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Assignment 6 - Case Study Analysis (9%) Important Instructions 1 This Assignment is open from 21st Nov 6:00 PM 2 Submission deadline is 9th Dec at 11:59 PM 3 No submissions will be accepted after 9th December 11:59 PM 4 Submission will be in BBU only. No submissions will be accepted in Teams nor Email 5 This assignment holds 9 marks. LMDI Case Study Green is >> Strength Dark green is>> Weakness Red le >> Threat Blue is >> Opportunities LMDI is a leading insurance company that provides a range of insurance plans in the healthcare, building marine, and aviation sectors to its 25 million globally dispersed customer base. The company consists of around 5,000 employees and generates annual revenue of more than 350,000,000 USD. LMDi started its life as an exclusive health insurance provider 50 years ago. As a result of multiple acquisitions over the past 30 years, LMDi has extended its services to include property and casualty insurance plans in the building, marine, and aviation sectors. Each of its 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 LMDi include underwriting claims settlement, customer care, tegal, marketing. human resource, accounting, and IT departments. Both prospective and existing customers generally contact LMDIS customer care department via telephone, although contact via email and social media has increased exponentially over the past few years, LMDI strives to distinguish 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 profitability has been in decline. A committee comprised of senior managers was formed to investigate and make recommendations committees that the main reason being the companys deteriorating financial portion is the increased number of fraudulent claims and the associated payments being made in the these findings showed that the fraud committed has become complex and hard to detect because fraudsters have become more sophisticated and organized prom incuna direct monetary on the cost related to the processing of traudulent is resulta indirect loss The committee pointed out that the frequency with which the existing regulations 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 to these shortcomines, IMD has had to pay heavy fine the committee noted that another reason behind the company's poor financial performance is that insurance plans are created and policie are underwritten without a thorough risk assessment ked to correct being made than anticipa After consulting with its IT team, the committee suggested adopting a 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 IN-for-U Programming company has launched a state-of-the- art and technology-driven comprehensive insurance risk management system it assurances reduction of losses by (a) improving risk evaluation and maximizing risk mitigation, which applies 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 (c) detecting fraudulent claims. a Case Question: Read the above case and conduct a SWOT analysis of LMDi company provide three supported recommendations of what the company should do next. Answer Instructions: 1 Use the following template for your answer with the same format (word format), make sure your answer doesn't exceed one page (this template is the one should be uploaded in your submission). Use 'Calibri Font Size 11 Double Click here 2 Your answer should include 4 strengths, 4 weaknesses, 2 threats, 2 opportunities, and 3 recommendations 3 DO NOT copy any answers/paragraphs from the case your answer should be paraphrased in your own words. 4 Your plagiarism percentage should not exceed 10%; more than 10% will result in a Zero mark. 5 Copying answers from another student will result in a Zero mark for both students 6 For submission: upload your word document in BBU submission box Your answer will be graded according to the following rubric below: Excellent (75-100% Satisfactory (74-26) Unsatisfactory (25-0) Topic Knowledge Demonstrates a sophisticated Demonstrates an acceptable Demonstrates an (2 marks) understanding of the topics) understanding of the topics) inadequate understanding and issues) and issues of the topics) and issue(s) Explanation and Presents an insightful and Presents a good but not Presents an incomplete Application thorough explanation of all complete explanation of some explanation of all concepts (6 marks) concepts/principles identified concepts/ principles identified. principles identified Supported by full explanation of Supported by moderate Supported by poor all the aspects/points required explanation of some of the explanation of the of the SWOT analysis and aspects/points required of the aspects/points required of recommendations SWOT analysis and the SWOT analysis and recommendations recommendations Writing Skill & Piece was easy to read and Piece was basically easy to read Piece was not very easy to Overall Organization understand. It moved well from and understand. It moved fairly read or understand because (1 mark) point to point and had a clear well from point to point it either lacked a clear focus, emphasis Sentences were Emphasis was clear enough but consistency, build or some varied and vocabulary was lacked focus. Sentence combination thereof. sophisticated. The piece was structures could have been Sentence structures and completed with no glaring more varied, and vocabulary vocabulary were too simple grammatical errors or spelling could have displayed more given grade level. The piece errors. Clear Organization with sophistication. The piece contained several the same required format contained one glaring grammatical errors and grammatical error or more than spelling errors. Hard-to- one speling error. Fair follow organization of the Organization of the required