Article Abstract:
The new paradigm in corporate management is the self-supported work team in which the team members' pay increases and bonuses are linked to the performance of their team. Team incentives come from a pool funded from increases in business. The example of a multi-line property and casualty company that created cross-functional marketing teams that include underwriters, claims administrators, sales personnel and loss-control managers reveals that, to be a success, the team concept must be supported by cultural changes. Mechanisms must be created to reward good performance, promote creativity and innovation, and support customer service.
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Article Abstract:
Computers and other technology are being used to enhance the ability of underwriters to assess an insured's risk and exposures. Laptop microcomputers, for example, are used by field agents to collect and analyze information. Computer programs are available for catastrophe modelling and for determining a building's structural integrity. A gamma-ray tomography machine is even used by one insurer to examine the plant facilities of companies.
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Article Abstract:
Hand-held computers and property inspection software can partially eliminate inconsistencies in property value appraisals. Policy values, which are an average of 35% below replacement costs, are the basis for insurer premiums. Computerized, on-site data entry allows insurers to integrate digital valuation into computer-based underwriting systems and store valuation data for future reference.
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