Understanding Corporate social responsibility and its effects

Understanding Corporate social responsibility and its effects What is the Corporate Social Responsibility? business encompass the economic, legal ethical and discretionary expectations that society has of organisation at given point in time. [Carroll A B 1979 (497-505) a three dimensional conceptual model of corporate performance; a academy of management review]  ²societal expectation of corporate behaviour, a behaviour that is alleged by a stakeholder to be expected by society or morally required and is therefore justifiably demand of a business ². [ Whetten D.A.Rands, G. Godfrey P {2002} what are the responsibility of business to society]. To be a socially responsible corporation, a company must be more than legal and ethical person also. CSR is not always a legal necessity; increasingly it is an obligation. However a company has to be socially responsible even though it is not a legal obligation The corporate behaviour pyramid: [Aras G Crowther D (2008); The social obligation of corporation; Journal of Knowledge Globalisation1 (1), 43-59] The shareholder view: The social responsibility of a business is to make profit. (Friedman) The justification for this are: Pursuing profit will result in increase employment, generate economic growth, stimulate innovation, increase the tax take and generally raise living standards. Making profit is therefore itself a public good and is a sufficient purpose of business. Directors should be acting on behalf of shareholders. CSR too often means that directors are being charitable with other people money. Shareholders are free to use their dividends to contribute towards CSR if they wish. Business is not competent to deicide moral and ethical matters. Where is the domestic connection between what a business decides to spend money and efforts on and where that money and efforts are actually needed or wanted by society? Are CSR projects chosen simply because they are areas where directors, or their spouses, are personally interested? (ACCA study text-Business Analysis) The longer-term self-interest view: It is in the long-term economic self-interest of business to act in a reasonably responsible manner. (Drucker) Failure to do so will prompt legislation. Failure to do so will damage the business and even the industry. The public relations and enhancement of reputation arising from CSR will increase profit in the long term. CSR is therefore seen and justified as expenditure that helps to generate long term profits. (ACCA study text-Business Analysis) The stakeholder view: This view assumes that shareholders are simply one stakeholder among many, and that their interests are not necessarily paramount. There may be circumstances where shareholder interest has to be sacrificed for the greater good of other stakeholders. Quite how it is decided which stakeholders deserve generosity at any particular time is not clear. There is a danger that the stakeholders that benefit are those with most power which is not necessarily the same as the stakeholders who might deserve attention. (ACCA study text-Business Analysis) Workplace: The British Airways develop to supply a working environment that motivates, engages, supports and develops their colleagues. The intend of airline workplace is to encourage their colleagues to be committed to corporate responsibility and all colleagues onboard one destination. The airline is trying to work with new way. The airline aspiration to be the best is by safety of the people and functioning excellence with culture values. Equality and Diversity: Legislation, voluntary codes of practice and equality initiatives have resulted in some progress towards equality of treatment for minority groups at work, but there remains inescapable evidence of continuing discrimination. More recent approaches under the banner of management of diversity include the economic and business case for equality, the valuing and managing of diversity in organisations, culture change and mainstreaming of equality initiatives. (Torrington, Hall and Taylor, 2005 p.529) The British Airways is committed equal opportunity. Their policies aims to that no job applicant or employee receives less favorable treatment on the basis of their age, sex, creed, disability, full or part time status, nationality, or ethnic origin, race, religion or sexual orientation. Dignity and respect is at the hub of British airways diversity initiatives, focusing on the relationship between colleagues and customer, irrespective of their background, religion or culture. The airline ran a diversity week, holding a series of events to raise awareness of differences to help create a more positive and productive work environment. (International Air Transport Association (IATA) Airline employees 2008. City Business Library London) (http://www.iata.org/membership/airline_members_list?All=true) Employee retirement age: It is unlawful for an employer to discriminate against someone on the grounds of age, i.e. against someone of a particular age or someone in any age band. The age discrimination legislation provides for a default retirement age of 65. Compulsory retirement ages below 65 are unlawful unless objectively justified. In addition, employees have the right to request to work beyond that age. Employers have a duty to consider such requests. (www.businesslink.gov.uk) The airline make an effort to fulfill new Age Decimation Act, The airline were operating crew and pilot retire age 55 but now are 60 and in future it will be exceed to 65. Training programmes: The airline deliver 211 to 215 days of training during the year, including 4,500 training days to cabin crew to enable them to deliver the very highest level of services to our customer travelling in premium cabin and 2,248 days to ground staff. Online mandatory training course for all colleagues was introduced this year. The premium services training programme allows approximately 11,000 cabin crew to receive expert training on services and the food and beverages offered on First, Club World and Club Europe. Development programmes: Strategy of airline is to develop workplace at level which leads the business through on current challenging operating environment. High Performance Leadership (HLP) is embedding a high performance culture amongst airline leader. The leadership capabilities that are needed to lead the business were defined and communicated and individuals performance against measured during the year. The capabilities are communicating a common vision, agreeing accountabilities and motivating and inspiring other. Employee induction: The purpose of induction in organisation to settle the new employee as quickly and efficiently as possible. The airline is trying to achieve the objective of induction and have introduced a new process to ensure that this happens. Employee relation: The airline is working with total of three trade unions demonstrating colleagues across the business. The