...Managerial Appls of Info Tech Table of Contents 1. Business problem statement 2. Company background 3. Discussion of business issues 4. Benefits of solving the problem 5. Business/technical approach 6. High level solution 7. References 1. Business problem statement Their mission is to provide financial security and insurance products and has a very important purpose, annuity and investment services for insurance products. Also to provide incentives for families and business owners to reach agreement to set appointments for financial services and several charities that with being a resource center of influence, and investigative units around them. 2. Company background Established in 1845 and located in New York, New York Life Insurance Company is a Fortune 100 company and is the oldest and one of the largest mutual life insurance companies in America. The New York Life maintains operations in all 50 states and many markets in Asia and Latin America. The Company holds the highest rating for financial strength from four major players in the industry life insurance rating. In 2010, New York Life Insurance Company posted record sales in the U.S. individual life insurance, an increase of 39% 1 in 2009 and far above the industry growth of 12% in 2010.2. The New York Life offers a large staff of experts to support all products and give them to personnel training for their first 36 months to guarantee they are fully informed of any decision...
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...Diversity of New York Life Karrie McHugh Managing Global Diversity Table of Contents Page 3 - Executive Summary Page 4- Organizational Background Page - Selected Criteria/Audit Method Page - Description of the Organization’s Diversity Initiatives Page - Evaluation of the Organization’s Diversity Initiatives Page - Recommendations Page - References Executive Summary This paper is designed to explain the diversity audit on New York Life. They are a large organization that has been around since 1869. They have been a life insurance company that has survived through many tragedies. They claim to be a very diverse workplace. New York Life has established a diversity program that states “The New York Life Supplier Diversity Program is designed to ensure that diverse businesses have equal access to our procurement processes. Currently, the businesses we include as diverse suppliers are minority-owned, women-owned and Lesbian, Gay, Bisexual and Transgender (LGBT)-owned businesses. Our program has the enthusiastic support of our Chairman, President and CEO, Ted Mathas. Some of our current initiatives involve exploring innovative approaches to facilitate diverse business inclusion in non-traditional areas like management consultants and investment firms. We will continue to expand our customer base for diverse businesses and participate in activities that will introduce the company to new diverse suppliers. We are also encouraging our prime suppliers to subcontract...
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...prospects. In addition, the company wants to get busy families and business owners to agree to set appointment in order to meet with a financial service professional. Lastly, the company wants people to utilize its Information Systems. New York Life Insurance Company was founded in 1845. The headquarters are in New York City. New York Life Insurance Company is a Fortune 100 company and one of the oldest and largest mutual life companies in the United States. The company maintains operations in all 50 states and also services areas in Asia and Latin America. The company has over 60,000 licensed insurance agents and over 17,000 non-licensed employees. New York Life also holds the highest possible ratings for financial strength. This is based on the life insurance industry’s four principal ratings agencies. With the industries sales growth being around 12% in 2010, New York Life Insurance Company had an increase in sales that was 39% over 2009. The biggest thing about being in the insurance business is sales. As long as New York Life Insurance Company is compliant with the regulations, the company can be creative in building the business to be a dominant force in the industry. By solving the problem, agents will be able to collaborate with managing partners. This will allow the rest of team to be able to revisit appointments that were made. By revisiting these appointments, agents will be able to turn these appointments into applications. In the insurance industry, an application...
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...New York Life Insurance Company New York Life Insurance Company (NYLIC) is ranked among the top mutual life insurers in the U.S, providing life insurance policies both locally and in overseas. It has always retained its core business, which is life insurance and annuities. Employee Benefits NYLIC uses group life insurance to fill the gaps between employees and employers, through simplified underwritings that guarantee coverage for new employees, and provide them with opportunity to supplement their savings (Miller, 2013). Dental benefit is also offered in a flexible and cost-effective way that ensure employees meet their objectives from a value and cost perspective. Long term disability is the third benefit that finanacially protect employees who can no longer work due to diabilities. There is also a health care spending account whereby amount deposited in it is used to cater for an employee’s health-care and dependent-care expenses. Structural Orgnization New York Life Insurance Company, formed under the New York State Laws, is organized into two main subsidiaries that operate in accordance with the defined requirements of this company by the law. They include: New York Life Insurance and Annuity Corporation, and New York Life Insurance Company of Arizona. Due to subsequently reversed course by the company’s Board of Directors, NYLIC strongly and publicly embrace their preferred mutual nature, through advertisements. Qatar Insurance Company Qatar Insurance Company...
