Future of Insurance Companies Paper and Presentation

User Generated

cnaqn89

Business Finance

Description

The second half of the textbook looks at different financial institutions. In our discussion during the fourth segment of the course (Management Concerns), we will use banks as the example on which to demonstrate the concerns financial managers have. We will expect that the observations we make about banks is applicable to ALL financial Institutions.

Your research assignment is to discover what the future has in store for one of these other financial institutional groups - the text book will provide background and current insights, but your research is to bring you elsewhere on-line to reliable sources/ trade magazines/industry white papers etc. to provide us with an insight into the challengers and changes anticipated for a specific financial institutional group: Insurance Companies.

You will also provide a powerpoint presentation highlighting the future concerns of this institutional group as you learned from your research.

I would suggest you consider either Life/Property & Casualty Firms only (referred to as General Insurance Companies) OR only Health insurance Firms. NOT BOTH.

https://www.bing.com/news/search?q=Insurance+Companies&qpvt=insurance+companies&FORM=EWRE

https://en.wikipedia.org/wiki/List_of_United_States_insurance_companies

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Explanation & Answer

Attached.

THE FUTURE OF INSURANCE COMPANIES
Student Name
Institution Affiliation

BACKGROUND

Talent

Technology

Insurance
Industry
Development

Legal-political
stability

Business Model
Innovation
FALLBACKS
❖ Economic turbulence
❖ Emergent Events and
Issues

OPPORTUNITIES
❖ Mature Markets
❖ Technological
Advancement
❖ Talent development
❖ Legal-political stability

Dynamics Influencing the Prospect of the
Insurance Sector
• 1.8% rise
but
Unstable

Employment
demands
America-China
trade war
Lowered rate of
competition
INSURANCE

Dynamics Influencing the Prospect of
the Insurance Sector
✓ Competition 40%
✓ Focus on healthcare insurance
✓ LTC Policies

Dynamics Influencing the Prospect of
the Insurance Sector
✓ Increased demand for healthcare covers
✓ Diversified insurance services
✓ Ability to afford insurance

Dynamics Influencing the Prospect of the
Insurance Sector
Technology Development
❖Better Decision-Making
❖Efficient risk management
❖Easy data collection and analysis
INSURANCE

❖Effective strategic change

REFERENCES
• Congressional Budget Office (Ed.). (2010). Budget and Economic
Outlook: Report to the Senate & House Committee on the Budget
Annual Report: Fy 2010-2020. Government Printing Office.
• DeNavas-Walt, C. (2010). Income, poverty, and health insurance
coverage in the United States (2005). Diane Publishing.
• Institute and Faculty of Actuaries. (2017). The Future of Insurance:
A Steep Change. IFA. Retrieved from:
https://www.actuaries.org.uk/system/files/field/document/Policy
BriefingThe%20Future%20of%20Insurance%20A%20STEEP%20change.pdf

REFERENCES
• Moench, S. & Stender, S. (2020). Medi(long-term)care for All: A
Look Into the Future of Long-Term Care Insurance—Part One.
SOA. Retrieved from:
https://www.soa.org/globalassets/assets/library/newsletters/inpublic-interest/2020/march/itpi-2020-iss21-moench-stender.pdf
• Taylor, S. A., & Sirmans, E. (2019). (RELATIVE) STATUS QUO
EFFECTS ON CUSTOMER LOYALTY...


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