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Explain why managing information is equally or more important to the company than moving products.

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For your Unit 5 assignment, you are to research and write about your company’s Information Management System and respond to the following questions. You can research your responses in your textbook, in the Capella library, and on the Internet:

Describe their information management system (IMS).
Does their IMS give them a competitive advantage over their competition?
How does the IMS help coordinate between supply chain partners?
Explain how the IMS helps monitor orders and inventory levels, and satisfy customers.
Explain why managing information is equally or more important to the company than moving products.

Submit your answer in a Microsoft Word document in 800–1000 words. All written assignments should follow APA style and formatting guidelines for attributing sources.

Discuss how your company should choose a discount rate were it to be taken over by a diversified owner and explain what theory lies behind that method.

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FINANCIAL STRATEGY COURSE WORK 2019-20

Essay Topic

  1. How does an owner-manager of a non-financial firm deal with risk? Answer the question specifically in relation to each of the following: a) risk as sensitivity to potential deviation from forecast values of variables that make up Net Present Value (cashflows, project life, initial expenditure etc) (b) risk in respect of the financial return or NPV that should be controlled for by correct choice of a discount rate (c) the same risk as in (b) but discussing how it might be dealt with by certainty equivalent calculations (1000 words approx.)
  2. Discuss how your company should choose a discount rate were it to be taken over by a diversified owner and explain what theory lies behind that method. (1000 words approx.)
  3. Discuss in your own words the views that are contained in readings (1) and (2) and comment how they support (or not) what you have said in 2. (1000 words approx.)

Readings:

Note: neither your lecturer nor your class teachers will be able to give you advice on completing this assessment which must be done independently. Plagiarism is taken very seriously.  It is very important that you use your own words rather than just using slight modifications of other authors’ work. See your guidance on plagiarism matters – no plagiarism of any sort is acceptable and carries stiff penalties. Plagiarism is not excused by citing a work that you use. You are not permitted to use payed-for-assistance to write any part of the answer; in some circumstances you may be asked to demonstrate orally your individual understanding of what you have written.

Essay requirements. You should produce a well-structured essay.  Be sure also include your own personal view of the issue throughout and not just replicate the material in the notes or readings. The essay should relate to the course content.

For submission guidelines see BLE along with any other guidance given by your undergraduate office

Ensure that you submit by the due date you have been assigned

Develop a set of recommendations that would improve the quality of the content marketing and the use of storytelling, to more effectively engage with the target market(s) of your chosen organisation.

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MARKETING MANAGEMENT
ANSWER ALL QUESTIONS
1- Assess the relevance of the 5S framework for designing an effective online communications strategy.
2- Examine the role that content marketing and storytelling plays in engaging with customers online
3- Select a company of your choice and critically evaluate its use of content marketing and storytelling within its overall online marketing communication strategy. (This is my part on the assignment)
4- Develop a set of recommendations that would improve the quality of the content marketing and the use of storytelling, to more effectively engage with the target market(s) of your chosen organisation.

Assignment Guidelines;
1. You are expected to engage with the relevant literature on areas such as online communications strategy design and implementation. You are encouraged to read the articles that have been posted . These articles provide you with an initial platform from which to develop the assignment at the beginning of this project. As a starting point, please read chapter eleven in the Fahy and Jobber text. This is the core text for the Marketing Management module.
2. You should also engage with the relevant literature generated by your chosen organisation from secondary sources i.e. material that is available on the website.
3. This is a group assignment (maximum of five per group).
4. Your chosen company can come from services, business to business or consumer marketing sectors.
5. Effective assignments should analyse the organizations current online communications strategy with regard to its target markets, segmentation and positioning. Effective assignments should make use of relevant concepts and theories and apply them to the analysis. Groups should avoid re-stating, being descriptive or being narrative. Groups are encouraged to reflect on other frameworks besides the 5S approach (discussed in chapter eleven of the text and introduce them to the assessment of your
chosen company and proposed recommendations.
7. Include a full set of references. As a general guide, you should have a minimum of twenty-five different citations consisting of both academic texts and academic journal articles and industry references (e.g. Industry Reports, business and newspaper articles etc.)
9. The assignment should consist of 3,500 words. This excludes appendices and references. However, you should avoid the inclusion of too many appendices.
10. Students should avoid describing the elements of online communications strategy in the main body of the text. It is appropriate to include a brief overview in an appendix. The focus
within the main body of the text should be on an evaluation of the present strategy employed by the organisation and its use and application of the relevant techniques.
10. The assignment should be presented in REPORT format.

Describe how project files, such as Microsoft (MS) Word, MS Excel, MS Project, and MS Visio, will be shared with team members. Be sure to explain the rationale behind your choice.

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In this assignment, you will create a presentation for your organization to explain how successful collaboration can improve success and provide competitive advantages.

Scenario: Your organization has used a variety of collaboration systems developed by some project managers. Some of these systems were successful while others were not. Your organization has one unique challenge—many of your employees are staffed at other locations or work from home (telework). You would like to standardize the collaboration process to improve team communication for all company projects. In your presentation, you should include the elements listed below.
◾Explain why collaboration information systems (IS) are important from the organization’s perspective.
◾Discuss how collaboration tools can improve team communication.
◾Identify three tools that will be used for synchronous communications and three tools that will be used for asynchronous communications. Be sure to explain why you made these choices.
◾Describe how project files, such as Microsoft (MS) Word, MS Excel, MS Project, and MS Visio, will be shared with team members. Be sure to explain the rationale behind your choice.
◾Explain how the task list for managing tasks will be shared with team members. Be sure to explain the rationale behind your choice.
◾Discuss how this new collaboration IS could provide competitive advantages for your organization.

