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Insurance

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Helping to improve an insurer's bottom line

Article Abstract:

Loss control and loss financing can be made simpler when experts from both disciplines work together. Loss control is important because it can help companies meet their goals, because it is the humane thing to do, and because it is illegal to do otherwise. Loss financing makes use of some of the same activities used by loss control experts, such as random sampling and balancing real and expected values. Experts from both disciplines should work together and share ideas in professional associations and joint committees.

Risk management

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Fundamental change and the bottom line: how to improve financial results through employee ownership

Article Abstract:

Many insurance companies that undertook major reengineering efforts fell short of their goals by failing to enlist the support of all their employees through a gainsharing incentive-compensation plan. Such a plan aligns employee goals with those of the company by allowing all employees to profit from the firm's success, rather than just the top management. This is the only way for employee "ownership" to be real. Five principles for designing a gainsharing plan are described.

Employee Benefits & Services, Motivational Techniques, Productivity Improvement, Employee incentives, Human resource management, Employee benefits, Sales management, Labor productivity, Gain sharing

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Customer service and the bottom line

Article Abstract:

Improved administrative quality is needed for an insurance company to reduce customer service discrepancies. Poor customer service results in revenue loss due to unwillingness of customers to pay their premiums on time and lack of repeat clients. New organizational processes need to be established to eliminate the administrative errors that lead to customer discrepancies. Discrepancies should be identified, prioritized and traced. Internal communication is also important.

Customer service

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