required format format. Assignment 6 - Case Study Analysis (9%) Important Instructions 1 This Assignment is open from 21st Nov 6:00 PM 2 Submission deadline is 9th Dec at 11:59 PM 3 No submissions will be accepted after 9th December 11:59 PM 4 Submission will be in BBU only. No submissions will be accepted in Teams nor Email 5 This assignment holds 9 marks. LMDI Case Study Green is >> Strength Dark green is>> Weakness Red le >> Threat Blue is >> Opportunities LMDI is a leading insurance company that provides a range of insurance plans in the healthcare, building marine, and aviation sectors to its 25 million globally dispersed customer base. The company consists of around 5,000 employees and generates annual revenue of more than 350,000,000 USD. LMDi started its life as an exclusive health insurance provider 50 years ago. As a result of multiple acquisitions over the past 30 years, LMDi has extended its services to include property and casualty insurance plans in the building, marine, and aviation sectors. Each of its 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 LMDi include underwriting claims settlement, customer care, tegal, marketing. human resource, accounting, and IT departments. Both prospective and existing customers generally contact LMDIS customer care department via telephone, although contact via email and social media has increased exponentially over the past few years, LMDI strives to distinguish 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 profitability has been in decline. A committee comprised of senior managers was formed to investigate and make recommendations committees that the main reason being the companys deteriorating financial portion is the increased number of fraudulent claims and the associated payments being made in the these findings showed that the fraud committed has become complex and hard to detect because fraudsters have become more sophisticated and organized prom incuna direct monetary on the cost related to the processing of traudulent is resulta indirect loss The committee pointed out that the frequency with which the existing regulations 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 to these shortcomines, IMD has had to pay heavy fine the committee noted that another reason behind the company's poor financial performance is that insurance plans are created and policie are underwritten without a thorough risk assessment ked to correct being made than anticipa After consulting with its IT team, the committee suggested adopting a 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 IN-for-U Programming company has launched a state-of-the- art and technology-driven comprehensive insurance risk management system it assurances reduction of losses by (a) improving risk evaluation and maximizing risk mitigation, which applies 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 (c) detecting fraudulent claims. a Case Question: Read the above case and conduct a SWOT analysis of LMDi company provide three supported recommendations of what the company should do next. Answer Instructions: 1 Use the following template for your answer with the same format (word format), make sure your answer doesn't exceed one page (this template is the one should be uploaded in your submission). Use 'Calibri Font Size 11 Double Click here 2 Your answer should include 4 strengths, 4 weaknesses, 2 threats, 2 opportunities, and 3 recommendations 3 DO NOT copy any answers/paragraphs from the case your answer should be paraphrased in your own words. 4 Your plagiarism percentage should not exceed 10%; more than 10% will result in a Zero mark. 5 Copying answers from another student will result in a Zero mark for both students 6 For submission: upload your word document in BBU submission box Your answer will be graded according to the following rubric below: Excellent (75-100% Satisfactory (74-26) Unsatisfactory (25-0) Topic Knowledge Demonstrates a sophisticated Demonstrates an acceptable Demonstrates an (2 marks) understanding of the topics) understanding of the topics) inadequate understanding and issues) and issues of the topics) and issue(s) Explanation and Presents an insightful and Presents a good but not Presents an incomplete Application thorough explanation of all complete explanation of some explanation of all concepts (6 marks) concepts/principles identified concepts/ principles identified. principles identified Supported by full explanation of Supported by moderate Supported by poor all the aspects/points required explanation of some of the explanation of the of the SWOT analysis and aspects/points required of the aspects/points required of recommendations SWOT analysis and the SWOT analysis and recommendations recommendations Writing Skill & Piece was easy to read and Piece was basically easy to read Piece was not very easy to Overall Organization understand. It moved well from and understand. It moved fairly read or understand because (1 mark) point to point and had a clear well from point to point it either lacked a clear focus, emphasis Sentences were Emphasis was clear enough but consistency, build or some varied and vocabulary was lacked focus. Sentence combination thereof. sophisticated. The piece was structures could have been Sentence structures and completed with no glaring more varied, and vocabulary vocabulary were too simple grammatical errors or spelling could have displayed more given grade level. The piece errors. Clear Organization with sophistication. The piece contained several the same required format contained one glaring grammatical errors and grammatical error or more than spelling errors. Hard-to- one speling error. Fair follow organization of the Organization of the required required format format