Use of images, graphics, and diagrams is encouraged.

You can use an industry of your choosing or examples from your personal or professional experiences in developing this assignment.

Be sure to follow the 7×7 rule (i.e., there should be no more than 7 words per line and no more than 7 lines per slide). You are required to use speaker notes to discuss the bullet points on your slides.

You must use at least two academic resources to support your presentation, and you must cite (in APA format) any information on your slides or in your speaker notes that came from these sources.

We often talk of an employer’s ‘duty of care’ to their employees. But just what does this duty consist of?

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Assessment Task: 2,600 -word Report

MODULE: LAW IN THE WORKPLACE LEVEL 6

BA HONS BUSINESS AND MANAGEMENT

AN EMPLOYER’S DUTY OF CARE

We often talk of an employer’s ‘duty of care’ to their employees. But just what does this duty consist of?

Employers have a duty of care to their employees, which means that they should take all steps which are reasonably possible to ensure their health, safety and wellbeing. Demonstrating concern for the physical and mental health of your workers shouldn’t just be seen as a legal duty – there’s a clear business case, too.  It can be a key factor in building trust and reinforcing your commitment to your employees, and can help improve staff retention, boost productivity and pave the way for greater employee engagement.

Legally, employers must abide by relevant health & safety and employment law, as well as the common law duty of care. They also have a moral and ethical duty not to cause, or fail to prevent, physical or psychological injury, and must fulfil their responsibilities with regard to personal injury and negligence claims.

Requirements under an employer’s duty of care are wide-ranging and may manifest themselves in many different ways, such as:

  • Clearly defining jobs and undertaking risk assessments
  • Ensuring a safe work environment
  • Providing adequate training and feedback on performance
  • Ensuring that staff do not work excessive hours
  • Providing areas for rest and relaxation
  • Protecting staff from bullying or harassment, either from colleagues or third parties
  • Protecting staff from discrimination
  • Providing communication channels for employees to raise concerns
  • Consulting employees on issues which concern them.

An employer can be deemed to have breached their duty of care by failing to do everything that was reasonable in the circumstances to keep the employee safe from harm. Employees also have responsibilities for their health and wellbeing at work – for example, they are entitled by law to refuse to undertake work that isn’t safe without fear of disciplinary action.

TASK:

You are a deputy manager in a UK organisation.  You were recently sponsored to a national conference on ‘Employer’s Duty of Care’ by your organisation and you have just returned to work. The chief executive of your organisation has asked you to write a 2,600-word report based on the theme of the conference. 

You may consider all aspects of an employer’s duty of care to its employees including the requirements listed above.

You may also consider all relevant legislation in your report including The Equality Act 2010 and The Health & Safety at Work Act 1974.  This will assist you to analyse, evaluate and reason your points of view.

General Marking Criteria

These are the broad guidelines used by lecturers when grading your assignments. Please follow these to ensure you get good grades overall.

 

Weighti ng Grade 1st 2.1 2.2 3rd F
% Subject specific knowledge and understanding
   

 

 

Knowledge

  

Authoritati ve handling of complex material

  

Demonstrates sound knowledge

 Satisfactory general knowledge of main issues  

Limited knowledge of course material

  

Factual knowledge inaccurate
   

 

 

Understanding

 Clear evidenc e of theory into practice Sound evidence of theory into practice Satisfactory evidence of theory into practice Little evidence of theory into practice  

No evidence of theory into practice
   

 

 

Information

 Excellen t range of relevant informati on  

Good range of relevant information

 Adequate range of relevant information Superficial use of relevant information  

Information not wholly relevant
  Critical analysis and thought development
   

 

 

Analysis

  

Attention to detail, precision of thought

  

Logical, generally thorough

  

Logical, but some lapses in attention to detail

 Lack of attention to detail, imprecise analysis  

Weak or little analysis
   

 

 

Synthesis

  

Clear arguments

, clear justificatio n

  

Good arguments, good justification

  

Adequate arguments some justification

  

Descriptive with undeveloped arguments

 Lacks synthesis, statements only, no justification
   

 

 

Sources

  

Extensiv e and in depth

  

Wide and in depth

  

Adequate evidence of reading

  

Limited evidence of reading

 Lacks evidence of relevant reading

 

 

 

   

 

 

Structure

  

Well structu red and lucid

  

Coherent soundly structured

 Reasonably lucid adequate structure  

Imbalance in given information

  

Lacks structure
  Presentation
   

 

 

Layout

  

Sound organisati on, correct use of

guidelines

  

Correct use of guidelines but with minor errors

 Adequate use of guidelines with minor errors  

Some major errors in use of guidelines

  

Guidelines not followed
   

 

 

Editing

  

 

 

No errors

  

Minimal errors in proof reading

 Some minors errors in proof reading  

Some major errors in proof reading

  

Inadequate proof reading
   

 

 

Referencing

  

Referencin g and annotation correct

 A few references and annotation incorrect Some references and annotation incorrect Several references and annotation incorrect  

Major errors or lack of referencing

 

Guidelines for the presentation of written work

o  Written work should be word-processed in order to demonstrate your professional abilities linked to ICT.

o  Use an appropriate and systematic layout: 12pt font and double spacing.

o  Proof-read your work

Further reading:

–     Collins, Employment Law, Chapter 2 Regulating the Workplace pp 35-36 and Chapter 5 Co-operation see particularly pp 101-110.

Deakin & Morris, “Implied Term of Mutual Trust and Confidence” on pp 361-366 & Sources of Contractual Terms on pp 260-267 & “Assessment” section on pp 409-413

Hugh Collins, Employment Law, Chapter 5 esp heading mutual trust and confidence

Employment Rights Act 1996

Employment Relation Act 2004

Equal Pay   Act

Data Protection Act

National Minimum Wage Act

For further info access ACAS website.

