Insurers face significant disruption from digital technologies and need to accelerate their digital transformations. They must embrace an omnichannel approach to provide seamless customer experiences across online and offline channels. Insurers also need to reshape core operations and underwriting through advanced analytics, improved data usage, and digital innovations like telematics. To succeed, insurers must upgrade legacy IT systems, rethink their business models, and defend their markets by focusing on efficiency, data, and customer engagement through digital solutions. The pace of digital change requires insurers to proceed strategically in phases to integrate digital and physical operations.
Why Your Car Will Soon Become Your FriendCognizant
The advent of voice assistants built on natural language processing, artificial intelligence and telematics will unleash an assortment of voice-activated features and functionality that will make driving more enjoyable, efficient and effective.
An Analysis of U.S. P&C Insurance Customer-Facing Mobile AppsCognizant
Property and casualty insurers are playing catch-up in the mobile app space, with most failing to deliver features and functionality that meet consumer needs and expectations, or matching the capabilities provided on existing Web portals, our latest research shows.
How Automakers Can Enhance Customer Experience in the New NormalCognizant
While other industries have built highly engaging and hyper-personal customer experiences, the automotive industry, comparatively speaking, has fallen short. The accelerating convergence of automotive-specific and generic consumer technologies presents a huge untapped opportunity for automakers to build tomorrow’s car-as-an-experience value proposition, even as the pandemic accelerates full-speed digitization across the board.
Ninety Consulting: The Omnichannel InsurerDan White
Some insurers are already pursuing omnichannel, but other sectors, e.g. retail, are seen as more advanced and could yield lessons for insurers. In Part 1 of this two-part paper, we look at some of the initiatives and issues that are emerging as insurers try to move to an omnichannel approach. In Part 2, released separately, we look at examples and lessons from other sectors and try to answer the question ‘What can insurers learn about omnichannel from other industry sectors?’ We will conclude by making some keynote recommendations and predictions about the changing nature of omnichannel and its impact on the insurance sector.
How Telematics Will Improve Driver Experience and Deliver Greater Business ValueCognizant
Rapidly accelerating advances in telematics and human-machine interface design promise to deliver not only superior driving experiences but also benefits across the automotive ecosystem and beyond.
HOW TO DIFFERENTIATE YOUR DIGITAL CUSTOMER CARE Idc journey to_the_3rd_platfo...CMR WORLD TECH
HOW TO DIFFERENTIATE YOUR DIGITAL CUSTOMER CARE
Your customers evolve and so does your organisation. With similar products and services to your competition, there is a growing requirement to design unique customer benefits. Service is becoming the primary differentiator in a competitive market.
Why Your Car Will Soon Become Your FriendCognizant
The advent of voice assistants built on natural language processing, artificial intelligence and telematics will unleash an assortment of voice-activated features and functionality that will make driving more enjoyable, efficient and effective.
An Analysis of U.S. P&C Insurance Customer-Facing Mobile AppsCognizant
Property and casualty insurers are playing catch-up in the mobile app space, with most failing to deliver features and functionality that meet consumer needs and expectations, or matching the capabilities provided on existing Web portals, our latest research shows.
How Automakers Can Enhance Customer Experience in the New NormalCognizant
While other industries have built highly engaging and hyper-personal customer experiences, the automotive industry, comparatively speaking, has fallen short. The accelerating convergence of automotive-specific and generic consumer technologies presents a huge untapped opportunity for automakers to build tomorrow’s car-as-an-experience value proposition, even as the pandemic accelerates full-speed digitization across the board.
Ninety Consulting: The Omnichannel InsurerDan White
Some insurers are already pursuing omnichannel, but other sectors, e.g. retail, are seen as more advanced and could yield lessons for insurers. In Part 1 of this two-part paper, we look at some of the initiatives and issues that are emerging as insurers try to move to an omnichannel approach. In Part 2, released separately, we look at examples and lessons from other sectors and try to answer the question ‘What can insurers learn about omnichannel from other industry sectors?’ We will conclude by making some keynote recommendations and predictions about the changing nature of omnichannel and its impact on the insurance sector.
How Telematics Will Improve Driver Experience and Deliver Greater Business ValueCognizant
Rapidly accelerating advances in telematics and human-machine interface design promise to deliver not only superior driving experiences but also benefits across the automotive ecosystem and beyond.
