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A few of the Essay and Assignment tackled on Insurance
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| | Assignment on Steven Lukes’ Three Dimensional Power as applied to Insurance Company | | | The use of power to get compliance from others of one’s ideology, beliefs and intentions is age old. This is seen in politics, social life, religion and currently in corporate entities. Efforts have been done over centuries by sociologists, political scientists to bring this nature of empirical power within the frame work of theories. One of the most popular and widely accepted and practiced frame works of power in organizations of contemporary times is that of Steven Lukes’s theory of three dimensional powers (Maximiliano Lorenzi, 2006). First dimension is controlling behavior and actions of others are decision making power. Second dimension is warding off grievances by using non-decision power i.e. not to bring the grievance issue into the main political or organizational process. Third and the most important dimension is to extract willing compliance from others by implementing ideologies that run as undercurrent and bring about the desired behaviors and actions of others without even them knowing it. Simply put, the theory states that governments and now corporate bodies control others’ or their employees’ actions by using their decision making power, non-decision making power and ideological power. Let us analyze below the use of these three dimensions in a fictitious corporate entity. | |  |
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| | Essay on Negotiating across cultures with special emphasis on Insurance industry in India | | | When you are going for winning a new business or trying to get a new strategic alliance with some foreign country, it does not give importance to any border or boundaries. Before going for the negotiations, you must know that culture varies in every country and these cultural differences can really hamper the outcome of the negotiations. It may go in your favor or may go against you also if you do not follow the norms of the negotiations.
If anybody wants to become successful in international business, he must adapt the negotiating skill of the local market to where he is going to do the business. That will really help him to penetrate deeper into the deal or tap the market. With the opening of the Indian insurance market to the foreign players, many American insurance companies have started coming to India over the past few years.
In such cases, negotiation style is very different across cultures. There are many differences like social, economic, working conditions which each others must understand to do business and continue with the strategic relationships.
As many American insurance companies have come to India to do business, the negotiation style practiced in both the countries can be a subject of discussion. While doing insurance or while selling the product, the American style and Indian style are totally different. The way you can sell insurance in America, is impossible in India. So, the American company must understand the Indian context and when the top executives of American insurance company will come to India, he must be aware of the Indian negotiating styles. In this discussion, we will limit ourselves to this industry alone, as American insurance companies like AIG, AXA, MetLife have all come to India to do insurance business. They have tied up with many Indian corporate to expand their business base in India.
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| | Essay on the topic – “Testing propositions involving information asymmetries is inherently difficult”. Discuss in the light of the available evidence for the existence of adverse selection in insurance markets? | | | When we talk of asymmetrical information in the insurance industry particularly health then by that we mean the information is not properly distributed and shared between the insurer and the insured. An example – a person “A” is suffering from brain tumour and person “B” who is the insurer does not have any idea about A’s illness. If “A” goes for insurance policies then it is presumed he is safe and secured as he will enjoy all the benefits derived from insurance policy purchased and also the risk will be covered. But, on the other hand, “B” who is the insurer will be at loss. According to the economist, adverse selection, asymmetrical information, moral hazards are some of the characteristics of health service delivery or commonly seen in the insurance contracts. So, in this example, the buyer of insurance has the knowledge of risk to his health but the seller of the insurance has no clue about it. This will result in market failure. Because the insurer will sell the insurance policies at the average cost charged to others. And since he does not know about the risk of health of each individual he will be at loss to those who have high risk to others health. This equilibrium can be achieved in the insurance market for that the insurer should know the potential risk of the buyer and charge the fee as per the risk involved. Information is now said to be in symmetry where the seller charges the buyer, his expected cost of risk. The insurer needs to get in depth of the personal life of the buyer to analyse the risk involved.
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| | Finance analysis of Suncorp Metway Limited | | | This report identifies, analyzes and compares the results of Suncorp’s operating and financial performance with its competitors in the industry for the period 2004 - 2007. Three other chosen competitors include Commonwealth Bank, National Australian Bank (NAB), and Australia and New Zealand Bank (ANZ), as they have the same business background and scales. Using the various calculations of ratio results, this report provides a short analysis for shareholders, advising whether they should maintain, increase, or reduce their investment | | |
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| | Report on regularization of insurance industry in Australia | | | The insurance industry has gone through several changes as far as the regulations are concerned. Before the Second World War the insurance industry was very stable due to which the government intervention was the least, the industry was affected by Second World War which leads to more government interference and the industry was regulated. Later in 1981, the government appointed a committee to inquire into the regulation and control of the Australian financial system. As a result of the findings of this committee, deregulation took place. Life insurance companies, which were based on the mutual structure, started to demutualization in order to raise more capital. 17 years later, in 1998 Australian Prudential Regulatory Authority was formed to keep a check on the life insurance companies, as it was felt that some regulations were necessary. APRA is doing a lot of work in order to ensure that the insurance companies are doing their work properly | | |
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| | Report on should Australia introduce deposit insurance? | | | The purpose of this report is to investigate, analyse and discuss the likely impact on Australian banks with the introduction of deposit insurance. It also shows us that how APRA monitors the Australian banks through Australian Prudential Standards. | | |
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| | Report on the trade deal between ING Group and Macquarie bank and its likely financial aspects | | | This report highlights the issue of the trade deal between the ING Group and the Macquarie bank and its likely effects on the financial aspects of the market such as the financial instruments, institutions and markets. | | |
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