...The Hartford By Stacia Smith Executive Summary The Hartford has been around for over 200 years. They continue to adapt and make changes to stay a Fortune 500 company. As of current day, there are still many challenges The Hartford still has to face in order to drive their profit up. The Hartford is being affected by their current realignment. They are in the process of refocusing their priorities. They will be focusing on Property and Casualty, Group benefits and Mutual Fund Businesses, and place their Individual annuity business into run off. They are also going to be expanding their sales departments and finding other alternatives for their Life, Financial services and retirement plans. The insurance market is currently being affected by interest rates, credit spreads, equity prices, market volatility and foreign exchange rates. Insurance is also affected by natural physical events such as hail, hurricanes, and climate changes. These are a major factor for all insurance companies and will have to be taken care of individually. The Hartford has a great company culture. They reward their employees and are very much into giving back to the community. Since the company was founded in 1810, The Hartford has gone through many changes and leaders, but they manage to stay a competitor. The Hartford has managed to lock in contracts and be affiliated with AARP, AKC, Sierra Club and National Wildlife Federation. They are also known for writing Babe Ruth’s “sickness policy” in...
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...of MA , Woburn, MA June 2009 – July 2014 Honored by being promoted from Underwriting Consultant to Underwriting Manager within one year with oversight of 30+ direct reports. Selectively assigned to a cross functional team responsible for signing the #1 term life insurance sales agency in the United States. Acted as a key relationship manager for two of the world’s largest reinsurance companies and other vendors. • Developed and implemented a cross functional training program and associated training materials which reduced application processing time by five business days, reducing overall processing to 27 days which turned the company into an industry leader in processing • Awarded by Chief Executive Officer for outstanding achievement • Developed progressive policies which helped maintain standing as top life insurance company based on underwriting audit results Underwriter Lincoln Financial Group, Hartford, CT June 2004 – June 2009 Expertly underwrote and managed over 100 agency accounts. Effectively assessed the eligibility of customers to access financial products. Thoroughly evaluated risk of potential clients and decided how much coverage clients should receive and how much they should pay for...
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...is an exceptional company celebrated for financial performance, character, and customer value. The Hartford is an automobile, home, and renter’s insurance company. They service many customers over forty-nine states. The Hartford has been around for two hundred years, Abraham Lincoln was one of The Hartford’s first customers. They have many different lines of business: agency where they help agents deal with their insureds. There is the consumer direct line of business that deals with customers who are forty-nine and younger. There is the AARP line of business that helps and service customer who are forty-nine and a half and older just to name a few. When analyzing organizational communication you must first know and understand what communication is. Communication is a way of getting a message across from one person to another. Through communication individuals can share feelings, emotions, thoughts, ideas, even policies and procedures. Communication plays a dynamic part in the way and organization runs. Organizations have to communicate in order to carry out their daily activities and to make the business run as smoothly as possible. There are different ways to communicate in an organization there is superior-subordinate, peer relationships and internal-external relationships (Cheney, Christensen, Zorn & Ganesh, 2011, p. 152-157). The Hartford uses superior- subordinate forms of communication mainly to get messages across the whole Hartford community. In this...
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...Spurned By Lawmakers, Governor To Revise HUSKY Proposal Single Mom Swept Up In Capitol Fray Over Health Benefits May 06, 2013|By WILLIAM WEIR, bweir@courant.com, The Hartford Courant Gov. Dannel P. Malloy is revising a plan to significantly reduce money for HUSKY A, the state-funded insurance program for low-income children and their parents, after his proposal failed to clear a legislative committee. Under Malloy's plan, the change to HUSKY A would affect families whose incomes fall between 133 percent and 185 percent of the federal poverty level. Children of families at those income levels would still be eligible for HUSKY A benefits, but their parents would not Ben Barnes, Malloy's budget director, said Monday afternoon that the governor's office is revising the plan to ease the impact on HUSKY A recipients. According to the Legal Assistance Resource Center of Connecticut, the governor's plan would eliminate HUSKY A health insurance for up to 37,500 people in an attempt to shift them toward coverage from the state health exchange, an online marketplace for health coverage that will be active later this year. The health exchange is part of the Affordable Care Act, also known as Obamacare, which was signed into law in 2010 and upheld by the Supreme Court last year. The legislature's appropriations committee voted against the governor's plan last month, opting to keep the state benefits unchanged. The changes proposed initially to the HUSKY A program would save the state...