HOW TO DIFFERENTIATE YOUR DIGITAL CUSTOMER CARE Idc journey to_the_3rd_platfo...CMR WORLD TECH
HOW TO DIFFERENTIATE YOUR DIGITAL CUSTOMER CARE
Your customers evolve and so does your organisation. With similar products and services to your competition, there is a growing requirement to design unique customer benefits. Service is becoming the primary differentiator in a competitive market.
Mastering Code Halos Using Digital Insights to Drive Customer ExperiencesCognizant
Innovators recognize that every interaction with every
person and every thing now creates a trail of data — and
they’ve mastered the ability to harness it. Every click, browse,
download, share, transaction and device transmission
enables them to understand, and subsequently monetize,
relationships in ways never before possible.
Leading telco taps into digital opportunities through capgemini research and ...Capgemini
When a leading Telco wanted to enhance its digital presence,
aiming to grow its user base and significantly increase
digital revenues, it turned to long-term partner Capgemini. Read how they did it.
The Sharing Economy: Implications for Property & Casualty InsurersCognizant
Collaborative consumption, also known as the "Peer-to-Peer" or "P2P" economy, poses significant risks for insurers. At the same time, consumers' willingness to share and utilize assets and services like Uber and Airbnb offers significant revenue opportunities for P&C carriers at a time when most have experienced flat-line growth.
How Life & Annuity Companies Can Embrace Modern Platforms to Boost Direct-to-...Cognizant
Life and annuity (L&A) insurers seeking to enhance their direct-to-consumer reach should first simplify operations using modern, hosted, rules-based platforms, and deploy the panoply of digital tools and services and work with insurtechs when suitable.
Driverless Cars: Time for Insurers to Shift GearsCognizant
Insurers need to gear up now to prepare for the huge changes under way with the advent of driverless (autonomous) cars. Taking into considerations factors such as cost, safety, regulations and car longevity, we assess the multi-tiered impact on insurance coverages, pricing, underwriting and claims management for the different phases of driverless car evolution and adoption.
Etude PwC "Insurance 2020" : dommage et digital (2014)PwC France
http://bit.ly/AssuranceEnLigne
Pour les compagnies d’assurance, multiplier les échanges numériques avec les clients est un élément essentiel pour les fidéliser et se différencier des concurrents. C’est ce que révèle le rapport de PwC "Insurance 2020: The digital prize – Taking customer connection to a new level". Le cabinet d’audit et de conseil a interrogé plus de 9 000 consommateurs dans le monde, dont 500 français.
Building Next-Gen Enterprise Using Digital TransformationNIIT Technologies
This paper encapsulates the importance of Digital Strategy in building a brand and providing the fuel to fire growth in enterprise businesses. Gone are the days when online channels were used as mere travel booking tools. As we move into an era of the hyper connected world, businesses can no longer see technology in isolation. High expectations of ‘digitally aware’ travelers and the large amount of information available pose a unique challenge. Enterprises need to analyze if they have really been able to derive maximum potential from this digital surge, and turn it into a competitive advantage in their favor.
Mastering Code Halos Using Digital Insights to Drive Customer ExperiencesCognizant
Innovators recognize that every interaction with every
person and every thing now creates a trail of data — and
they’ve mastered the ability to harness it. Every click, browse,
download, share, transaction and device transmission
enables them to understand, and subsequently monetize,
relationships in ways never before possible.
Leading telco taps into digital opportunities through capgemini research and ...Capgemini
When a leading Telco wanted to enhance its digital presence,
aiming to grow its user base and significantly increase
digital revenues, it turned to long-term partner Capgemini. Read how they did it.
The Sharing Economy: Implications for Property & Casualty InsurersCognizant
Collaborative consumption, also known as the "Peer-to-Peer" or "P2P" economy, poses significant risks for insurers. At the same time, consumers' willingness to share and utilize assets and services like Uber and Airbnb offers significant revenue opportunities for P&C carriers at a time when most have experienced flat-line growth.
How Life & Annuity Companies Can Embrace Modern Platforms to Boost Direct-to-...Cognizant
Life and annuity (L&A) insurers seeking to enhance their direct-to-consumer reach should first simplify operations using modern, hosted, rules-based platforms, and deploy the panoply of digital tools and services and work with insurtechs when suitable.
Driverless Cars: Time for Insurers to Shift GearsCognizant
Insurers need to gear up now to prepare for the huge changes under way with the advent of driverless (autonomous) cars. Taking into considerations factors such as cost, safety, regulations and car longevity, we assess the multi-tiered impact on insurance coverages, pricing, underwriting and claims management for the different phases of driverless car evolution and adoption.
