M.B.A. / Currently in the long-term insurance and investment industry, the failure rate of brokers and agents are so high that thousands of rands are lost every month in training and development of these consultants. "The average cost to bring an agent through the first four critical years in the business can be as high as $250,000 in some companies" (King, 1999:7). Brown and Hinchcliffe, (1999:16), acknowledges that the turnover rate is approximately fifty percent within the first year of a new recruit joining the industry. These statistics indicate that the cost and failure rate of consultants could have a significant impact on the profitability of an insurance company. But when does a consultant actually fail? Failure of a consultant results when he/she does not achieve contract status (i.e. has low levels of production) as well as a consultant that resign from the industry by cancelling his/her contract to promote and sell insurance and investment products with a life insurance company. Considering the statement by King (1999:7), that insurance companies spend fortunes on training, this must aid in reducing the failure rate of consultants. It is believed that the support staff and business principles of Liberty Life Association of Africa Limited (Liberty) are of high standard and that the formal training received by new recruits are also of the highest standards (including methods of training) (Dotta, 1999:100). Furthermore, the training programmes and curriculum are governed by law to meet governmental regulations. Thus the question is posed: If the support services, training and development is fulfilling the needs that new and existing consultants might need to succeed, why then is there still such a high failure and turnover rate of financial consultants within Liberty? To determine possible factors that can cause failure it is necessary to analyse the insurance industry as well as the nature of the consultants' duties. This will enable a fundamental understanding of the career as well as the people performing the tasks thereof. The aim of this research project is to analyse current employee data, recruiting and management procedures so as to establish possible trends for successful recruiting and management of fmancial consultants in the insurance industry with particular reference to Liberty Life.

Business process reengineering (hereafter referred to as BPR) was revolutionary during the early and mid 1990’s. Numerous authors wrote articles and books to appraise the concept and discuss the possible benefits of it. However, the question could be asked whether BPR is still of any relevance in 2001 in South Africa? This question was answered by James Champy in an article published in the Sales & Marketing Management magazine (1998:26) where he stated that: “It has hardly begun. Why? Principally, because we have yet to experience the full effect that the ubiquity of information technology (hereafter referred to as IT) will have on the way we operate. By (that) I mean the omnipresence of highly portable computing and telecommunications devices in the workplace and in the home, combined with the increase in computer literacy and comfort on the part of most adults…and then there is the exploding Internet phenomenon that has provided a platform for universal communications, along with a whole new infrastructure for doing business.” The opportunities for BPR that go hand in hand with the implementation of e-business are numerous and makes BPR as relevant as e-business itself. This is supported by an article in Computerwold published in December 2000: “Today, e-business initiatives have made the need to streamline, integrate and automate processes even more pressing” (Ulrich, 2000) With electronic business still a mere infant in South Africa, and specifically in the short-term insurance industry, its full development can have significant implications on the way businesses operate. A second motivational factor for undertaking this research was personal awareness of the following misconceptions by certain businessmen: - That BPR refers to restructuring, retrenchments and the implementation of IT systems; and - That BPR should be implemented in industries where inventory plays a significant role, e.g. the manufacturing or distribution industries. The following chapters of this dissertation will strive to prove that these are misconceptions and that BPR is based on sound business principles, which include much more than downsizing or the implementation of new IT systems. Very often, a negative connection is drawn with BPR where companies claimed that they have implemented BPR, but in fact, only retrenched staff or implemented new information systems. The dissertation will further strive to prove that the implementation of BPR can also be introduced in industries with no inventory, such as the financial services industry, and with spec ific reference to the short-term insurance industry. / Prof. T.L. Voogt

