...I. Overview of the Insurance industry Insurance companies play a major role in today’s financial industries. While the banking industry is creating assets and wealth, the insurance industry is protecting that wealth. The primary business purpose of an insurance company is to spread risk among people or entities that are exposed to similar risks. The insurance industry thrives in marketing uncertainties, selling promises, and making more money by cycling their revenues back into the nation’s building process. Insurance companies are global by design massive in numbers. The insurance industry, like many other industries, have changed dramatically over the years and is constantly being reshaped by factors such as changing interest rates, tightening legislation, growing competition, and even medical advancements. However, the major difference between the insurance industry and all other industries is that the insurance industry accumulates cash first and pay claims costs in the future. In fact, the insurance company does not even know if a claim will occur, when a claim will occur, and how much the claim will cost. II. Insurance Industry Structure Basic Classifications There are three main types of insurance companies: life, property and liability, and title insurance companies. Companies are further divided into primary policy writing and reinsurance. Primary writing is when insurance companies issue new insurance policies and maintain those policies throughout the policy term...
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...` | | | Faculty of Creative Industries and BusinessDepartment of Management and Marketing Master of Business (PGDipBus) | APMG8117 Marketing Strategy Assessment 3: B2B Marketing | | Semester: | Semester 1, 2016 | Date issued: | Session 1 | Due date and time: | 16th May, 2016, 5:00 PM | Delivery: | * NO late assignments accepted | Total marks: | | Weighting: | | Word limit | | | | Instructions: | Complete this cover sheet and attach it to your assignment. This is an individual assignment and must be your own work. Collusion, copying or plagiarism may result in disciplinary action We advise that you keep a copy of this assignment. | | | Student Name: | Gaurav Juneja | Student ID No: | 1464684 | Lecturer: | Prof. Asoka Gunaratne | Class time: | | Student declaration: | I confirm that: This is an original assessment and is entirely my own work. Where I have used ideas, tables, diagrams etc of other writers, I have acknowledged the source in every case. This assignment has not previously been submitted as assessed work for any academic course. | Signature of student: | | Date of signature: | | | | Table of Contents Topics | Page. No. | Executive Summary | 3 | Introduction to DHL Express | 4 | SWOT Analysis | 6, 7 | Analysis of Internal Environment | 8, 9 | Analysis of External Environment | 9 | SFAS | 10 | Identification of Problem or Opportunity | 10 | PESTEL Analysis | 11 | Identification...
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...Project – Practice Management System Amy Guerber HCS/571 August 30, 2015 Professor Linda Roan Practice Management System In medical practices, the investment in a practice management system is necessary to effectively manage the operations of all departments. A typical practice management system captures billing data, patient demographic information, strategic reports, and appointment scheduling. The HITECH Act of 2009 requires that patient demographics, as well as disease data, are collected and reported to federal and state health agencies in electronic format (CDC, 2012). As a result, our practice has made the decision to invest in the purchase and implementation of the Greenway Health practice management system. The purpose of this paper is to provide background on the system, identify the management and organizational goals for selecting this system, the benefits to the organization, and the justification for this capital investment. Greenway Health Practice Management As a web-based application, the Greenway Practice Management system has been selected as the preferred solution because of its ability to verify benefits eligibility for patients, manage patient scheduling and patient billing. The application will streamline the billing process for the multiple office locations in our practice, allowing for centralized management. A primary feature of the Greenway Health Practice Management system is its commitment...
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...Lost Opportunity? Current Challenges and Potential Solutions to an Evolving Underwriting Environment by G. Clinton Harris, CPCU, ARe, ARP, Ronald C. Licata, CPCU, AIM, Raymond S. Nichols, CPCU, FCAS, FCA, MAAA, CIDM, ARe, William F. O’Connor, Jr., CPCU, AIM, ARM, Lisa Poirier, CPCU, Thomas E. Quinn, CPCU, ARM and Gregory Riley, CPCU Introduction unning an insurance company is like managing a supermarket, where the price of the product is determined by the checkout clerk.” This decades old quote was meant to accurately describe a process in which subjectivity and perceptions of individual underwriters determined prices. This highlights the historical concern for fairness, accuracy, and consistency in underwriting. When we look at the underwriter’s role today we find two startling realities: (1) the underwriting function, however described and accomplished, is pivotal for any insurer and (2) the industry does not appear to be investing adequately in the development of professional underwriters for the skills being demanded. This is most notable with the impending loss of senior talent to retirement and the increasing availability of electronic tools to support the function. The research in this article examines the changes in the underwriting process. The professional underwriter still brings accuracy, fairness, and a consistent approach to profit to the table for the future oriented insurance company. The success of the professional underwriter is critical for any insurer. However...