Etude PwC "Insurance 2020" : dommage et digital (2014)PwC France
http://bit.ly/AssuranceEnLigne
Pour les compagnies d’assurance, multiplier les échanges numériques avec les clients est un élément essentiel pour les fidéliser et se différencier des concurrents. C’est ce que révèle le rapport de PwC "Insurance 2020: The digital prize – Taking customer connection to a new level". Le cabinet d’audit et de conseil a interrogé plus de 9 000 consommateurs dans le monde, dont 500 français.
Building Next-Gen Enterprise Using Digital TransformationNIIT Technologies
This paper encapsulates the importance of Digital Strategy in building a brand and providing the fuel to fire growth in enterprise businesses. Gone are the days when online channels were used as mere travel booking tools. As we move into an era of the hyper connected world, businesses can no longer see technology in isolation. High expectations of ‘digitally aware’ travelers and the large amount of information available pose a unique challenge. Enterprises need to analyze if they have really been able to derive maximum potential from this digital surge, and turn it into a competitive advantage in their favor.
South Africa: A Digital Innovation Hub for Financial ServicesSeymourSloan
South Africa is fast becoming one of the leading digital players in financial services along with Kenya and Tanzania. This piece explores how they have succeeded where others have stalled.
The free Your Money Your Goals (YMYG) Toolkit designed by the Consumer Financial Protection Bureau (CFPB) makes it easy and customizable to set client financial goals, choose financial products and build money management skills for social service providers who aren’t experienced with such things. Neighborhood Partnerships is part of a team charged with getting the toolkit in the hands of more Oregonians.
This is another Darul Fiqh presentation which expounds on the contemporary issues and laws relating to Zakat.
A very user friendly guide with a lot of complicated issues easily explained for all to benefit.
89% of consumers switch to a competitor after a poor CX Abhishek Sood
89% of consumers switch to a competitor following a poor customer experience, according to an Oracle study. But how can you use digital technology to improve your customers' experience?
Uncover how several prominent businesses embraced digital technologies to retain customers and increase profits. For example, Domino's Pizza had a 23% growth in profit after it allowed customers to track their deliveries online.
Discover the 4 factors that can make a digital transformation project profitable and worthwhile.
Insurance Mobility Business Strategy: A Roadmap and Implementation ApproachCognizant
We produce a strategic framework for mobility implementation for insurers including a self-assessment mobility maturity index. Our insurance mobility roadmap includes users, application, platforms, products and functions.
Carriers have historically been backwards-focused and have tended to maintain established processes without question. They also have the propensity to be risk-averse. These characteristics need to change. Carriers must be willing to try new things without betting the ranch or subjecting the company to undue risk.
The
insurance landscape has evolved far beyond what it used to be One major change relates to the way
customers find and purchase coverage Today’s insurance buyers demand a technology inspired
experience that can be done almost entirely virtually, and it’s reshaping the entire insurance industry
Changes
in customer behavior are causing a fundamental shift in the insurance distribution model
Consumers are embracing digital channels, and their experiences with leading tech companies have
also raised their expectations when buying insurance both online and offline
A
seamless, consistent “multi-access” experience across all touchpoints is now the standard that all
companies must strive to meet The bar is also being raised by insurtechs.
Senior Strategist Tom Whitbrook, explores the future of insurance propositions, customer experience and operations as well as how #insurers can build the organisational and technological capabilities required to become the insurer of the future.
Single View of Customer for Insurance Company | CandelaLabsGAVarun
The Single View Of Customer (SVOC) is a consolidated view, of all internal and external information available to an insurer, mapped on to a single interface.
https://www.candelalabs.io/single-view-of-customer/
Future-Proofing Insurance: Deepening Insights, Reinventing Processes and Resh...Cognizant
Insurance carriers face an imminent sea change in how their mission-critical processes remain efficient, agile and innovative. Ensuring relevance in the future requires redefined business models fueled by heightened productivity across fibusiness as usualfl activities.
Overcoming the challenges of doing business in africaSeymourSloan
As Africa becomes a more attractive investment destination, with fast growth and greater stability, investors must become used to a new way of doing business. We discuss seven things that can make the difference between success and failure.
