How the World Has Changed: How This Has Impacted Insurance - Coursework Example

How the World Has Changed: How This Has Impacted Insurance Table of Contents Introduction 2 Changes in Business Process 3 Changes in the Educational Structure 4 Changes in Technology 5 Changes in Regulations and Policies 6 Changed in Economic Growth 6 Changes in the Society 7 The Impact of these Changes in Insurance Industry 8 Conclusion 11 References 13 Introduction World has been changed over the past years from 2015 to 2025 and due to changes in the world, the insurance industry has also been transformed to a large extent. The major changes in world have an impact on business, economies, cultures and social lives. The world in 2025 is different and more advanced from the world in 2015. The changes of world in 2025 can be recognized with the development of high speed rail from China to Europe (Faroult, 2009). In the world 2025, Technological advancement has been one of the major changes, which has been identified to make the life of people easier. The changes in the world has been influencing the insurance industry to improve the organizational process and system of doing the work with the aim of meeting the diverse insurance regulations and changing economic as well as demographic scenarios. In the world of 2025, people are more advanced and the thinking of the people is also more progressive than in the year 2015. The educational system also has changed to a large extent, as children are provided with extended technological facilities and learning materials. The insurance industry in 2025 focuses on the performance of the industry and the loyalty towards the customers (Faroult, 2009). The insurance industry provides the assurance and protection to the customers from the various challenges associated with changing government structure, financial services and economic performances. There are several types of insurance such as general insurance, accidental recovery insurance, car insurance and home insurance among others. Insurance industry secures the future of the customers by providing them assurance. In this regard, believe plays an important role maintaining the relationship between the insurance industry and customers. In 2025, people can make their life more comfortable as well as easier by implementing new technology and getting themselves insured in every aspect. Today in 2025, the belief of the people has been increased towards the insurance industry due to positive changes in insurance industry (Faroult, 2009). This paper intends to explain about the changes in world from 2015 to 2025 and the impact of the changes in insurance industry. Changes in World from 2015 to 2025 The world has changed significantly from the year 2015 to 2025 and these changes influences businesses, economies trends and cultures of the world. Due to the changes in the world, people gain the opportunity to change their personal lives also and make their life more comfortable. The major changes in 2025 can be the changes in the business, changes in enhancing the educational structure, changes in technological development, changes in regulation policies, changes in economic growth and changes in the society (Europe, 2009). The people in 2025 use advanced technology for their personal use through which they can perform their daily activities quickly and conveniently. The business in 2025 is more successful and gain more profit due to the use of new tools and strategies. Principles that are followed by the people in 2025 are more helpful to achieve the goal of the life. In 2025, people can have increased facilities such as job facility, education facility and transport facility among others (Europe, 2009). Changes in Business Process The major change in 2025 can be witnessed in the domain of business operations. The changes in the business process and operations can be identified for advancement of the business world in every sphere that include marketing, organizational structure and production as well as manufacturing operations among others. In this context, the people are also identified to be provided with required facilities that include online shopping among others, which are essential to improve business operations. In 2025, due to globalization, business expansion can be recognized as an important growth factors based on which corporations are able to extend business operations in different market segments and nations. In this context, business expansion can be considered as a significant aspect for the growth as well as development of world business. In 2025, businesses are focused on the improvement of business performance by ensuring loyalty of the customers. Technology as well as tools used in 2025 for doing business properly is more useful and essential (Europe, 2009). In 2025, by using proper technology, a business can obtain the outcomes or results quickly based on their requirements. It also helps to enhance the performance of the individuals along with the organizations or industries at large. In addition, businesses with the use of new technologies are able to enhance the quality of the products in order to provide the best services to the customers for effective business. Through the use of technology and new strategies, businesses on a global context have been able to conduct operations with innovative ideas to improve growth of the business to a large in the year 2025 as compared to 2015 (Europe, 2009). Changes in the Educational Structure In 2025, the educational system has been identified to improve largely, owing to which people have effective education facility and obtain required knowledge. Education is the major concern for everyone to enhance confidence and ability both in personal and professional life. Through education, people are immensely educated about new tools and technologies and how to implement the technologies for better result. In 2025, development in education field has been witnessed as an important consideration for the improvement of life of the people and the societies, cultures along with economic trends (Europe, 2009). In 2025, innovative ideas to attain the goal of the life have been an important aspect for students to build their career. By changing the education system, the problem related to education has been identified to be reduced to a large extent. In 2015, every child didn’t get the chance for education, which is the major problem of the education. This problem has been reduced in 2025 by implementing new ideas or new strategies. In 2025, with improvement in the field of education has resulted to reduced number of uneducated and unemployment. In 2025, people get the job based on their education because now education is the prime concern for the development of a quality life (Europe, 2009). Changes in Technology Companies in 2025 have used advanced technology to produce