new Human Resources (HR) model has been implemented. HR business partner now focus on good people management and employee relation and are responsible for day to day industrial relation matters. In addition, 15 effective IR (Interpersonal Relation) skills workshops were provided throughout the year, with 118 delegates presence. Line manager and trade union representatives were able to come together at these workshops to focus on joint problem solving. A further 75 manager attended our new introduction to industrial relation courses. Reward: The carriers cabin crew could see their pay docked by up to  £5,000 each as part of proposals put forward by the airline to cut costs. BA wants to cap the amount its 14,000 crew members can claim in allowances for working long haul flights. The proposal is in addition to changes to working practices that BA will impose from next month (Time online 28 October 2009) The British Airways is claiming in Corporate Responsibility report 2008-2009 that the airline developing good salary structure in the organisation help to create an environment that encourages sustainable high performance. The airline developed salary structure not only that salary costs can be managed more effectively, but also that salaries are internally equitable across roles and differences in roles and differences in responsibility, skill and performance can be recognised and reward. The airline is also functioning bonus scheme using a of financial and non financial performance indicator. Since 2005 airline Employees Reward Plan (ERP) has allowed non management employees to share in the success of the business based on achievement of corporate measures and targets. However, due to unfavourable trading condition, the scheme did not manage in 2008/2009. (Source: www.britishairways.com) Marketplace: Market is human activity directed at satisfying need and wants through exchange processes (Kotler, 1986, p-6) There are two main pillars of marketplace customer and supplier. The airline is encouraging commitment to corporate responsibility and to build sustainable business. The airline is operating over 33 million customers and 2000 supplier. The airline is focusing on customer and supplier to secure the position as a global premium airline. 1-Supplier Its social responsibility for the airline to pay its supplier according to term. In reference that the airline paid their supplier on average, 91 per cent were on time in the UK for the year ended March 31, 2009.The airline aim to exceed in next year. The airlines are party to the Confederation of British Industry (CBI) code of practise on supplier payment and are dedicated to paying the supplier on agreed term. The number of days purchases in creditors at March 31, 2009 is calculated in accordance with the provision of the companies Act 1985 and was 32 days (2008: 33 days). The airline carry on to reduce the carbon footprint with the acquirer of environmentally capable aircraft (A380) and airline will have taken delivery of its first three by the end of June with a further 36 aircraft on order. Particular concern has been given to ensuring environmentally efficient and lightweight materials will be used in the construction of both. The airline also working in long term with Grundon, using their energy from waste plant to produce electricity for the National Grid 2-Customer In the market place customer are broken down into group with different ideas of what they want. The largest group is the one looking for a low-price, no frills services- but of course low prices often go hand in hand with low profits. The group who are prepared to pay for exceptional quality small, but probably more profitable as individual. The company has to decide where its own strengths lie in terms of meeting customer expectation, and then decide whether it is able to meet the needs of its chosen target group better than the competition can do it (Jim Blythe, Principle Practice of Marketing, 2005, p-178) In these different groups of customer the British airways lies in the group D, which customer are willing to pay more for exceptional quality, because the airline are operating at premium services. Premium customer also wants reliability and consistency in the services and customer also like the increased flexibility and the wider choice of movie, TV programmes, audio and interactive games. The main problem is that the airline failure to achieve the profit in the particular segment. British Airways World Cargo continues to focus on providing premium products. The airline people play a crucial role in providing the upgrade travel experience. They are committed to excellent services and are investing heavily in training customer facing colleagues. Some of customers are unhappy because the British Airways will start charging passengers up to  £60 to reserve a seat as part of the airlines plans to cut costs and increase revenues. (Time online, 25 September 2009) British Airways focuses on offering online services to retain old customers and to attract new customers. It has made several upgrades to the e-services offered on its website, www.ba.com.The online portal is helping British Airways to drive down costs and increase revenues. Almost a third of all the companys bookings are made on ba.com, with almost half of all European leisure fares sold via the UK site, as a testimony to its popularity with customers. The customers are also provided with the option to book hotels and hire cars through the website. In FY2009, the company introduced a new feature allowing customers to upgrade their booking at any time between buying a ticket and checking-in online. British Airways had launched a new service, allowing customers to check-in or access real time arrivals and departures information through their mobiles. Therefore e-services help the company to attract more customers, enabling it to generate more revenues its allows airline customer to offset the carbon emissions of their journey with all proceeds going towards UN-certified emission reduction projects. (Source: www.britishairways.com) Community welfare programmes: Philanthropy encompasses those corporate actions that are in response to societys expectation that businesses be good corporate citizens. This includes actively engaging in acts or programs to promote human welfare or goodwill. Examples of philanthropy include business contributions to local communities, building education centre and charitable donations (Carrols model, ACCA text book P1 Professional Accountant) The airline continues to promote the community which one of the stepped to build a Community Learning Centre (CLC). Around 50,000 young people and adult learners on range of education programmes since its opening in 1999.The course are run in the Community Learning Centre with partnership of the United Nation International childrens Emergency Fund (UNICEF) focus on information and communication, Technology and the environment. The airline staff including (retired 3,500 and current) donated over  £630,000 ,their chosen charities through the airline giving Scheme directly from their payroll and airline also supported Children in Need and Red Nose Day across the airline raising over  £13,000 for charities in the UK and Overseas. Preceding years BA fun run raised in excess of  £55,000 for Cancer Research UK; during 2008/09 the airline World Cargo team collected and delivers over 95 tonnes of high quality gift, donated by employees from across the airline. The airline working with partnership United Nation International childrens Emergency Fund (UNICEF) has raised over  £26 million since in 1994 and has changed the lives of helpless children across the world. The a (Source: www.britishairways.com) Environment programmes British Airways impact on the environment involves the following: Climate Change The Climate Change Programme is CSR because it is about taking actions to reduce its impact on the environment. Climate change is a growing threat to the environment and to societies everywhere. British Airways actions on climate change go beyond compliance, demonstrating that it is taking voluntary actions to reduce its contribution to carbon emissions and better understand its impact on climate change. The British Airways climate change programme is focused on the following main areas: 1-Long term CO2 target: The airline develop long term plan to reduce CO2 by require the improvements in operational efficiency, investments in new aircraft technology, development of sustainable aviation fuels and investments in low emission technology in other sector of the economy through carbon trading. This trading is illustrates in figure below 2-EU and UK Emission Trading System (EU ETS): Airline will be fully sheltered by the EUs Emission Trading System from January 2012.The British Airways emission target has been set at 97 per cent of average annual emission in the reference period from 2004 to 2006. From 2013 the target is tightened to 95 per cent. British Airways set a target of total reductions in annual emissions of 125,000 tonnes of CO2, to be achieved over the five years 2002-2006. In 2004 the company agreed with the UK government to increase the voluntary target. 3-Carbon Efficiency: The airline is continuous try to reduce carbon by removing unwanted items from the aircraft to reduce the fuel burn, by developing light weight aircraft and modifications and simple changes such as the IFE spares pack removal, modifications to the World Traveller seats and the removal of the air stairs on 737 aircraft have already generated savings in excess of 6,500 tonnes of CO2. Carbon efficiency shows in following from 2006 to 2008. Airline is also developing procedure for the aircraft to taxi-out to the runway with an engine shout down wherever possible. This reduces fuel burn, CO2 and NOx emission. As comparison with Virgin Atlantic airline, on 24 February 2008 its become the first airline in the world to operate a commercial aircraft on bio fuel blend. The Boeing 747 flew a short flight from London to Amsterdam, using a 20% bio fuel and 80% kerosene blend in one of its four engines. Carbon Footprint: The airline is using the Greenhouse Gas Protocol corporate standard to measure the carbon footprint. The GHG (Greenhouse Gas) Protocol Corporate Standard provides standard and guidance for companies and other organizations preparing a GHG emissions inventory. It covers the accounting and reporting of the six greenhouse gases covered by the Kyoto Protocol- carbon dioxide (CO2), methane (CH4), nitrous oxide (N2O), hydro fluorocarbons (HFCs), per fluorocarbons (PFCs), and sulphur hexafluoride (SF6) (http://www.ghgprotocol.org/standards/corporate-standard) The below graphs represent how the airline manage its carbon footprint year by year. Global ground emission footprint: The airline global ground operation generated a footprint of 164,535 tonnes of carbon dioxide emissions, arising from our building, vehicles and ground equipment. Global ground emission footprint (tonnes of CO2) (Source: www.britishairways.com) British Airways producing 8% (1,626,262/ 20,670,517) CO2 emission of the total airlines. Virgin Atlantic Airways producing 1.8% (372,552/20,670,517) CO2 emissions of the total airlines in world. C02 emission by sector aviation is second highest CO2 emission producing in the world and most one energy industries. 5-Noise and Air Quality: Quota count is a system used by Londons Heathrow, Gatwick, and Stansted airports to limit the amount of noise generated by night-time aircraft movements Noise restrictions for a plane during take-off: 94 decibels (Maximum level) during the day. (Add times) 7am 11pm 89 decibels (Maximum level) in the shoulder period. (Add times) 6am -7am and 11pm to 11.30pm 87 decibels (Maximum level) at night. (Add times) 11.30pm to 6am These limits set by the Department of Transport (DfT) apply at 6.5km from the start of the roll, i.e. the point on the runway where the plane starts to move in order to take off. Planes that break the noise limits on departure at specific locations are fined by BAA:  £500 for the first 3 decibels over the limit and  £1,000 above that. (Source: BAA website 2008) EPNdB over 101.9 = 16 Quota Count EPNdB 99 101.9 = 8 Quota Count EPNdB 96 98.9 = 4 Quota Count EPNdB 93 95-9 = 2 Quota Count EPNdB 90 92.9 = 1 Quota Count EPNdB less than 90= 0.5 Quota Count EPNdB less than 87 is exempt =0 Quota Count (^ National Air Traffic Services (2007-02-02) (PDF). London Heathrow, London Gatwick and London Stansted Airports Noise Restrictions Notice 2007. http://www.boeing.com/commercial/noise/notamfeb2007.pdf. Retrieved 2007-10-28) The airline noise energy has remained the same over the last three years regardless of an increase in the use of our aircraft fleet. The airline continuous achieved noise level of Department of Transport (DFT) which is Quota Count 0.5(EPNdb90-87=0.5 Quota Count) and also the airline has objective is to reduce the average noise per flight by 15 per cent by 2015. Airline already achieved a reduction in NOx emission through the adaption of Boeing 747 (RB211) engines and Boeing 777 (GE90) engines. Its plan to further modify Boeing 737 engines delivering a 20 per cent reduction in NOx. For all routines take off airline use reduced take off thrust which significantly reduce NOx emission. 