Moving Beyond Customer Experience Towards Customer EngagementSeymourSloan
In a changing market, we need to look at how customers are managed within businesses. For too long the debate was around experience, which ignored the richness of the opportunities available to really build relatioinships with customers. Rather, we suggest looking at the model from an engagement perspective and understanding how to make the relatioinship multi-way.
Luxury 2020: The Trends Shaping the Luxury Market of the FutureSeymourSloan
By 2020 we will see a different luxury market.
Luxury will not be immune to the businesss and external changes reshaping the world and these will create challenges that brands must be aware of and seek to maximise.
Building customer loyalty in retail banking1SeymourSloan
Retail Banking is facing challnges on many fronts. Leading banks must defend their positions through improved loyalty. this means investing wislyin technology and propositions designed to please customers.
Building customer loyalty in retail bankingSeymourSloan
Building loyalty within your customer base is essential as a platform for growth and in the face of the challenges from disruptors banks have no choice.
Attending a job Interview for B1 and B2 Englsih learnersErika906060
It is a sample of an interview for a business english class for pre-intermediate and intermediate english students with emphasis on the speking ability.
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Enterprise Excellence is Inclusive Excellence.pdfKaiNexus
Enterprise excellence and inclusive excellence are closely linked, and real-world challenges have shown that both are essential to the success of any organization. To achieve enterprise excellence, organizations must focus on improving their operations and processes while creating an inclusive environment that engages everyone. In this interactive session, the facilitator will highlight commonly established business practices and how they limit our ability to engage everyone every day. More importantly, though, participants will likely gain increased awareness of what we can do differently to maximize enterprise excellence through deliberate inclusion.
What is Enterprise Excellence?
Enterprise Excellence is a holistic approach that's aimed at achieving world-class performance across all aspects of the organization.
What might I learn?
A way to engage all in creating Inclusive Excellence. Lessons from the US military and their parallels to the story of Harry Potter. How belt systems and CI teams can destroy inclusive practices. How leadership language invites people to the party. There are three things leaders can do to engage everyone every day: maximizing psychological safety to create environments where folks learn, contribute, and challenge the status quo.
Who might benefit? Anyone and everyone leading folks from the shop floor to top floor.
Dr. William Harvey is a seasoned Operations Leader with extensive experience in chemical processing, manufacturing, and operations management. At Michelman, he currently oversees multiple sites, leading teams in strategic planning and coaching/practicing continuous improvement. William is set to start his eighth year of teaching at the University of Cincinnati where he teaches marketing, finance, and management. William holds various certifications in change management, quality, leadership, operational excellence, team building, and DiSC, among others.
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RMD24 | Retail media: hoe zet je dit in als je geen AH of Unilever bent? Heid...BBPMedia1
Grote partijen zijn al een tijdje onderweg met retail media. Ondertussen worden in dit domein ook de kansen zichtbaar voor andere spelers in de markt. Maar met die kansen ontstaan ook vragen: Zelf retail media worden of erop adverteren? In welke fase van de funnel past het en hoe integreer je het in een mediaplan? Wat is nu precies het verschil met marketplaces en Programmatic ads? In dit half uur beslechten we de dilemma's en krijg je antwoorden op wanneer het voor jou tijd is om de volgende stap te zetten.
Business Valuation Principles for EntrepreneursBen Wann
This insightful presentation is designed to equip entrepreneurs with the essential knowledge and tools needed to accurately value their businesses. Understanding business valuation is crucial for making informed decisions, whether you're seeking investment, planning to sell, or simply want to gauge your company's worth.
Implicitly or explicitly all competing businesses employ a strategy to select a mix
of marketing resources. Formulating such competitive strategies fundamentally
involves recognizing relationships between elements of the marketing mix (e.g.,
price and product quality), as well as assessing competitive and market conditions
(i.e., industry structure in the language of economics).
"𝑩𝑬𝑮𝑼𝑵 𝑾𝑰𝑻𝑯 𝑻𝑱 𝑰𝑺 𝑯𝑨𝑳𝑭 𝑫𝑶𝑵𝑬"
𝐓𝐉 𝐂𝐨𝐦𝐬 (𝐓𝐉 𝐂𝐨𝐦𝐦𝐮𝐧𝐢𝐜𝐚𝐭𝐢𝐨𝐧𝐬) is a professional event agency that includes experts in the event-organizing market in Vietnam, Korea, and ASEAN countries. We provide unlimited types of events from Music concerts, Fan meetings, and Culture festivals to Corporate events, Internal company events, Golf tournaments, MICE events, and Exhibitions.
