...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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...POLYTECHNIC UNIVERSITY OF THE PHILIPPINES College of Accountancy and Finance DEPARTMENT OF BANKING AND FINANCE Dear Respondents, We are conducting a research on “Preference Criteria in Choosing Health Insurance among Public School Teachers in Rizal High School”. In this regard, we would like to ask for hel, by answering our questions. Thank you very much for your cooperation. Name: (optional) ______________________________________________________________ Instruction: Please put a check on the box of your choice * * Personal Characteristics * Age: ______ * Gender: Male Female * Health Status: Excellent Good Fair Poor * Family Situation: Single Partners without children Partners with children; No. of Children: ____ Single Parent Family Others (Please specify): __________________ * Monthly Income: Php 1001- Php 1500 Php 1501- Php 2000 Php 2001- Php 5000 Php 5001- Php 10000 Above Php 10000 * What type of insurance do you have? Government Insurance Work insurance Others (Please specify): ____________ * What company did you acquire for health insurance? Sun Life of Canada (Philippines) Inc. Pru Life Insurance Corp. of U.K. Philippine American Life & General Ins, Co. Philippine AXA Life Insurance, Corp. BPI Philam Life Assurance Corp., Inc. Others (Please specify): _____________________ * Are you...
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...3. Gibson • Calculate the unit support cost per policy for new and in-force annuity and life insurance policies using the new allocation bases. In addition, calculate the total support costs to be reported by product for each legal entity. • Why would Hampton want to track that information by product even if that level of detail was not required by regulators? • Will the new support cost allocation information help Gibson Insurance establish better pricing guidelines for the various annuities and life insurance products sold by each legal business unite entity? Why or why not? • Is the room for improvement in the means by which the corporate support costs are allocated under Hampton’s new approach? If yes, in what way(s)? If no, why not? 4. Citibank • Why has Citibank introduced a Performance Scorecard? • What is the “business model” underlying the performance scorecard? • What are the strengths and weaknesses of customer satisfaction as a performance measure in this case? In general? • Assume that you are Lisa Johnson. Complete Exhibit 1 to evaluate James’ performance. • Should James get the full bonus? Explain.3. Gibson • Calculate the unit support cost per policy for new and in-force annuity and life insurance policies using the new allocation bases. In addition, calculate the total support costs to be reported by product for each legal entity. • Why would Hampton want to track that information by product even if that level of detail was not required by regulators...
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...Current Events in Business Research Isaida Perez RES/351 December 15, 2013 Marcel Nzeukou In this paper I will discuss the business research process regarding the company I work for Aetna Inc., a health insurance company. I’ve been working in the health insurance field for some time now, and I find it rewarding being able to assist my clients with their health insurance claims. I will summarize the research process within Aetna and how that process applies to its daily functions. The business research process usually beings by looking at the market and/or industry. The reason this is done is to determine if whether or not there is an opportunity for business to be establish within a target market. Aetna was established in 1850 as “an Annuity Fund to sell life insurance” (Aetna, Inc.), established out of Hartford, Connecticut they were one the first insurance companies in the area. In those times there was an obvious need for insurance companies, and there were relatively few established health insurance companies. Since that time Aetna has committed itself to providing access to cost-effective health care of the highest standards. They strive to protect their clients against health-related risks and help them achieve both good health and financial security. Business research as defined by Cooper & Schindler,” is a systematic inquiry that provides information to guide managerial decisions”. This definition can be applied to Aetna Inc., as business decisions must be made...
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...Name : Dhaval Patil Enrolment No : 13BSP1669 IBS Campus : Mumbai Mobile No : 86525575275 Email–Id : dhpatil13@gmail.com SUMMER INTERNSHIP PROGRAM Project Proposal I. Project Proposed Name of the Organization : IDBI Federal Life Insurance Co Ltd Title of the project : Brand equity and its effects on sales of IDBI Federal Area of the project : Marketing II. Description of the project in Brief IDBI Federal Life Insurance Co. Ltd has built a strong brand in insurance sector by providing value and convenience to the customer. The brand can add significant value when its well-recognized and as positive association in the mind of the consumer this concept is referred to as Brand equity. Brand equity affects the sales. In India 24 insurance companies are currently operating. Differentiation factors of IDBI Federal Life Insurance Co. Ltd will be identified. A study on consumer perception, brand awareness will be conducted and Brand value analysis will be done with IDBI Federal. This project also aims to help the company to achieve its sales objective by focusing on their branding strategies and to understand its effectiveness by understanding the customer perception towards these strategies. III. Objective of the Project Our main objective is to selling the child-insurance...