Thank you!

 

 

Crime rates have declined in many societies around the world. Why have crime rates been dropping?

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  1. According to the political scientist Robert Putnam, what has happened to social and community engagement in the United States since the 1950s? What explanations does Putnam believe might explain these changes?

 

  1. What are the most important factors that affect the size of a society’s population? What are the potential problems with forecasting a society’s population size?
  2. What are the main claims made by Vernor Vinge in his essay on the technological singularity? In your essay, critically evaluate the arguments for and against the possibility of a singularity in the 21stcentury.
  3. How have the religious values and beliefs of people living in Canada and the United States changed over time? Do you think the observed changes support “secularization theory”? Why or why not?
  4. According to the political scientist Ronald Inglehart, what is “Neo-Modernization Theory”? How might Inglehart’s theory explain changes in people’s political beliefs and religious views? In answering this question, make sure to define the difference between “materialist” and “post-materialist” values.
  5. What are Albert Einstein’s main arguments in his 1949 essay “Why Socialism”? Do you disagree or agree with his claims? Why or why not?
  6. Crime rates have declined in many societies around the world. Why have crime rates been dropping? In your answer critically evaluate various explanations that have been put forth to explain the decline.

 

Given a shopper is male, what is the probability the shopper likes to shop for clothing?

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RUNNING HEAD: MEN AND WOMAN SHOPPER’S

MBAA 522 2.3 Data Assignment

  1. What is the probability a shopper likes to shop for clothing?
  2. Given a shopper is male, what is the probability the shopper likes to shop for clothing?
  3. Given a shopper is male, what is the probability the shopper does not like to shop for clothing?
  4. Given a shopper is female, what is the probability a shopper does not like to shop for clothing?

 

 

 

 

 

 

 

 

 

 

 

 

 What frames do you want to establish? What frames do you want to dispel or break?

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Marketing Plan Development and PowerPoint Presentation

Instructions:

This assignment will allow you to create a basic and inclusive marketing plan for either a public health organization or for a particular project or campaign within a public health organization.

There are two parts to this assignment:

  • Part One: A written marketing plan with a narrative explanation of the plan, a written description of the steps/resources, tools and actions of the plan. 
  • Part Two:A PowerPoint presentation of the plan, as if it was being presented to your peers. 

Part One:

First: Determine whether you will write the plan about a public health organization or about a public health program or campaign or project.  Then create and develop and submit the plan:

  1. Determine what you want to do, what is the issue(s) that you want to market/communicate. Consider the message and the frames you want to create.
  2. Develop a complete marketing plan following the concepts discussed in the course and outside sources. Select a marketing plan model or template and design the plan. Modify your plan in anyway that works to provide direction to implement.
  • This plan can be in sentence outline form, with descriptions for each section and objectives. Your plan does not have to be a fully written paper, it can be an outline plan. It must be comprehensive and cover the elements of a plan. There is no page requirement.
  • There is a lot of room for “hypotheticals” and “assumptions” and “fiction” as you may not have ALL of the data to complete a marketing plan. In those instances, list the plan component or concept or item and develop it as if it were real.
  • List all of the components of the plan and the clearly identify what it is you are trying to market/communicate.
  • Clearly define what action you want the audience to take based on your plan.
  • Provide a Summary/narrative of the plan, one page or less. This is written more like a brief paper. Provide a narrative paper that explains your project:
    • What are the strengths or unique aspects of your plan.
    • Explain if your plan would be viable, could you see this in action

Second: Develop a brief PowerPoint Presentation of the Plan (Optional) as if you were presenting the plan to the class. This is optional. Some students like to do this project in powerpoint as if they were presenting.

  • Use appropriate number of slides to explain the plan.
  • Develop the PowerPoint as if you were going to present to your public health peers. There is not presentation.

Suggestions and potential format for the Plan:

There are several templates and plan models discussed. When creating the plan, these areas must be addressed and included. (Note: much of this exercise will rely on “hypotheticals” and that is understood). This entire plan can be written in outline form except for, the exec summary, introduction, situational analysis, these sections will need to be written out in sentence/paragraph form.

Executive Summary: A brief version of the marketing plan. Should explain the audience targeted intent of the messaging, change that you want to occur, problem/issue and a clear but brief description of the marketing tools and implementation and expected results. This should be in paragraph form and should be a narrative of the plan. A summary.

For the executive summary paper: Graduate level writing is expected. The paper should follow standard writing models and have a clear beginning, middle and conclusion, with a clear thesis statement/position and clear development of subsequent paragraphs. APA Style is to be used and the paper should be 1 page in length, double spaced and 10 to 12 pt. font, with a Times font used and correctly used source material.

Introduction: Purpose of the marketing plan. Paragraph form.

Situation Analysis: Describe briefly the market situation. (Explain too that research on the situation will be done, you do not have to do the research for the assignment) This should be in paragraph form.

Describe the public health organization or the program that the plan is about. Paragraph form.

Client/Population or Group Analysis: Use secondary or primary data to describe the client or demographic or population the marketing plan targets and the “product” or “issue” the plan addresses. What basic needs/wants do it stands serve? What needs and wants could be served? What benefits does it provide?

Competitive analysis: (Do not include)

Trend analysis—if any: (A brief sentence or statement to describe the trends) . Environmental trends: Describe trends if there is an impact. What will be the effect?  Economic/Political environment: Social and cultural factors about this group or the target: What social or cultural factors or trends impact this industry? Explain any opinion leaders Demographics: What demographic trends will affect the acceptance or rejection of message? Who is the demographic that you are targeting.

Identify the key publics: Are there other publics that some stake in the plan?

