...Increasing health plan premium costs are a growing burden for the employers who choose to provide health insurance coverage to employees. For small business owners operating on limited budgets, these increases are even more significant. The passage of the Affordable Care Act (ACA) creates additional responsibilities for employers regarding the minimum requirements and pricing of insurance plans for employees. Employers make difficult decisions to determine how to continue to provide health insurance at a fair and reasonable price, without harming the small business. The case study by Spencer (2014) examines the options of small business owners, John and Liza, faced with a 25% increase in health insurance rates. Once it is determined that the increase is due to the age and health status of several employees, the owner must decide whether to penalize certain employees with increased contributions, or have all workers absorb the added costs equally. In addition, there is concern that hiring a potential new employee, Robert, will increase insurance rates even further due to the pre-existing health condition of his spouse. It is challenging to select an option that has a fair and balanced impact on the company and its employees. While financially it is easiest for the company to have each employee absorb the cost of the premium increase, this is not a fair option if premium increases for all are due to the lifestyle factors of a small representation. There is an increased risk of...
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...Assignment question: 1. What is Progressive’s business? a. Insurance Company b. Personal automobile insurance c. Property-casualty insurance d. Primary liability and physical damage insurance for automobiles and trucks owned by business primarily e. Professional liability insurance to community banks, directors, and officers f. Pet Injury coverage g. Usage-based insurance h. Insurance-related service 2. What is critical to the success of the business? a. High customer satisfaction, “Immediate response vehicle” b. Enough communications gear-laptops, printers, and cell phones c. Lower labor costs d. Mobile adjusters e. Wireless laptop (access to mainframe computer) f. Fax machines as printers to get hard copies g. Agents talk to clients often h. Auto shop i. Dispatchers monitor agents’ locations j. Digital cameras k. Collect information effectively l. Ink-jet printer to get copies of estimates, claims, and checks m. Effective and creative advertisement n. Snapshot o. New products and hardware p. Be able to offer discount 3. How does Progressive’s use of hardware contribute to these success factors Critical Success Factor | Type of Hardware | Contributions | * High customer satisfaction * Lower cost | IRV | * Pay as quick as it can * Improve customer retention * Increase revenue | * Agents talk to clients often...
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...Progr Progressive Insurance[1] If you‘ve ever been in a car accident, you know how it feels to wait for your claim payment to arrive. Insurance companies love to hold the money as long as possible to keep every penny of interest. Progressive Insurance is the notable exception to the industry rule: It tries to pay as quickly as it can – by getting claims adjusters out of the office and onto the street where they can interact with clients. The logic behind such a radical notion? Happier customers and more productive claims reps will more than make up for the lost interest revenue. At Progressive, that radical notion is based on IRV, which stands for “immediate response vehicle,” a fleet of SUVs loaded with enough communications gear – laptops, printers, and cell phones – to allow adjusters to settle claims right at the scene of the accident. That’s a big improvement over the scenario that still pervades the industry: Wait a week or two to see the car and make hand written notes, snap photos, drive back to the office, type it all into the mainframe computer, and issue a request for a check. Ten years ago, the IRV project involved just 10 adjusters in Florida. Today more than 11,000 mobile claims reps share a fleet of 2,600 IRVs. Not only did the program help improve customer retention by 20% last year; it has helped Progressive shave labor costs. Progressive’s mobile adjusters can handle nearly twice the workload they could a decade ago. IRVs have also helped revenues...
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...Business and Governance Entrepreneurship Department Progressive Insurance: A Case Study Submitted to: Mr. Rey Navacilla Submitted by: John Paul Dela Vega Jose Antonio Kintanar Clarence Mitchell Sy Dayle Lois Tulang John Way Keith Medina Table of Contents I. Introduction…………………………………………………..…… II. Statement of the Problem…………………………………..…... III. Objectives of the Case Study………………………………..…. IV. Methodologies and Approaches…………………………….… V. Analysis of the Case a. Qualitative Tool: Fishbone Diagram………….…. b. Quantitative Tool: Decision Tree Analysis……. VI. Alternative Courses of Action (ACAs) c. Alternative Course 1……………………………..… d. Alternative Course 2……………………………….. e. Alternative Course 3……………………………..… VII. Significant Findings…………………………………………….. f. Positive Findings…………………………………… g. Negative Findings………………………………….. VIII. Recommendations…………………………………………….... IX. Conclusions……………………………………………………… I. Introduction Progressive Insurance, an automobile insurer company, which is based in Mayfield Village, Ohio. On the year of 1991 Progressive Insurance had approximately $1.3 Billion in their sales. When the year of 2006 came that $1.3 Billion in sales suddenly became $14.5 Billion. What did they do to make this figures increase so high? Nothing. For 15 years Progressive insurance just did little advertising, and some of its campaign was not very...
