Assignment 6 - Case Study Analysis 19% Important Instructions 1 Uns Assignment is open from 21st Nov 6PM 2 Submission deadline is Sth Dec at 11:59 PM Ne submissions will be accepted them Submission will be in buono smissions will be accepted Teams 5 This assignment holds 9 marks LMD Case Study LMDI is a leading insurance company that provides a range of insurance plans in the healthcare, building marint, and aviation sectors to its 25 milion globally dispersed customer base. The company consists of around 5,000 employees and generates annual revenue of more than 350,000,000 USD LMD started its life as an exclusive health insurance provider 50 years ago As a result of multiple acquisitions over the past 30 years, LMD has extended its services to include property and casualty Insurance plans in the building, marine, and aviation sectors. Each of four sectors comprises a core team of specialized and experienced agents where they generate the company's revenue by selling insurance policies Some of the key departments within MDI include underwriting cams sement, customer care legal marketing human resource, accounting, and IT departments. Both prospective and existing customers generally contact Mi's customer care department via telephone, though contact via email and social media has increased exponentially over the past few years Mstrives to stinguish itself by providing competitive policies and premium customer service that does not end once a policy has been sold its management believes that doing so helps to achieve increased levels of customer acquisition and retention Over the past few decades, the company's profitability has been in deine A committee comprised of senior managers was formed to investigate and make recommendations. The committee's findings revealed that the main reason behind the company's deteriorating financial position is the increased number of fraudulent claims and the souted payments being made against them. These finding showed that the fraud committed has become complex and hard to detect because fraudsters have become more sophisticated and organised. Apart from incurring a direct monetary loss, the costs related to the processing of fraudulent claims result in indirect loss The committee pointed out that the frequency with which the casting relations change and new regulations are introduced has recently increased. Unfortunately, the company has been slow to respond and has not been able to ensure complete and continuous compliance. Due to these shortcomings. LMD has had to pay heavy fines. The committeenoted that another reason behind the company's poor financial performance is that insurance plans are created, and policies are underarten without a thorough risk assessment. This has led to incorrect premiums being set and more payouts being made than anticipated After consulting with its IT team, the committee suurested adaptinga data-driven strategy with enhanced analytics to be applied across multiple business functions so that different business processes consider relevant internal and external data. In this way, decisions can be based on evidence rather than on experience and intuition alone. The insurance Industry has a new and promising change. The for- Programming company has launched a state-of-the-art and technology driven comprehensive insurance risk management systemit assurances reduction of losses by la improving risk evaluation and maximiangisk mitigation, which apples to both creations of insurance plans and when new applications are screened at the time of issuing a policy, (b) implementing a proactive catastrophe management system that decreases the number of potential claims resulting from a calamity and detecting fraudulent dans Case Question Read the above case and conduct a SWOT analysis of com provide three supported recommendations of what the company should do ned Name: Section: ID Number: SWOT Analysis (LMDi Case) Strengths: Weakness: 1- 1- 2- 2- 3- 3- 4- 4- Opportunities: Threats: 1- 1- 2- 2- Three supported recommendations of what LMDi should do next: 1- 2- 3- +