𝐓𝐉 𝐂𝐨𝐦𝐬 provides unlimited package services including such as Event organizing, Event planning, Event production, Manpower, PR marketing, Design 2D/3D, VIP protocols, Interpreter agency, etc.
Sports events - Golf competitions/billiards competitions/company sports events: dynamic and challenging
⭐ 𝐅𝐞𝐚𝐭𝐮𝐫𝐞𝐝 𝐩𝐫𝐨𝐣𝐞𝐜𝐭𝐬:
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"𝐄𝐯𝐞𝐫𝐲 𝐞𝐯𝐞𝐧𝐭 𝐢𝐬 𝐚 𝐬𝐭𝐨𝐫𝐲, 𝐚 𝐬𝐩𝐞𝐜𝐢𝐚𝐥 𝐣𝐨𝐮𝐫𝐧𝐞𝐲. 𝐖𝐞 𝐚𝐥𝐰𝐚𝐲𝐬 𝐛𝐞𝐥𝐢𝐞𝐯𝐞 𝐭𝐡𝐚𝐭 𝐬𝐡𝐨𝐫𝐭𝐥𝐲 𝐲𝐨𝐮 𝐰𝐢𝐥𝐥 𝐛𝐞 𝐚 𝐩𝐚𝐫𝐭 𝐨𝐟 𝐨𝐮𝐫 𝐬𝐭𝐨𝐫𝐢𝐞𝐬."
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As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
The world of search engine optimization (SEO) is buzzing with discussions after Google confirmed that around 2,500 leaked internal documents related to its Search feature are indeed authentic. The revelation has sparked significant concerns within the SEO community. The leaked documents were initially reported by SEO experts Rand Fishkin and Mike King, igniting widespread analysis and discourse. For More Info:- https://news.arihantwebtech.com/search-disrupted-googles-leaked-documents-rock-the-seo-world/
[Note: This is a partial preview. To download this presentation, visit:
https://www.oeconsulting.com.sg/training-presentations]
Sustainability has become an increasingly critical topic as the world recognizes the need to protect our planet and its resources for future generations. Sustainability means meeting our current needs without compromising the ability of future generations to meet theirs. It involves long-term planning and consideration of the consequences of our actions. The goal is to create strategies that ensure the long-term viability of People, Planet, and Profit.
Leading companies such as Nike, Toyota, and Siemens are prioritizing sustainable innovation in their business models, setting an example for others to follow. In this Sustainability training presentation, you will learn key concepts, principles, and practices of sustainability applicable across industries. This training aims to create awareness and educate employees, senior executives, consultants, and other key stakeholders, including investors, policymakers, and supply chain partners, on the importance and implementation of sustainability.
LEARNING OBJECTIVES
1. Develop a comprehensive understanding of the fundamental principles and concepts that form the foundation of sustainability within corporate environments.
2. Explore the sustainability implementation model, focusing on effective measures and reporting strategies to track and communicate sustainability efforts.
3. Identify and define best practices and critical success factors essential for achieving sustainability goals within organizations.
CONTENTS
1. Introduction and Key Concepts of Sustainability
2. Principles and Practices of Sustainability
3. Measures and Reporting in Sustainability
4. Sustainability Implementation & Best Practices
To download the complete presentation, visit: https://www.oeconsulting.com.sg/training-presentations
VAT Registration Outlined In UAE: Benefits and Requirementsuae taxgpt
Vat Registration is a legal obligation for businesses meeting the threshold requirement, helping companies avoid fines and ramifications. Contact now!
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Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
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Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
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2. FOR INSURERS, IT’S DIGITAL OR BUST
Insurance companies globally are unveiling out a number of digital initiatives. From in-vehicle tele-
matics that price driver risk better, to brand interaction via social media, to mobile applications that
help agents create scenarios for prospective customers. Even in this conservative industry, a few
forward-thinking players are experimenting with different business models for niche markets.
Executives recognise that they are on the threshold of a once-in-a-generation opportunity to both
reduce costs and foster new streams of profitable revenue growth. History has shown that the
biggest shifts in market share usually come at key technological junctures. The winners tend to be
those quickest to embrace the future.