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...STRATEGIC MANAGEMENT Charles LUMBERS Case study: Wells Fargo 1 Established in 1852, Wells Fargo is the oldest operating bank in the US. The bank is currently the fourth largest bank in the United States. The success of Wells Fargo lies within its remarkable strategy and competent management, which have allowed the bank to grow and diversify in ways that their competitors could only dream. The bank went through several changes, with over 1500 mergers and acquisitions. The most important merger was with Northwest Corporation, a merger, which is at the foundation of Wells Fargo as it operates today. It is clear that the underlying reason of the merger was management’s ability to identify the strengths and weaknesses of their respective banks, while foreseeing the complementary benefit their respective skill-sets could provide. Indeed, the merger brought together two halves and through the effects of synergy, it surpassed the potential of the separate halves. The story of Wells Fargo is full of similar cases in which the ability of strategic thinking and competent management laid the groundwork for what is now one of the most respectable banks in the US. This paper will analyse key strategic factors and competencies, which have resulted in the success of the bank. It will examine the bank through an analysis of their business environment, strategic capabilities and sources of sustainable corporate advantage. The analysis will be conducted using well-known management models...
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...Saga wants to grow (e.g. care homes). Funded by profit, an internal source of finance, future business growth could make the shares worth more so their price will rise and shareholders will hold an investment in Saga which is more valuable. 4. When demand is price elastic it means that changes in price have a more than proportionate impact on demand. If, e.g., Saga were to increase its insurance prices by 5% and the PED is -1.5, then demand will fall by 7.5% and there would be a fall in Saga insurance revenues. However, if Saga reduced prices by 10% then demand would rise by 15% and revenues would rise. Operating in markets where low price might be important (because people might not be fussy about who provides the insurance as long as there is cover), if Saga can offer competitive rates then it might be able to increase its market share. To be able to offer lower prices / rates but also remain profitable, Saga must reduce its cost base. On the other hand, Saga, using its trusted brand image, might be able to persuade buyers that it is different / better/ safer than competitor insurance businesses – it might stress that it will talk to older people on the phone rather than only through emails . This would make demand less price sensitive as...
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...Financial Services Practice Journey III: The Next Frontier in Property and Casualty Insurance The Challenge of Profitable Growth Journey III: The Next Frontier in Property and Casualty Insurance The Challenge of Profitable Growth Contents Introduction Dramatic improvement and a paradigm shift 1 A Paradigm Shift The exit of undisciplined capacity Strengthened risk management skills Stronger foundational pillars The Implications The risk journey continues – with profitable growth as the new frontier 7 9 10 13 17 Continuous improvement of risk management Growing profitably in a competitive industry Lessons and barriers Levers to drive growth Upgrading the foundational pillars Conclusion Looking forward 17 21 28 38 43 Journey III: The Next Frontier in Property and Casualty Insurance The Challenge of Profitable Growth 1 Introduction Dramatic improvement and a paradigm shift In our first Journey report, covering 1979 to 1993, we reached three main conclusions about performance in the property and casualty insurance industry: 1. Risk management is the primary driver of success, not investment performance, expense management or financial leverage. We suggested that risk management had four components: enterprise risk management, capital management, product market management, and transaction excellence. 2. Performance is remarkably consistent and selfreinforcing. Winners keep winning, while persistent underperformers tend to be acquired...
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...Nonmarket Environments Market environment includes those interactions (which involve voluntary economic transactions and the exchange of property) between firms, suppliers and customers that are governed by Markets and Contracts. Nonmarket environment is composed of the social, political and legal arrangements that structure interactions (between the firm and individuals, interest groups, govt. entities, and the public which are intermediated not by markets but by public and private institutions) outside of, but in conjunction with, markets and contracts. Public institutions differ from markets because of characteristics such as majority rule, due process, broad enfranchisement, collective action, and publicness. Activities in the non market environment are Voluntary when, firm cooperates with govt. officials or an environment group and are Involuntary in the case of, govt. regulation or a boycott of a firm’s product led by an activist group. Nonmarket issues high on firms agenda include : 1. Environmental Protection 2. Health & Safety 3. Regulation & Deregulation, 4. Intellectual Property Protection 5. Human Rights 6. International Trade Policy 7. Regulation & Anti-trust 8. Activist Pressures 9. Media Coverage of Business 10. Corporate Social Responsibility & 11. Ethics Management & Managers is both responsible for formulating and implementing nonmarket as well as market strategies. Market Environment determines...