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...Business source complete Great Eastern Life Assurance this week became the first Asian insurance company outside Australia or Japan to sell a subordinated bond. The Singaporean borrower raised S$400m ($310.5m) in a deal that bankers hope will encourage regulators across Asia to let insurers turn to the debt markets to shore up their capital positions. Singapore is rare among Asian countries in having explicit capital regulations for insurance companies that allow the use of various forms of debt, as well as equities, to function as capital. But no issuer had tested the regulations before, and the lead managers held long discussions with the Monetary Authority of Singapore while they were structuring the deal. One of the points under discussion was whether the coupons needed to be deferrable -- something that would strengthen the bond's function as capital, but would have made the deal a tougher sell to investors. "It was more investor friendly to make coupons non-deferrable and we had to debate that point a bit with the MAS," Tony Cheong, group chief financial officer at Great Eastern Life Assurance told EuroWeek Asia. "But this is a common structure for banks. You will likely see the capital requirements of banks and insurance companies move closer and closer together, so it made sense." The issuer and its bankers won that argument, allowing Great Eastern to sell a S$400m 15 year non-call 10 bond with non-deferrable coupons. The bond got around S$1.2bn of demand, allowing...
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...Role of Information Technology in enhancing the customer reach at IDBI Federal Life Insurance Company Ltd. Background of the Study Information technology has been providing wide range of benefits to all the business sectors. It has become hugely beneficial to the Insurance industry also. The key area in which it has provided major improvements and benefits is customer support. Insurance industry is perhaps the best example of an “information-based” industry, because its activities consist of gathering, processing and distributing information. To drive growth and profitability of the company, efforts are required to interact with and retain the customers. Information technology is driving changes in the functions of the insurance companies with its innovations. The companies that fail to keep up with the latest technologies have the risk falling behind in competition by relinquishing their leadership positions. Making no mistake, the insurance industry is at a pivot point as further success is likely to rest on today’s technology strategies and decisions. With increased competition among insurers, service has become a key issue. Customers are looking for more and features that add to better service. So, any insurance company today must meet the need of the hour with more and more sophisticated approaches while handling the customers. Today, managing the customer intelligently is very essential for the insurer, especially in this highly competitive environment. This project...
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...the impression he was following the rules • Started working at john Hancock in 1978 and took him four years to become manager then went to MetLife in 1983, took 3 months to become branch manager • By 1993, the branch had 120 reps, 7 sales managers, 30 admin employees • Won sales office of the year award in 1990 and 1991 • After xmas 1993 was summoned by William Groggans, head of the MetLife’s southwest territory and was fired for improper conduct Route to Stardom • Vehicle for strong sales was the life insurance policy which required high premiums but only part earned interest and compounded on a tax deferred basis and rest went to pay for life insurance policy • MetLife policy paid 55% commission on the first year where as an annuity paid 2% • Nurses were constantly convinced to be in need for economic security because constant exposure to death • Salespeople were called “nursing representatives” • Mailed $1m worth of brochures in 1992, 10x any other company office, made $1m in ‘93 Early Warnings • In 1990, Texas insurance commission warned MetLife to stop its nursing ploy and made token compliance by sending out two rounds of admonitory letters • The audit in 1991 raised questions about titles that continued after first warning but the report concluded by congratulating the Tampa Office for its contribution • In summer 1993 Florida state regulators begin a more in-depth examination of the sales concerned about the promotional...
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...Life Insurance Insurance in India: The penetration for the Insurance category in India is pegged at 3.9% as against the world average of 6.3%. Most G20 countries are above India in terms of life insurance penetration, with South Africa leading the pack at 15.4%. Not only is this number paltry, it is a matter of great worry considering over 51% of the urban households are squarely dependent on a single provider (earning member). (Source – Census 2011) In the case of the passing of the provider or even falling ill, most households get severely strained financially and have to often dip into their savings. This often throws their long term plans off track and adversely affects their aspirations. Life Insurance: The Life Insurance industry was opened up to private players in 2001 and it enjoyed very high growth periods from 2001 to 2008. However post the 2008 bubble, the growth slowed down significantly and in fact witnessed de-growth from 2010 – 2014. In the first quarter of 2015, the industry has reported a robust 20% growth Q-on-Q, however coming largely on the back of strong growth reported by LIC and a few private players. A large number of private players continued to witness negative growth. The Life Insurance industry in India is dominated by LIC with about 70% market share and almost 100% top of the mind recall; the other 23 players account for the balance 30% market share. (Source: Business Standard Article) Products: The LI category is classified into...