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...Top 10 Insurance Companies in India Author: Administrator Saved From: http://www.knowledgebase-script.com/demo/article-994.html The insurance sector in India has undergone a number of phases since its inception in 1818. The insurance sector gained real momentum in the last decade when the Indian government allowed private insurance companies to furnish insurance products. Moreover, India welcomed foreign direct investment up to 26% in the insurance sector and since then it has been booming, capturing every opportunity for growth. Top 10 Insurance Companies in India Here is the list of top 10 insurance companies in India. 1. Life Insurance Corporation of India (LIC) Selling Point: India's largest Insurance Company With estimated assets of Rs. 8 trillion (approximately $170 billion) and 2048 branches spread across India, LIC is not only the largest but the most popular life insurance company in India. Government-owned LIC still remains on the top even in the phase where there are many new players entering in the ring with customized insurance products. LIC has gained the consumer trust and credibility over the time that is essential to sustain in the insurance business. 2. Tata AIG Life Insurance Company Limited Selling Point: Insurance provider with the most reliable brand names Tata AIG offers a variety of insurance plans. The company has plans for everyone from children to students to corporate executives to senior citizens and it is the first private sector insurer...
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...corporation for the Metropolitan Life Insurance Company, or MetLife for short, and its affiliates. MetLife is among the largest global providers of insurance, annuities, and employee benefit programs, with 90 million customers in over 60countries.The firm was founded on March 24, 1868. On January 6, 1915, MetLife completed the mutualization process, changing from a stock life insurance company owned by individuals to a mutual company operating without external shareholders and for the benefit of policyholders. The company went public in 2000.Through its subsidiaries and affiliates, MetLife holds leading market positions in the United States, Japan, Latin America, Asia’s Pacific region, Europe, and the Middle East. MetLife serves 90 of the largest Fortune 500 companies. The company’s principal offices are located at 1095 Avenue of the Americas in Midtown Manhattan, New York City, though it retains some executive offices and its boardroom in the MetLife Building, located at 200 Park Avenue, New York City, which it sold in 2005. Major product and services Insurance products accounted for 53% of MetLife’s 2009 $49 billion of revenue.MetLife is the largest life insurer in the United States and Mexico and is the second-largest foreign provider of insurance in Japan and worldwide its customers total 90 million individuals. * Life insurance * Dental * Disability * Annuities * Auto and home * Life Insurance MetLife’s individual life insurance products and services...
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...Publishing, Boston, MA 02163, or go to www.hbsp.harvard.edu/educators. This publication may not be digitized, photocopied, or otherwise reproduced, posted, or transmitted, without the permission of Harvard Business School. JULIO J. ROTEMBERG JOHN T. GOURVILLE New York Life and Immediate Annuities In July 2009, Ted Mathas, the chairman and CEO of New York Life Insurance Company (NYL), was satisfied with the bet he had placed on immediate annuities back in 2002. An immediate annuity was a financial product sold to a current or soon-to-be retiree. In the annuity’s simplest form, a 65-year-old person would give NYL a lump sum, say $100,000. In return, NYL would provide that person with a guaranteed income stream, say $650 a month, for the rest of his or her life. In 2002, immediate annuities were a somewhat neglected $120 million annual business for NYL. But because Americans were living longer and because corporations were cutting back on their retirement benefits, Mathas saw immediate annuities as the ideal vehicle to guarantee retirees a lifetime income. By 2008, first under Mathas and later under NYL’s senior vice-president Paul Pasteris, immediate annuities had grown into a $1.4 billion business for NYL, making the company the undisputed leader in the field (see...
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...Q1) How is the insurance market in India changing? Why is india an attractive market for investment Before 2000 the Life Insurance Corporation (LIC) had monopoly in India. The next big company was General Insurers (General Insurance Corporation of India, GIC). GIC had four subsidiary companies. The insurance sector went through a lot of phases from being unregulated to completely regulate and then currently being partly deregulated. It is governed by a number of acts. The Insurance Act of 1938 was the first legislation, and then was the General Insurance Business Act of 1972. The government then introduced the Insurance Regulatory and Development Authority Act in 1999, thereby de-regulating the insurance sector and allowing private companies. With effect from December 2000, these subsidiaries have been de-linked from the parent company and were set up as independent insurance companies: Oriental Insurance Company Limited, New India Assurance Company Limited, National Insurance Company Limited and United India Insurance Company Limited. Indian insurance industry has witnessed an interesting decade when it was open to foreign players for the first time (with a cap of 26%). Prudential, Allianz, Standard Life, New York, AIG and SunLife were some of the earliest entrants, followed by New York Life, Metlife, Aviva, AXA, etc.By 2012 Indian Insurance is a US$41 billion industry. However, only two million people (0.2% of the total population of 1 billion) are covered under Mediclaim...
