Insurance Cover for Bio-Sport with Regard to Diversity - Essay Example

It is evidently clear from the discussion that the most important feature of the policy or range of policies decided upon must conform to Ohio diversity requirements so that it is not challenged on grounds of illegality. The unique product is intended to generate business to Bio-sport and the insurance company to eventually translate to reduced insurance costs and expand the range of insurable interests to cover violations of diversity requirements by Bio-Sport. The policy will ensure that Bio-Sport accords its customer goods and services at attractive rates due to lower insurance costs.

Gradually, Bio-Sport can turn over its staff and athletes that consume its products to the insurance company as part of fulfilling its obligations under the agreement and also to reduce costs. Once conformity to diversity requirements is confirmed, the policy should be fine-tuned as explained below to cater for stakeholder interests. The new policy is proposed to be all inclusive of athletes of all ages with regard to the requirement to avoid discrimination on account of age. Most insurers offer higher premium rates for older people especially athletes in the belief that they are more susceptible to injury or diseases.

This unnecessarily drives up the cost of insurance for older athletes. It also triggers older athletes to retire at an early age because of fear of injury and diseases that may be unaffordable after retirement. Bio-Sport loses on clients if they choose to retire at an early age as they will also quit using Bio-Sport products because they will no longer need them. A uniform insurance product is set to benefit Bio-Sport by ensuring that clients do not retire early, benefit the insurance company through continued revenue streams as athletes will not retire early.

For the athletes, the security offered by the insurance cover will facilitate the achievement of their dreams. All stakeholders are set to benefit under such a policy.