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...RULES AND REGULATIONS OF M.B.A. PROGRAMME – 2010 The Master of Business Administration (M.B.A.) is a Post-Graduate course offered as: I. II. Two-year i.e., four semester Full time Day programme Three year, i.e., six semester Part-time programme offered to Working Executives and employees. 1. ELIGIBILITY CONDITIONS 1.1 M.B.A. (Day) Candidate seeking admission into Full Time M.B.A. (Day) programme must be: 1. Bachelor degree holder of Osmania University or a degree recognized by the university as equivalent thereto and /(or) as per the rules laid down by the University; 2. The candidate seeking admission must qualify in the Entrance Examination, conducted by the appropriate authority in the year of admission as per the norms prescribed by the University. 3. The admission of Non-resident Indians and candidates admitted in lieu of them will be as per the University Rules in force on the date of the admission. 4. Foreign candidates’ admission is based on the Screening Process of the University currently in vogue. 1.2 M.B.A. (Evening) Candidate seeking admission into Part-Time M.B.A. (Evening) Programme has to satisfy the following Conditions: 1. Must be a Bachelor Degree holder of Osmania University or a Degree recognized by the university as equivalent thereto and/ (or) as per the Rules laid down by the University. 2. The candidate seeking admission must qualify in the entrance examination conducted by the appropriate authority in the year of admission as per the norms prescribed...
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...SUMMER INTERNSHIP PROGRAM-2012 A Report On Brand Equity of IDBI Federal Life Insurance Co Ltd. Submitted by: Chetan Paranjpe 11BSPHH010239 Project Report On Brand Equity of IDBI Federal Life Insurance Co Ltd SUBMITTED TO Faculty Guide: Company Guide: Prof. G Radha Krishna Mrs. Shanthi Yagyanath IBS Hyderabad Assistant Branch Head IDBI Federal AUTHORIZATION This project has been prepared under the guidance of Mrs. Shanthi Yagyanath, Assistant Branch Head, IDBI federal Life Insurance and Dr. Radha Krishna, Faculty Guide, IBS Hyderabad. This Report is been submitted as a partial fulfillment of MBA program of IBS Hyderabad ACKNOWLEDGEMENT I would like to take an opportunity to thanks all those who have made working on this project feasible for me. I would like to thank IDBI federal for providing me with the opportunity to work for them and giving me the taste of my first corporate and professional world. It gave me an opportunity to understand real life situation and implement those things which I had earlier come across only in textbooks as a part of my course. I would like to extend my sincere gratitude to Mrs. Shanthi Yagyanath for allowing me to work...
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...Introduction: Why Project Management? To Accompany PROJECT MANAGEMENT: Achieving Competitive Advantage By Jeffrey K. Pinto CHAPTER ONE PROJECT PROFILE – Disney’s Expedition Everest INTRODUCTION 1. WHAT IS A PROJECT? General Project Characteristics 2. WHY ARE PROJECTS IMPORTANT? PROJECT PROFILE – Dubai – Land of Mega-Projects 3. PROJECT LIFE CYCLES PROJECT MANAGERS IN PRACTICE – Christy Rutkowski, Regency Construction Services 4. DETERMINANTS OF PROJECT SUCCESS PROJECT MANAGEMENT RESEARCH IN BRIEF – Assessing Information Technology (IT) Project Success 5. DEVELOPING PROJECT MANAGEMENT MATURITY 6. PROJECT ELEMENTS AND TEXT ORGANIZATION Summary Key Terms Discussion Questions Case Study 1.1 – MegaTech, Inc. Case Study 1.2 – The IT Department at Hamelin Hospital Internet Exercises PMP Certification Sample Questions Bibliography TRANSPARENCIES 1.1 GENERAL PROJECT CHARACTERISTICS 1) Projects are ad hoc endeavors with a clear life cycle. 2) Projects are building blocks in the design and execution of organizational strategies. 3) Projects are responsible for the newest and most improved products, services, and organizational processes. 4) Projects provide a philosophy and strategy for the management of change. 5) Project management entails crossing functional and organizational boundaries. 6) The traditional management functions of planning, organizing...
