...corporation, managing operations in 95 countries. It was the largest producer of control systems and products used to regulate heating and air conditioning in commercial buildings. It was also a leading supplier of commercial, military and space avionics. Presently, active hedging or insuring of risks occurred only for currency, interest rate, liquidity risk, credit risk, pension fund and traditionally insured risk. Other risks were managed operationally. The Treasury group was composed of the following: 1. Capital Markets Unit: managed risks associated with the firm’s capital structure, including liquidity risk 2. Cash Management Unit 3. Financial Risk Management Unit: managed currency risk, interest rate risk and credit risk 4. Insurance Risk Management Unit: responsible for general liability, product liability, ocean marine transit etc. Each policy had a specified deductible in the range of zero to $6 million. Honeywell would absorb losses up to the retention level before it received any insurance payment. The Currency unit handled Transaction risks which were risks due to specific exposure on entering into a contact with a future payoff. A basket of 20 currencies was used which represented 85% of Honeywell’s foreign profits. Corporate headquarters received long-range estimates of the foreign-currency exposure from each operating unit. Features of the proposed program: * The new program provided multi-year protection i.e. for about 2 years. * It covered...
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...superannuation fund, the investment policy in the fund proposed by the planner and the suitability of each for Max and Min; * Compare the investment options in the current superannuation fund and the fund proposed and point out that Max’s needs can be met by switching the investment option. Particularly on: * The fees; * The returns; * Explain to Max that, since superannuation is long-term investments, fluctuations in short-term return might not materially affect the balance at retirement; * Suggest that a balanced / growth option is suitable for both Max and Min. However, if Max still prefers a more conservative investment option, it is also available. 2. ------------------------------------------------- The insurance cover in their current superannuation fund, the insurance cover proposed by the planner and the suitability of each for Max and Min; * Explain about the features of the current insurance cover and draw comparison between it and the proposed cover, particularly to point out the similarities between the two, which leads to the suggestion of increasing the sum insured instead of obtaining a new cover; * Key things to explain about in the above bullet points are: * The sum insured (also mention the underwriting and increasing S.I.); * What is covered and what is not; * The premium and commission; * Financial planner suggested that Min and Max should obtain IP and Trauma insurance outside of superannuation, which might not...
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...July 10, 1997, the Finance Committee members of Honeywell Inc.’s board of directors would vote on whether to proceed with a new risk management program. For the past two years, members of Honeywell’s Treasury Management Team, in conjunction with insurance specialists J&H Marsh & McLennan (now Marsh Inc.), auditor Deloitte & Touche, and later with insurance underwriter American International Group (AIG) had worked to create a new, more costefficient method for managing some of Honeywell’s risks. Their proposal, the first of its kind, provided combined protection against Honeywell’s currency risks along with other, more traditionally-insurable risks, in a multiyear, insurance-based, integrated risk management program. Honeywell had a long history of product innovation; this new proposal would extend its innovation to the financial arena. While a significant amount of time and effort had been invested in developing this new concept and in simulating program results, the absence of a precedent was a source of concern. The Finance Committee’s vote depended, in part, on whether the anticipated savings of the program would be realized, and whether the coverage provided by the new contract would be adequate. Because Honeywell viewed the proposed plan as a first step in a firm-wide integrated (sometimes referred to as enterprise) risk management program that would extend to cover all of Honeywell’s financial and operational risks, the Finance Committee’s decision would establish Honeywell’s...
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... Abstract This paper describes the health care system and the role of marketing. It analyzes the competitive environment of a health services organization. It identifies a course of action which allow strategic marketing success. It outlines its strategy on Aetna to determine the utilization of its products and services. The marketing strategy and the strategy for Aetna is outlined. The recommendation process is to list at least three separate ways in shaping the buying decisions of its customers. AETNA MARKETING STRATEGY 3 In 1850, Aetna Insurance Company formed an Annuity Fund to sell life insurance. The Annuity department detached from Aetna Insurance and is joined with Aetna Life Insurance Company. Aetna starts off by offering participating life insurance policies. This product compensates dividends to policyholders that offers Aetna the capacity to improve competition in the marketplace. Aetna promotes its new product with a forceful promotional power, which contains higher commission rates for agents. This shift in...