Notable in strategic management research is a paradigm shift from industry/market factors as determinants of competitive strategy to a resource-based view. This study focuses on the extent to which firms in the reinsurance industry use resources for strategic positioning and differentiation. A qualitative case study approach has been adopted for this study. On the basis of open-ended questions, interviews were conducted with 6 executives of the 6 chosen non-life reinsurance companies. In addition to interviews, company annual reports were used. Results obtained point to similarities in broader categorisation of resources, namely human capital, financial resources, information systems and organisational culture. Despite similarities in the broader grouping of resources, uniqueness in resources and competitive advantage derived therefrom is in the attributes of each of the resources that a reinsurance firm own. The main driver for basing positioning and differentiation strategies is that resources are controllable and manipulative compared to industry factors. Though the results support the underlying principles of the resource-based view, it is notable that its prescriptive nature with regard to resource characteristics, does not hold for some of the resources such as human resources, which are not perfectly immobile. / Graduate School of Business Leadership / MBL

The aim of this research was to investigate staff turnover in the Mabopane area serviced by a well-established insurance company. This area is comprised of three different offices; Brits, Kudube and Mabopane. The offices are of the insurance company in the Mabopane area and over the years they have experienced high staff turnover. This research examined factors that contribute to the problem of high staff turnover. The primary instrument used to acquire information for this study was a questionnaire. This questionnaire has sections that require information about demographics, staff turnover factors, perspectives of respondents and a section for yes or no answering. Copies of the questionnaire were distributed to 60 participants who were currently employed, newly employed, those who worked outside the Mabopane area and others who no longer worked in the Insurance Company's offices. Through this method a lot of data was acquired and it helped give a clearer picture. The findings were that high staff turnover generally occurred between managers and financial advisers. Managers handled staff turnover and the high staff turnover mainly occurred after 1994. The employees agree that those who are behind with their workload are not willing to work over weekends. Since there are hardworking personal financial advisers (PFAs) among the employees according to the findings, the company should remedy the situation by concentrating on hiring those who are willing to work overtime, and are not overwhelmed by their job. / (MBA) North-West University, Mafikeng Campus, 2004

Notable in strategic management research is a paradigm shift from industry/market factors as determinants of competitive strategy to a resource-based view. This study focuses on the extent to which firms in the reinsurance industry use resources for strategic positioning and differentiation. A qualitative case study approach has been adopted for this study. On the basis of open-ended questions, interviews were conducted with 6 executives of the 6 chosen non-life reinsurance companies. In addition to interviews, company annual reports were used. Results obtained point to similarities in broader categorisation of resources, namely human capital, financial resources, information systems and organisational culture. Despite similarities in the broader grouping of resources, uniqueness in resources and competitive advantage derived therefrom is in the attributes of each of the resources that a reinsurance firm own. The main driver for basing positioning and differentiation strategies is that resources are controllable and manipulative compared to industry factors. Though the results support the underlying principles of the resource-based view, it is notable that its prescriptive nature with regard to resource characteristics, does not hold for some of the resources such as human resources, which are not perfectly immobile. / Graduate School of Business Leadership / MBL

Ball State University LibrariesLibrary services and resources for knowledge buildingMasters ThesesThere is no abstract available for this thesis.

Thesis (M.B.A.)--University of Hong Kong, 1992.

Background In recent times the insurance industry has seen rapid migration of clients among the different companies in search of better rates from the latest intermediary. Cancellation and surrenders of policies have marked this migration of clients. Clients are dependent on brokers for advice, thus making client loyalty dependent on the relationship between the intermediary and the client. In this model there is a gap in the relationship between client and company. Objectives The primary objective of this study is to elucidate the preconception that client loyalty is dependent on the relationship that an intermediary has with a client. The secondary objective of this study is to determine how clients' perceptions and attitudes lends itself to either clients remaining with, or leaving a particular insurer in favour of another. Methods Data was collected by means of a research questionnaire received from 50 respondents, made of clients from the Sanlam Broker Services database. Open ended questions and disconfirmation scales were used. One sample chi-square was used to test the hypotheses. Results Despite clients having received expected levels and better than expected levels of service from a company, clients still prefer to deal with an advisor. The factors that affect clients' decision to remain or migrate to another company are service, reputation, performance and rates. The most common factors for discontentment are poor service, misrepresentation, lack of confidentiality, and poor performance. It was also found that that there is a higher degree of awareness and membership among higher income earners than lower income earners. Conclusion It is recommended that more than demographic knowledge be accessed to keep clients loyal. Lifestyle studies need to be conducted and perhaps this information used to develop innovative marketing strategies. Partnerships with successful existing loyalty programmes also need to be explored as a client retention mechanism. Client loyalty cannot be explored in isolation. It must encompass the entire organization. There is ample evidence in the literature review to support this view. / Thesis (MBA)-University of Natal, Durban, 2002.

