- Question 2 Marks 30 Lester Field Insurance Lfi Offers Insurance Products Covering Individual And Organisational Ass 1 (121.3 KiB) Viewed 45 times
- Question 2 Marks 30 Lester Field Insurance Lfi Offers Insurance Products Covering Individual And Organisational Ass 2 (38.89 KiB) Viewed 45 times
Question 2 (Marks: 30) Lester Field Insurance (LFI) offers insurance products covering individual and organisational assets. LFI allows individuals and organisations to transfer the risk or chance of loss to the insurance company. For example, LFI accepts the risk or probability of loss through a written contract and agrees to pay out a certain amount of money to restore your valuables. The type of insurance offered includes property insurance, car insurance, travel insurance, household insurance and income protection plan. The company is rated to have one of the lowest rates of fraud claims in the industry. Due to COVID-19, staff had to go on a rotational basis to accommodate social distancing. LFI IT team designed a website that assists customers to log their claims online. This solution has a significant impact on different stakeholders in the organisation. The business problem that LFI is currently facing is that the claims process is too slow. LFI project manager seeks to implement a strategy that reduces claims processing time and costs. The Chief Executive Officer has agreed to sponsor the project. This process can have a significant impact on various stakeholders. The LFI must investigate stakeholders' views and perspectives before implementing the new system.
Q.2.1 Q.2.2 Q.2.3 Conduct a SWOT Analysis for the business problem identified. (10) Create a RACI chart for assessing the implementation of a faster claims process. (10) Identify the four methods that can be used to implement the new Lester Field (10) Insurance (LFI) strategy and select and justify one method that LFI can implement.