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...Moody DeVry University Online In a job market like the current one, attracting and retaining the best help is challenging. The key to finding and keeping good employees is creating an environment in which they would want to work. We have all heard about surveys that demonstrate that it is far more than mere compensation that motivates employees to stay where they are. It is the same when potential candidates are assessing their options and choosing which opportunity they will accept. The current competitive conditions in the business world make it difficult to acquire and retain the top talents. Once the organization is able to identify, it can be unable to offer the right pay and to manage the pay increases to retain top talents. The compensation strategy is the extremely important piece of the overall HR Strategy to keep the company competitive and successful. On the other hand, the compensation strategy is important to keep the personnel budget under the control and to manage the jobs in the right salary (pay) brackets. (Ulich, D, 2011) The focus on compensation is most often the most important source of the job. It is taken for granted because of the amount of salary that is received. In non-profit organizations there are obvious challenges when it comes to providing competitive salary and benefits to attract and keep the best staff. If Family Christian Health Center could market their strengths, it would make a difference, offer interesting and vibrant challenges...
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...Professor R Overview There is no question that the world we live in is highly competitive and prone to change. Technology is always advancing and business needs are always changing. “Every year, businesses spend billions of dollars on software projects in order to improve or replace their information systems.” (Romney & Steinbart, p. 579.). This includes insurance company Prudent Europe and how they had intended to expand their business by developing their own information system with IT Company Unisys. The project was ultimately terminated and €12 million of its €35 million total investment was already spent by the end of August of 2001. Management of Prudential Europe did not feel the software met their expansion needs especially with the increasing costs. The purpose of this writing assignment is to analyze Prudential Europe’s development project along with the successes and failure of it. (Prudent firms, n.d.) System Analysis The first step of the system development life cycle is to determine whether a new information system is needed. Prudential Europe figured that a project to increase its processing ability would be economically feasible given that management calculated the capital budgeting of €35 million. If successful, the project would have given the company a huge competitive advantage and improved business processes over other companies, otherwise known as a business process management system. Prudential Europe’s board of directors then decided to look for a...
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...natural resource problems they face has become increasingly clear. In doing so—and before they finally accept that the responsibility for tackling these problems is theirs, not something to be pushed onto future generations—they typically move through a number of stages. These have included: ignorance awakening denial guilt reduction, displacement behaviour, and tokenism conversion integration In the wake of the publication of Our Common Future, the 1987 report of the World Commission on Environment and Development,' and the UN Conference on Environment and Development (UNCED) held in Rio de Janeiro in June 1992, the concept of sustainable development—involving the integration of environmental thinking into every aspect of social, political, and economic activity—has become central to the environmental debate. This article considers some of the ways in which business is now developing new "win-win-win" strategies in this area to simultaneously benefit the company, its customers, and the environment. I Towards the Sustainable Corporation 91 Sustainable Strategies? Most countries are still some considerable way from genuine conversion to the cause and realities of sustainable development, let alone the effective integration of environmental sustainability as a national priority. But we are beginning to see an early crop of strategies designed to move individual national economies—and even the...
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...Why do we need the health insurance industry? Need for health insurance The health insurance industry (XLV) mainly provides a risk management tool for an individual. People cannot predict the extent and timing of their future healthcare expenses. By paying regularly for health insurance, people can get protection against financial losses resulting from high health care expenses. It also enables them to better manage their cash flows as most health insurance plans specify the maximum amount an individual will need to pay in excess of the charge paid for buying the insurance, in a calendar year. Risk pooling According to study by the Congressional Research Service, the top 5% of the total population accounted for about 50% of the health expenses in 2011 and 2012. This uneven distribution of spending forms the basis of risk pooling, where people contribute an amount of money, at least equal to the per capita cost of medical services, expected to be used by the group of insured people. Risk pooling in insurance is essentially a cross-subsidy paid by low-risk members to high-risk members of the insurance plan. The above diagram shows that the performance of healthcare system or the efficiency of health insurance and effectiveness of risk pooling increases as the size of the group increases. However, the benefit of reduced risk resulting from the increasing size of the insured population reduces as the size increases a certain optimal size, S*. As size increases, the probability...
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