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...Insurance Definition: Insurance is the act, system or business of providing financial protection for property, life, health etc. against specified contingencies such as death, loss or damages, and involving payment of regular premiums. Payment is made with consideration of a payment proportionate of the risk involved. Origin of Insurance in Kenya Insurance in Kenya has existed for about 60 years and it was firstly owned by the British insurance industry, usually governed by insurance act and insurance regulatory authority. During colonialism, the British settlers started to invest in economic activities such as farming thus needed protection for their investments from risk thus come up with agencies to protect their investments. Thus these agencies expended to big network to serve their interest. By 1963 during independence they had grown into fully pledged insurance companies. It currently has 44 insurance companies which are regulated by the insurance regulatory authority (IRA), which is a semi-autonomous regulator set up in 2008. IRA is expected to oversee operations of the authority and ensuring that they are consistent with provisions of the insurance act. In short it improves regulation and stability of the industry. Previously, IRA was a department of the ministry of finance, which administered the insurance industry, and it was headed by the commissioner of insurance. The financial Act 2011 boosted the power of authority through amendments to the insurance Act that...
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...1997, the Finance Committee members of Honeywell Inc.’s board of directors would vote on whether to proceed with a new risk management program. For the past two years, members of Honeywell’s Treasury Management Team, in conjunction with insurance specialists J&H Marsh & McLennan (now Marsh Inc.), auditor Deloitte & Touche, and later with insurance underwriter American International Group (AIG) had worked to create a new, more costefficient method for managing some of Honeywell’s risks. Their proposal, the first of its kind, provided combined protection against Honeywell’s currency risks along with other, more traditionally-insurable risks, in a multiyear, insurance-based, integrated risk management program. Honeywell had a long history of product innovation; this new proposal would extend its innovation to the financial arena. While a significant amount of time and effort had been invested in developing this new concept and in simulating program results, the absence of a precedent was a source of concern. The Finance Committee’s vote depended, in part, on whether the anticipated savings of the program would be realized, and whether the coverage provided by the new contract would be adequate. Because Honeywell viewed the proposed plan as a first step in a firm-wide integrated (sometimes referred to as enterprise) risk management program that would extend to cover all of Honeywell’s financial and operational risks, the Finance Committee’s decision would establish ...
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...| FINAL ASSIGNMENT | | Abin | [Pick the date] | | Introduction: Life Insurance Corporation of India established in 1956, is the one and only public sector insurance company in India. There were many small insurance companies and provident societies worked at that time, merged together to form LIC of India. It has got wide and huge network of Insurance agents and distributors which made them popular amongst the most remote areas of India. As it belongs to public sector, it is the most trusted insurance company in India. Since 2001, LIC of India was the monopoly power in Insurance industry on India. In 2001, private insurance companies are allowed to enter the insurance sector in India. But LIC tried to maintain its market leadership through renewing and transforming its strategy. Its huge presence in both urban and rural markets is their major core competency. The products if LIC are very simple and customer friendly, so that even illiterate people could understand the policy through explaining. Its products are mainly concentrating on all the needs and demands of the customers such as, protection, life cover, savings, investments, endowment plans, women plans, child plans, micro- insurance plans etc. The major subsidiaries are LIC housing finance, LIC Nepal, LIC Lanka, LIC International, BSC etc. (www.myinsuranceclub.com). The intervention of more than 20 private insurance companies such as Bajaj Allianz, ICICI Prudential, HDFC Standard Life, MetLife, etc in...
