Module 04 is being uploaded, I am attaching the module 03 so far done document. Module 04's module details, sample capstone project status and required assignment and discussion. For Assignment 2500...

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Module 04 is being uploaded, I am attaching the module 03 so far done document. Module 04's module details, sample capstone project status and required assignment and discussion. For Assignment 2500 words and discussion 250. Please review.

Answered Same DayDec 17, 2020

Answer To: Module 04 is being uploaded, I am attaching the module 03 so far done document. Module 04's module...

Anju Lata answered on Dec 20 2020
141 Votes
sfile_s_636809174161569428_36058_1.docx
What are some significant insights you gained this week in your research? How might these insights be harnessed to forward your career goals?
Analyzing the relevant case studies of Insurance Companies across the globe provided an effective in-depth about the business related aspects which impact the profitability of the Insurance Business. Combining the internal and external factors provided detailed knowledge about relevant factors which need to be taken care during the professional services in an insurance company. The analytical review of the US Insurance Industry provided great exposure about trends and reasons of downfall in the insurance. Different sections like logi
cal assumptions, facts and opinions, recommendations and their unintended consequences exposed detailed knowledge about the volatile nature of the Insurance sector. Critical Analysis of all the important issues which may influence the business either positively or negatively sheds light over the need of balanced strategy.
These insights implied on need to improve the knowledge about the overall dynamics of the macro environment and microenvironment of the Insurance sector before joining a reputed post. The research opened up all the various dimensions before us to be followed as professionals. These aspects will help us learn more to make the business ensured success. The research also elaborated on the role of behavioral issues and good customer relationships in the business portfolio. Effective and understandable language, good communication skills and knowledge about the qualitative and quantitative dynamics of the business is important to excel in business goals. The research helped me a lot in preparing for the future career prospects.
sfile_s_636809175108600766_36058_2.docx
Running Head: Project Research II
Project Research II
Module 4: Project Research II
    
Introduction
The success of the overall business depends on both the external strategic context and the internal organization factors. In real time, the business of an Insurance Company relies on the external as well as internal aspects. The entry of new market entrants like Banks and Financial Organizations in the insurance sector has further intensified the competition among the existing players. The new entry of Google, as an insurance aggregator has remarkably disrupted the competition in the market. The insurance sector is known for not returning much profit. That’s the reason in the last 30 years, the US insurance companies could not achieve their cost of capital due to volatile returns amidst the market recession in 2007 and 2008 (Crawford, Russignan & Kumar, 2018). Adding to all, there are external factors like GDP, interest rate and inflation affecting the profitability and internal factors unique to every insurance Organisation, which pose further challenges for them to meet the business targets.
Identifying salient problems or opportunities
A particular insurance company may face intrinsic problems related to employee retention, behavior management, and not achieving the business targets. It may also perceive threats from its external environment due to fluctuations in market interest rate, inflation and competition.
In 2007, one of the most renowned insurance company, established just two years back in US depicted a loss of more than $ 1 million in a month (Harvard Business Review, 2018). The share price of the company fell down by 40%. However, after just one year the company regained its profit, while its earnings per share increased three times in the last ten years from 2008 to 2018. The transformation became evident in the company as every employee in the company transformed into a problem solver. The top management and the managers worked together to identify the problems and developing the Organization’s processes for improving the products and fixing the issues. There was a multilayer process of learning with four problem solving loops in a progressive manner: Fix-as-fail, prevention, identifying the primary cause and anticipation.
They developed their internal Organization strength to improve profitability. The key idea was to fix the process, and not the problems. Therefore, utilizing the internal resources of the Company in an effective manner may also strengthen the business.
Many of the Organizations lack the coherent strategies, adequate controls, talented employees, clear reporting relationships and competitive strength. These shortcomings emphasize on the need for unique development strategies for each Organization. Major Insurance companies in US like State Farm, Allstate, Liberty Mutual, and Farmers though competing in same industry have different Organization structures and development strategies. The Management need to identify the opportunities and problems around them, prioritize them and make appropriate decisions for the future of the company.
One of the most evident issues faced by the general public about the Insurance Providers is that they sometimes use foul language over phone calls, mainly done to sell or advertise the insurance products. An evident example of foul communication was perceived by a customer while attending the call of ZCorp Insurance Company in 2002, when the caller called the grandmother of the customer as ‘Old and confused’ (Weiss, 2009). Inappropriate use of words tarnishes the brand image of the Company and may become a good reason of dissatisfaction on the customer’s side. Similarly, inappropriate language may deteriorate the relationship between the employees within the organization. Regulations in the Industry also enforce the Insurance Company towards incepting a change. For example, Health Insurance Company Brandworkz with more than 40 million customers felt the need to remake its brand image after observing a change in the regulations of US Healthcare System. The Organization used life saving brand intervention to engage the internal teams, sharing the marketing display and to develop a strong influential brand image at the international level. The advertising campaigns used logos, artwork and images to promote their content. All this has vastly increased the marketing share of the company.
Therefore the current problems faced by the Insurance Company may fall under the following categories:
1. Fluctuations in market interest rate, inflation
2. Competition and entry of new rivals
3. Changing business Regulations and Norms
4. Faulty Marketing and Advertisement
5. Training issues
6. Technology
7. Customer Services
8. Vandalism
9. Terrorism and Riots
Creatively identifying Alternative Solutions
Understanding the market trend, business opportunities and scope of improvements with changing times, makes the Insurance Company customize its policies to best suit the demands of the customers.
Venafi Customers, a leading insurance company in US provides vast range of insurance products and services. The strategy of the company is to stay one step ahead than its rivals. The Company adopted online insurance...
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