While the progress is significant, it still has some way to match that seen in retail banking. The
diagram below illustrates the pace of progress across regions. Insurers in the APAC egion are
further ahead in the digital journey and a look at the leading digital initiatives illustrate the progress
they are making. With the scale of the challenge at hand and the risks of falling behind, we expect
insurers to accelerate progress in developing their digital vision.
A further worry is that insurers are pursuing digital change without focused objectives. In many
cases, insurers are pursuing a string of unconnected initiatives layered onto a legacy information
technology (IT) system and a traditional mindset. Few of the insurance social media websites have
attracted significant user attention or motivated consumers to buy.
Meanwhile, upstarts have gained a foothold among technologically savvy customers seeking
alternative, lower-cost models for simple products. And Web giants such as Google are testing the
waters. We recommend that insurers grasp the nettle and redraft their digital approach framed by
clear problem and objective identification.
The digital disruption that has transformed sector after sector, from publishing to travel, has come
to insurance. Many insurance executives view the digital challenge as purely an IT topic, a social
media play or a onetime conversion that could be resolved in relatively short order. Instead, execu-
tives must see digital change as a way of doing things differently, better, and creating a fundamen-
tally different market.
3. THE CHANGE IMPERATIVE
Previously, technology change came in sharp bursts of disruption dispersed over a number of
years. Now, digital is an ongoing challenge, involving all areas of the business and requiring a sig-
nificant shift in both capabilities and mindset—often leading to a fundamentally different business
model for an insurer. Success in the digital arena requires a comprehensive approach that engag-
es customers seamlessly across all channels—both online and off-line—and on their own terms.
Digital is now a pressing priority for insurers as a result of the mass adoption of digital devices by
customers. Consumers’ and businesses’ insurance needs remain largely the same as a decade or
two ago, but their behaviours have changed radically: Customers now routinely use the Internet to
inform, compare, buy and interact with providers. It is the ability to interact with customers that will
prove the greatest area of progress for insurers. This presents an opportunity to demonstrate their
value in a low cost channel.
Customers’ expectations, in short, now bridge online and physical worlds. Customers want to be
able to use the channel convenient to the moment, whether that’s a website, call centre or a video
chat with a broker. They expect insurance companies to understand their needs and involve them
in devising tailored solutions.
Customers do not hesitate to use social media to let others know how they were treated. Custom-
er advocacy cannot be dismissed: For one insurer in Hong Kong, for example, three-quarters of all
new insurance purchases come via customer referral.
Besides suiting customer priorities, digital technologies offer potential efficiency gains at a time
when many insurance lines have come under severe cost pressure from an increasing volume
of claims. To some extent, the drive for efficiency continues a decades-long automation of pa-
per-based activities.
But some technologies like the cloud and big data are enabling new approaches in sales, under-
writing and back-office operations; and still other technologies, such as mobile apps, enable per-
sonalized offerings and self-service capabilities that customers crave. What insurers have now, is
the potential to understand their customers, their risks and their own business at a level of detail
unimaginable a decade ago.
Addressing the digital challenge is a matter of survival, as insurance companies that act too late or
struggle through the transition will lose customers and remain saddled with a relatively high cost
base. Gartner estimates that by the end of 2015, personal lines property and casualty (P&C) in-
surers that do not offer online and mobile transactions will lose one-quarter of their current market
share. A few first movers and even more fast followers, by contrast, will potentially gain stronger
brands, customer relationships and cost positions.
The winners will be able to tap new pools of revenue and raise profitability through more
cross-selling, faster processes and lower-cost service. However, the real benefit will be the under-
writing efficiency that will come from both, improved data analytics and increased volumes of data.
Grasping the digital opportunity requires a deft touch and a concerted, ongoing effort across four
strategic areas: embracing an “omnichannel” approach; redesigning core operations and under-
writing; upgrading the IT platform and organization; and fortifying the franchise. Let’s look at each
in turn.
4. Embracing the omnichannel world
Omnichannel does not mean digital layered on top of, or to the side of, other channels. Rather, the
key is the integration of disparate channels into a seamless customer experience. Customers are
used to the flexibility of starting and ending their purchasing journey in different channels. Retailers
have made significant progress in this area and it is an opportunity for insurers to provide similar
channel flexibility.
Only a handful of insurers, however, have begun to tie together their channels in a coherent, com-
pelling fashion. One leader is a personal lines insurer that serves affinity customers worldwide and
was a pioneer in digitizing claims to go paperless. For the past several years, this company, which
we will call Company A, has made a dedicated effort to capture customer information and make it
available to anyone who touches the customer for any product, including call-centre representa-
tives, actuaries, claims adjusters and marketing staff—creating a 360-degree view of the customer.