FRAMES: What frames do you want to establish? What frames do you want to dispel or break? Think about this and be creative.

SWOT:  There is no expectation to complete a SWOT; however you can hypothetically create one to guide your plan. You can mention a SWOT and refer to one, but it is not required.

Marketing Plan Description:

This is the section where you describe the plan in outline form.

  1. Goals of the plan and audience:
  2. Describe the audience/target:
  3. Describe the issues and the solution your plan offers: Provide a clear and simple statement of your recommendation and or the key positioning statement that your marketing will address.
  4. Explain the Plan Goals or Objectives:

Marketing Mix and Integrated Plan:

Describe the marketing mix/recommendations based on the audience.

  1. Product Description:Describe recommendations with regard to the product. Describe the product and its features and attributes. What are you marekting and what are the benefits.
  2. Pricing or cost to audience: Remember this is not about money–it is about gain or loss. 
  3. Explain Channels of Distribution (Place): Recommend an appropriate distribution strategy. What will the channels look like(e.g., Web, mailings, schools, businesses, social media, viral media, Other). How will you use framing? What frames do you want to create?
  4. Integrated Marketing Communications:Recommend an integrated marketing communications program and include public relations or publicity and the primary promotions. Discuss PUSH or PULL Advertising, promotions, social media and traditional media, viral or other. Specify types of promotion.
  5. Describe Intended Outcomes: What you expect to occur, and you will measure the promotion’s effectiveness.

IMPORTANT!!!

Writing the Plan: It is acceptable to write the plan in sentence/short description outline form.  

PowerPoint: Keep the slides to a minimum. Try to not over-crowd the slides. 

 

What Does the Company’s Asset Turnover Ratio Mean?.

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In order to effectively analyse the data shown in the appendix, it is essential to identify and understand a few aspects. The characteristics of the industry, in this case the aerospace and defence sector, are important (Masson, 2018). Also, the different strategies that the firm implements to differentiate itself from its competitors (Masson, 2018). Firms in the same sector tend to have similar capital structures and fixed assets investments. So, their ratios should be very much the same (Kenton, 2019). If there are major discrepancies in the ratio results, it could mean that a company is either underperforming compared to its competition, or it is generating greater profit than them (Kenton, 2019).

Profitability analysis for Rolls Royce Group and BAE System plc :

In the year 2017, Rolls Royce group made a profit of 2.4% based on the ROCE ratio, which is a very low profit margin (Corporate Finance Institute, 2019). Especially for an expanding industry (Lineberger, 2019). The following year, the profit margin plummeted to -6.83%. On the other hand, BAE systems seems to be making considerably better. With 9.2%  return on capital employed in 2017, reaching 10.4% in 2018. This is a positive sign that the profit margin of the company is improving , with them making average profit (Corporate Finance Institute, 2019).

Moreover, their gross profit margin, has improved slightly. In 2018, it was estimated to be 8.71%. Nevertheless, it is still too low for it to be considered average. Furthermore, the Rolls Royce group gross profit margin decreased from 16.42% in 2017, to 7.62% a year later. Which was to be expected since the cost of sales increased by 2 millions. This could mean that the company is going through financial distress which can be attributed to many reasons. One of which is how efficient a company is with the use of its assets. For the Rolls Royce group their asset turnover ratio is less than 1 for both years. Meaning, that the company is not generating enough profit from its asset. It could be due to depreciation. However, a company of this size and in this particular industry with asset turnover less than 1 is a big concern (Merritt, 2019).  Whereas BAE system generated asset turnover above 1 for the last two years. For the year 2017 it was 1.12, and even though it decreased to 1.09, it is still a higher figure than Rolls Royce.

 

Bibliography:

 

Kenton, W. (2019). How Ratio Analysis Works. [online] Investopedia. Available at: https://www.investopedia.com/terms/r/ratioanalysis.asp [Accessed 5 Dec. 2019].

 

Lineberger, R. (2019). 2019 global aerospace and defense industry outlook. [online] Www2.deloitte.com. Available at: https://www2.deloitte.com/content/dam/Deloitte/us/Documents/manufacturing/us-mfg-2019-global-a-and-d-sector-outlook.pdf [Accessed 7 Dec. 2019].

 

Masson, D. (2018). 6 Steps to an Effective Financial Statement Analysis. [online] Afponline.org. Available at: https://www.afponline.org/ideas-inspiration/topics/articles/Details/6-steps-to-an-effective-financial-statement-analysis [Accessed 5 Dec. 2019].

 

Merritt, C. (2019). What Does the Company’s Asset Turnover Ratio Mean?. [online] Smallbusiness.chron.com. Available at: https://smallbusiness.chron.com/companys-asset-turnover-ratio-mean-60811.html [Accessed 6 Dec. 2019].

 

Corporate Finance Institute. (2019). Profit Margin – Guide, Examples, How to Calculate Profit Margins. [online] Available at: https://corporatefinanceinstitute.com/resources/knowledge/accounting/profit-margin/ [Accessed 4 Dec. 2019].

 

Analyse how the changing external environment may impact its ability to add value to insurers and clients.

