Write one response for each student

1st student

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Development of Long-term client relationship

Establishing good working relationships with our present customers in the long run by meeting their expectations and plotting a mutual plan for success. Success will be measured by our clients choosing us because of their belief in our ability to meet or exceed their expectations of price, service, and expertise. Establishing a good relationship with our customers will create trust and loyalty, therefore, customers will stay with us and possibly spread the word to family and friends. Customers is the heart of every business. Meeting or exceeding their expectations and providing exceptional service will only strengthen the relationship.

-Profits

The long and short term financial goals of any company should be generating or increasing profits. The insurance companies need to make a profit. Profits allow the company to pay for claims, grow and pay dividends to investors. In the case of a catastrophic event, the number amount of claims reported can wipe out a insurance company. Profits can be used to cover these claims and or can be invested into securities such as bonds or stocks to generate more profits.

2nd, student

If I were starting a new insurance company my two top goals would be

1) Stringent and Responsible Underwriting

In order for an insurance company to be successful, it needs to understand the risks that it is undertaking. By investing time and money into underwriting, greater actuarial data and strategy to hedge our risk would be developed. To procure a policy with our company it would be defined that strict criteria must be met ( Homeowner’s doing their due diligence with upkeep of property, and Underwriting following up on it). With quarterly and random review of policies written by our sales team, we would write responsible business where the risks are clearly defined, and premium adjusted as a result.

2) Long Term Growth through Customer Emphasis.

In addition to strict underwriting, by emphasizing positive interactions with customers and growing slowly, our company can meet the needs of our insured’s, while maintaining a solid return on risk. We would be more expensive to begin with, but would grow as we are a niche property and casualty company by selling the relationship and reliability of dealing with a captive agent who won’t write a policy and “leave town.”