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...Research Problem 2 a. The Bakers are limited to two dependency exemptions; Florence and Darin. With regard to Janet’s parents, the following table summarizes the components involved. Support Provided Calvin Florence Funds spent on clothing, transportation, and recreation(1/2 of $8,000) $4,000 $4,000 Fair rental value of lodging (1/7 X $14,000) 2,000 2,000 Share of food (1/7 X $10,500) 1,500 1,500 Dental bills — 1,000 Life insurance premium — — Parents’ total support $7,500 $8,500 Of Calvin’s total support of $7,500, the Bakers provide only $3,500 ($2,000 + $1,500), which is not more than 50%. Unfortunately, life insurance premiums are not considered to be an item of support. In Florence’s case, however, the Bakers furnish $4,500 ($2,000 + $1,500 + $1,000) which is more than $4,250 (50% of $8,500). As a qualifying child (under age 19), Darin’s income is immaterial (as long as he is not self-supporting). Since he satisfies the age requirement, his student status does not matter. Andrea is not a qualifying child as she meets neither the age or student tests. She is not a qualifying relative because the support test is not met. The facts do not state what other types of support (e.g., clothing, recreation, medical) the Bakers pay for, but it would have to be significant for the total (including room and board) to exceed $21,000. Morgan could be a qualifying child except that she appears to be self-supporting. Furthermore...
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...Lincoln Heritage Life Insurance SWOT Lincoln Heritage is one of the largest final expense companies in the nation. They been organized in 1963(heritage, 2009), and have 664 million in assets and 4.2 billion of life insurance in force. So you can see that Lincoln heritage have no problem on paying there clams. Lincoln is also an Accredited BBB Business with an A.M. Best Rating of A- (Excellent). Lincoln heritage is true to the founding philosophy, they continue to have a reputation of have great customer service and satisfaction and a peace of mind. They had a vision to set a new bar for prompt, friendly and accurate service in the insurance industry. The following is the SWOT analysis included how in its marketing plan. Strengths Lincoln Heritage has a lot of strengths and a little bit of weakness but I will tell you two major strengths and weakness. One of the best strengths that Lincoln heritage has is having the only insurance company that provides funeral planning. What that mean that they work with a company called the funeral consumer guardian society that prearrange there whole funeral and go into detail like having what type of song you want to be played in your funeral and what type of clothing you want to wear. Another strengths that Lincoln heritage has is that they pay there clams within 24 hours. Like other company they wait a long time to pay their claims because they are looking for thing like the death certificate and other thing that may cause the other insurance...
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...AFLAC CASE ANALYSIS Aflac is Fortune 500 insurance company founded which was founded in 1955 by three brothers, Bill, Paul and John Amos. “Since its beginning Aflac has believed that the best way to succeed in our business is to value people. Treating employees with care, dignity and fairness are founding principles of Aflac” Today, Aflac employs more than 4,500 people and has more than 71,000 licensed independent agents throughout the United States and Japan according to the New York Stock Exchange business summary. Its principal business is supplemental health and life insurance. Aflac’s insurance business sells cancer plans, care plans, medical/sickness riders, living benefit life plans, general medical indemnity plans, and ordinary life insurance. Despite the insurance industry unemployment rate which was at 3.3 percent in March 2008 which is consistently below the national and state levels in other industries. Aflac has managed to deliver quality service to its 4,500 employees by focusing on reward programs. Aflac reflects many of the basic functions of human resources, such as diversity, training, and recruiting. Aflac offers not only extrinsic rewards to its employees but intrinsic rewards to its employees The Company uses its own products and services to enhance the total compensation for its employees by focusing on providing value adding programs that would improve employee job satisfaction, support organizational initiatives and provide opportunities for professional...