7-Waste: Currently the airline is developing the procedure to recycling paper, cardboard, plastics, pallets, carpets, batteries, drinks cans and have removed general waste bins in many office areas to encourage recycling and with transporting components, the airlinehave reduced or replaced non recyclable packaging material with recyclable material. A paper crusher is used to produce packaging, which is used to protect aircraft components during transportation. In 2007 airline recycled 35% of its waste at Heathrow and Gatwick (up from 30% last year). (Source: www.britishairways.com) Airline target is the recycling 50% of its waste by 2010 and the amount of annual waste managed through its contracts at Heathrow and Gatwick disposed to landfill reduced by 7.2% from 3,688 tonnes to 3,424 tonnes. At Virgin Atlantic also aim to achieve the recycle or reuse level 50% by 2012. To do this airline are choosing more items that are reusable recyclable or biodegradable and sourcing that use fewer materials. Business ethics What is ethics? Ethics is the set of rule prescribing what is good or evil, or what is right or wrong for people. What is business ethics? Business ethics means honesty, confidence, respect and fair acting in all circumstance. However, such values as honesty, respect and confidence are rather general concepts without definite boundaries. Ethics can also be define as overall fundamental principle and practices for improving the level of wellbeing of humanity. [David Crowther Guler Aras 2008 corporate social responsibility,p54] Ethical stances: The extent to which an organization will exceed its minimum obligations to stakeholder (Johnson, Scholes and Whittington) British Airways is committed to the highest standard of corporate behaviour from its Directors and employees. British Airways requires its entire people to perform their duties with efficiency and diligence and to always behave to customers and other people alike with courtesy and decorum. British Airways procurement process has strong controls to ensure that any dealings are open and transparent, avoids any suspicion of conflicts of interest, misuse of information and opportunity, confidentiality, fair dealing with customer and suppliers, proper use of company asset, compliance with laws and regulation. Conflict of Interest: A conflict of interest occurs when an individuals private interest interferes or appears to interfere with the interest of the airline. As a matter of airline policy, employees must not leave conflict of interest unresolved unless approved by airline. In particular employees must never use or attempt to use their position at the airline to obtain any improper personal benefit for themselves, for their families, or for any person. Confidentiality: The airline has strict policy that all employees to maintain the confidentiality information about the airline, its customer, suppliers, or joint venture parties. Employees must maintain the confidentiality of all information so entrusted to them, except when disclosure is authorised or legally mandated. Confidential or proprietary information of our Company, and of other companies, includes any non-public information that would be harmful to the relevant company or useful or helpful to competitors if disclosed. Fair Dealing: The airline does not seek competitive advantages through illegal or unethical business practices. Each employee should endeavour to deal fairly with the companys customers, service providers, suppliers, competitors and employees. No employee should take unfair advantage of anyone through manipulation, concealment, abuse of privileged information, misrepresentation of material facts, or any unfair dealing practice. Protection and Proper Use of Company Assets: All employees should protect the airline assets and ensure their efficient use. All airline assets should be used only for legitimate business purposes. (source:www.bashares.com/phoenix.zhtml?c=69499p=irol-govconduct) Benefit of become good citizen The British Airways can obtain great number of benefit by fulfill the corporate social responsibility policies to the entire stakeholder, including the enhanced airline image (this in itself can lead to increase sales), health and safety benefit, ease of attracting investments and lowered cost of such investments, better community relationship (this can lead to easier and quicker approval of plans through the planning process), improved relationship with regulator, improved morale among workers (leading to higher productivity, lower staff turnover and consequently lower recruitment and training cost), general improved and relationship with customer. In particularly which include; 2009 2008 Goodwill  £m 4  £m 4 No of employees 42098 42121 Passenger revenue  £m 7836  £m 7600 [www.bashares.com/phoenix.zhtml?c=69499p=irol-reportsannual] Impact on key stakeholder What is a stakeholder? Any group or individual who can affect or is affected by the achievement of the organisation objective [ACCA course book P1 Professional Accountants] The classification of stakeholder There are two main way to classify the stakeholder, Internal v external: Internal stakeholder are those include within organisation such as employees, manager and director etc and where as external stakeholder are such group customer or suppliers who are generally not be of part of the organisation. Voluntary v involuntary: Voluntary those who have choice to engages with the organisation (employees, most customer, suppliers and shareholder) and involuntary those who have not choice to engages with organisation (local communities, neighbours, the nature world, future generation). [David Crowther Guler Aras 2008 (p30) corporate social responsibility] The corporate and social responsibility policies of British Airways greatly affect the stakeholders. The stakeholders of British Airways are the key customers, shareholders, employees, trade unions, lenders, Central Government, media, local community, pressure groups, local government and individual householders. I used Mendelowss Matrix for mapping the impact British Airways corporate and social responsibility policies on the stakeholders listed above. High Power Low Key Players E.g. key customer, active major shareholders, trade unions, employees, secured lenders. Involve Keep Informed E.g. Local Government, pressure groups, local media, local community, individual shareholders, individual customers. Consult / Inform Keep Satisfied E.g. Central Government, passive major shareholders, national media. Consider impact of action / inform Minimal Effort E.g. Individual shareholders living nearby. Ignore High Interest Low (ACCA study text-P1 Professional Accountants) Key Players: Key players are those stakeholders who have high interest and have high powers. The organisations strategy must be acceptable to them. Many business customers fly the same route on a regular basis. They want BA to do well so they can continue to use their service. Due to excellence of Terminal 5 the customer recommendations increase 61% to 65% But the shareholder little worried about the company performance because last two years the company was in loss. Keep Satisfied: Keep satisfied are those stakeholders who have low interest and high power to influence the policies of the company. The British Airways behaving these stakeholders are very well because the airline fulfill the requirements, like government and local community need good environment and less carbon emission which the airline successful are reducing carbon by 50% at end of 2050 years. Keep Informed: This group has high interest and low powers