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Specimen coursework assignment and answer
930 Advanced insurance broking
The specimen coursework assignment and answer provides a guide as to the style and format of coursework questions. These examples indicate the depth and breadth of answers sought by CII markers.
The answer given is not intended to be the definitive answer. Well-reasoned alternative answers can also gain marks.
Before commencing work on your coursework assignment, you need to familiarise yourself with the following documents:
• Coursework assessment guidelines and instructions
• How to approach coursework assignments
• Explaining your results notification
930 Specimen coursework assignment
January 2018
2
Contents
Coursework submission rules and important notes……………………………………………….3
Top tips for answering coursework questions……………………………………………………..3
930 specimen coursework assignment and answer………………………………………………4
Glossary of key words………………………………………………………………………………15
930 Specimen coursework assignment
January 2018
3
Coursework submission rules and important notes
Before you start your assignment, it is essential that you familiarise yourself with the Coursework assessment guidelines and instructions available on RevisionMate.
This includes the following information:
• These questions must not be provided to, or discussed with, any other person regardless of whether they are another candidate or not. If you are found to have breached this rule, disciplinary action may be taken against you.
• Important rules relating to referencing all sources including the study text, regulations and citing statute and case law.
• Penalties for contravention of the rules relating to plagiarism and collaboration.
• Coursework marking criteria applied by markers to submitted answers.
• Deadlines for submission of coursework answers.
• There are 80 marks available per coursework assignment. You must obtain a minimum of 40 marks (50%) per coursework assignment to achieve a pass.
• Your answer must be submitted on the correct answer template in Arial font, size 11.
• Your answer must include a brief context, at the start of your answer, and should be referred to throughout your answer.
• Each assignment submission should be a maximum of 3,200 words.
• Do not include your name or CII PIN anywhere in your answer.
Top tips for answering coursework assignments
• Read the Specimen coursework assignment and answer for this unit, available on RevisionMate.
• Read the assignments carefully and ensure you answer all parts of the assignments.
• You are encouraged to choose a context that is based on a real organisation or a division of an organisation.
• For assignments relating to regulation and law, knowledge of the UK regulatory framework is appropriate. However, marks can be awarded for non-UK examples if they are more relevant to your context.
• There is no minimum word requirement, but an answer with fewer than 2,800 words may be insufficiently comprehensive.
930 Specimen coursework assignment
January 2018
4
Assignment
Provide a brief context for an insurance broking organisation, or a division of an insurance broking organisation, with which you are familiar.
For this insurance broking organisation or division of an insurance broking organisation:
• Explain three ways in which it adds value to insurers and three ways in which it adds value to clients.
• Analyse how the changing external environment may impact its ability to add value to insurers and clients.
• Make recommendations, based on your analysis, to ensure that it can continue to add value.
Note: You are recommended to discuss your own organisation, or one that is familiar to you. Your answer is confidential to the CII and will not be shared. For this specimen answer, which is widely publicised, a fictitious company has been chosen so as not to highlight any particular company.
To be completed before submission:
Word count:
3,202
Start typing your answer here:
Brief context
This answer is based on my employer, BAS Ltd. (BAS), a privately-owned UK regional insurance broker. BAS is engaged in marketing, selling and servicing life and non-life products for clients in the small and medium enterprises, (SME) and personal lines markets.
BAS was formed in 1985, initially trading from a single office. BAS has expanded both organically and by acquisition to its current size of four offices, each located in a city or major town, with 75 staff in total. The annual premium generated is £32.8million, producing brokerage and fee income totalling £5.2million.
Over the next five years, BAS has strategic objectives of opening further offices and making acquisitions, with the aim of increasing total income by 50%.
930 Specimen coursework assignment
January 2018
5
An explanation of adding value
The key to success in any competitive market is adding value. Providing and maintaining added value is essential if a company is to develop a sustainable competitive advantage. Michael Porter has stated:
“Identifying value activities requires the isolation of activities that are technologically and strategically distinct”.
One common representation of these activities is Michael Porter’s concept of a ‘value chain’:
Source: Michael Porter, 1996.
Whilst Michael Porter’s value chain is aimed at the organisation in question (in this case BAS) it can, by extension, be used by BAS to understand the value chains of its clients and insurers. This approach allows BAS, aided by the information it has and can gather about these clients and insurers, to understand what the drivers of their value chains are and how BAS can best seek to support those drivers. Such understandings can then be used by BAS to identify and exploit its sustainable competitive advantages.
Three ways in which value is added to insurers
BAS adds value to the insurers in a number of ways. The following three significant ways have been identified from an interview with Susan White, BAS Managing Director, as being key to BAS’s relationships with those insurers.
• Creating access to clients.
• Providing information on our clients.
• Delivering an expert interface between our clients and the insurers.
Each of these added value points is explained below.
930 Specimen coursework assignment
January 2018
6
Creating access to clients
Whilst BAS’s primary role, as stated by the British Insurance Brokers’ Association (2018), is to help consumers and businesses access suitable insurance, the corollary of this is that we provide insurers with access to business. Without insurance brokers, including BAS, insurers would have to invest in their own distribution network to reach these clients. Of course, were it more effective and profitable for insurers to go direct to clients (as does occur in some market segments) they would likely do so. The relevance of BAS is that it provides an ‘on the ground’ presence to access clients who are/become insurers’ policyholders.
Providing information on our clients
BAS maintains detailed records of new business and renewals. By segmenting customers by numerous categories including size, turnover, payroll, nature of business, standard industry code/s and insurance programmes, BAS has built-up an understanding of which insurers are the most competitive for different classes and sizes of business.
This information, allied to discussions with insurers to confirm our understanding of classes and business they are interested in, supported by practical knowledge of insurers’ quotation and renewal terms, enables us to ‘fast-track’ business towards those insurers most likely to provide the best terms.