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...History of Insurance 2500 BC- Bottemry Contract: Take a higher interest rate, if the ship is lost at sea then the loan is forgiven. 1600 BC- London- Eduard Lloyd- First true insurance policy for ships at sea. - Eduard Lloyds company became known as Lloyds of London. - Nicholas Barbon: If you buy my house and it burns down, I’ll build it back for free. 1666- Great London Fire- Nicholas Barbon was not able to rebuild all the houses. 1752- 1st fire insurance policy was written. - Written by the Philadelphia Contributionship - Fire mark: A metallic symbol you put on your front door. Damages are paid by the insurance company if you have the fire mark. - Must cut down all your trees to give access to the fire department. 1759- First life insurance company: Presbyterian Ministers Fund 1834- 26 Fire insurance companies in New York City alone. 1835- Great New York City fire: Only three of the 26 fire insurance companies paid. 1836- Battle of the Alamo 1865- End of the Civil War 1868- Paul v. Virginia court case: The Supreme Court took the case because insurance was not a transaction of commerce. The end result was that the states started regulating insurance. 1871- Great Chicago Fire: O’Leary’s cow started the fire allegedly. Many insurance companies went out of business because they couldn’t pay the claims. 1897- 1st automobile insurance policy 1944- Southeastern Underwriters Decision Court Case- Insurance should be regulated by...
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...Outrage Conclusion Bibliography Cornelius Vander Starr - Established an insurance agency in Shanghai, China. -The first Westerner in Shanghai to sell insurance to the Chinese in 1949. -Management of the company’s lagging U.S and holdings to Maurice R. Greenberg. M.R.Greenberg -American businessman and former chairman and CEO of AIG -The world’s 18th largest public company. -Selling insurance through independent brokers rather than agents to eliminate agent salaries. -Currently CEO of C.V.Starr and Company. 1919 American Asiatic Underwriters(AAU) -Sell American insurances in Shanghai. Asia Life Insurance Company - Target is Chinese to sell life insurance - Hong Kong, Indonesia, Philippine, Jakarta. 1926 American International Underwriters(AIU) - Header agent in America, they were guarantee for American’s accidents.(started from Home foreign business) -New strong agent in Latin America around 1930~45 1968 -Starr died and Greenberg became a CEO 1970 -Greenberg was succeeded as CEO by Martin J,Sullivan. -Martin J. Sullivan began his career at AIG in London Office. 1984 -AIG listed their stocks on New York stocks exchanges and AIG be came the largest insurance company. 2005 -Became embroiled in a series of fraude investigations conducted by the Securities and Exchange Commission, U.S Justice Department, and New York State Attorney General’s office. -The New York Attorney General’s investigation led to a $1.6 billion fine for AIG. 2008 ...
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...Insert name Tutor Course Date Introduction American International Group, Inc. (AIG) is an American insurance company. Its business headquarters are situated in the American International Building of New York City. The British headquarters is located on the Fenchurch Street of London while the European headquarters is situated in La Défense, Paris, while the Asian main office is situated in Hong Kong. Reports from the 2008 Forbes Global 2000 listing highlighted that AIG was by then the 18th-biggest public corporation worldwide, and also appeared in the reports of the Dow Jones Industrial survey between April 8, 2004 and September 22, 2008. AIG experienced a liquidity catastrophe when its financial ratings dropped below "AA" rankings around September 2008. The U. S. Federal Reserve Bank on September 16, 2008 formed an $85 billion credit capacity to allow the company to overcome its increased collateral requirements following the credit ranking downgrade, in a swap over for the issuance assets merit to the Federal Reserve Bank for 79.9% equity of the AIG. The Federal Reserve Bank along with the U. S. treasury around May 2009 extended the potential monetary boost to the AIG, with the enhancement support in form of $70 billion investment, of which $60 billion was channeled on credit line as well as $52.5 billion to purchase mortgage-based properties belonging to or insured by AIG, raising the total sum available to around $182.5 billion. AIG later sold some of its...