in company, but this group can be move to key player Colum. The British Airways ensure before every investment that laws and policy is full fill. Minimal Effort: This group has low power and low interest in the company. As British Airways can ignore them. These are individual shareholder or living near to airports. Conclusion It was a great idea to analysis the corporate and social responsibility policies of a division who is greatly involved in the production CO2 emissions and highly responsible for the climate change. During my research, I came crossways a number of facts, which I believe will help me to give a conclusion of my report. The facts are as under: The company started the operation in 1974 with the name of British Airways. During this period British Airways has build up an image as premium airline through its policies and positive image of its brand in the public. FY2009, Europe, the companys largest geographic market, accounted for 62.5% of the total revenues. I realise that the British Airways are more focus on Corporate Social Responsibility it might be effect on the company financial performance because its made loss in last two years. It is unethically for the sum of shareholder who wants profits from the company. British Airways is well behaving with their employees; who include the Induction, training, health and safety, promotion, high performance leadership, good salary structure and reward (ERP). At market place the British Airways failed to get reasonable profit from customer segment (premium customer), due to the airline did not report profit in last two years. Although the airline maintain good relationship with supplier through follow the code of practise (CBI). The airline maintain the position as Philanthropy (Carroll model), due to the airline continuously support poor world, people and working with UNICEF, UK Cancer and Research. The real fact is that the airline only make plan for reduction of 50% Carbon Emission (CO2) in 2050.But currently the CO2 more than last years. To achieving this objective the airline is need to invest in new aircraft technology, low emission trading project. For this objective the airline have good capita

Literature Review on Insurance Management System Essay

ABSTRACT Insurance system automates the management of insurance activities, which involves Defining Policies, Schemes, Policy Specifications, Policy Terms and Conditions, Policies registrations by the customers, Facilitates the Premiums Flexi-Pay modes, Policy Bonus in Flexible periods. The Agents are involved in the process of the Customer Policy registration and the Commissions are based on the targets achieved by the Agents. Insurance System also maintains the database of the Branch Managers who deals with the Agents which in turn deals with the Customers. Before developing this application all activities done manually, then all the activities take more time and also take more manpower. Commission, interests, dues calculate manually, based on this manual problem sometimes calculate the wrong All related information passed one branch to another branch through courier. Sometimes miss the important documents. So these problems overcome when we will develop the system. This system is very helpful to automation of entire Insurance system and also reduces the time and manpower. 1. CHAPTER ONE 1.1 INTRODUCTION Insurance is the most commonly mechanism of managing risk. The term risk is defined as the possibility that positive expectations of a goal oriented system will not be fulfilled. Risk is generally classified into two broad categories: -Speculative Risks which may bring in speculative losses or sometimes speculative profits as well. -Pure risks which are fortuitous in nature and will potentially bring in only losses. Insurance covers only pure risk with an element of uncertainty about their occurring, effective insurance management system aims at optimisation of cover for economical cost and also ensuring availability of protection when it is most needed. An insurance transaction has always been viewed purely in financial terms i.e. the company paying a consideration called premium and in return receiving a promise to be compensated monetarily, for the losses suffered due to operation of insured perils. However, the concept of insurance management system is much wider in scope than th e mere financial implications of costs and benefits of an insurance transaction. Background of the study Insurance Market consists of the buyers of insurance and the sellers together with the intermediaries (agents) who bring the two together. In addition there are also the regulators, representative bodies or organizations, consultants and technical advisers which are part and parcel of the market. The Buyers Anyone who has valid insurable interest i.e., legally recognized relationship with property or pecuniary interest, can insurer their interest. The relationship may arise through ownership, part-ownership or responsibility for goods, or liability to pay damages or certain benefits. In Nigeria the buyers of insurance can be segmented as follows: †¢Individuals and families †¢Governments (federal, state, local) and their agencies †¢Parastatals †¢Multinationals †¢Conglomerates †¢Manufacturing industrial concerns †¢Small and medium scale industries †¢Banking industry †¢Health institutions †¢Tourist and hospitality industries, hotels †¢Transport industry †¢Other corporate bodies †¢Educational institutions †¢Oil and energy industry For marketing purposes the buyers can further be segmented to suit the strategy of the insurer, or the insurance agent. The Sellers The sellers or suppliers of insurance are the insurance companies and the reinsurance companies. At present there are about 118 registered insurance companies and 5 registered reinsurance companies. Most of the insurance companies are incorporated pursuant to Companies and Allied Matters Act 1990. About 106 of them are private limited liability companies while the rest are public companies. About sixty companies underwrite life assurance business with five operating as specialist life offices. The reinsurers provide technical security and capacity for the insurance companies and do not supply insurance directly to the consumers. The Intermediaries (Agents) The intermediaries are mainly insurance brokers and insurance agents. There are 350 registered insurance brokers and about 15,000 insurance agents. The different types of agents have been described earlier in chapter eleven. Nigerian insurance market has been described as brokers market because presently brokers control over 90 per cent of the premium income, leaving less than 10 per cent for insurance agents, and even direct marketing channel by insurers. However, insurance agents dominate the individual life insurance market. The banking industry has become a formidable channel for distributing insurance services not necessarily as intermediaries, but by facilitating a form of direct marketing by insurers. Participation by banks has also thus made mass merchandizing of those insurance products possible. To enrich some of the financial products banks offer certain insurance protection as additional benefits. For example an investor is promised three  or four times the capital amount invested in case of death, payment of benefits in the event of accident, payment of children’s school fees, and insurance cover for goods bought on credit. To meet such obligations, they apply part of the interest due to the investors to purchase insurance on their behalf from insurance companies. This is however different from universal banking which implied direct involvement in insurance broking and underwriting. STATEMENT OF THE PROBLEM Since risk as formed an integral part of our world today, the need arise for insurance in other to combat such risk in our society. 