Due to the quality and extent of the information held by us, BAS can ensure it present clients and prospective clients to insurers where the risk profile of a client is in line with the relevant insurers underwriting philosophies. Therefore, each insurer only receives from BAS risks that match the insurer’s risk appetite and where the insurer is likely to be competitive. This pre-marketing selection of insurers maximises the effective time, and therefore minimises costs, that an insurer dedicates to BAS introduced business.
The results of all quotation and renewal activity are included in BAS’s regular discussions with insurers’ account executives, to ensure BAS updates its understanding of insurers risk appetites, so as to influence which types of business each insurer is subsequently presented with.
Delivering an expert interface between our customers and the insurers
Insurance policies can be complex. We add value to insurers by acting as a knowledgeable interface between the insured and the insurer, fielding enquiries from clients and obtaining answers from insurers. We also ensure that the insurers’ needs and requirements are met as far as possible by the insureds.
Whilst BAS is the agent of its clients, we use our position to, in effect, act as the clients’ insurance department to provide a quality and capable communication route into insurers. By working with insurers, we seek to understand their expectations so that when any subject is raised with the insurer we provide a compete and clear explanation, on which the insurer can then make its decision.
930 Specimen coursework assignment
January 2018
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Three ways in which value is added to clients
BAS adds value to its clients in the following ways:
• Delivering bespoke services.
• Putting clients’ interests first.
• Investing in continuous professional development.
Each of these added value points is explained below.
Delivering bespoke services
Across all of our services to clients, we have service standards which are set with reference to our analysis of client needs. Performance against the achievement of these service standards is monitored, with any identified failings used to address improvements.
For every client we provide our terms of business at the outset of the relationship. The value of this is that clients’ expectations of us are understood and agreed. MPW Insurance Brokers (2018) Terms of Business Agreement is similar to BAS’s. It is intended to be clear, honest and readily understood by clients, so there is no doubt as to its purpose and effect.
We provide various added value services to commercial clients, for example:
• Clients are provided with a desk top risk analysis, based on the information we have gained from them at new business stage, which can be augmented by an on-site risk survey which is provided, at cost to us, by reputable risk surveyors. This provides value through risk identification and recommendations for risk improvements.
• A dedicated named service contact and, in the event of a claim, a named claims contact. These individuals are given widespread authority to manage the clients’ expectations and, in the case of commercial clients, keep the account handler aware of developments through our management information system. This provides value through personalised contact for clients.
Our services to personal clients include supplying emails to clients in flood zones informing them of the precautions to be taken when the Environmental Agency (2016) issues flood alert warnings and general newsletters to clients on a range of topical risk and insurance issues.
For all our clients we undertake regular coverage reviews, pricing checks and we resolve issues with insurers. We also provide product knowledge. Crucially we provide independent advice based on clients’ demands and needs and not on our own business interests or what the insurer dictates.
Putting clients’ interests first
All sales and service staff, as part of their induction training, are introduced to our values and culture which require them to place the clients’ interests at the forefront of their considerations and actions. Within the training we incorporate the Chartered Insurance Institute (2018) Code of Ethics and the Financial Conduct Authority (2017) (FCA) ‘fair treatment of customers’. The value of this training, which is embedded in our brokerage’s culture, is an enhanced ethical approach.
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Investing in continuing professional development
BAS wants each of its clients to regard it as the preferred partner of choice. BAS recognises that each client is unique and that ‘off the shelf’ solutions are not always appropriate. Therefore, by recruiting capable employees and then investing in their development, BAS creates a team where each member understands their role in providing excellent client service.
By being professional, we can eliminate wastage or duplication. By looking at the bottom line, as well as the top line, we can generate business efficiency for the insurers, our clients and BAS.
Changing external environment: impact on ability to add value to insurers and clients
The depth and range of challenges arising from changes in the external environment are evident from a number of sources.
The FCA Business Plan 2017/18 lists a number of cross-sector priorities, with these being reflected in the following list of general insurance and protection sector priorities:
• Products and services are suitable for customers’ needs
• Claims are dealt with in line with customers’ expectations
• Consumer focussed culture with competition on product features and services, not just price
• Consumers have confidence and trust, including how their data is used
• Suitable governance of outsourcing and distribution
• Fair treatment of customers
• Successful management of conflicts of interest
• Adequate levels of capital to ensure products and services delivered in line with customer expectations
• High standards of market integrity
FCA, 2017.
Against the above background, BAS needs to regularly review and understand insurers’ value propositions, i.e. the values that matter to them in terms of generating a sustainable competitive advantage, so that we can seek to assist their delivery.
All the insurers we deal with publish their strategic objectives which include their own value propositions. For example, Aviva, an insurer with whom we have a large agency, state the following in terms of adding value to its customers:
“…means valuing and rewarding customers for making the choice to have a deeper, more loyal relationship with us. For Aviva, this means increased customer retention and engagement, and lower-cost administration.”
Aviva, 2017.
It is evident that there are common themes across insurers. These themes are evidenced in The Future of General Insurance Report 2017, which, amongst many factors, identifies innovation, seamless experiences, smart communications, dynamic pricing and artificial intelligence amongst the disruptors now in play.
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BAS has to protect and enhance its own reputation. At the minimum it recognises that the legal and regulatory environment has changed and will continue to change. BAS already has to compile with numerous requirements including:
• Consumer Insurance (Disclosure and Representations) Act 2012.
• Insurance Act 2015.
• FCA rules and guidance as set out in the FCA handbook.
Forthcoming major changes are the General Data Protection Regulation and the Insurance Distribution Directive. These will increase the demands placed upon BAS, where the penalties for breaches, whilst potentially costly, will likely be far more onerous in terms of harm to reputation. Reduction in reputation could threaten the existence of BAS, should sufficient number of clients feel it is no long longer a trustworthy partner.
It is worth noting that PWC (2018) have described insurance as an industry under stress, citing:
“…over-regulation, the speed of technological change, changing customer behaviour, and competition from new market entrants.”
The above strongly points towards a number of major challenges which summarise as:
• Increasing competition.
• Increasing regulation.
• Challenge of technology.
• Increasing client expectations.
Merely continuing as BAS has, with incremental changes in performance, appears increasingly woefully inadequate. Without radical changes BAS is at major risk of being swept aside as it would be seen as irrelevant and out of touch with the demands created by the external environment.
The four factors listed above are now considered in content of adding value to insurers and clients.
Increasing competition
Insurance brokers have seen their share of the personal lines market decline due to the rise of direct writers. Direct insurers, such as Direct Line, Hastings and Admiral, report very significant aggregate, and growing shares, of the personal lines market.
Hastings Group Holdings plc; Direct Line Group plc; Admiral Group plc; 2017.
Disruptors, whether existing insurers or new entrants, are seen as fundamentally changing the competitive mix, with The Future of General Insurance Report 2017 stating that, “…growing numbers of companies are vying to be the industry’s Uber.”
In order to survive BAS must achieve added value for their clients, insurers and itself. BAS, amongst its current and prospective clients, must stand out from the crowd if it is to justify being their preferred partner.
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To add future value BAS must become an integral part of its clients’ businesses, as valued business partners. According to Maynard (2017), understanding a client’s business is key to a good business relationship. An example is being involved, by a client, in considering the insurance and risk implications of business growth ideas from the planning stage onwards.
Increasing regulation
BAS must embrace regulation rather than see it as a hindrance. Compliance with regulation is a given and in most respects merely sets a minimum. For example, the FCA (2018) ‘fair treatment of customers’ sets a benchmark. To delight clients, so reaching the levels that many of them expect, requires a totally client-focused approach to service delivery. To achieve this level of service delivery requires deep understanding of clients so that investment in business efficiency and effectiveness is accordingly targeted.
Challenge of technology
The internet is used by increasing numbers of clients for the arrangement of their insurances, particularly for personal lines business. In addition, clients are taking advantage of the rapid growth in technological developments and social media for business and personal use.
Matouschek, et al (2017) found that for SMEs there is a demand for digital insurance services that is not being met by the industry. This creates an opportunity for BAS.
To add value in the future, we need to understand and embrace new technology. We need to ensure that we communicate with our clients in the way they like to be communicated with and use the internet and social media to our advantage, both for servicing our clients and reaching new ones.
However, BAS needs to avoid the trap of falling into a technology ‘black hole’. It is not a question of technology for technology’s sake. Rather it is about understanding what clients and insurers want and then implementing solutions which, wholly but not exclusively, may well have a technological component. For example, there is no suggestion that the human dimension will not remain an important ingredient in relationships. Rather that such human engagements will be inextricably integrated into other channels of engagement.
Increasing client expectations
Recently Mieszczak (2018) has identified that the strategic focus of financial services organisations will increasingly shift to client focus. This will include omnichannel customer service, increased digital functionality, enhanced self-service options and highly personalised experience.
A 2017 report from Insurance Nexus identified that 72% of European insurance consumers are already preferring online, through websites, as their preferred channel. Whilst the percentages were lower for Baby Boomers and Generation X, online was still their preferred channel. However, an appreciable percentage of consumers expressed preference for a multiple channel engagement. This means that transactions need to be seamless between channels. For example, a client who completes a new business enquiry online through a PC is then able to check its progress via a smartphone and discuss that progress by webchat with a BAS employee.
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As far as insurers allow, we conduct all business by electronic data transfer. We use internal software that automatically completes each insurer’s preferred case enquiry form. This adds value by minimising mistakes and reducing transaction costs.
The current BAS model of insurance broking is based around business acquisition and renewals (instigated by BAS), and mid-term adjustments and claims (instigated by clients making contact). This means that there may be months between contact, which is not indicative of a strong and deep relationship.
This is in sharp contrast to many service industries where regular contact is a component of the marketing activity. Information, analysis and recommendations are regularly provided by service organisations through email or social media platforms. For example, many service organisations use the opportunity of monthly direct debit payments to remind, by email or text, their clients of the due date. This contact is then the basis for building a relationship which is much wider than simply seeking cross-sell and/or upsell opportunities.
It can, for example, follow the RAC (2018) model which provides a rich and diverse engagement using an informative website and monthly emails that provide a wide range of motoring related information, going far wider than simply selling RAC services. The intention behind such an approach being to increase client loyalty.
Analysis summary
Drawing all the above together suggests that that the external environment is becoming far more demanding, far more hostile and increasingly intolerant of anything that falls short of the increasing expectations of clients. Expectations that are being driven by data, a digital agenda and client focus.
The following recommendations are therefore framed to position BAS to remain viable and relevant, if it is to continue to add value to insurers and clients, thereby justifying its continued existence.
Recommendations