If a call-centre rep hears a baby crying in the background, he or she will inquire about the baby
and enter the information into the customer’s digital file, while also mentioning the possibility of
upgrading a life insurance policy.
Company A has introduced a variety of digital innovations, such as claims submissions through a
mobile device or computer and tablet apps that allow adjusters in the field to update claims real
time. Among its most startling innovations of late involves brick-and-mortar outlets. Based on
customer feedback asking for in-person investment management, Company A has been opening
walk-in centres that focus on sales-oriented advice. A key goal is to cross-sell, as the company
has learned that customers with more than two products have a higher propensity to remain loyal.
At the same time, Company A aims to achieve those sales by putting the customer first and solv-
ing his or her problems, rather than pursuing a sale at any cost.
Partly as a result of its nascent omnichannel approach, grounded in a deep understanding of
customers’ priorities, Company A is one of the fastest-growing P&C insurers in the world. And
the company’s genuine empathy and support for customers have helped it earn customer loyalty
scores that routinely rank at the top of the financial services sector.
A new set of tools we are seeing are collaborative networks that digitise the essential activity of
discussing insurance deals, which goes back to Lloyd’s Coffee House in London during the late
1600s. Collaborative software for wholesale brokers allows them to search for industry news or
sales materials, link to carriers at the point of a new or renewal opportunity and broaden their net-
work—communication in a fraction of the time required in person or over the phone.
The reality is that mobility is the platform that underpins an omnichannel approach, either for cus-
tomer self-service or for upgraded sales and advice support for agents. On the first front, NTUC
Income in Singapore offers a travel insurance app that enables customers to buy travel insurance
all over the world, access an accident guide in case of accident, monitor flights and so on. On the
latter front, life insurers, including Generali France and John Hancock have launched mobile apps
on which agents can view customers’ investment portfolio details, fund performance and payment
history. Other insurers are using mobile apps that generate animations and videos visualizing com-
mon risks of everyday life, with the goal of engaging customers in a more persuasive fashion.
5. RESHAPING core operations and underwriting
As insurers take advantage of the efficiencies afforded by digital technologies, it’s important to
determine how the efficiency will improve or degrade the customer’s overall experience with the
company. Done right, digital channels can provide greater convenience to customers. But custom-
ers also expect their carrier will look out for their interests, whether through fair pricing or problem
resolution. As insurers deploy digital technologies, they should manage these expectations.
Insurers can make life more convenient for customers by enabling self-service in claims manage-
ment. DKV in Germany offers a bar code scanning app that allows customers to instantly file and
monitor the status of their medical bills issued by private healthcare clearinghouses. Further effi-
ciencies will come from digitizing suppliers such as medical clinics and auto repair shops, with the
customer’s information entered once and disseminated to all the relevant players.
In some markets, we are seeing advanced customer analytics to lifting performance and creating
competitive advantage. Almost all P&C insurers today have at least rudimentary analytical capabil-
ities, but high-performing firms are taking a more expansive and ambitious approach.
A major US commercial insurance carrier, for instance, was dissatisfied with its approach to super-
market general liability risk, which masked the presence of good risks within broad segments such
as “inner-city supermarkets.” So the carrier used analytical software to mine geographic data block
by block and discovered a sub-segment of grocery stores that had a more attractive risk profile.
This group of stores made more than one-third of its sales from fresh produce such as arugula and
did not use drop-down security gates. Each store was located within two blocks of a health club
and 24-hour parking garage. By targeting such stores with more favourable pricing and eliminating
cross-subsidies, the carrier realized a four percentage point improvement in its combined ratio.
Analytics can improve the profitability of a carrier’s customer mix through an active strategy to
avoid adverse selection by targeting high-profit potential customers with attractive pricing, and by
repricing the existing book, driving the worst risks to competitors. We are seeing telematics offered
to high risk drivers, with the expectation being that this should alter behaviour and reduce risk.
A small digital device plugs into a car’s diagnostic port and communicates to the insurer actions
such as sharp cornering and harsh acceleration. Telematics gather information about how and
how much an individual drives, in order to accurately target discounts at careful drivers and charge
more spirited drivers an appropriate higher premium.