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...6. PMT= $73000 N= 8 years i= 8.5%= 0.085 We know that annuity formula for PV PV=PMT [1-(1+i)-n/i] = 73000[1-(1+0.085)-8/0.085] = $411660.35 Ans 7. PMT= $4000, n= 20 years, i= 11.2% We know that FV= PMT [(1+i)n-1/i]= 4000[(1+0.112)20-1/0.112] = $262781.16 Ans For n= 40 years FV= 4000[(1+0.112)40-1/0.112] = $2459072.63 Ans 8. FV= 90000, n= 10 years, i= 6.8% PMT=? We know that PMT= FV *i/(1+i)n-1 = 90000*0.068/(1+0.068)10-1 = $6575.83 Ans 9. PV=$50,000, n= 7years, i= 7.5% PMT=? PMT= PV*i/1-(1+i)-n = 50000*0.075/1-(1+0.075)-7 = $9440.016 Ans 10. Payment= 1059 We know that r= (1+0.05/12)3-1= 0.1255 = 1.26% According the question, we have total six years and we divide in 24 quarters So, we know formula for present value of an annuity PV=C [1-{1/ (1+r) T}]/r = 1059[1-{1/(1+0.0126)24}]/0.0126 = $21816.5 So, total PV annuity= 21816.5*(1+0.0126) = $22091.39 Ans 11. C= $25,000, r= 0.072, We know that formula PV=C/r = 25000/0.072 = 347222.2 Ans 12. PV= $375000, C= $25000 We know...
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...is FV (C , r , T ) = C ∗ (1 + r )T = 1000 ∗ (1.05)T (1) which gives 1276.28, 1628.89 and 2078.93 for T = 5, 10, 15 respectively. Patrick C Kiefer 408 Lukas PS1 Problem 2 Now the formula is PV (C , r , T ) = 500 C = T (1 + r ) (1.04)T (2) which equals 480.77, 462.28, 410.96 for T = 1, 2, 5 respectively. Patrick C Kiefer 408 Lukas PS1 Problem 3 The EAR is given by r 1 EAR(r , n) = (1 + )n − 1 = (1 + )12 − 1 = .010045 > .01 n 12 You can see that the effective rate is slightly more than the quoted rate. Patrick C Kiefer 408 Lukas PS1 Problem 4 Now we use T PV (C , r , T ) = i=1 C = 100 (1 + r )i 5 i=1 1 = 421.24 (3) (1.06)i Notice that for computational convenience, the shortcut annuity formula is more tractable: PV (C , r , t) = C ∗ 1 r 1− 1 (1 + r )T (4) Patrick C Kiefer 408 Lukas PS1 Problem 5 We use T NPV (I , C , r , T ) = −I + i=1 C 500 = −10, 000+ T (1 + r ) (1.04)i i=1 ∞ The perpetuity formula is ∞ i=1 C C = i (1 + r ) r (5) so the NPV is -10,000+12,500 = 2,500 for r = .04. For r = .05, the NPV is zero. Note the solution for r = .05 and g = .01 coincides with the solution for r = .04. Patrick C Kiefer 408 Lukas PS1 Problem 6 We use a combination of the formulas introduced above T −12, 000 + i=1 1, 000 1 400 + = 671.10 > 0 (1.04)i (1.04)5 .04 (6) So, take the project if you do not have to turn down another one with a higher NPV. Patrick C Kiefer 408...
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...Micro environment As the largest and most established insurance company in Malaysia, Great Eastern have 21 operational branch offices nationwide and a service network of more than 17,000 agents dedicated to providing solutions on financial planning, protection and savings to meet our customers’ needs. Customers are the most important actors in a company’s microenvironment. Internal customer who are employee or people who work inside Great Eastern, they provide customer service. External customer are public and social group which are young and single, young and married couple, young, married couples with children, married couples with older children. Great eastern need to maintaining good relationship with customers by servicing our customers with confidence and taking full ownership of every customer situation by keeping and following through on commitments made. American International Assurance Bhd. (AIA Bhd.) is one of Great Eastern competitors which are a leading life insurance organization in Asia with a unique heritage of serving customers across the world’s most dynamic region for 90 years.AIA Bhd. began operations in the country, in 1948 and with more than 60 years of local market presence. However, Great Eastern provides more product widely services than its competitors. Following is the SWOT analysis of Great Eastern:- SWOT analysis Strength * Strong performance. * Transferred locally incorporated public company, Great Eastern Life Assurance (Malaysia). ...
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