Bdo Insurance Brokers, Inc. - a Case Study

Marketing- Infilling a market lead ethos thought out, researching on external opportunities to understand current and potential customers, developing the marketing plan and strategy. Managing budgets and market success.

The insurance industry’s performance is highly correlated with the state of the economy and specifically GDP growth. From the data outlined in this report, it is evident that the insurance industry flourishes alongside the economy where factors such as output, unemployment, and other variables are growing as well. Since the 2008 crisis, the Canadian economy has recovered quite well. One of the key concerns going forward is the current exchange rate of the Canadian dollar. Going forward, as the economy goes into a boom it will be crucial for the insurance industry to reach its potential.

Effective February 7, 2013, SeaBright Insurance Company (“Seabright”), a Seattle-based insurance company specializing in workers compensation, entered into run-off. In 2012, Enstar Group Limited (“Enstar”), a run-off specialist, purchased SeaBright. SeaBright continues to manage existing claims but no longer writes new or renewal business, which means that premium activity has slowed down. In 2015, a major change occurred when all of SeaBright’s net liabilities (i.e. loss reserves associated with its prior workers comp business) were shifted to an Enstar affiliate, Clarendon National Insurance Company, through a reinsurance agreement. Circumstances that led the company to run-off: SeaBright was placed into run-off driven by weakened underwriting performance associated with reserve strengthening actions for accident years 2007 through 2009, primarily related to increasing medical cost trends. Additionally, SeaBright was facing marketplace challenges associated with its geographic and coverage lines expansion. Seabright has had to deal with significant pressure from its workers comp book developing adversely year-over-year and having to liquidate investments to satisfy claims and expenses. The reinsurance contract with Clarendon did provide major relief but SeaBright still remains a going concern and without premiums coming in and asset base rapidly shrinking, its solvency status as an insurance company remains questionable. The key now is to track the level of credit risk

business of insurance. But the lack of uniformity, loop holes, blind spots and deficiencies within

Most of the pictures that cover full pages are portraits of the customers who can be identified in different categories of ages, genders, and ethnicities. These customers suggest the diversity among Northwestern Mutual’s policyowners and the variety of products types provided by the company. The picture of a couple can be related to the financial plan option for the families, or the picture of a baby can be linked to the education savings plans. The customers in the photographs all look happy and have big smiles on their faces. Their portraits are important to help the readers visualize the key theme of the report by suggesting how Northwestern Mutual insurance and security planning satisfy its broad range of customers. In addition, there are photographs of the company’s employees who do not only look professional in their suits, but also appear to be approachable with their friendly smiling faces. These images of employees are arranged next to the photographs of the customers who are enjoying their regular life activities. This arrangement illustrates the good impacts that insurance plans have on customers. Organizing the photographs of its customers and employees throughout the annual report is an effective strategy for the company to emphasize its products and customer service quality, helpful and friendly.

Deutsche Allgemeinversicherung (DAV) is one of the world’s largest insurance companies. The success of the company has been contributed to its product offerings and “an excellent group of insurance managers” (case page 2). The company provides superior “traditional insurance management” and excellent customer service. However, the company began to face stiff competition not only from larger competitors but also from smaller insurance firms that are able to provide customized service to each individual client. To keep its current position in the market DAV has decided to concentrate on quality of customer service which it sees as a core competency. The

The process that Geico follows for providing affordable car insurance to fulfill a wide range of customer needs is comprised of four core steps. Regardless of which medium of contact a customer uses, Geico will provide answers to an in depth situational analysis questionnaire that gathers data on personal driving and vehicle history. The following step allows customers to specify their individual needs for coverage. These responses are then used to generate a variety of insurance options. Finally, the customer works with an insurance underwriter to revise and then finalize their selection (Lastname, J). The culmination of this process ensures every customer receives their auto insurance at the most reasonable price available, without sacrificing any quality.

Insurers, insureds, and even their attorneys frequently incorrectly assume that insurance agents and brokers owe fiduciary duties to their insureds. While the law is not completely clear regarding the applicability of agency principles and their fiduciary duties in this area, legal precedent can offer some guidance on the issue.

Geico Insurance has expanded its product base to include home insurance, commercial insurance, atv and motorcycle insurance, boat insurance, and umbrella policies to its customers still with the direct selling concept. As technology has evolved, so has Geico Insurance to make sure its products and services are meeting the needs of the consumers. In addition to offering a multitude of insurance products, Geico has expanded its services to its customers with new features such as online claim filing, applications for mobile phones, and online quotes. The variety of products and services reaches out to a large target group ensuring Geico Insurance has a product to meet most all consumers’ needs.

Marketing is all about creating a really solid decision, which will lead to more money. In this paper I will give some history of my organization, and explain how each element of marketing affects the organization. In addition I will cover the industry in which the organization resides in.

Every company depends on an efficient marketing program to fulfill customers' needs. Marketing is a process of finding out what the customer wants and meeting those requirements. Within the company, the marketing group has to consider customer values and customer satisfaction before considering offering a product. Marketing is part of our everyday world, and can be perceived everywhere and every time. At any time, everyone has been exposed to different kinds of marketing or advertising depending upon personal necessities such as T.V commercials, radio, internet, etc.

Marketing concept believes that for a company to achieve organizational goals, it depends on determining the needs and wants of the target market. It takes an outside-in approach. Marketers practising this concept recognise that customers are always the first priority of the organization and they aim on complete customer satisfaction. This requires an integrated marketing effort, that is, team work between different departments within the organization. For instance, team work between the marketing team and the academic team of UCSI University. The marketing team will be in-charge of the promotion of the academic programmes available in UCSI University while the academic team will have to ensure and maintain the quality of the programmes and courses offered.

Marketing is perhaps the most important activity in a business because it forms the communication bond between the customers and the company, and it’s a key aspect of communicating the value of the product.

Marketing is an essentially about marshalling the resources of the organization so that they can meet the changing needs of the customers on whom the organization depends. As a verb, marketing is all about how an organization addresses its markets. Marketing is “The management process which identifies, anticipates and supplies the customer requirements efficiently and profitability”.

Insurance agents sell one or more types of insurance, such as life, property, casualty, health, disability, and long-term care (Edwards, 1999, A12). Agents sell insurance policies to individuals and businesses to provide protection against loss or catastrophe. Insurance agents consider the financial status and life situation of their clients, and assist them in selecting their optimal insurance policy. Some policies can be designed to provide retirement income, funds for the education of children, or other benefits (Edwards, 1999, A12).