Abstracts » Insurance

The art of crisis management

Article Abstract:

Insurance companies repeatedly commit the same mistakes that have led to whatever crisis they get embroiled in. This observation is made by top insurance turnaround specialist Victor Palmieri, citing as examples the two biggest insolvencies in North America's insurance industry, Mutual Benefit Life Insurance Co and Confederation Life Insurance Co. He advises crisis managers to take a soft approach when it comes to creditors, who are only concerned with potentially losing interest and capital. He also belies the common notion that the first act of turnaround specialists is to lay off workers.

Analysis, Practice, Crisis management, Corporate turnarounds, Turnaround management, Palmieri, Victor H.

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Bringing down the house

Article Abstract:

Insurers need to discard the traditional practice of fulfilling all of their clients' product and service needs and focus instead on the areas where it provide excellent service. Developing and capitalizing on perceived strengths and using the skills of other financial service providers for complementary services will enable business growth and improve customer satisfaction. The reorganization of distribution channels for effective delivery in targeted markets and making products available to outside quality distributors will also increase company growth.

Marketing, Insurance

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