Growing Importance of the Global Economy Essay
Growing Importance of the Global Economy
How has the growing importance of the global economy affected your organization’s competitiveness? The global financial crisis continues to be a severe shock to most enterprises. The initial economic downturn, the worst since the Great Depression, has affected almost all sectors of the economy. Everyone and every organization that has felt the pain. The company I work for serve the basic insurance needs of the fast-growing but largely under-served American middle income market. While many insurers have moved up-market, we are firmly committed to helping working families and retirees get basic protection through long-term care, life and supplemental health insurance products, as well as annuities
How has your organization responded to this? My company offer consumer’s choice in how they buy insurance products. They can buy direct from Colonial Penn, which has special expertise in direct sales. They can purchase products across the kitchen table through career agents from Bankers Life and Casualty Company, independent agents of our Washington National Insurance Company unit or through its Performance Matters Associates marketing arm, both of which also offer voluntary benefit products to employees at the workplace.
What recommendations would you make for your organization to improve its strategic decision-making? I would have consolidated and integrated all operations under a single resource with the goal of delivering improved customer service even as we reduced costs. A streamlined application and straight-through processing system has shortened customer and agent turn-around times and lowered application costs.
2013 CNO Financial Group, Inc. http//www.cnoinc.com