Broker Fish Industry - Research Paper Example

? Broker Fish Industry BROKER FISH INSURANCE COMPANY COMPANY INTRODUCTION: The company started its operations 10 years back as a financial consulting firm and in 2002, stepped into covering medical insurance. This insurance company not only helps individuals but also different organization by providing them with best health insurance schemes. They provide high value health insurance options to their customers because they believe in easy affordability, excellent service, delivering customer value in a friendly environment and building good and profitable relationships with customers by finding their needs regarding health insurance. Health is the most significant thing in everyone’s life but most people do not give it much importance by indulging themselves in other useless things. All these factors appeal the customers and therefore, they consider it important to be medically insured. The vision of this company is to provide excellent service with easy affordability and with innovation, build honest relations with customers and provide fun environment to their employees which will help in achieving company’s goals easily. It happens very often that people want to change their health insurance agents or company because of a number of reasons like poor service when they need them most for instance hospital claim or in any other emergency or poor communications, lack of knowledge, as agents are not aware of the health insurance they have provided themselves. Sometimes even their record keeping is very poor. They do not keep proper records of their last claims or do not inform customers about the renewals at the right time. These are the issues that customers face with health insurance agents and companies. The policy changes to be considered are as follows: Carry out market research on regular basis in order to find the needs of customers; Training to be provided to all insurance agents on a regular basis so as to fulfill the needs of customers and to provide value to them; Maintenance of profitable relationship with customers and keeping them updated with any changes affecting them or their policies; Change is constant in the insurance industry, its policies and premiums also keep changing. To make sure that customers are aware of these changes so they can choose wisely; Provide high quality advice to customers so that they select the best policy option. Continue to offer new policy plans to provide customers with new and innovative plans and give them the options to change their policies by choosing the one most suitable and best for their family. These policy changes will affect the entire company as well as the five management functions in a number of ways. STAFFING: This is the most important management function; organization should recruit right people with the right skills and knowledge for the particular task that will help in attaining organization’s goal. The most significant thing that organizations should keep in mind is the people they hire because they make or break company’s reputation. In order to be competitive in the market organization should respond to the change efficiently and right people with right skills can guarantee success. Broker Fish Health Insurance will hire the right people as their insurance agents who should be trained properly so as to inform customers and other organizations about the health insurance policies of the company. The agents should also know how to persuade them by telling them how these policies fulfill their needs and is the best as compared to the ones provided by rival companies. Broker fish insurance agents will have proper knowledge about the policies and changes that are expected in the future. Company will make sure that their agents are fully informed and updated on the policies and will give them proper guidelines on the information. Managers will keep track of their agents, if they are communicating the right information to customers and informing them about the new, upcoming plans. PLANNING: This function describes the goals and the vision of the organization for future; what needs to be done in terms of the task and the resources in order to achieve the company`s goals. Basically the planning stage describes where and at what level organizations want to see themselves in future and how they are going to achieve it. This management function will help Broker fish insurance company to define the goal which is to deliver superior value which is high quality health insurance which actually fulfills the needs of customers. Company can achieve this goal by employing highly motivated people who think in the best interest of the organization and are efficient in their work. ORGANIZING: The management function describes that how organization is going to execute their plans by dividing the tasks and resources for the departments. Organization tries their best to accomplish the task so that they can achieve future goals easily. For this management function, the company will divide the work carefully in different department. For example, the marketing department’s responsibility will be to handle the promotions and campaigns of the health insurance plans broker fish is offering through advertisement and other marketing material, finance department would control the budgeting and should make sure that proper budgets are allocated to different departments and should not exceed a certain amount. Human resource department’s responsibility will be to hire right people for the job and specially the agents who are important for this type of a company where maintaining relationships with customers is given the highest preference. LEADING: One of the toughest management functions is leading where organizations have to put their foot forward and motivate and influence their employees to do their work efficiently in order to achieve organization`s goals. Leading helps managers to create the shared environment and culture by communicating the goals to employees that the organization has to achieve. This management function concerns with how Broker fish company’s mangers motivate and persuade their employees to do their work efficiently specially the insurance agents because they are the ones who can improve the company’s reputation. Company’s policy should be to work in a good environment where they have shared values and culture and company’s goals should be communicated throughout the organization. In this kind of an environment, employees can work easily and relax and will engage themselves more. CONTROLLING: This Management function evaluates the employees work and the tasks they are performing to attain Organizations goal and to find out whether organization is going on right track or if any corrections are needed to achieve the future goals. Broker fish health insurance Company can monitor and evaluate the work by looking at the sales figure to find how much people are considering to buy health insurance plans and also by carrying out surveys, to find if their needs are being met or not and what other changes are required in order to fulfill their needs and demands. With this policy change, Broker Fish Health Insurance Company will be able to attract more customers and organizations because they will be able to identify their needs and what is best for the company and their families. With new insurance plans and continuous innovation, the company will be able to capture a larger market share and will easily compete in the market. The customers can also be satisfied which will improve the company`s reputation. References “International Health Insurance”. N.p. n.d. https://www.brokerfish.com/switch-or-change-international-health-insurance-broker Read More