }_{2}{Leadership}_{j}+{\beta }_{3}{Inclusion}_{j}$$

II.

$${Commitment}_{j}={\beta }_{0}+{\beta }_{1}{Control}_{j}+{\beta }_{2}{Leadership}_{j}+{\beta }_{3}{Inclusion}_{j}+{\beta }_{4}{Valuation}_{j}$$

III.

$${Satisfaction}_{j}={\beta }_{0}+{\beta }_{1}{Control}_{j}+{\beta }_{2}{Leadership}_{j}+{\beta }_{3}{Inclusion}_{j}+{\beta }_{4}{Valuation}_{j}+{\beta }_{3}{Commitment}_{j}$$

IV.

The least squares method was used to estimate the various model parameters and all regressions analysed the existence of variables with potential multicollinearity effects using variance inflation factors (VIF), which should ideally be lower than 5 (Hair, J. F., Black, B., Babin, B., Anderson, R. E., & Tatham, 2010). All calculations were made using IBM SPSS software version 29.0 for Windows (IBM Corporation, New York, USA).

As we have seen throughout this study, it is clear that the role played by employees within an organisation and the way in which they feel satisfied, valued, included and committed are extremely important for any company. It is therefore only natural that they have received increasing attention from the academic community and even from the organisations themselves. Remembering what del-Castillo-Feito et al. (2022) argues that it will only be possible to create value and benefits for both parties if companies value the way they manage their relationship with their employees.

The growth in supply and increased competitiveness between companies in the various existing sectors has made them realise the importance of valuing talent retention as a strategy for achieving greater levels of growth and success. As well as boosting innovation, operational efficiency and overall business productivity, this practice also avoids the costs inherent in recruiting new employees. Underlining that, although the results analysed are more predominant in one company in the sector, they also relate to other companies, it was considered that the proposed objective had been achieved.

With regard to the hypotheses, it was possible to validate the hypotheses H₁a, H₂a, H₄a, H₃b, H₁c e H₂c. As for the chances H₃a, H₁b, H₂b e, H₁d. The aspects that make employees feel valued and that lead to greater employee commitment were analysed. It was found that there is a positive relationship between leadership, employee inclusion and employee commitment. With regard to inclusion in company processes, such as decision-making, problem-solving and defining strategies for business success, it was observed that when this happens, employees feel more valued, satisfied and committed. It was also noted that there is a well-defined correlation between employee satisfaction and whether or not they feel valued. Finally, a clear relationship was identified between employee commitment and their satisfaction in situations of personal significance, a sense of responsibility, i.e. the more satisfied they are, the more committed they are.

It can therefore be concluded that investing in a company's employees is a crucial strategy for organisational growth and success. Retaining talent is fundamental and, as well as increasing the level of employee satisfaction, it also increases the possibility of a professional career for them, which will directly influence their loyalty to their employer, reducing costs and boosting the success and sustainable growth of organisations.

As recommendations for future research, we suggest applying the same study instrument to other companies in the same sector in Portugal and, if possible, abroad. This will broaden the scope of the results, both nationally and internationally, and will also make it possible to improve the quality of life of employees in the II. It will also be important to follow up with the companies, if they are willing, so that the same study can be applied again in the future to see if there have been any changes to the hypotheses that were not possible to prove.

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No competing interests reported.

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Company Management in the Insurance Industry: Valuing Employees and Their Commitment to Work

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Abstract

Figures

1. INTRODUCTION

2. LITERATURE REVIEW

2.1 INSURANCE INDUSTRY

2.1 EMPLOYEES

3. ANALYSIS MODEL

3.1 TYPE OF STUDY AND DATA COLLECTION INSTRUMENTS

3.2 DATA AND SAMPLE

3.3 DATA ANALYSIS

4. CONCLUSION

References

Additional Declarations

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