4 major problems arises when trying to create a system to manage such risk, they are risk identification, evaluation, control and financing. The multi disciplinary nature of risk management requires input from all the arrears of the organization. Therefore, the task of identifying and evaluating risks is a problem. Risk control including avoidance and reduction clearly falls within the ambit of corporate safety policy. Protection of property and personnel through effective risk control measures, assumes great significance, particularly in the light of the opportunity costs due to occurrence of a risk (i.e. accident). Risk financing has developed into an important technique of effective risk management, where by costs and benefits of various alternatives are analyzed before arriving at the final decision on what type of insurance to be used. The existing system is the manual system. The manual system is prone to error. It is time consuming. It is very difficult for a person to produce the report. There are chances for changing the scheme report and do malpractice. This system involves a lot of manual entries with the applications to perform the desired task. Usage of papers in the payment process leads to less efficiency, less accuracy and less productivity. †¢Increasing expenditure for papers shuffling and storage. †¢Increasing labours and hence errors. †¢Less control of Amounts. †¢Time delay between the payment and its receipt. †¢Persons who are present in different part of the world cannot transact efficiently. 1.2 SIGNIFICANCE OF THE SYSTEM This system is an online micro insurance Analysis and information management system that provides easy access of information regarding the people and resources of insurance. This site is not a static site but with wonderful dynamic facilities like search tools for insurance awareness articles, guidelines, illustrations through images for visitors. This site also provides several dynamic features. The developed system should allow admin users to register insured persons with their name, date of birth, residence address, medical history and also policy details. After registering all the insured persons, website should provide management facilities like delete unwanted persons’ data. And also should provide awareness to the visitors about micro insurance through articles. Objectives of the system The system would be able to perform two main objectives which are:Functional and qualitative objectives. The functional objectives of the system are; 1.Enable users to select what kind of risks is to be insured 2.Cost of such insurance 3.Registration of customers 4.Show the benefits of using such type of cover 5.Explain what insurance policy in general is available. The qualitative objective of the system is mainly to define the corporate insurance philosophy, firsthand knowledge of the risk involved 2. CHAPTER TWO 2.1 2.2PROPOSED SOLUTION PROPOSED SYSTEM The proposed system is designed to eliminate the drawbacks of the existing system. It is designed by keeping to eliminate the drawbacks of the present system in order to provide a permanent solution to the problems. The primary aim of the new system is to speedup transactions. The report is prepared for the schemes and implemented by the concerned officials. Since the advent of Online Insurance services in the Middle Ages Policy Agents and  policy Holder have used paper-based instrument to move money between Insurance transactions. It comes as no surprise to one that when everything is being converted to computerize. Already the business has to global with the coming of Internet. Now, no more the individual aims at the local market is also just a click of button away. Dozens of companies are in the race to convince auction and bidding that a pot of Policy’s awaits those who conduct their business on the Internet. In this fast race of business and moneymaking, no country, no company and no individual want to fall back. Everyone wants to lead the group. Hence, everyone is trying to make the best use of Internet. The insurance company provides Group Polices to employees of various small and medium sized companies that registered with it. A group policy is one, which an employer provides to its employees. An agent is responsible for getting the client companies establishing a relation with the insurance company. According to hisher need, the policyholder can choose from various products available. The insurance company needs to keep track of details of its target companies, agents, policyholders, their premium payments and the various products that are available with it. Hence it is under tremendous pressure maintaining their day-to-day activities, which is currently being done manually. Entire records have to be updated timely; even a slight mistake could complicate things. It is very difficult to handle bulk data since human memory is weaker than electronic counter part. It is time consuming to summarize these details to produce the reports. Hence there is need for an automated system, which can efficiently manage the company’s records, provides instant access and one that improves the productivity. As a result of this automated system, the activities of the company are performed with in the stipulated time and the reliable and efficient service is ensured to its users. The part of the proposed system contain the following 1)Agent Registration form: New Agent gives their information like, Name, password, Ac no, bank, working details, age, sex, address, e-mail id. 2)Policy Holder Registration form: New Policy Holder gives their information like, Name, password, Ac no, bank, Organization, Occupation, age, sex, address, e-mail id. 3)Admin form: Admin have provision to view all Agent, Policy, and Policy Holder information. First Admin enter their name and Id then only they can access. And also admin have the provision to view, Modify, Delete and insert the Policy, Policy Holder, and Agent. 4)Agent Form: This module is used for agent to view all details about their policy holder/clients and also view their own personal details. 