Insurers are taking advantage of new digital data mining tools and new data sources such as
postings on social networks and blogs (with some limits because of local privacy laws). Software is
proliferating that can track mentions of a company or product, find relevant conversations and then
be used to analyse volumes, locations or tones. While insurers have been slow to adopt these
tools, some banks are mining such data to help predict customer churn and identify high-value
customers.
6. Rethinking the Business and it architecture
The integrated, omnichannel approach will need a new technical and organizational spine so that
insurers can deliver a seamless service experience to customers within a couple of years. Most
large insurers operate with legacy IT architecture ill-suited to sharing or presenting data the same
way on all channels. Gartner estimates that more than two-thirds of global life and P&C insurers
still rely on legacy systems (some dating to the 1970s or ’80s) to a significant degree to manage
their core processes. Recent experiences around the world suggest several principles that can
guide efforts to upgrade the IT platform.
Getting the fundamentals under control. First and foremost, make sure that the core system
is stable and secure, doing what was promised and that the IT team is delivering projects on time
and under budget. Customers are now accustomed to 99.9% levels of availability as they shop or
transact online, yet some insurance companies are running at 98.5%, which can translate to in-
terfaces with corporate clients being down for 45 minutes a day. CIOs and IT executives will have
little credibility in the C-suite on strategic matters unless they deliver on the basics.
Deploying SOA and middleware. With the basics settled, most insurers should lay a foundation
for their new system by installing service-oriented architecture (SOA) and middleware to extend an
existing system, rather than replacing the core system all at once, which entails a once-in-gener-
ation investment and massive disruption. SOA defines how entities such as programs interact so
one entity can perform work on behalf of the other. Middleware is software that lies between the
operating system and applications, making it easier for software developers to overcome the rigidi-
ty of a legacy system. Further, data can be extracted from transaction systems and made available
to anyone in the company.
Focusing on priorities. As part of a technology upgrade, IT and business teams should work
together to select the highest-priority digital investments. The key questions are “What do we want
to do, and how do we do it?” whether that is to produce quotes or increase cross-selling. Unless
an insurer systematically looks across product lines, geographies and customer segments to pare
down the wish list, it will not be prepared for negotiations with third-party providers and may be
seduced by the latest shiny new offering.
Organizing effectively. Re-examining the organization of technology, including the relationship
between the IT function and the business units, is another useful step. Many senior executive
teams are frustrated by how long it takes to integrate new functionality into a legacy system, and
by the excessive weight given to net present value calculations. Business units want IT staff to
be more agile and flexible by, say, working with preconfigured solutions, delivering functionality in
stages and demonstrating the features of “good enough” solutions at half the cost.
Thinking outside-in. Finally, an essential ingredient for the digital transition is to instil a culture
that puts customer priorities front and centre. This will mark a departure for many old-line insurers
that have made decisions on matters like service levels from a strictly internal perspective, without
checking first how the decisions will affect the customer.
7. DEFENDING MARKET SHARE AND DRIVING GROWTH
Insurers have long counted on regulation as a barrier to entry, but that and other barriers are
crumbling. New models have emerged to threaten conventional insurers by offering greater speed,
convenience and lower cost.
Aggregators such as BeatThatQuote , acquired by Google in 2011, compare product prices ac-
cording to specific search criteria in vehicle insurance and standard small business risks. Other
innovators use a crowdsourcing model, such as Friendsurance, enabling customers to gather in
networks to provide one another with a first line of coverage.
Digital innovations today can ramp up and expand very quickly; consider that it took Google al-
most six years from 1997 to reach 50 million active users, but about 1.5 years for the iPad from
2010 and 0.3 years for Google+ since 2011. Insurers don’t want to be caught waiting too long in
the face of incursions by innovators. Some of the most successful and fastest-growing insurers are
small regional carriers that have been largely ignored by large multiline insurers.
Below we highlight the elements we feel will drive the future insurance market. We expect the
main area of focus to remain distribution as companies get to grips with omnichannel models as
well as evolving the customer engagement model. There will be an increased focus on using data
as a differentiator, seeking to gain efficiency through both better risk understanding and improved
customer insight.
Maximising efficiency of data will separate the leaders. Already, we are seeing leading insurers
ramp up their analytical capabilities. In a market where talent is in short supply, any delay will ega-
tively impact potential for growth.
The insurers that will be market leaders are using digital solutions to dfend what they already have
as well as acquiring customers from those that stil carry high costs and offer high prices.