Appreciate that the scale and nature of the changes can’t be addressed by existing internal resources. For example, creating omnichannel capabilities requires external resources. It may be possible to source these from potential knowledgeable partners. However, the clearest way forward would appear to be securing the resources of bigger insurance broking partners. A review by the board should decide how this is best achieved. Options include sale of BAS or taking membership of a network, of which Broker Network (2018) is an example.
Develop an omnichannel approach to customer engagement so clients choose how and when to engage with BAS.
Increase the extent to which client engagement, and transfer of data to/from insurers, is handled automatically in real-time.
BAS should widen and deepen its relationships with its customers. Competing on price has been a race to the bottom. The evidence is that clients will respond to simplicity and highly personalised service. This recommendation includes a number of complimentary sub-themes:
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(a) Develop a clear understanding of which client segments should be focussed on and, through engagement with them, insurers and other potential service providers, create a suite of options (in effect a menu) from which clients can choose.
(b) Deliver the menu in a constant style which is seamless across channels. Recognise that online, whether smartphone, tablet or other device, will be the preferred channel for most clients. However, ensure that clients can engage BAS through any channel.
(c) Ensure there is regular contact with clients, in the medium of their choosing, to keep them aware of the relationship and, through information, advertising, inducements and offers, seek to deepen and strengthen the relationship.
Create a customer management system which incorporates all relevant client information, whilst ensuring data is acquired, retained, used and removed in accordance with legislative and ethical expectations.
Ensure that all client-facing staff can deal empathically and speedily with client enquiries. This requires that all past and current client engagement is readily available to client-facing staff.
Seek to widen the opportunities to add value for clients, by developing a range of fee-based services, such as risk management services.
Additionally, whilst BAS already undertakes various basic administrative tasks for our clients in relation to risk and insurance. This has the scope to be widened and deepened so that BAS can add future value as a true strategic partner within our clients’ businesses.
Segment the business, to concentrate resources on areas where the greatest value can be added, so enhancing long-term profitability.
Invest in continuous professional development for all staff. Require all new employees to achieve relevant qualifications within a stipulated timescale and include this as a condition in their contracts of employment.
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Reference list
Admiral Group plc, 2017. 2017 Interim Results [online] Available at: https://admiralgroup.co.uk/investor-relations/results-and-presentations [Accessed 29 Jan 2018].
Aviva, True Customer Composite, [online] Available at: https://www.aviva.com/about-us/true-customer-composite/ [Accessed 29 Jan 2018].
Broker Network, 2017. About Us [online] Available at: https://www.brokernetwork.co.uk/about/ [Accessed 29 Jan 2018].
British Insurance Brokers’ Association, 2018. Accessing Insurance [online] Available at: https://www.biba.org.uk/current-issues/ensuring-access-to-insurance/ [Accessed 29 Jan 2018].
Chartered Insurance Institute, 2018. Code of Ethics [online] Available at: http://www.cii.co.uk/about/professional-standards/code-of-ethics/ [Accessed 29 Jan 2018].
Consumer Insurance (Disclosure and Representations) Act 2012. London: HMSO.
Direct Line Group plc, 2017. Trading update for the first nine months of 2017 [online] Available at: https://www.directlinegroup.com/investors/results-and-presentations/2017.aspx [Accessed 29 Jan 2018].
Environment Agency, 2018. Flood warnings for England [online] Available at: https://flood-warning-information.service.gov.uk/warnings [Accessed 29 Jan 2018].
Financial Conduct Authority, 2017. FCA Handbook, [online] Available at: https://www.handbook.fca.org.uk/ [Accessed 29 Jan 2018].
Hastings Group Holdings plc, 2017. Q3 Trading update [online] Available at: https://www.hastingsplc.com/investors/results-centre [Accessed 29 Jan 2018].
Information Commissioner’s Office, 2017. Guide to the General Data Protection Regulation [online] Available at: https://ico.org.uk/for-organisations/guide-to-the-general-data-protection-regulation-gdpr/ [Accessed 29 Jan 2018].
Insurance Act 2015. London: HMSO.
Insurance Distribution Directive (2016/97/EU), 2017. London: HM Treasury
Insurance Innovations, 2017. The Future of General Insurance Report 2017, London: Marketforce Business Media.
Insurance Nexus, 2017. Insurance Customers Speak Out [online] Available at: https://www.insurancenexus.com/customer/insurance-customers-speak-out [Accessed 29 Jan 2018].
Ledbetter, D. 2016. What Customer Engagement Actually Means And How It’s Done [online] Available at: https://www.braze.com/blog/what-is-customer-engagement/ [Accessed 29 Jan 2018].
MPW Insurance Brokers, 2017. Terms of Business [online] Available at: http://www.mpwbrokers.com/about-us/terms-of-business [Accessed 29 Jan 2018].
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Matouschek, G., Gough, S., Astley, E., Newton, V. and Barth, J.: pwc UK, 2017. Global Business Small Business Insurance Survey [online] Available at: https://www.strategyand.pwc.com/reports/digital-sme-insurance-survey [Accessed 29 Jan 2018].
Maynard, P., 2016. Advanced Diploma in Insurance: 930 Advanced insurance broking, The Chartered Insurance Institute, London.
Mieszczak, C. 2018. Top 6 Financial Service Customer Experience Trends to Watch in 2018 [online] Available at: http://www.evergage.com/blog/top-financial-services-customer-experience-trends-2018/ [Accessed 29 Jan 2018].
Porter, M. E., 1985. Competitive Advantage. New York, Macmillan.
Porter, M. E., 1996. “What is strategy?”, Harvard Business Review, November–December, pp61-78.
pwc, 2018. Top insurance industry issues in 2018 [online] Available at: https://www.pwc.com/us/en/industries/insurance/library/top-issues.html [Accessed 29 Jan 2018].
RAC, 2018. Drive [online] Available at: https://www.rac.co.uk/drive/ [Accessed 29 Jan 2018].
White, S. 2017. Added Value. Interviewed by (candidate’s name) [face to face] Manchester 21 December 2017.
930 Specimen coursework assignment
January 2018
15
Glossary of key words
Analyse
Find the relevant facts and examine these in depth. Examine the relationship between various facts and make conclusions or recommendations.
Construct
To build or make something; construct a table.
Describe
Give an account in words (someone or something) including all relevant characteristics, qualities or events.
Devise
To plan or create a method, procedure or system.
Discuss
To consider something in detail; examining the different ideas and opinions about something, for example to weigh up alternative views.
Explain
To make something clear and easy to understand with reasoning and/or justification.
Identify
Recognise and name.
Justify
Support an argument or conclusion. Prove or show grounds for a decision.
Outline
Give a general description briefly showing the essential features.
Recommend with reasons
Provide reasons in favour.
State
Express main points in brief, clear form.