5)Policy Holder Form: This module is used to Policy Holders. They can view their own personal details when login into the Policy Holder module. Fig 2.2.3 dataflow in the system 2.3 ADVANTAGES OF USING THE SYSTEM †¢Mortgage Redemption- The system act as an effective tool to cover mortgages and loans taken by the policy holders so that in case of any unforeseen event, the burden of repayment does not fall on the bereaved family. †¢Risk cover -life is full of uncertainties; in this scenario the use of the system ensures that one enjoys a good quality of life against any unforeseen event. †¢Planning for life stage needs-life insurance provides financial support in the event of untimely death but also acts as a long term investment. You can meet your goals, be it your children’s education, their marriage, building your dream home or planning a relaxed retired life, according to your life stage and risk appetite. Traditional insurance policies i.e. traditional endowment plans, offer in-built guarantees and defined maturity benefits through variety of product options such as money back, guaranteed cash values. †¢Protection against rising health expenses-with the system available, customers can choose from a wide range of plans that would offer the benefits of protection against critical diseases and hospitalization expenses. This benefits has assumed critical importance given the increasing incidence of lifestyle diseases and escalating medical costs. †¢For safe and profitable long-term investment-it builds a long-term savings instrument, also ensures that the customers have a good savings habit. Insurance is a highly regulated sector, the regulatory body,through various rules and regulations ensures that the safety of the policyholder’s money is the primary responsibility of all stakeholders. †¢Peace of Mind: When consumers buy an insurance policy, they can achieve peace of mind. There is a comfort in knowing there is a certain measure of protection from unforeseen tragedies and losses. †¢Asset Protection: Certain  types of insurance policies are designed to protect assets such as homes, cars, boats and other valuable tangible items. The policies will repair or replace these things if they are lost or destroyed. †¢Physical Protection -Some insurance policies are structured to protect the body. In the event that a person is injured, disabled or otherwise physically harmed, these products will compensate for those damages. †¢Income Protection-There is insurance policies available that will protect the ability to earn a living. If, for some reason, a worker is no longer able to continue with gainful employment, these policies can be structured to replace a majority of lost income. †¢Lifestyle Protection-A certain type of insurance is designed to ensure that the lifestyle to which a family has become accustomed will continue for a certain pe riod if a tragedy occurs and the major wage earner in the household is no longer able to produce an income. 2.4 DISADVANTAGES OF USING THE SYSTEM The system has the following drawbacks. †¢Every member organization has its own data structure †¢Due to lack of centralized data structure, it is very difficult to merge the data to analyze the statistics †¢Difficult to search for a data †¢Possibility of duplicates, etc 2.5 CASE STUDY; NIGERIAN INSURANCE MARKET Insurance Market consists of the buyers of insurance and the sellers together with the intermediaries (agents) who bring the two together. In addition there are also the regulators, representative bodies or organizations, consultants and technical advisers which are part and parcel of the market. In Nigeria the buyers of insurance can be segmented as follows: †¢Individuals and families †¢Governments (federal, state, local) and their agencies †¢Multinationals †¢Conglomerates †¢Manufacturing industrial concerns †¢Small and medium scale industries †¢Banking industry †¢Health institutions †¢Tourist and hospitality industries, hotels †¢Transport industry †¢Other corporate bodies †¢Educational institutions †¢Oil and energy industry The sellers or suppliers of insurance are the insurance companies and the reinsurance companies. At present there are about 118 registered insurance companies and 5 registered reinsurance companies. Most of the insurance companies are incorporated pursuant to Companies and Allied Matters Act 1990. About 106 of them are private limited liability companies while the rest are public companies. About sixty companies underwrite life assurance business with five operating as specialist life offices. The reinsurers provide technical security and capacity for the insurance companies and do not supply insurance directly to the consumers. The banking industry has become a formidable channel for distributing insurance services not necessarily as intermediaries, but by facilitating a form of direct marketing by insurers. Participation by banks has also thus made mass merchandizing of those insurance products possible. To enrich some of the financial products banks offer certain insurance protection as additional benefits. For example an investor is promised three or four times the capital amount invested in case of death, payment of benefits in the event of accident, payment of children’s school fees, and insurance cover for goods bought on credit. To meet such obligations, they apply part of the interest due to the investors to purchase insurance on their behalf from insurance companies. This is however different from universal banking which implied direct involvement in insurance broking and underwriting. And most of the activities of insurance between the individuals and such companies are done manually but with the creation of a web based system this could save time in transaction. 3. CHAPTER THREE 3.1 CONCLUSION Effective insurance management lies in balancing the costs and benefits of insurance, through optimizing the coverage at economical cost and further through conscious and careful retention of risks within the world, This is  precisely where the Online Insurance supports and improves many of the core functionality of the insurance organization i.e. insurance project helps in quick easy monitoring of the reports that have been automatically generated as and when the admin and policy agent performs transactions in the system. Using such a system helps the organization in minimizing the time consumed in fulfilling the day-to-day functionality’s and cutting down the expenses incurred on the same. It must also be remembered that insurance is a method of transferring the financial impact of risk and the risk itself. Hence the basic responsibility of the system is to act as a guild in risk management. 3.2 RECOMMENDATION With the internet already in vogue, the government should allow reduce tariffs on web usage in other for easy communication with people who would need such systems. With increased technologies around the world there is need for accessibility to such web based technologies and system. Since the system involves risk management there is need for individuals to have reasons to have their businesses and life insured as this will enable them use such insurance management system. REFERENCES 1.WIKIHOW.COM 2.WIKIPEDIA.COM 3.Seal, R. A. â€Å"Insurance for Libraries: Part I.† Conservation Administration News no. 19 (1984): 8-9. 4.Seal, R. A. â€Å"Insurance for Libraries: Part II.† Conservation Administration News no. 20 (1985): 10-11, 26. 5.EHOW.COM

