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Manzana Insurance ? Fruitvale Branch Essay

771 words - 4 pages

1. The Fruitvale Branch of Manzana Insurance is experiencing loss of business due to late renewals, and long lead times on new policies and quotes. These problems have created an opportunity for a competitor to take market share. Incorrect interpretation of company income for new policy versus policy renewals has placed an overemphasis on new policies that is causing loss of profitability.
The company has official priorities with respect to turn around time and processing order of insurance policies. Officially, the company policy is to use a ...view middle of the document...

Additionally, in Exhibit 3, the calculations indicate the total TAT as 8.2 days, but this assumes that the downstream activity waits for the upstream activity to complete before starting. For example, Underwriting starts work after 0.6 days during which time the distribution clerks clear their backlog. These calculations must also be based upon the assumption that policies move from one department to another in batches equal to total number of policies in the department. Also, the company uses 95% SCT per request to estimate processing time. I believe this is too conservative and the mean would be a more accurate basis for estimation purposes.
The company professes to use a first in first out (FIFO) inventory control policy, when interviews with department heads reveals that that policy is not followed. The departments tend to prioritize the processing of new policies (RUN's) under the mistaken understanding that new policies are more profitable for the company when in fact renewals offer a higher incremental income, $5771 vs $5043 (see appendix A). The emphasis on RUN's causes downstream problems because the renewals (RERUNS) are delayed to the point that there is insufficient time to process them on time which results in lost policy renewals.

3. There are several areas where Manzana can improve productivity. I suggest altering the structure of the underwriting department to allow for overflow work to be transferred between teams as needed. The company must implement and enforce a standard priority system, which includes placing a higher priority on...

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