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...RAINYDAY INSURANCE COMPANY A CASE STUDY Based in South Florida, Rainyday Insurance Adjusters is a medium-sized company with 135 employees and seven managers. They process the claims of insurance holders who have experienced various misfortunes (eg: Hurricanes, floods etc). Their primary job is to determine the amount to be paid out and process the paperwork for some of the smaller insurance agencies in the area so that the final payment can be issued. Although the company is just eight years old, it has done quite well and has seen a large increase in business. It has a reputation for quality work and quick turnaround for claims. Because customers are often eager to move on after the misfortune strikes, Rainyday has built a loyal following by the insurance agencies that depend on it. Delayed claims often cost these companies’ time and money when they have to interact with continuous customer complaints. To accommodate the increase in customers, six months ago, Rainyday expanded its office in the current building and upgraded all its equipment to make the company more efficient and to allow the workers to process the claims more quickly. In particular, the computers were upgraded to facilitate speedier turn-around and higher capacity from claims processors. The new computers represent a large investment the company cannot afford to underutilize. Since installation of the computers, Rainyday has experienced a number of problems with voluntary turnover among claims processors as...
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...AllState Insurance is an organization that provides support to us due to having a partnership that offers AllState customers a discount to purchase our warranty. From my experience, when value is built on an item or service, whatever the amount of discount is, consumers tend to be pleased. This partnership thus far has been very beneficial for our organization. The support of AllState has provided us with new sales opportunities and customers that may not have been as interested in purchasing a home warranty has it not been for the partnership with their home insurance company. One of our biggest competitors is Choice Home Warranty as we have gotten numerous of calls from their current or potential customers who question the price difference...
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...Island Life Insurance Mission Statement What do we do? Provide Life Insurance How do we do it? ?? Whom do we do it for? What value are we bringing? Core Problem * Selling Concept * To achieve 5% of market in 20th year, currently only 3% has been achieved. The other 2% must be achieved in the next 2 years Strengths * Reputation * Financial Stability [Island Life Insurance and Island Life General and Casualties Weakness * No marketing department, not enough promotion (insurance needs a lot of insurance since it is not a sought out product/good by most people. A new product cost $100,000 Opportunities * Offer current policies holders a package update to keep them from surrendering their policies or lapsing. * Female Market * Current economy has improved and life insurance is selling again Threats * 25 long term life insurance companies / competition / larger and more established companies Alternatives * Promotion Use a marketing strategy that would draw customers to their insurance company. Since the idea is to get the word out then advertising can be done via websites, billboards, and newspapers. Also, by referrals Pros This can be very effective for unsought goods such as insurance. This strategy lets prospective customers know what you are selling, which can capture their attention and query further either by calling in or going to one of the locations. Cons expensive...
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...There are many steps that Lewis should take to verify Sylvia Baker’s insurance. These steps should be executed in a timely fashion and as accurately as possible. Lewis needs to gather Baker’s information. A new patient registration form should be filed out Ms. Baker. Lewis has to make duplicates of Ms. Baker’s insurance card information, front and bank. Information claims must be prepared accordingly and submitted. Lewis would also need to verify coverage to clarify which services Ms. Baker’s insurance does cover. All payments should be posted and and Lewis should do a follow up on any claims unpaid (Beaman, Pg.350).2. List some reasons the claim for Mark’s care could have been rejected.-There are many reasons why Marks’s care has been rejected....
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...“A Study on Purchase Decision Making Of Life Insurance Products” [Submitted on: 22.12.2014] Submitted to: Prof. Anamika Prepared by: Jayajeet Das Group-2 Roll No.-14DM012 Sec-A PGDM (2014-16) Institute of Management and Information Science, Bhubaneswar Acknowledgements “First and foremost, I avail this opportunity to express my profound sense of sincere and deep gratitude to Prof. Anamika for her valuable and meticulous supervision during the preparation of this Project Report. Last but not the least I extend my support to all my group members and respondents whose kind cooperation & support helped me to bring out the study report in a successful manner. Abstract Insurance occupies an important place in the complex modern world since risk, which can be insured, has increased enormously in every walk of life. This has led to growth in the insurance business and evolution of various types of insurance covers. This research aims at determining consumers’ attitudes towards buying life insurance products and to understand their purchase and repurchase intention. This research was conducted in Bhubaneswar of Odisha taking a sample of 75 LIC and other private insurance customers. Respondents for this survey were selected using random sampling. The survey was done by all our group members. The analysed data has been presented in the form of table, bar graphs and pie-charts. This study also analyzed the repurchasing intention of policy holders. The survey...
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...Marine Agency Offers Important Insurance Coverage that can Help Save Your Business and Peace of Mind. Review their Offerings Today! No matter what kind of insurance you require, Marine Agency is the only place you need. They offer many types of insurance coverage to help save you from unexpected expenses. It's important to have the coverage you need. In general, you never know what the future can hold so you must be prepared. You don't want to spend your life worrying. Make sure you have the coverage you need and you can spend your time enjoying life instead! Marine Agency offers the following types of insurance and benefits: 1. Personal Insurance covers the following: - Automobile Insurance to make sure you protect yourself as you travel. - Homeowners...