by Wong Shun Yin. / Thesis (M.Phil.)--Chinese University of Hong Kong, 1997. / Includes bibliographical references. / Abstract --- p.i / Acknowledgements --- p.ii / Table of Contents --- p.iii / List of Tables --- p.vii / Chapter CHAPTER ONE: --- INTRODUCTION / Chapter I. --- RESEARCH AGENDA --- p.1 / Chapter II. --- RESEARCH METHODOLOGY --- p.3 / Chapter III. --- OVERVIEW --- p.4 / Chapter CHAPTER TWO: --- INTERACTIVE SERVICE WORK IN INSURANCE COMPANIES --- p.5 / Chapter CHAPTER THREE: --- HONG KONG'S INSURANCE INDUSTRY AND ITS NATURE / Chapter I. --- DEVELOPMENT OF HONG KONG INSURANCE INDUSTRY --- p.12 / Chapter II. --- FUNCTIONS OF LIFE INSURANCE --- p.13 / Chapter III. --- NATURE OF SERVICES --- p.14 / Chapter A) --- FUNCTIONS OF LIFE INSURANCE FROM THE VIEWPOINTS OF CUSTOMERS --- p.14 / Chapter i) --- FUNCTION OF FAMILY AND ECONOMIC PROTECTION --- p.15 / Chapter ii) --- FUNCTION OF INVESTMENT --- p.15 / Chapter iii) --- FACTORS IN AFFECTING THE NEEDS OF LIFE INSURANCES --- p.16 / Chapter iv) --- VARIATIONS OF THE NEED --- p.17 / Chapter a) --- BASIC NECESSITY? --- p.18 / Chapter b) --- EFFECTS OF HONG KONG SOCIAL POLICIES --- p.19 / Chapter c) --- EFFECT OF FRINGE BENEFITS FROM COMPANIES --- p.19 / Chapter d) --- INTANGIBLE NATURES OF INSURANCE --- p.19 / Chapter 1) --- UNTOUCHABLE --- p.19 / Chapter 2) --- CONCEPTUAL --- p.19 / Chapter 3) --- DIFFICULTY IN EVALUATION --- p.20 / Chapter 4) --- LONG-TERM COMMITMENT --- p.21 / Chapter e) --- POOR SERVICE QUALITY --- p.21 / Chapter v) --- NATURES OF LIFE INSURANCE INDUSTRY --- p.23 / Chapter a) --- PERSONAL SERVICE FROM AGENCY SYSTEM --- p.23 / Chapter b) --- UNIQUE SERVICE QUALITY OF AGENTS AND PROFESSIONAL TRAINING --- p.24 / Chapter 1) --- POOR QUALITY OF SOME AGENTS --- p.24 / Chapter 2) --- IDEAL TYPES OF GOOD INSURANCE AGENTS --- p.24 / Chapter c) --- IMPORTANCE OF IMAGES IN LIFE INSURANCE COMPANIES --- p.25 / Chapter B) --- FUNCTIONS OF LIFE INSURANCE FROM THE VIEWPOINTS OF AGENTS --- p.25 / Chapter i) --- FUNCTION OF PROTECTION --- p.26 / Chapter ii) --- FUNCTION OF INVESTMENT --- p.26 / Chapter iii) --- MARKET --- p.26 / Chapter iv) --- INACTIVE CUSTOMERS --- p.26 / Chapter a) --- CAUSES / Chapter 1) --- TRUST PROBLEM --- p.26 / Chapter 2) --- NEGATIVE IMAGES FROM MASS MEDIA --- p.27 / Chapter 3) --- INTANGIBLE AND LONG-TERM COMMITTED NATURE --- p.27 / Chapter v) --- EDUCATION AND AGENCY SYSTEM --- p.27 / Chapter a) --- THE AGENCY SYSTEM --- p.28 / Chapter 1) --- SOLE PARTNERSHIP --- p.28 / Chapter 2) --- PROFESSIONAL TRAINING - APPRENTICE SYSTEM --- p.28 / Chapter vi) --- LONG-TERM COMMITTED CAREER --- p.29 / Chapter vii) --- PERSONAL SERVICES --- p.30 / Chapter CHAPTER FOUR: --- RECRUITMENT: A START OF BEING A GOOD AGENT / Chapter I. --- INTRODUCTION --- p.31 / Chapter II. --- RECRUITMENT IN HONG KONG --- p.31 / Chapter III. --- RECRUITMENT TALK: A HINT --- p.37 / Chapter CHAPTER FIVE: --- TRAINING: TRANSFORMATION TO BE GOOD AGENTS / Chapter I. --- INTRODUCTION --- p.40 / Chapter II. --- TRAINING IN HONG KONG'S LIFE INSURANCE INDUSTRY --- p.41 / Chapter A) --- TRAINING FROM PROFESSIONAL UNITS --- p.41 / Chapter B) --- TRAINING FROM INSURANCE COMPANIES --- p.41 / Chapter i) --- PRELIMINARY TRAINING FROM INSURANCE COMPANIES --- p.41 / Chapter ii) --- TRAINING FROM UNITS AND MANAGERS --- p.42 / Chapter iii) --- FURTHER TRAINING FOR THE ESTABLISHED AGENTS --- p.46 / Chapter III. --- TRAINING MISSION: BE PRODUCTIVE --- p.47 / Chapter A) --- POWER OF MOTIVATION --- p.48 / Chapter i) --- FAIR GAME --- p.48 / Chapter ii) --- JOB SATISFACTION AND CONTRIBUTION --- p.48 / Chapter iii) --- CONFIRMATION OF RIGHT CHOICE --- p.49 / Chapter iv) --- GREAT MARKET --- p.49 / Chapter B) --- SELLING TECHNIQUES --- p.50 / Chapter i) --- CREATIVE SALES --- p.50 / Chapter ii) --- RIGHT ATTITUDE TOWARDS SELLING --- p.50 / Chapter iii) --- HANDLING REJECTION --- p.51 / Chapter a) --- LOCATING THE RIGHT CUSTOMERS --- p.52 / Chapter b) --- TO APPROACH --- p.53 / Chapter c) --- INTERVIEW TECHNIQUES --- p.54 / Chapter d) --- CLOSING TECHNIQUES --- p.54 / Chapter C) --- EFFECTS OF MANAGEMENT --- p.56 / Chapter i) --- CLOSE SUPERVISION --- p.56 / Chapter a) --- UP-LINE UNIT TRAINING --- p.56 / Chapter b) --- UNIT TRAINING --- p.58 / Chapter CHAPTER SIX: --- SELLING: SURVIVE OR DIE / Chapter I. --- INTRODUCTION --- p.62 / Chapter II. --- SITUATIONS OF AGENTS IN SELLING --- p.64 / Chapter III. --- MOTIVATION IN THE INSURANCE MANAGEMENT --- p.74 / Chapter IV. --- FINAL DESTINATION OF AGENTS: SURVIVE OR DIE --- p.82 / Chapter CHAPTER SEVEN: --- CONCLUSION --- p.86 / ENDNOTES / Chapter APPENDIX I --- BACKGROUND OF INTERVIEWEES / Chapter APPENDIX II --- PREFERRED EDUCATION AND TRAINING OF HONG KONG'S INSURANCE EMPLOYEES IN SALES LEVEL FROM 1981 TO1989 / Chapter APPENDIX III --- ADVERTISEMENT OF ABC INSURANCE COMPANY'S RECRUITMENT / Chapter APPENDIX IV --- INTERVIEWEES' LAW OF AVERAGBE / BIBLIOGRAPHY

The purpose of this project is to determine National Insurance Company Limited (NAT) customer preferences for using claims systems via the Internet.