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Evaluation of Business Code of Ethics

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Evaluation of Business Code of Ethics
This paper is discussing the business code ethics of Famers Insurance Company. Farmers Insurance Company first established a reputation in the Insurance industry in 1928 and was founded by two men that shared commonalities of wanting to provide valuable insurance services at an affordable price to consumers. The mission statement that Farmers cherishes states today, “We will achieve market leadership by driving innovation and operational excellence to provide the best value and experience for every customer we are privileged to serve” (Foremost Insurance, 2012). Currently, Farmers Insurance reigns as an industry leader standing as the country’s third- largest insurer of homeowners and car insurance and offers lots of other different insurance and financial services (Farmers, 2012). Abiding by a code of ethics was of great importance to co-founders Jack Tyler and Thomas Leavey. In the insurance industry, most concerns that policyholders express are, “Will I Be Covered” and “Will I Be Compensated Fairly”. Ideally, Farmers Insurance found dedication in following a set of core values that parent company Zurich established for agents, brokers, investors, and employees to abide by that would allow business operations to flourish and remain stable in even the most uncertain times. Farmers Insurance focuses on several core components that represent ethical democracy; honesty, customer centricity, creating sustainable value, excellence, and teamwork is significant elements. Compliance with laws, regulations, internal standards, and remaining forthright in all business interactions builds business relationships that are honest and enduring. Enriching customer relationships remains a top priority; therefore evaluating customer experience and suggestions to improve current business practices nourishes the organizational

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