Things You Should Know About High School Essay Introduction Samples

Things You Should Know About High School Essay Introduction Samples The Secret to High School Essay Introduction Samples You've got a little bit more freedom than middle school, an extremely structured class schedule and first and foremost the very same classmates stick together with you throughout all four decades. High school is truly important to me and is something which I want to keep on doing. It is a very structured environment. Public high schools have their very own fair share of issues and in the event the student isn't careful, they could wind up in a huge mess. When you're in high school, it's definite that you're predicted to do a few write-ups and projects which require pen and paper. If you've already graduated from college or university and are trying to find a superior job, you will need to get a persuasive resume to impress your future employer. To begin with, in case you have to compose a high school essay, you should have a program. When you order a school essay with us, it can help you relax and not worry at all about the deadline that you must meet. You might wonder why it's important to find out more about a school essay. On the flip side, college is a decision. In extreme instances, students may be quite so frustrated or disappointed in their results they may think about ending their lives. Every student demands help with homework from time to time. The questions shouldn't be biased or inclined to a single aspect. Sometimes introductions have a tendency to be a little tricky. Don't forget, an admission essay sample may be a good way to find out more about the writing procedure and understand the task better. The essays aren't long, but nevertheless, it may take time to produce an idea you truly feel good about. If you're thinking of writing an essay that will be able to help you get into business school, you want to persuade the reader which you know just what you are discussing. If you're going to compose an expository essay, be ready to devote much time hitting books. EssayEdge is the major application essay editing service on earth. To compose an outstanding book or novel, it's important to get an action program that gives you a line of direction and a means to approach your novel. An introduction is easily the most significant part your bit of writing. Please bear in mind that the published examples may be used for research purposes only. Research on the topic matter if you discover that it's necessary. Artificial Intelligence can deal with this kind of imprecision through using confidence factors and probability. Writing skills aren't an inborn ability. Let's say your topic is to go over an extracurricular activity that has played a massive effect on your life. When you are requested to compose an essay try to locate some samples models of similar writing and learn how to observe the craft of the writer. Just open our English essay example and discover out what's written in an essay and the way that it is written. Your essay should be unique to you. The five-paragraph essay remains a helpful workhorse. To begin with, it doesn't utilize algorithms--step-by-step procedures--to fix problems. It is essential that you are conscious of the choice to purchase essay if you face difficulties with writing. Thirdly, you need to ensure the validity of writing. Your reader will observe all details throughout the prism of your ideology. Quite simply, a great quality persuasive essay is what's needed. Essay writing examples in doc format like the ones given may help lead you in writing a superior composition. As you start to compose your essay, remember your reader is a person who would like to learn more about you. After you inform us about all of the paper information, we'll begin trying to find an appropriate writer for your paper. First and foremost it's vital to be sure that you comprehend the essay question fully and your essay answers each part of the question adequately. To begin with, you should secure the significance of the expository essay definition and pick the topic you understand well or at least find it interesting to find out more about. Make certain to read your essay and make certain it is logical. Focus on your language as it ought to be eerror-free Imagine your essay is a precious stone and produce all its faces shine using an easily readable and unique language.

Witches And The Salem Witch Trials - 1309 Words

Back then, there was a period called the dark ages this what when men and women hunted for witches known as the Salem Witch trials. This time will be forever remembered for the people in the town and the victims and family members of the horrifying time. European descents brought with many of them was the belief in witches and the devil. These beliefs that they believed in so much were from the teaching of the catholic church. During the seventeenth century, people were executed for being believed they were witches and followers of Satan. Most of these executions were performed in Salem, Massachusetts in 1692. Mainly all of the accused victims were women, many historians believe that the charges of witchcraft were a way to control the†¦show more content†¦Witchcraft appears to be a figure of fear which existed from the human history throughout the ages (Newall 200). The Salem Witch Trials began in February of 1692 and ended in May of 1693 (Documentary). This all started wit h a group of young girls in January of 1692. These girls felt ill after playing games, soon later they were known as the afflicted girls because the doctor didn’t know what was wrong with them so he accused them of being bewitched. (Brooks 3) The hunt for witches started because the people of this village feared the devil, and witches who worked for him (Brooks 1). The hunt for witches was so outrageous that it moved to 8 neighboring town (Brooks 7). Captain John Alden Jr. the son of a Mayflower crew member was accused of witchcraft and sent to jail, but escaped and went to New York to live (Brooks 9). In June the arrests of witches declined, but the local jails still held more than 200 witches (Brooks 7). Before all the salem trials started they invited Samuel Parris to be their minister (Linder 1). Samuel brought his wife Elizabeth, his six-year-old daughter Betty, Niece Abagail Williams, And his Native American slave Tituba. When Parris moved their two clans (the Putnams and the Porters) were fighting over the control of the town.(Linder 1) Betty Parris was ill with a disease called â€Å"convulsive