COM 510 - Assignment 3

TO: All Insurance Stakeholders

DATE: 2 December 2019

SUBJECT: Comprehensive Insurance Policy on Goods on Consignment

A Comprehensive Insurance Policy for Goods that are on Consignment

Introducing this premium policy insurance coverage will be a great opportunity for our esteemed customers and company as well. Remember, it is for the first time that our company is introducing a premium policy coverage on goods under transit. The policy is comprehensively written to address the need. After thorough research on policy formulating, I am glad to inform you that all the gaps were outlined and then policy was formulated to bridge these gaps at the same time generate profit to the company. The insurance policy desk is comprised of a team of experts in writing policies. I am so glad to be part of the team and so should you as well.

Taking this opportunity to introduce this premiere coverage amid the insurance crisis faced by many insurance companies. This moment will be most suitable for an introduction. I hereby call every stakeholder to be part of the team to launch the coverage that will solve many challenges and restore smiles into the faces of our clients.

The policy is cost effective sensitive and realist. Formulated in a manner to safeguard the client’s money and that of the company too. After the findings on the research survey, the panel of insurance policy desk sat and took every finding about the policy into consideration as they formulated this coverage, which means that the policy considers the many factors that makeup insurance.

Most of the governmental organization which normally source products outside the borders of the country find it safe using insurance firms from within its nation. Have it with use now will create an avenue for transacting business with the governmental organization. Though there should be a massive creation of awareness just after policy introduction and hence the need to do with haste so as to prevent further delays.

Our clients, on the other hand, have always not benefited effectively from the many policies issued by many insurance companies. This premium policy will then mark the end of lamentations. Based on experience and prior understanding of our clients, this is an advanced improvement in this modern policy that focuses not only on making sales but also addressing and least on clients but surprisingly the policy has attained both at the same time enabling us to kill two birds with a similar stone.

Online marketers recently complained about delays in good deliveries. This issue is well captured by the policy. Though there is a need to partner with other swift modes of transporting good especially light agent ones. It captured in the plan that in the ration of 10:1 first currier companies will then pay upon completion of service. This will reduce the time taken on deliveries to be shorter hence an improvement from the past.

The policy coverage also offers an inventory system tool called Suite 9. The system is automated to various stores which will be taking our premium coverage policy. In cases of low stoking, it will notify the owner, if in any case, these products are to be shipped and will notify the owner on the availability of a consignment policy to safeguard goods on transit. This is not just be about the need to sell policy, but it will ensure that the client gets better services on top. Furthermore, our company’s system will be connected to the Suite 9 tool, just in case, a client ships the product the pay to insurance is added on top and allocated to the company upon safe delivery of goods.

Tracking is another essential part of the policy. The provision of safety to many goods left under the hands of transporters by our company needs a lot of care. Most of the companies have failed to address the need for security on the products in transit. Relying on pure trust on the transporters isn’t a safe zone to trend on currently. We should be more measures in place when dealing with matters of security. A couple of times, our company has paid for goods and could have avoided any issues if the proper measures were taken and set in place as policy. The policy should be to gather lost goods and not focused on goods lost due to careless handling. Trackers will help us to ascertain the cause of action.

Many considerations have been taken in place to equip this policy. At the same time, there are several insurance policies that will continue to lose taste and hence the need to scrap them off. Currently, the policy desk is working closely to establish facts and the new strategies to revive the policies that are good and may have lost relevance along the way. The policies will have to meet the least minimum revenue accumulation of $4 million on an annual basis.

Those that have yet meet the target, there is enough evidence to be written off completely and the clients of the same policies will be advised to take more advanced policies even at the same cost. This process will guarantee relevance and good customer service relations at the same time. Many of our counterparts have failed in this target area and the severe losses hit them severely.

So many terminologies associated with this product have been defined clearly by a panel of experts, some might even be the normal terminologies adversely used in the insurance sector but a few of them are new and only relevant to premium policy on consignment goods. It is there for everyone’s duty to acquaint with these terminologies.

The methodologies on how clients will access their claims are clearly outlined. This product is designed in a manner to reduce strains and have faster claim processing. This is a key important feature when it comes to the dynamics of the insurance sector. Out of this, the initial stannous procure will be completely and hence a yield of better results.

The adoption of this policy might as well be easy if every stakeholder plays his/her role so wisely. The expected returns of 2020 annual results will be $8 Million. The target is attainable, measurable and time-bound hence smart.

Part 2:

I prefer the use of a memo as a written communication channel. Because of the large audience all focusing on the insurance policy. The memo can communicate well by touching all areas and reaching all the audiences clearly and concise. Memorandums can address the challenge of a common model of communication without necessarily reaching out to different individuals one at a time. Despite the slight difference, the demographics memo can still address the need effectively because it can make everyone feel satisfied and not broken away from the rest of the group. Also, it can eliminate any kinds of biasness to the level best.

The language used is official and the channel as well. The audience will then find it easier to understand and interpret. The tone is neutral and more professional than casually focused on the facts and needs to pass the information on the newly available product. This will then draw the attention of the stakeholders to give the subject a second thought and a second eye, if desired.

The style is more of a sell to the clients. By giving more information, the clients are attracted to what seems good and hence in the memo; the positive side of the policy dominates any other feature. To the colleagues in the insurance sector, it is more of telling and making a consultation at the same time. This is so necessary to reach on communicating the final informed decision. All these styles are used sufficiently to make this communication a success.

Cases on delays on the processing of the customer's claims raised by many of the clients in the insurance sector are addressed to a wide extent. Giving everybody a chance to know and come up with a solution to the nightmare. The creation of the new policy considers the fact that the claim process was slow and hence the need to increase processing momentum, which ultimately makes the clients feel good overall.

References

Development in Written Commercial Correspondence. (2017). Communication in Business. doi:10.1515/9783486850741-026

Hilbe, W., & Radlherr, W. (2016). memo—new frontiers to be reached. memo - Magazine of European Medical Oncology, 9(2), 57-58. doi:10.1007/s12254-016-0254-8