Target marketing
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Focusing marketing efforts on a specific group of consumers.
ABC Insurance [ABC] wants to sell more auto policies to new drivers. Their
data shows newer drivers stay with an insurer for at least 5 years before
they move away, and the premium rates for this group are higher so
potentially could bring in more premium. They have decided to spend
more advertising money on social media ads and promotions and move
away from brochures and billboards. Recent surveys of new drivers
showed they want more choices and control over their costs. So, ABC will
highlight different policy limits, deductibles and coverage options and offer
discounts for safe and defensive driving course completion, student
performance, anti-theft reductions and new car credits to increase the
number of auto policies sold to new drivers. ABC is practicing which one of
the following
,the risk management process
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Scan the Environment- Scanning the environment includes evaluating how
each of an organization's risk management processes aligns with its overall
objectives
Identify Risks- The goal of risk identification is to develop a comprehensive
list of risks that could affect the organization. EXAMPLE- Company X hired
a safety consultant to complete a walkthrough of their operations and
advise them of any unsafe conditions or out-of-compliance procedures.
Analyze Risks- Risk analysis involves applying the defined risk criteria to
determine the source, cause, likelihood, and potential consequences of
each identified risk. Depending on the circumstances, this analysis can be
quantitative, qualitative, or both. Quantitative analysis, in particular, may
entail interacting with experts. EXAMPLE- Company Z conducted a
quantitative risk assessment examining the likelihood and consequences of
the major risks to their company.
Treat Risks- These are the major options available for risks:
Avoid the risk
Modify the likelihood and/or impact of the risk
Transfer the risk
Retain the risk
Exploit the risk
EXAMPLE- Company Y considered purchasing a new type of battery for
their phones, but the board rejected the idea due to the increased risk of
product liability claims.
Monitor and Review
Rather than a step-by-step procedure, the risk management process is
really a set of interconnected activities that occur at the same time
,Examples of Technology Used to Predict and Prevent Losses
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Telematics- has greatly influenced vehicle and driver safety
Wearables
IoT Sensors
Smartphones
Cloud Storage
Predictive Models
Artificial Intelligence
Strategic management process
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The process an organization uses to formulate and implement its business
strategies.
Commercial Auto Liability
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Commercial auto insurance can be used to cover liability loss exposures,
property loss exposures, and personal loss exposures arising out of the
ownership, maintenance, or use of autos. A common format for insuring
, these loss exposures is the Insurance Services Office, Inc. (ISO) commercial
auto coverage part. A commercial auto coverage part can be included in a
commercial package policy (CPP) or issued as a monoline policy.
Ratemaking
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The process insurers use to calculate insurance rates, which are a premium
component.
Punitive Damages
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Monetary damages that may be awarded to a plaintiff to punish the
defendant and deter similar conduct in the future.
Human or Behavior Controls
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These include rules, policies, and procedures that provide operating
guidelines for employees within an insurer, including measurement of
individual performance.
Replacement cost
Give this one a try later!
Focusing marketing efforts on a specific group of consumers.
ABC Insurance [ABC] wants to sell more auto policies to new drivers. Their
data shows newer drivers stay with an insurer for at least 5 years before
they move away, and the premium rates for this group are higher so
potentially could bring in more premium. They have decided to spend
more advertising money on social media ads and promotions and move
away from brochures and billboards. Recent surveys of new drivers
showed they want more choices and control over their costs. So, ABC will
highlight different policy limits, deductibles and coverage options and offer
discounts for safe and defensive driving course completion, student
performance, anti-theft reductions and new car credits to increase the
number of auto policies sold to new drivers. ABC is practicing which one of
the following
,the risk management process
Give this one a try later!
Scan the Environment- Scanning the environment includes evaluating how
each of an organization's risk management processes aligns with its overall
objectives
Identify Risks- The goal of risk identification is to develop a comprehensive
list of risks that could affect the organization. EXAMPLE- Company X hired
a safety consultant to complete a walkthrough of their operations and
advise them of any unsafe conditions or out-of-compliance procedures.
Analyze Risks- Risk analysis involves applying the defined risk criteria to
determine the source, cause, likelihood, and potential consequences of
each identified risk. Depending on the circumstances, this analysis can be
quantitative, qualitative, or both. Quantitative analysis, in particular, may
entail interacting with experts. EXAMPLE- Company Z conducted a
quantitative risk assessment examining the likelihood and consequences of
the major risks to their company.
Treat Risks- These are the major options available for risks:
Avoid the risk
Modify the likelihood and/or impact of the risk
Transfer the risk
Retain the risk
Exploit the risk
EXAMPLE- Company Y considered purchasing a new type of battery for
their phones, but the board rejected the idea due to the increased risk of
product liability claims.
Monitor and Review
Rather than a step-by-step procedure, the risk management process is
really a set of interconnected activities that occur at the same time
,Examples of Technology Used to Predict and Prevent Losses
Give this one a try later!
Telematics- has greatly influenced vehicle and driver safety
Wearables
IoT Sensors
Smartphones
Cloud Storage
Predictive Models
Artificial Intelligence
Strategic management process
Give this one a try later!
The process an organization uses to formulate and implement its business
strategies.
Commercial Auto Liability
Give this one a try later!
Commercial auto insurance can be used to cover liability loss exposures,
property loss exposures, and personal loss exposures arising out of the
ownership, maintenance, or use of autos. A common format for insuring
, these loss exposures is the Insurance Services Office, Inc. (ISO) commercial
auto coverage part. A commercial auto coverage part can be included in a
commercial package policy (CPP) or issued as a monoline policy.
Ratemaking
Give this one a try later!
The process insurers use to calculate insurance rates, which are a premium
component.
Punitive Damages
Give this one a try later!
Monetary damages that may be awarded to a plaintiff to punish the
defendant and deter similar conduct in the future.
Human or Behavior Controls
Give this one a try later!
These include rules, policies, and procedures that provide operating
guidelines for employees within an insurer, including measurement of
individual performance.
Replacement cost