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...multinational insurance corporations. AIG, with asset of 556 billion, provides insurance service for more than 150 different countries and it has over 630, 000 employees over the world. Even though AIG is such a giant corporation, it has encountered financial problems in the early 2000s. Under financial pressure and a lack of internal control, AIG have committed frauds resulting in several scandals. One of the accounting scandals was disclosed during 2005 which involved a material mis-statement due to false transactions during 2000. This scandal set to prelude leading the downfall of AIG in 2008. In this paper, I will analyze the cause, the transactions and finally effects of the scandal. The Accounting Scandal The Players The CEO of AIG was Maurice “Hank” Greenberg. Greenberg joined AIG in 1962 and led AIG for thirty eight years until his retirement in March 2005. Greenberg was not only the CEO, but also the chairman of the board of AIG. AIG also have several subsidiaries, which include National Union Fire Insurance Company of Pittsburgh (NUFIC) and Hartford Steam Boiler Inspection (HSB). Their financial information are consolidated in AIG’s financial statements. The scandal also involves another corporation General Re Corporation. General Re is a subsidiary of Berkshire Hathaway, Inc., an investment group run by the billionaire Warren Buffet. General Re also has subsidiaries all over the world and together and it is one of the biggest reinsurance companies in the World...
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...SUMMARY Over 6 years of Business Analysis experience with in-depth knowledge of business processes in health care, banking and financial industries ▪ Experienced in interacting with business users to identify their needs, gathering requirements and authoring Business Requirement Documents (BRD), Functional Requirement Document (FRD) and Software Requirement Specification (SRS) across the deliverables of a project. ▪ In-Depth Knowledge in facilitating Joint Application Development (JAD), Rapid Application Development (RAD) and Joint Requirement Planning (JRP) sessions, interviews, workshops and requirement elicitation sessions with end-users, clients, stakeholders and development team. ▪ Strong Knowledge with Iterative approach for Software Development as per Rational Unified Process (RUP). Involved in inception, elaboration, construction & transition phases using rational tools like Requisite Pro, Clear Case and Clear Quest during various phases of RUP. ▪ Experienced in Business Analysis, SWOT Analysis, Gap Analysis, Risk Analysis, Disaster Recovery Planning, Testing and Project Planning. ▪ Extensive knowledge of Medicaid, Medicare, Procedural and Diagnostic codes and Claims Process. ▪ Expertise in EDI and HIPAA Testing Privacy with multiple transactions exposure such as Inbound Claims 837-Institutional, 837-Professional, 837-Dental, 835-Claim Payment/Remittance Advise, 270/271-Eligibility Benefit Inquiry/Response, 276/277-Claim Status Inquiry/Response...
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...and in the number of people who buy insurance on their own or get coverage from small businesses. Aetna will gain 5 million new customers when the merger is complete and stands to get even more in the near future. Health insurance companies, hospitals and other players are merging into bigger entities in hopes of restraining their own costs and grabbing larger shares of the markets as they are reshaped by health care reform. The health insurance industry is undergoing a transformation as a result of the health care reform law. Twenty-five million people will buy health insurance on the law's regulated "exchange" marketplaces in the states, according to the Congressional Budget Office. Many of those small businesses and people who don't receive health benefits from their jobs will get federal tax credits. Medicaid will also add 11 million poor people and states are expected to contract with private health insurance companies to cover them. In addition to boosting its Medicare and Medicaid business, the merger also gives Aetna better access to the "lower end" of the health insurance market -- people who will switch between Medicaid, individual insurance, and small business plans. The health insurance law will expand that pool of customers through the exchanges and subsidies. The health insurance industry lobbied against the law in 2009 and 2010 and Aetna, at least, has continued to campaign against it. In 2011, Aetna, based out of Hartford, Conn., gave $3.3 million to the...
