CONTEMPORARY ISSUES IN MANAGEMENT AND LEADERSHIP IN INSURANCE

SHE Level 5
SCQF Credit Points 15.00
ECTS Credit Points 7.50
Module Code MMN225365
Module Leader Michael Zboron
School School of Computing, Engineering and Built Environment
Subject GCU London
Trimesters
  • A (September start)
  • B (January start)
  • C (May start)

Summary of Content

The aim of this module is to assist students in gaining a clear and consolidated understanding of how insurance companies are strategically managed. This includes an introduction to basic principles of management and an introduction to management styles. Students will also learn why the management of insurance companies might differ from other industries, in particular in terms of regulatory requirements relating to corporate governance and the separation of life and non-life operations. In addition, students will be able to understand why decision making under uncertainty might require different managerial skill sets. Furthermore, students will be able to discuss current and future challenges for insurers and its implications for the management of insurance companies, such as InsurTech, digitalisation, climate change and other issues.

Syllabus

-360 1. Organisation theory and insurance enterprise operating models 2. Theories, principles and practice of strategic planning in insurance 3. Theory of disintermediation and insurance company value chain 4. Merger and Accusations in Insurance Companies 5. Integrating Risk into Strategic Decision Making Processes 6. Strategic Management of Insurance Underwriting Portfolios 7. Strategic Management of Insurance Claims Functions 8. Managing Insurance Operations [human resources, CRM, supply chain - brokers, agents, loss adjusters, etc.] 9. Ethics, Sustainability & Governance for Insurance Companies from an international context 10. Issues in the implication of Global Insurance Risk (e.g., climate risk) and insurers' strategical response 11. Innovations and Product Development in Insurance in the era of digitalisation 12. Decision Analysis and Leadership in Insurance

Learning Outcomes

On successfull completion of the module the students should be able to:-1. Evaluate the operating models, structures and management of insurance organisations [CW1]2. Evaluate corporate governance requirements [CW1]3. Evaluate the Principles of Sustainable Insurance [CW2]4. Evaluate the benefits of effective decision making for insurance operations [CW1, CW2]5. Evaluate different perspectives on strategic management [CW1]6. Analyse how insurance operations make decisions in practice [CW1]7. Evaluate the current and future challenges to the management of insurance organisations [CW1, CW2]8. Evaluate the issues in Cross Border Merger and Accusations in Insurance [CW1, CW2]9. Evaluate how the technological innovations may shape the insurance industry in future and how decision makers strategically focus to capture the associated opportunities while avoiding risks [CW2]10. Evaluate the impact of climate change risk and the response by stakeholders for insurance business [CW2]

Teaching / Learning Strategy

The learning and teaching strategy uses a blended approach of lectures, tutorials, labs and directed learning supported by GCU Learn. Lectures will be used to highlight the key issues in a specific topic and point the way towards relevant journal articles and other appropriate literature. Students are expected to prepare for following week's lectures on each topic by engaging in literature searches, undertaking relevant reading and where necessary, attempt computational questions. Every student will receive a comprehensive study guide in the form of a module handbook. The lectures will adopt a variety of teaching styles including seminar style contributions such as group discussions to enhance intellectual, critical and analytical skills. For more applied topics, students will be required to attempt relevant problem or scenario based questions prior to the lectures, providing the basis for deepening professional skills, knowledge and understanding. The lab sections will provide the medium for gaining practical skills through the use of spreadsheets to explore the lecture themes in more detail. Spreadsheet solutions and solutions to quantitative questions will be available on GCULearn. All students will be directed to further reading to support the theoretical and practical contents of the module.

