Modelling the barriers of weather index insurance service adoption integrating expert mining and ISM Fuzzy-MICMAC

Weather index insurance viability in mitigation of climate change impact risk: a systematic review and future agenda

Purpose

The purpose of the present paper is to review studies on weather index-insurance as a tool to manage the climate change impact risk on farmers and to explore the study gaps in the currently existing literature by using a systematic literature review.

Design/methodology/approach

This study analyzed and reviewed the 374 articles on weather index insurance (WII) based on a systematic literature search on Web of Science and Scopus databases by using the systematic literature review method.

Findings

WII studies shifted their focus on growing and emerging areas of climate change impact risk. The finding shows that the impact of climate change risk significantly influenced the viability of WII in terms of pricing and design of WII. Therefore, the cost of WII premium increases due to the uncertainty of climate change impact that enhances the probability of losses related to insured weather risks. However, WII has emerged as a risk management tool of climate insurance for vulnerable agrarian communities. The efficacy of WII has been significantly influenced by repetitive environmental disasters and climate change phenomena.

Research limitations/implications

This study will be valuable for scholars to recognize the missing and emerging themes in WII.

Practical implications

This study will help the policy planners to understand the influence of climate change impact on WII viability.

Originality/value

This study is the original work of the author. An attempt has been made in the present study to systematically examine the viability of WII for insuring the climate change risk.

Mapping the customer centric weather index insurance service design using quality function deployment

Purpose

The present paper aims to propose a framework on weather index insurance (WII) service design by using quality function deployment (QFD).

Design/methodology/approach

This study utilizes QFD technique to propose a customer oriented framework on WII service design. In initial phase, customer and design requirements were gathered to derive the relationship between customers' and managers' voice for construct the house of quality (HOQ). Later on, prioritized customer and design requirements as QFD outcome were utilized to develop the action plan matrix in order to suggest the future action plans.

Findings

This study proposed a customer centric framework on WII service design to address the customer requirements. Findings show that adequate claim payments, hassle free prompt claim payment and transparency in losses computation are prioritized customer requirements with highest importance rating, whereas, accurate claim estimation, claim management system and advancement of technology are prioritized service design necessities with highest importance rating.

Research limitations/implications

The proposed WII service design can enhance the quality of WII service by attain the higher standards of WII service in order to completely satisfy the customers.

Practical implications

The proposed WII service design can provide a solution to the problems faced by WII industry by improve the customer's service experience and satisfaction.

Originality/value

Based on best of author's knowledge, this paper first proposed a framework on WII service design by integrating customer and design requirements by using QFD.