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...research process regarding the company I work for Aetna Inc., a health insurance company. I’ve been working in the health insurance field for some time now, and I find it rewarding being able to assist my clients with their health insurance claims. I will summarize the research process within Aetna and how that process applies to its daily functions. The business research process usually beings by looking at the market and/or industry. The reason this is done is to determine if whether or not there is an opportunity for business to be establish within a target market. Aetna was established in 1850 as “an Annuity Fund to sell life insurance” (Aetna, Inc.), established out of Hartford, Connecticut they were one the first insurance companies in the area. In those times there was an obvious need for insurance companies, and there were relatively few established health insurance companies. Since that time Aetna has committed itself to providing access to cost-effective health care of the highest standards. They strive to protect their clients against health-related risks and help them achieve both good health and financial security. Business research as defined by Cooper & Schindler,” is a systematic inquiry that provides information to guide managerial decisions”. This definition can be applied to Aetna Inc., as business decisions must be made on a day by day basis when it comes to dealing with each individual client. We must review insurance claims, and ultimately based on...
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... Strategic Compensation Chapter 7 Discussion Questions 1. You are a compensation analyst for Worry-Not Insurance Company, which is located in Hartford, Connecticut. Define the relevant labor market for insurance adjusters and data clerk. Describe the rationale for your definition. In my opinion I would be responsible for administering company compensation programs. This would be the market of how much the rates for these jobs are. I would evaluate and analyze salary, determine pay grades of the now labor market, and also I would get input on the compensation surveys. I would pre establish guidelines to perform the functions of the job. I would than report findings to the manager. 2. Refer to table 7-2. Cross out salaries 26-35. Calculate the mean and median for this reduced data set. Mean- (1,337,500) based on 35 salaries = 38,214.49 Case Study 1. What are some strategic considerations in establishing a pay structure at Nutriment? Mr. Stewart needs to start off with the strategic analysis. In the planning the strategic compensation plan or strategy for the organization the company has to look into two individual – level consequences of a pay structure decisions, as internal pay standing and external pay standing. The company can use detailing of the job description and job analysis to maintain an up to date record of the suitable compensation plan for its employees based on various factors...
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...1). Think of an organization where you have worked. What were its compensation policies and how where they communicated to employees? The company that I worked post military career was at a road construction company as a HR/Safety Manger. The compensation policies were typical of any other company in terms of health benefits, workers comp, 401K, and paid vacation/sick days. I would brief new employees as they processed into the company what each were and when they would be eligible and then would brief the entire company annually as new enrollment period would begin. If anything changed compensation wise I would send out a memo of that change, then would follow up for a face-to-face question and answer session with employees to clarify further. 2). Recently larger companies have been in the news because of violations of overtime regulations. How should your Human Resource department protect itself from these devastating claims? Brainstorm some ideas on how to prevent these issues from occurring. I would first suggest reviewing our own company policy of how employees are classified and compare it to state and federal regulations to ensure the company is in compliance with all wage/law and labor regulations. I would also suggest having a labor law attorney review company policy or contracts to ensure everything lines up according to labor and wage laws. Another suggestion would be to perform audits of the payroll department to ensure that hours are tracked and paid out...
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...Pricing, Dividends, Historical Returns Page 7: Trailing PE, Forward PE, and Forward PEG Page 8: References CIGNA 1 With roots dating back to 1972, CIGNA is a leading provider of healthcare and health benefits. The current iteration of CIGNA officially formed in 1982 after the merger of Connecticut General Insurance Corporation and INA Corporation. While Philadelphia is the home of CIGNA’s operations, the company has a diverse footprint located throughout the United States and internationally. Operating in five segments: healthcare, disability and life, international, run-off reinsurance and other operations, CIGNA is able to compete within nearly every aspect of the healthcare sector. CIGNA also operates retail pharmacies, even further diversifying its business model. However, the majority of CIGNA’s revenues come from its health care plans for companies who self- insure. One major differing aspect of CIGNA, compared to its competitors, is that the majority of its pretax operating income comes from its investment income. Unfortunately, this may make the company much more vulnerable to market conditions than most other health insurance companies. On January 31, 2012, CIGNA acquired HealthSpring, Inc. About 6 months later, they acquired Great American Supplemental Benefits from American Financial Group, Inc. These transactions are a good indicator that CIGNA’s main priority is global growth and expanding on shareholder value. Another promising factor...