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...+ = INSURANCE OVERVIEW Understanding Insurance INSURANCE LIFE GENERAL Insurance is a system to alleviate financial losses by transferring risk of loss from one entity to another. ‘Insurance’ is basically a sharing device. The losses to assets resulting from natural calamities like fire, flood, earthquake, accidents, etc. are met out of the common pool contributed by large number of persons who are exposed to similar risks. This contribution of many is used to pay the losses suffered by unfortunate few. However the basic principle is that loss should occur as a result of natural calamities or unexpected events which are beyond the human control. Secondly insured person should not make any gains out of insurance. It is natural to think of insurance of physical assets such as motor car insurance or fire insurance but often we forget that creator of all these assets is the human being whose efforts have gone a long way in building up the assets. In that sense, human life is a unique income generating assets. Unlike the physical assets, which decrease in value with passage...
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...Insurance Ads: Transcending Stereotypes! Are insurance ads truly changing from being purveyors of death and destruction? Once upon a time, Indians were put off by insurance advertising, as gloomy visuals reminded them of the impending demise or accident of their loved ones. Those who did, insured themselves as a ‘savings’ mechanism, which would either help them in their old age or provide for the family in case of their untimely demise. The insurance agents were the perceived Yamdoots and life insurance policies, gloomy prophecies. Cut to 2006 and the insurance scenario in the country is anything but gloomy. Marked by the entry of private players’ post-2000, India’s insurance industry has moved into exciting and thrilling times. From being a state-owned white elephant, the insurance sector in the country now accounts for 10-15% of India’s total financial sector, where over a dozen Life Insurance and Non-Life Insurance Companies are fighting it out to woo the consumer. The opening up of the sector has lured many a foreign players into the market like Sun Life (Canada), Old Mutual (S. Africa), Prudential (UK), New York Life (USA) and others. The carrot of course, is the huge potential that the sector holds: Before 1991, life insurance penetration in India was less than 1%; during the 90s it was between 1-2%, while in 2003-04 (the last available figures), insurance penetration had crossed 2.4%. Apply that to a country of over a billion people and you realise why global...
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...COLLEGE OF COMMERCE & ECONOMICS G. R. KARE ROAD, MARGAO - GOA INSURANCE SECTOR IN INDIA: THE PARADIGM SHIFT Meenakshi Bawa Lecturer, Department of Economics, M.E.S. College of Arts & Commerce, Zuarinagar, Goa The rapidly growing economic scene, the political attitude, cultural patterns, social values and rapid development in the Information Technology sector have brought about a significant transformation in the lifestyles in the urban and rural areas of our economy. These changes have introduced an element of uncertainty in the possible developments in all sectors; at the same time, the insurance sector also cannot remain untouched. In the present era of globalization, insurance companies face a dynamic global business environment. Radical changes are taking place due to the internationalization of activities, the appearance of new risks, new types of covers to match these new risk situations and innovative ideas on customer service. The low growth rates in developed markets, changing customer needs and the highly uncertain economic conditions in the developing world have been exerting pressure on insurers’ resources while testing their ability to survive. The globalization process has opened up new service markets to provide developing nations with opportunities for the expansion of trade and economic growth. Insurance has always been a politically sensitive subject in India. In fact, until 2000, the insurance industry was a government monopoly. But thereafter it has been...
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...Daniels Fund Ethics Initiative University of New Mexico http://danielsethics.mgt.unm.edu Coping with Financial and Ethical Risks at American International Group (AIG) INTRODUCTION When American International Group (AIG) collapsed in September 2008 and was subsequently saved by a government bailout, it became one of the most controversial players in the 2008–2009 financial crisis. The corporate culture at AIG had been involved in a high-stakes risk-taking scheme supported by managers and employees that appeared entirely focused on short-term financial gain. Out of a firm of 116,000 employees, one unit with around 500 employees, AIG Financial Products, was chiefly to blame for bringing down the company, and former CEO Ed Liddy, who was summoned by former Treasury Secretary Hank Paulson, estimates that of that number only twenty to thirty people were directly involved. The AIG Financial Products unit specialized in derivatives and other complex financial contracts that were tied to subprime mortgages or commodities. While its dealings were risky, the unit generated billions of dollars in profits for AIG. Even so, during his long tenure as CEO of AIG, Maurice “Hank” Greenberg had been open about his suspicions of the AIG Financial Products unit. After Greenberg resigned as chief executive of AIG in 2005, the Financial Products unit became even more speculative in its activities. Immediately before its collapse, AIG had exposure to $64 billion in potential subprime mortgage losses...
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