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...Statement of Advice prepared for Mr Brian and Mrs Leanne on 17 August 2013 Prepared by 1. Introduction 1.1 The Scope of Advice It is my pleasure here to meet with you to talk about your financial planning issues. Specifically, the listed issues may be of great importance to you: You are new insurance product buyers who are about to review your financial portfolio after a relative was diagnosed with cancer and passed away. You intend to meet your financial target in case there is a serious disease. It would be better if you get the knowledge that our service is proportional: all products may face its own limitation to some degree. All the advices we provide here root from the data you gave to us and they solely have connection with the above field. The recommendation we provide here does not consider every aspect of your specific situations: Business Expense Insurance Superannuation Debt Management Wealth Creation General Insurance Estate Planning In case you may need advice on these issues or something else which may be related to your personal experience, it is recommended that you should ask for further suggestions since these items are not covered within this contract. 2.2 Limited Information Warning If the information and profile data you gave us has any inaccuracies or fragmentary information, the risk induced may disturb your financial objective. 2.3 The Next Step * You should ensure you read, and understand our advice before deciding...
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...proposal that was requested at the last board meeting held December 15. Our initial task was to look at improvements within, that we could provide our current and future customer needs to stay competitive in today economy. We examine feedback and conducted surveys to narrow down the client’s needs. The solution was determined that we could use partnerships with national organization that we could use their brand name to promote our own. Thus, we will be providing a quality product to our customers and at the same time making a profit. With this marketing strategy when they look at the ADT sign in their front yard they will also associate the name with the product they purchased. ADT has a numerous advantages that our organization can expand on. The security inspection will be offered free of charge to homebuyers after they move in. In order to receive this, customer will have to purchase 90 day insurance guarantee. Installation will save clients up to 20 percent on homeowners insurance with a monitored system ADT will install their system for free to customer we refer. All of the costs will be funded by ADT. We will be able to cut overhead costs, with minimal additional training for current inspectors, which will expand our services. Thanks for giving me the opportunity to work on this assignment. It’s has enlighten my perspective on the way we do business. If you have any questions about this report, please give me a call. CONTENTS PAGE Executive...
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...Underwriting in Health Insurance Module 5- Submission 10/22/2014 Health Insurance Management Group 3 Underwriting in Health Insurance Table of Contents Brief History of underwriting .................................................................................................................... 2 Definition of underwriting ......................................................................................................................... 2 What does underwriting entails? ............................................................................................................... 2 Underwriting in health insurance .............................................................................................................. 2 Underwriter and its qualities ..................................................................................................................... 3 The sources of information ....................................................................................................................... 3 Underwriting Process ................................................................................................................................. 4 The challenges faced in underwriting ....................................................................................................... 5 Importance of Underwriting ...................................................................................................................... 6 Examples...
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...4 3.3 System-Level Use Cases 5 3.4 System-Level Constraints 5 4. Appendices 6 5. References 6 Introduction Information System is a judicious mixture of people, data, processes and information technology that collectively gather, process, store and provide the needed information as output, to users that will help support the organization. There are two parts to this assignment. The first part, explains four different types of information system for a given industry. The second part uses the System analysis methodology to implement a solution for HomeQuotes company. Assignment Part 1 Management Information Systems - for WallGray’s pharmacy chain.(1) Purpose The primary purpose of this system will be to collect both product and patient-focused parameters from different locations and use this information to estimate demand, allocate resources and monitor operations in each of these locations....
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...BEO2401: Risk Management and Insurance Major Assignment A historical analysis of health insurance in Australia Due Date: 22/5/13 Class: Wednesday 11pm tute Jeremy Fung 3897865 Kwin Trieu 3795138 Tamimuddin Saadzadah 3854247 Zaker Hussaini 3887002 Executive Summary The aim of this report is to analysis and review the Australian Health Care System, We have had a look at the history of the healthcare system in Australia and how it started out in 1901 after the formation of the commonwealth government and the Constitution and the power sharing of the responsibilities and control of the health sector between the federal and state government. The report also analyses the dual private and public health care system, which is the Medicare and the Private Health Insurance (PHI) options for Australian Citizen. The other are that we have reviewed is the legislations related to the health Insurance sector and why is the government so keen in keeping the Private Health Insurance capacity high and what are the benefits of the PHI for the government and the health industry finance. Table of Contents Introduction 1 Australian Health Care System 2 1.1Health Insurance (History) AND Recent Changes in Private Health Insurance 2 1.2 Medicare and the Decline of Private Health Insurance (PHI) Challenge for the Government 3 1.3The role of Private Health Insurance in Australian Healthcare...
