Assignment Task
Provide a brief context for an insurance broking organisation, or a division of an insurance broking. Organisation, with which you are familiar. For this insurance broking organisation, or division of an insurance broking organisation:
- Explain briefly, its approach to long-term relationships with insurers or reinsurers.
- Discuss two benefits and two challenges of this approach for its clients’ experiences.
- Recommend, based on your discussion, changes to this approach to long-term relationships with insurers or reinsurers, that will enhance its clients’ experiences.
- Identify two significant distribution methods used to acquire new clients.
- Explain briefly, for each distribution method, one significant internal challenge impacting its acquisition of new clients.
- Analyse how effectively it manages these two challenges impacting its acquisition of new clients.
- Make recommendations, based on your analysis, to manage these challenges more effectively and
- improve its acquisition of new clients.
I have considered my current employer, ACE Mena Ltd, a Dubai based unit of ACE companies Inc. has become the non-U.K. broker having chartered broker status which is granted by the London based Chartered Insurance Institute. ACE Mena is operating since 2009 at the Dubai International Financial Centre as regional headquarters. ACE Mena Ltd have been demonstrating the ACE difference to our client, irrespective of size of the sector, offering both wholesale and retail solutions. ACE Mena Ltd is providing the broking, advisory and management services in accordance with the requirements and provisions to the clients to succeed and survive in the uncertain and competitive global business environment.
It is offering a lot of comprehensive and strategically tailored insurance solution such as motor, property, engineering, liability insurance and Yacht. The company is raising high with increased revenues and profits. Due to the conventional procedures and practices, the company is finding number of challenges to provide the exceptional practice to the customers. The company is promptly looking for the innovative solutions those would help in the company’s continuous improvement towards the customer satisfaction and to fulfil the organizational commitments. The company has grown to 6 branches in the Middle East and North Africa and currently working to explore to regional expansions.
