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Oswestry Mutual Insurance - Essay Example

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The  relatively  high  ratios  for  OMI  are  due  to  fierce  price  competition,  which  caused  overall  premium  income  levels  to  declined.  Auto  repairs,  health  related  services,  and  court  awards  in  liability  cases  have …
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Download file to see previous pages are  thought  to  be  above  industry  average  cost  per  policy.  The  result  has  been  Omi  financial  solvency,  but  only  barely.
          In  1991,  the  company  decision-making  process  was  highly  centralized.  The  growth  experienced  by  OMI  in  the  mid  to  late  1980’s  and  the  need  to  become  more  responsive  to  the  dynamics  of  the  industry,  top  management  decided  to  change  the  operating  structure.  In  1991,  they  reorganized  into  6  sectional-regional  profit  centers.  The  branch  offices  remained  at  68,  each  branch  office  reports  to  a  specific  sectional  profit  centre  and  sectional  office.  The  sectional  office  is  responsible  for  approving  all  policies  written  and  claims  filed  through  both  branch  offices  and  the  independent  agents  located  in  that  region.
          The head  office’s  is  suppose  to  establish  overall  corporate  policy  and  provide  support  to  6  sectional  offices.  The  head  office  in  Oswestry  and  the  sectional  offices  were  organized  on  a  functional  basis.  The  functional  units  in  all  locations  are:  Premium  Audit,  Underwriting,  Sales,  Claims/Losses,  Finance,  Human  Resources,  Loss  Monitoring  and  Support.  However,  even  though  the  operational  structure  was  decentralized,  most  of  the  information  services  still  remain  centralized  in  the  head  office,  which  includes  related  planning,  control,  budget  authority  and  decision- making  stays  at  the  head  office.
          Computers  were  used,  at  first,  for  financial  and  statistical  report  production:  standard  MIS  reports  included,  profit/loss,  operations,  claim  data,  loss  ratios,  and  ...Download file to see next pagesRead More
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