new designer products based on the needs of customers and markets. By implementing advanced technology, companies are identified to be producing innovative products that include eco-friendly car and high speed rail among others with the intention of meeting the needs of the society and environmental considerations. Due to advanced technology and innovative idea, new designed and innovative products, which can improve their lifestyle and make their life more comfortable as well as easy are developed (Europe, 2009). For example, by using advanced technology, people are able to communicate as well as make their purchases efficiently through internet. By changing old technology with new technology, satisfaction level of the customers can be fulfilled and economic growth can also be increased. This type of advanced products and electronic products provides best services to the customers. In this respect, advancement in the technological field has been identified to be important consideration for increased accessibility of the people in different services on the basis of their requirements (Europe, 2009). Changes in Regulations and Policies In 2025, government regulations and policies have also changed and improved as compared to 2015. The government has emerged new regulations and policies for the development of the nation, which in turn has been a positive sign for the development of businesses to a large extent. The government has been identified to be focused on introducing better health insurance system for the people, so that they can gain the benefits of their healthcare needs. The government also develops regulation policies for growing incorporation of the national market related to electricity. The government has also introduced regulations for building customer relationship and managing business affairs substantially (ACER, 2014). In 2025, the social standards and values have also improved for the development of social as well as economic environment. The government has changed the old regulation policies for developing the business processes and increasing the economic growth of the world. In 2025, government focuses on the policies of demand response to provide the customers best services. By implementing this policy, insurance industry has been able to meet the satisfaction level of the customers and increased the profitability margin (ACER, 2014). Changed in Economic Growth Due to changes from 2015 to 2025, economic growth has also changed to a large extent. Economic growth is influenced by the investment as well as technical progress and labour force among others. Economic growth of a country also depends on the business growth and the profitability that can be earned by increasing the efficiency of a business. In 2025, profitability has increased due to the implementing of new technologies in business processes, which enhance the effectiveness of the business in terms of sustainability and market growth (World Economic Forum, 2005). For high profitability, the market share of the economic trends has also been increased and it helps to holds a good market position. In 2025, people are very much conscious about their work to earn profit for the better lifestyle. People are also hard working and have good knowledge about doing the business properly to increase the growth of the business. In this respect, with better trade and investment flow, economic growth in the year 2025 is seemed to be higher as compared to the economic scenario in 2015. Increased economic growth has been witnessed due to several factors that include labour force, and proper technology among others (World Economic Forum, 2005). Changes in the Society Poverty issue is one of the major issues of the world, which has to be reduced to improve the quality of life of the people in the world. Poverty issue also create problem in relation to economic growth and profitability. In 2025, poverty issue has been reduced by providing education facility to everyone and improving the education system. With good educational structure, everyone is having the chance for improving their competency level relating to communication and gaining knowledge about various matters about job and business. This information helps them to do business and to perform their job responsibilities effectively (World Economic Forum, 2005). By applying innovative idea and increasing the income level of the people, poverty issue has been mitigated to a large extent in 2025. The income level of the people in 2025 has been improved and the lifestyle also. The income level of the people in 2015 was not high and thus, during this period the level of poverty is identified to be high. Today in 2025, people are also recognised to be health conscious. In this context, people are identified to be looking for different services in relation to education, health and financial aspects (World Economic Forum, 2005). The Impact of these Changes in Insurance Industry The several changes in 2025 have a great impact on insurance industry and it helps to improve the organizational process of the industry to a large extent. Due to the changes of business, it helps to enhance the business operation of the insurance industry and also improve the way of doing the business properly. The employees of the insurance industry implement new technology and innovative ideas in the business process to provide best services to the customers. Business of the insurance industry is conducted based on the belief of the customers. Therefore, the employees of the insurance company give first priority to gain the belief of the customers by delivering the best and loyal services to the customers (FICCI, 2013). Due to the changes in the educational structure, every people have the facility to learn and gain adequate knowledge. In this respect, the managers and employees of the insurance company are well educated and hard worker. Contextually, due to competent employees, the insurance industry has been identified as a major contributor towards the growth of an economy. In 2025, the insurance industry focuses on the satisfaction level of the customers. In this respect, for improving business performance, the insurance industry is identified to be providing different business insurance policies on the basis of which business operations are protected from any mishap. In 2025, the managers of the insurance industry provide a good environment along with required infrastructure and technologies, so that employees can do their work effectively and achieve the goals of the industry substantially (FICCI, 2013). The goals of the insurance industry are to provide assurance to the customers for securing their future and their family members. Due to the changes in 2025, the insurance industry changed their old policies and developed new policies that can be important to improve the performance of the