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 onepayment 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. REQUIRED Management Reporting You need to analyse the above business processes and discuss what could possibly cause the troubles that the company is currently experiencing. You are attending a number of routine meetings that are conducted online. The meetings are organised in five parts to discuss a different part of the requirements. Part 1 to Part 4 (a) are to be addressed by each manager Management Level: Customer Service Part 1: Introduce yourself by identifying your Management level and your functional area. a. State your management level and department you will represent. Also explain TWO functions of your job as they relate to the business. 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.
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 onepayment 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.
REQUIRED
Management Reporting
You need to analyse the above business processes and discuss what could possibly cause
the troubles that the company is currently experiencing.
You are attending a number of routine meetings that are conducted online. The
meetings are organised in five parts to discuss a different part of the requirements.
Part 1 to Part 4 (a) are to be addressed by each manager
Management Level: Customer Service
Part 1: Introduce yourself by identifying your Management level and your
functional area.
a. State your management level and department you will
represent. Also explain TWO functions of your job as they relate to the business.
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.
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