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...In the United States (U.S.), Private Health Insurance is the primary source of healthcare system for most people. For elderly citizens and eligible children and families from low-income households, public programs are the main source of health cover. Public programs consist of Medicare, Medicaid, State Children Health Insurance Programs (SCHIP). In 2010, the Patient Protection and Affordable Care Act (ACA) carries out a mandate that every American must have health insurance, or pay a fine [1]. ACA, also known as ObamaCare, aims to reduce healthcare costs, and provide affordable healthcare for everyone. Accordingly, the health insurance coverage increases from 84% to 88.5% [2]. The ACA health insurance marketplaces, namely health insurance...
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...Preface The study attempts to evaluate the performance of the private life insurance companies of Bangladesh, mainly I highlight the delta life insurance company. Insurance is a technical device of risk management. Risk taking is the sixth function of marketing and marketing is an important insurance function. It is a total system of business activities designed to plan, price promote and distribute want satisfying products, services and ideas to target markets in order to achieve organizational objectives. In the United States about 87% of the business is service oriented. In our country about 65% business activities are service oriented. Development of Business depends on the degree of service provided by the companies. Retention of customer depends on the relationship and service of the companies. Customer Relationship management is the widely popular marketing term that has given tremendous impact among the modern customer. Delta Life insurance Co. Ltd. who is deals with insurance business has now turn into service oriented organization to meet the demand of the 21st century as the competition has got momentum. Insurance is one of the important sectors that are playing a vital role in the economic development of the country. An attempt has been made to discuss the whole topics in two distinctive sector- organization related matter and marketing strategy respectively. Insurance industry is one of the strategic sectors in the country Acknowledgement is due to Dr. Afjal Hossain...
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...STUDY ON PUBLIC SPONSORED HEALTH INSURANCE SCHEMES IN INDIA Abstract The main of this study is to analyse the public sponsored health insurance models in India. The main aim of government sponsored health insurance schemes is to assist the BPL families in catastrophic health expenditure and thereby provide them access to quality health care. This report goes through the working procedure of health insurance schemes, especially Rajiv Aarogyasri (Andhra Pradesh), Vajpayee aarogyasri (Karnataka) and Chief Ministers Comprehensive health insurance scheme (Tamil Nadu) and analyse how far they succeeded in their respective aims. Introduction Health insurance as a measure to uplift the living standard and improve the status of the poor has become popular recently in India. The health care system in India was dominated by private sector, which accounts for about 60% of hospitalisation and 80% of outpatient treatment as per NSSO survey on health care (60th round). This can lead to huge out of pocket expenditure by households on health care. Even though the idea of health insurance was an earlier concept, to use this as a measure to ease the burden on health expenditure by public (especially the poor) became popular from last five-six years, when both central and State governments introduced various publically funded health insurance schemes. This is evident from the fact that there is a steep increase in population covered under insurance from 75 million in 2007 to 302 million in...
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...The Manzana Case Manzana Insurance- Fruitvale Branch case study Executive Summary The Fruitvale Branch of Manzana is facing its bitter reality of declining profitability and potential loss of market shares to its main competitor-Golden Gates due to its rising renewal loss rate and expanding turnaround time. In our analysis, we dig into several issues that were possible causes for the problem and tend to provide readers with feasible solutions that may resolve the issues on hand. Examples of such issues as we have identified in the case include, but not limited to, various departments’ deviation from FIFO system, potential capacity and staffing problems, uneven workload among three underwriting teams, outdated SCT for computing TAT, and inaccurate computation process for TAT. In order to lower the number of late renewals and reduce turnaround time, our recommendations include, but not limited to, the following: 1) Making it mandatory for all departments to comply with the FIFO system and implementing monitoring plans for overseeing the entire underwriting process to ensure FIFO is strictly implemented; 2) Revising the incentive scheme for Fruitvale Branch employees to further assist with the successful implementation of FIFO system; 3) Expanding the number of days RERUNs are released to DCs prior to the due dates to ensure that there is sufficient time for relevant departments to complete the requests on or before due dates; 4)Revising and updating the SCT used for...
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...SYNOPSIS TOPIC “Study of consumer awareness and perception towards health insurance portability.” INTRODUCTION Healthcare Insurance Market in India is unique and has a strong growth potential than the other insurance markets. Life insurance includes all risks related to the lives of human beings. IRDA (Insurance Regulatory and Development Authority) allowed to the customer to change their insurance company in case of dissatisfaction with company. Health insurance portability gives the flexibility to the customer and increase the fair competition among companies. The concept of Portability is new in India so the awareness and perception towards portability of customers depends on several factors. The study covers all the fundamental aspects of awareness and customer preference towards healthcare insurance portability in India. The objective of this study is therefore to examine some of the influences such as consumer awareness and enthusiasm, the role of social influences like advertising, services provided by company, groups and family in affecting consumer’s perception and evaluations of health insurance. RATIONALE OF STUDY • The main logic behind doing this study is that the concept of Health insurance portability is new in India so the awareness of that is not measure till now. • The second rationale of the study is that there are certain reason to influence the customer to change their service provider. • Another rationale of study is to understand the...
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