Investing in Tufs at Northern Insurance

While it was foreseen that the company would initially take financial setbacks because of the reorganization, it was not believed that the financial risks would be drastic. However, the impending report that Mr. Elesser has to present to the board will detail a net income that will be nearly 26 million dollars in the red for 2004 (see exhibit 2)3. The blunt force restructuring met resistance on numerous fronts. First of all, the various components of the company did not operate under the same uniformed leadership objectives. Each division was set up to look out for their own interests and markets. When the restructuring plan that focused on a more centralized management process, many of the things that worked for one division did not necessarily work for other divisions of the company. This left some divisions at a severe disadvantage. Another obstacle that worked against the restructuring was the employee unions in which the company had to deal. The unions were not on board with the various downsizing and restructuring methods. In addition, the company had to deal with a couple of different unions which posed a problem with negotiating tactics. Benefit costs were also a significant investment that did not hold up well under the auspice of restructuring.

The author of the case study indicates that “NTUC Income’s life and general insurance operations now ran on one integrated platform, providing efficient straight through processing workflow, high flexibility and customer centric view.” (1)

Benefast Partners have more than 20,000 staff members so they have greater need for efficiency. The strategy for Benefast Partners is to target a larger market, which is crucial for the firm to implement an effective and efficient system that will consider information accuracy with the aid of technology so as to simplify all the

1. INTRODUCTION: At a certain point in time, every organization has to take steps to change/improve itself and its processes to comply with its own goals and that of its clients. The ultimate goal of a business is growth and that can be done in a continuous or a phased fashion. Everyone in the organization tries to hold on to their known state of operations, organization and processes stating that things have worked fine or are working fine. However this can only work up to a certain point where operations based on goodwill, minor adjustments or ad-hoc solutions no longer work and more drastic

In the case of Northern Insurance, several of these key criteria were violated. First of all, relating to cause number (2), the case indicates that little or no user involvement was required by management in the initial undertaking of the project. Lack of user involvement means that coders had little chance of meeting the business needs from the very beginning. Without their expertise, input and feedback to changes. The coders had little chance of success. One evaluation of multiple studies indicates that user involvement is critically important and they must have the ability to influence the outcome of the system.

strategies, and determining the resources needed to achieve the organization 's goals. The outcome of the

Change cannot be happening overnight, the management had set up the strategic objectives within a reasonable planning period. Holding frequent and effective meetings with the team to ensure the transparency of ideas and that is also helping to recognise the weakness. In spite of the fact that persuasion is the

An UT will therefore underwrite two requests. After underwriting both each team member will rate one of the two requests. It is important that the DCs distribute similar requests in terms of rating time to one certain UT. Due to the fusion of step two and three 25% (time savings in writing and getting into the case) or more of rating time will be saved. In order to stay within a save margin we reduced the weighted average rating time by 25% and added this to the weighted average time of underwriting. We divided the weighting time of the first request lying on the desk while the second is being processed on both requests. In average 12 requests will be processed by the UTs every 109.6 minutes. Every 54.8 minutes (109.6/2 min) 6 requests can be processed by the policy writing department. Hence the average service rate in step two and three is the same. This would also increase productivity by decreasing queuing time.

EXPLAIN HOW THE MANAGEMENT PROCESS OF THE CHOSEN KBF HAS IMPACTED THE ACHIEVEMENT OF BUSINESS GOALS

Info insurance’s website claims that the money that participant contribute will assign into general takaful fund as a participative contribution (tabarru’). In order to participate in this takaful, he or she will consent an ‘aqad’ which is a form of contract. By undertake this contract, he or she is assuming agree to assist each other when any one of the members encounter unexpected incident which

At the start, the main contract stated that it allowed the development of the system for a period of 3 years from 1st February 2002 to 7th December 2004. One of the main reasons for the delay was due to the scope changes. A delay of 2 years was due to revising milestone dates in order to accommodate additional functionalities, changes in the migration plan and additional hardware requirement and additional sales. Furthermore, the original cost of the project was R354,7 million but after revising fixed contract price adjustments for the consumer price index and foreign exchange variations, the cost of the project has gone up to R410,8 million. This failure can be related to the Process Failure based on the Lyytinen and Hirschheim theory as the cost of developing the system has exceeded above the original budget and also the project deadline has exceeded the original deadline based on the initial contract which stated till 7th December 2004 but instead, the system was completed on 11th April 2007 which is nearly 3 years later. It can also be related to Ineffective Schedule Planning and/or Management in the Process-Related Risk by Leon A. Kappelman as the originally planned schedule development of the system was not followed and had to be revised all over again which took 2 years for them to

Klepper’s article serves as an introduction and outline for the conception of insurance, he talked about the response to "Four Conceptions of Insurance" of Professor Kenneth S. Abraham. The article discusses the three groups that has been ignored in the society, the crucial interests in such governance principles and policy options. When they were doing the examination for these three special groups to test their interests of the insurance transaction, they found out that it’s not that bad because the contract mode has repeatedly criticized in the academic literature. It also talked about the insurance law, the roles of brokers in the

Customer 's contribution. Close inclusion of clients in the advancement procedure is needed so as to give and organize framework necessities, and assess framework 's emphasess.

In the author’s perspectives, the way the organization is structured brings out some problems. For example, their work didn't produce maximum results.

The accompanying table, Table 1, provides a summary of the core issues facing NTUC Income in their old, legacy structure, the associated impacts of these issues, and the steps taken to remedy them in their upgraded platform and business structure.