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
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...