Indicative Reading

Bates, I and Atkins, D. (2007) 'Management of Insurance Operations' 2nd Edition, 2007, London Institute of Banking and Finance. D Atkins, I Bates, (2017) Insurance Corporate Management, Advanced Diploma in Insurance, Subject 990, CII Learning Solutions, London "Alignment: How to Apply the Balanced Scorecard to Corporate Strategy" Robert Kaplan, Harvard Business School Press, 2006 R Koch. (2006), The Financial Times guide to strategy: how to create and deliver a winning strategy. 3rd edition. FT Prentice Hall, 2006. Patricia Jackson (2014), Risk culture and effective risk governance, Risk Books, , London. Feetham N (2012), A guide to insurance: combining governance, compliance and regulation, Spiramus Press, London. Bravard J-L and Morgan R. (2006), Smarter outsourcing: an executive guide to managing successful relationships.: FT/Prentice Hall, Harlow. Blunden T and Thirlwell J (2010) The Financial Times guide to mastering operational risk, FT/Prentice Hall, Harlow Mallin C. (2012) Corporate governance. 4th ed., Oxford University Press, Oxford. Cardale M. (2014) A practical guide to corporate governance. 5th ed. Sweet and Maxwell, London. Ayesh A. (2013) Business intelligence and performance management, Springer, London. (e-book) Anderson E.J. (2014), Business risk management: models and analysis, Wiley, Hoboken. Sandra M.G. and Dingly M. (2013), Creativity and strategic innovation management. Routledge, Oxon. Van Assche K., et al. (2014) Evolutionary governance theory: an introduction. Springer, London (e-book). Hampton J.J (2015) Fundamentals of enterprise risk management: how top companies assess risk, manage exposure and seize opportunity, American Management Association, New York (e-book). Saporito, P. L. (2015) "Applied Insurance Analytics - A Framework for Driving More Value from Data Assets, Technology, and Tools", Upper Saddle River, New Jersey Boobier, T. (2016) "Analytics for Insurance - the Real Business of Big Data", John Wiley & Sons Lynch, N. (2015). Climate Changes Effect on Insurers: Exposures, Risks, and Preparations. New York: Nova Science Publishers, Inc. Walter, L. F. ed. (2011) "The Economic, Social and Political Elements of Climate Change", Springer Miles, R. H. (1987) "Managing the Corporate Social Environment - a Grounded Theory", Prentice-Hall, Inc., New Jersey Baker, T. and Simon, J. (2002) Embracing Risk - the changing culture of insurance and responsibility , The University of Chicago Press, Chicago Ericson, R. V., Doyle, A., Ericson, D., and Dean, B. (2003) Insurance as Governance , University of Toronto Press -33 Newspapers and Magazines: Insurance Journal at <https://www.insurancejournal.com/> Business Insurance at <https://www.businessinsurance.com/> Best's Review at <http://www.ambest.com/review> Newsweek Global at http://www.thedailybeast.com/ <javascript:__doLinkPostBack('','target~~URL||args~~http%3A%2F%2Fwww.thedailybeast.com%2F||type~~','');> Claims at http://www.claimsmag.com/ <javascript:__doLinkPostBack('','target~~URL||args~~http%3A%2F%2Fwww.claimsmag.com%2F||type~~','');> The Journal [official magazine of the Chartered Insurance Institute] Insurance Advocate at http://cms.nationalunderwriter.com/cms/ia/website <javascript:__doLinkPostBack('','target~~URL||args~~http%3A%2F%2Fcms.nationalunderwriter.com%2Fcms%2Fia%2Fwebsite||type~~','');> Risk Management at http://www.rmmag.com/ <javascript:__doLinkPostBack('','target~~URL||args~~http%3A%2F%2Fwww.rmmag.com%2F||type~~','');> Financial Times at www.ft.com <http://www.ft.com> The Wall Street Journal at www.wsj.com <http://www.wsj.com> Journals: Journal of Insurance Regulation European Journal of Risk Regulation Geneva Papers on Risk and Insurance - Issues and Practice Asia-Pacific Journal of Risk and Insurance Journal of Risk Research Journal of Risk and Insurance Journal of Risk and Uncertainty Risk Management and Insurance Review Risk Analysis: An International Journal Journal of Insurance Issues Journal of Business Research Connecticut Insurance Law Journal Harvard Business Review Internet sites: Geneva Association at www.genevaassociation.org <http://www.genevaassociation.org> European Insurance and Occupational Pensions Authority (EIOPA) at www.eiopa.europa.eu <http://www.eiopa.europa.eu> International Association of Insurance Supervisors (IAIS) at www.iaisweb.org Bank of England at www.bankofengland.co.uk <http://www.bankofengland.co.uk> Financial Conduct Authority (FCA) www.fca.org.uk <http://www.fca.org.uk> ARTEMIS at www.artemis.bm <http://www.artemis.bm> Association of British Insurers (ABI) at www.abi.org.uk <http://www.abi.org.uk> Chartered Insurance Institute (CII) www.cii.co.uk <http://www.cii.co.uk> The Insurance Institute of London at www.iilondon.co.uk <http://www.iilondon.co.uk> Insurance Information Institute at www.iii.org <http://www.iii.org> <http://insurancethoughtleadership.com/> <http://insurance.lbl.gov/> UK Environmental Agency at www.gov.uk/government/organisations/environment-agency <https://www.gov.uk/government/organisations/environment-agency> CRO Forum www.thecroforum.org <http://www.thecroforum.org> Database for Research: A M Best Axco Insight Compliance Insurance Law Database [i-law] Insurance Intelligence Centre Thomson Reuters DataStream and EIKON GlobalData United States Environmental Protection Agency at <https://www.epa.gov/climate-research/models-tools-and-databases-climate-change-research> DataGov at <https://www.data.gov/climate/>

Transferrable Skills

This module will develop the following skills in a manner that encourages independent initiative and critical thinking: -360b7 Personal and interpersonal skills -360b7 Leadership and management skill b7 Oral and written communication skills b7 Problem Solving and Critical Thinking b7 Ability to Work Independently b7 Research Skills in order to Complete the Courseworks As a part of the broader transferable skills students will be able to demonstrate: -360 1. Advanced knowledge in the subject area. 2. Forward looking scenario based thinking 3. Decision Making in the presence of complexity and uncertainty

Module Structure

Activity Total Hours
Lectures (FT) 24.00
Independent Learning (FT) 72.00
Tutorials (FT) 2.00
Assessment (FT) 40.00
Seminars (FT) 12.00

Assessment Methods

Component Duration Weighting Threshold Description
Course Work 01 n/a 50.00 45% A PowerPoint presentation, plus 1,500 words scenario based written report [individual submission for both on-campus and distance learning students]
Course Work 02 n/a 50.00 45% 2,000 words written critical essay [individual submission for both on-campus and distance learning students]