bureaucratic challenges, business and finance homework help

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Business Finance

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The opportunity I researched and presented was in relation to Citizens Property Insurance Corporation. Citizens is a property insurance company in Florida, which currently provides homeowner’s insurance for those who are unable to acquire insurance in the standard market. The opportunity is to transfer Citizens into a hurricane only company, writing all hurricane insurance in Florida and allowing standard homeowner’s insurance companies cover all other perils. Citizens was created through state legislation, in order for Citizens to move on, the state has to change legislation again. During that time, Citizens and lobbyists from the insurance industry will frequently be in Tallahassee in hopes of convincing state lawmakers to approve the opportunity. Once the transition is operating smoothly, Citizens and the insurance industry will continue to lobby the state about a different concern that is impacting all property insurance rates in Florida; assignment of benefits. Assignment of benefits is when an insured authorized a 3rd party to file claims after a loss and sue if the 3rd party believes the insurer underpaid a claim; by any amount. The problem is, the statute speaking to this has verbiage that encourages the abuse of this benefit. The portion of the segment causing the most damage is the provision for one-way attorney fee payments. For example, say your hot water heater blew and flooded your laundry room. You would call someone to repair or replace anything broken or damaged and someone to clean the water up and ensure there is no concern for mold. You as the homeowner sign an assignment of benefits form to give your contractor the ability to essentially take over the claim and collect payments from the insurance company. However, if the insurance company estimates $5,000 for repairs, but the contractor has an estimate for $7,000; a $2,000 difference. If there is no agreement on the payout, the contractor can sue the insurance company for that $2,000. If the insurance is found to have paid an incorrect amount and it 3 years to finish entirely. The insurance company owes the court costs and fees of the opposing attorney. In the years to complete the suit the attorney firm claims they spent 400 hours on this particular case and their fee is $400 per hour, the insurance company owes the opposing counsel $160,000; all over $2,000. The frustrating part is if the insurance company wins the suit, opposing counsel doesn’t have to pay the insurance company at all. This is actually something the state is currently attempting to correct, it was most recently discussed in May 2017, but lawmakers were unable to come to consensus about what should be done. Florida is experiencing and an increase in claims frequency, an increase in severity, and skyrocketing litigation costs. As all of these metrics increase, the cost eventually trickles down to the consumer. Citizens can use their influence in Tallahassee and encourage the industry lobbyists to continue pushing lawmakers to create and pass legislation removing the one way pay scheme. In order to move forward, I would have to bring the idea to the board of committees for Fidelity Investments. That can take anywhere from a month to six months for planning. I would have to go through a chain of command in order to get it up to the big bosses. Once the communication chain has been broken down I would be able to talk to the board about changes amongst the millennial clientele base. Getting on a personal level with the concept is the best angle to work with. Explain to the board how the idea of the application will function, what it can do for out millennial clients, as well as what it can do for the employees and company. Usually board meetings can take a few days to a month, depending on what the idea is, and how each member of the board feels. In the meeting it will explain the action that would need to be implemented. Explaining how a team needs to be in charge of it, a 3rd party will build it, giving the time line of the project development, as well as the profit it can make in the future. Having to sell the idea to the board is hard, and many times someone who has an idea, does not even present it to the board. I might be lucky enough to be in the room; however someone who works with the board constantly will be the one to present the idea. I would have to make sure that the presenter understands the goal that I am trying to create, in order to persuade the committee to agree to the project. The action plan can take anywhere from months to possibly 2 years before the board finally makes a decision. Reference: Formal Modeling and Verification of a Rate-Monotonic Scheduling Implementation with RealTime Maude. (2017). IEEE Transactions on Industrial Electronics, Industrial Electronics, IEEE Transactions on, IEEE Trans. Ind. Electron, (4), 3239.
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Running head: BUREAUCRACY

1

Bureaucracy
Name
Course
Tutor
Date

BUREAUCRACY

2

Bureaucracy
Introduction
Bureaucratic measures are embraced by groups, companies, organizations and even
governments for all the right reasons including limiting misuse of power, increasing efficiency
and reducing corruption among others. However, they always end up causing more harm than
good especially i...


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