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...Corporation employing 53000 people and managing operations in 95 countries. It was the largest producer of control systems and products used to regulate heating and air conditioning in commercial buildings and of systems in avionics systems. Carrying out business in 95 countries firm faced a number of risks. Honeywell’s risk management activities were dispersed throughout the firm as shown in the table. Other risks were managed operationally. [pic] The committee voting for this new program depends on whether the anticipated savings of the program would be realized, and whether the coverage provided by the new contract would be adequate. The proposed plan is a first step in a firm wide integrated risk management program that would extend to cover all of Honeywell’s financial and operational risks, the finance committee’s decision would establish Honeywell’s risk management strategy for some years to come. Honeywell’s existing strategy was consistent with its risk management objective of minimizing earnings volatility and its cost of risk. The team wondered about the applicability of the relatively new concept of enterprise risk management, which is grouping many risks together into a portfolio of risks, rather than managing each risk separately. The team thought that the new enterprise management concept could be implemented through an innovative insurance contract. Though the idea seems promising the organizational barriers involved in developing such a program were daunting. ...
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...An Analysis of FSLRC Report – Did it deliver what it promised? Even if India can be called a forever young nation, surely its laws are pretty old. Specially in a sector like Finance, where the last few decades has seen umpteen changes, Reserve Bank of India Act, Insurance Act etc dates back to the 1930s. Though there has been moderations of the laws over the years, Indian Financial Sector and its underlying foundation is in need of holistic restructuring. Keeping this in mind, in March 2011, the Government of India, Ministry of Finance established the Financial Sector Legislative Reform Commission or FSLRC to mend the legal and institutional structure of the Indian Financial Market. The Commission was chaired by B. N. Srikrishna, former judge of the Supreme Court and the other board members consisted of virtuoso of various fields like Finance, Economics, Laws and Public Administration. The Commission took up a intense two year process starting from April, 2011 and submitted its “text of the findings and recommendations” in March,2013. For better and effective functionality in finance sector and avoid conflicts of interest among different regulatory, the Financial Sector Legislative Reforms Commission (FSLRC) recommended to have well structured Government agencies. The Commission has pitched for specialized and consolidated set of provisions on regulatory governance by bringing a bill, called Indian Financial Code Bill. Government agencies are required to perform complicated...
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...Current business issues 4. Definition and history of the extranet 5. Proposed solution – CSR24 6. Recommendations 1. Topic of Research Paper This research paper will talk about introducing an extranet to enhance the current business options available to clients at an ABC Agency, an insurance brokerage firm. I will discuss the background of the firm, their current processes and their current and future goals. Implementation of a program called CSR24 will be discussed along with how it will benefit ABC Agency and service their clients to keep a competitive advantage in this ever changing market. “When a firm sustains profits that exceed the average for its industry, the firm is said to possess a competitive advantage over its rivals.” (Quick MBA, 2010) Lastly, this paper will give recommendations on the implementation of ABC Agencies extranet and how it will benefit them in the short and long run to meet the goals and objectives of the agency. 2. Background of ABC Agency ABC agency is an Insurance brokerage company that works with numerous insurance companies to find their clients the best insurance product for their needs. The agency offers insurance products for auto, home, life, health business and other types of markets as well. ABC Agency is the largest insurance agency in Nassau County and has a staff of 20. The staff includes customer service representatives, licensed insurance agents, finance staff and one IT professional. The agency has been in...
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