industry. Through the new policies, the insurance industry provides extra benefits to the people, which can easily attract more customers and increase the profitability of the same. The industry also changed the business process by implementing new ideas and strategies to improve the entire business process. The employees of the insurance industry are educated for having ideas about the insurance industry (FICCI, 2013). Therefore, managers conduct a meeting where employees and managers are gathering to introduce innovative and best idea for the development of the organizational and business process. The changes of world influence the insurance industry by implementing new and advanced technology in order to meet the requirements of the people to a desired extent. New and advanced technology provides better and accurate result for the improvement of the growth of the industry. The changes in 2025 also influence the managers and employees of the insurance company to focus on framing appropriate insurance policies based on which the people are to be insured in accordance with their requirements. By satisfying the demands or requirements of the customers, the industry increases the number of customers in the market and accordingly, increases the profit of the business. It also increases the market share of the company and place the company at the strong position in the market (FICCI, 2013). Due to the changes in world 2025, the business process of the insurance industry has changed and it helps to raise the economic growth of the same. Economic growth of the insurance company was ineffective in 2015, because of low profitability. In 2025, the profitability of the insurance company has increased for the provision of quality and required insurance products and/or services for meeting the satisfaction level of the customers. The changes in the world in 2025 have an impact on environmental, social, technology and economic changes of the insurance industry. The changes in environmental, social, technology and economic can be the beneficial for the improvement of the organizational structure of the insurance companies (Frost & Sullivan, n.d.). The new policies or products of the insurance industry have been made based on the requirements of the customers. It signifies that the industry provide type of insurance products that can be beneficial for customers. The products of the insurance industry are categorised based on the age of the people. The changes in 2025 also influence the insurance industry by applying new strategies to introduce new products in the market according to the requirements of the customers, which can be easily sold by the customers. The company also develop new rules and regulations for the changes political environment and that rules or regulations have to be followed by the managers and employees of the industry. The rules and regulation of the industry have to be followed to maintain a working culture (Frost & Sullivan, n.d.). The changes in world also have an impact on the relationship between the managers and employees as well as employees and customers. For the growth of the business, the managers have focused on developing good relationship with employees and customers for better business sustainability. It also has an impact on the productivity of the company. By implementing new technology, new strategies and innovative ideas, the productivity of the company can also be increased as well as the economic growth has increased to a large extent (Frost & Sullivan, n.d.). In 2025, the insurance industry provides incentive plan based on the performance of the employees along with the salary and it helps the employees to improve their performance. Incentive plan is the new changes in the insurance industry through which the performance of the company and career of the employees can also be improved. New changes in the insurance industry due the changes in world 2025 has been to provide gifts and rewards to the customers along with policies or products, so that employees can sell more products and increase the profit of the industry as well as economic growth. In this respect, the insurance industry has been recognised to be providing different health, education and business insurance policies with the aim of meeting the requirements of both social as well as economic considerations to a large extent (Frost & Sullivan, n.d.). Conclusion From the above discussion, it can be comprehended that the world in 2025 is more advanced than the world in 2015 due to the presence of various types of technologies through which organizations are able to enhance performance and business process. The changes witnessed in 2025 are recognised to be related to improved educational structure, changes in business process, changes in the society and the changes in regulations. These changes in 2025 are recognised to have major impact on the insurance industry such as the changes of business process helps the insurance industry to change their old business process with innovative ones. In 2025, the insurance industry applies new business strategies for the development of the business. The managers of the insurance industry implements new ideas for developing new products as per the requirements of the customers in terms of effective security and protection. In this respect, it can be recognised that the changes are the positive changes for the development of the world and also for the development of the insurance industry. In 2025, poverty issue has been reduced due to the high income level of the people and efficient monetary insurances. The people are also maintaining a healthy lifestyle making their life more comfortable by using new technologies, which can reduce their time of doing the work. One of the positive impacts of the changes in world 2025 on insurance company is the improvement of the productivity of the sector along with profitability. In 2025, the insurance industry with the aim of meeting the insurance needs of the customers is identified to provide different insurance products and policies for insurers to be effectively insured. References ACER, 2014. Recommendation of the Agency on the Regulatory Response to the Future Challenges Emerging From Developments in the Internal Energy Market. Energy Regulation: A Bridge to 2025, pp. 3-24. Europe, 2009. The World in 2025. European Commission, pp. 7-26. FICCI, 2013. India General Insurance Vision 2025. Towards An Inclusive, Progressive and High Performing Sector, pp. 7-63. Faroult, E., 2009. The World in 2025 Contributions from an Expert Group. European Commission, pp. 7-385. Frost & Sullivan, No Date. World’s Top Global Mega Trends To 2025 and Implications to Business, Society and Cultures. Mega Trends, pp. 1-30. World Economic Forum, 2005. India and the World: Scenarios to 2025. Confederation of Indian Industry, pp. 1-12. Read More