The MGMT Insurance Ltd. accepts payments on various insurance policies from employees of businesses across the island. These businesses deduct payments from employees’ salaries and pay the insurance company a lump sum each month. This total amount deducted is shown on each employee’s payslip. Deductions are due at the end of each month and each participating business submits one payment for its employees to the insurance company via online payments through the bank. However, if payments were received after 11:00 a.m., the bank does not process them until the next business day. At the beginning of each month an administrative assistant at MGMT Insurance Ltd. downloads the deductions for each company and allocates payments to the various policies. These payments include the client’s unique number along with his/her relevant policy numbers and amounts due. However, recently there has been some complaints that payments for some policies were not being allocated correctly. Additionally, assume that one client experienced a problem with insufficient deductions to cover his/her monthly premiums. As a new manager with the company, you wish to check the systems and processes to ensure that they are up-to-date and report your findings and possible recommendations at the upcoming meeting. Part 1: Introduce yourself by identifying your Management level and your functional area. For your first discussion post, state your management level and department you will represent. Also explain TWO functions of your job as they relate to the business. No two students should choose the same department. For example: Operational Manager, investigating Information Technology issues affecting processing of premiums. Two (2) of my job functions include but are not limited to … Part 2: Discuss the allocation issue From the perspective of your department and management level, discuss the problem of errors in the allocation of deductions to policy premiums. a. Suggest ONE advantage of having an insurance policy and ONE contributing factor to errors in allocation of deductions b. Identify information from TWO other departments that could assist in your investigation. Please specify the type of report you think will be helpful and why. Part 3: Discuss your issue From the perspective of your department and management level, discuss the impact that your issue could have on the department and the company as a whole. a. Suggest ONE reason why the deduction could have been too small b. Critique TWO suggestions made by group mates from other departments. Part 4: Create the process diagram a. Assuming that a client increases his/her insurance coverage, design and draw a “Policy Change Request” process diagram that will ensure the correct deductions are made the month following the increase. The diagram should show the bands, process flows, decisions and cross functional interactions required. b. As a team, select TWO of the business processes. Describe how they could be improved and make recommendations for their improvement. Part 5: Summarise and make Recommendations a. As a team, summarise the information shared so far and discuss TWO findings about your analysis that can be used to focus on the issues. Make TWO recommendations to prevent both the misallocation of deduction and the issue of too small a deduction
The MGMT Insurance Ltd. accepts payments on various insurance policies from employees of businesses across the island. These businesses deduct payments from employees’ salaries and pay the insurance company a lump sum each month. This total amount deducted is shown on each employee’s payslip. Deductions are due at the end of each month and each participating business submits one payment for its employees to the insurance company via online payments through the bank. However, if payments were received after 11:00 a.m., the bank does not process them until the next business day. At the beginning of each month an administrative assistant at MGMT Insurance Ltd. downloads the deductions for each company and allocates payments to the various policies. These payments include the client’s unique number along with his/her relevant policy numbers and amounts due. However, recently there has been some complaints that payments for some policies were not being allocated correctly. Additionally, assume that one client experienced a problem with insufficient deductions to cover his/her monthly premiums. As a new manager with the company, you wish to check the systems and processes to ensure that they are up-to-date and report your findings and possible recommendations at the upcoming meeting.
Part 1: Introduce yourself by identifying your Management level and your functional area. For your first discussion post, state your management level and department you will represent. Also explain TWO functions of your job as they relate to the business. No two students should choose the same department.
For example: Operational Manager, investigating Information Technology issues affecting processing of premiums. Two (2) of my job functions include but are not limited to …
Part 2: Discuss the allocation issue From the perspective of your department and management level, discuss the problem of errors in the allocation of deductions to policy premiums.
a. Suggest ONE advantage of having an insurance policy and ONE contributing factor to errors in allocation of deductions
b. Identify information from TWO other departments that could assist in your investigation. Please specify the type of report you think will be helpful and why.
Part 3: Discuss your issue From the perspective of your department and management level, discuss the impact that your issue could have on the department and the company as a whole.
a. Suggest ONE reason why the deduction could have been too small b. Critique TWO suggestions made by group mates from other departments.
Part 4: Create the process diagram
a. Assuming that a client increases his/her insurance coverage, design and draw a “Policy Change Request” process diagram that will ensure the correct deductions are made the month following the increase. The diagram should show the bands, process flows, decisions and cross functional interactions required.
b. As a team, select TWO of the business processes. Describe how they could be improved and make recommendations for their improvement.
Part 5: Summarise and make Recommendations
a. As a team, summarise the information shared so far and discuss TWO findings about your analysis that can be used to focus on the issues. Make TWO recommendations to prevent both the misallocation of deduction and the issue of too small a deduction
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