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...Aetna was founded in 1853 in Hartford Connecticut and is one of the nation’s leading providers of healthcare, dental, pharmacy, group life, and disability insurance, and employee benefits (Aetna, 2013). One of Aetna’s related name in the state of Florida is Aetna Health Inc. Aetna provides innovative products and services which include: a broad range of insurance and employee benefits products, they were the first national full-service health insurer to offer a consumer-directed health plan, they continue to lead the way with their full line of consumer-directed health care products and they offer a wide array of programs and services that help control rising employee benefits cost while striving to improve the quality of health care, such as case management; disease management and safety programs, integrated medical, dental, pharmaceutical, behavioral health and disability information (Aetna, 2013). They also provide its members with access to convenient tools and easy-to-understand information that can help them make better-informed decisions about their health and protect their faineances against health related risk. I was able to locate Aetna’s 2011 annual report, financial report to shareholders online. It starts with the Management’s Discussion and Analysis of Financial Condition and Results of Operations (MD&A) which shows an overview of earnings, cash flows and significant developments for the last three years and an outlook for 2012 (Aetna, 2013). Between 2009 and 2011...
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...Strayer University Case Study 2 Professor Stephens Aetna Insurance Aetna Insurance is a health care insurance out of Hartford, CT; according to Aetna it has 2.2 Million medical members, 14.145 million dental members and 14.159 pharmacy members. It is a very well-known company throughout the US. Also “Aetna provides benefits through employers in all 50 states, with products and services targeted specifically to small, mid-sized and large multi-site national employers”. (Kirk, 2009) Aetna is one of the leading health care companies. The last thing a big company with millions of members need is a data breach case. But unfortunately “On May 28, 2009, Aetna Insurance contacted 65,000 users to let them know that their personal data may have been compromised”. (Kirk, 2009) After tons of emails sent out the customers asking for their personal email, Aetna was finally alerted that something was going wrong. This would be a 2nd data lost incident, after an employee laptop was stolen back in 2006. According to About.com Business Security, “Although the data theft took place between June 2004 and October 2007, On May 1, 2009, LexisNexis disclosed a data breach to 32,000 customers”. (Kirk, 2009) As many scammers seem to do the thefts set up fake post office boxes, causing an investigation for the USPS. Scammers are usually smart and seem to find a great way to get around the system and began to hack, as far as Aetna case the scammers retrieved the customer’s emails from the website...
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...GREAT RECESSION COMPANIES WHO SURVIVED AND ALTERNATE METHODS TO EMPLOYEE LAYOFFS MGT 310-06 PROFESSOR CAS CASWELL BY DE’-LISA BARNES INTRODUCTION In 2008, the end of the first decade of the 21st century, the world market experienced the worst economic decline, known as the Great Recession. The overall impact was described as being the worst global recession since World War II. The precise magnitude and timing of the recession is widely debated and varied from country to country. The years leading up to the crisis were characterized by a highly excessive rise in asset prices, combined with a boom in economic demand, which inflicted a clear hardship for businesses and families. To further explain my research, this paper will focus on the following: What caused the great recession, Effects of the recent recession, Types of Businesses that survived the recession, Companies that hired during the recession, Companies that choose shared-worked programs over layoffs, Various states that participates in the work shared programs, and the Advantages of the work share program. WHAT CAUSED THE GREAT RECESSION The Great Recession actually began in December 2007, which is long before most people ever realized what was to soon transpire. Although there are many speculated factors or causes that led to the recession, the American people strongly believe that the following groups are responsible for the Great Recession of 2008: Government, Mortgage Companies, Banking Institutions...
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... A Closer Look: Aetna History Aetna, Inc. is an American health insurance company, which is the direct descendant of Aetna (Fire) Insurance Company, of Hartford, Connecticut. In 1850 Aetna began operation of an Annuity Fund and the company would soon to be known as Aetna Life Insurance Company. In 1899 Aetna became one of the first publicly held insurance companies to enter the health insurance field. Since then Aetna has become committed to providing access to cost-effective health care of the highest possible standard, to protect people against health-related risks and enable them to achieve both good health and financial security. Aetna has provided such products and services for 159 years, and has the ability to be a leader in building a strong and effective system of health care by cooperating with health care professionals and public officials (Aetna, n.d). Aetna, Inc. provides a range of traditional and consumer directed health care insurance products and related services, including medical, pharmaceutical, dental, behavioral health, group life, long-term care, and disability plans, and medical management capabilities. Aetna Health Insurance was developed in 1853 and today serves 14.8 million medical members. Aetna is the first national and full-service health-insurer to offer consumer-directed healthcare products (Aetna, n.d). Today, Aetna is one of the nation’s leading health insurance companies which providers top products covering dental which covers 13.1 million...
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