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BUSS 2068 - Ethical, Social and Culturally Appropriate Behavior

   

Added on  2020-03-04

14 Pages4014 Words34 Views
Assignment 2Ethical, Social and Culturally Appropriate Behavior

Executive SummaryTower Insurance in New Zealand offers three types of covers. The standard, which is a limited cover, incorporates the one event, one excess, No claims and the Temporary accommodation. The Plus claim, which is comprehensive, consists of the replacement value for contents, spectacles, hearing aids and dentures as well as the jewelry cover. Finally, its premium cover whose contents include temporary accommodation, curtains and bicycles. The diversities in the claim covers make it suitable for most of the social needs that the consumer in the region may have. The process of turning the social needs into insurance business needs raises ethical questions. Risk management calls for integrity, exclusive management and a good customer relationship. This report critically analyses the business values in the insurance business with reference to the New Zealand Society. It follows the societal culture, especially for the non-life insurance covers with comparisons of the life covers. It asks the question “what influences individual choice of insurance and the diversity in risk management?” It then looks at the measurement of actual value for damages and other cultural values. It also raises questions of theprivatization of risk management and the role of government in collective risk management.

ContentsExecutive Summary.....................................................................................................................................2REPORT.....................................................................................................................................................4Introduction.................................................................................................................................................4Principles of Business Ethics (Section 1)....................................................................................................4Rule of publicity......................................................................................................................................4Equivalent price and service first principle..............................................................................................5Conscience in business and spirit of service............................................................................................5Business strategy and Ethics....................................................................................................................5Professional Behavior in Organizational Management (Business Section 2)...............................................6Application of Descriptive Ethics for business entity..............................................................................6Ethics and functions of managers............................................................................................................6Ethics for buyers......................................................................................................................................7Ethical Dilemma (Section 3).......................................................................................................................7Motivational Theories..............................................................................................................................7Maslow................................................................................................................................................7ERG Theory........................................................................................................................................8Hertzberg’s Two Factor.......................................................................................................................9Sustainability Factors in the Insurance Industry (Section 4)......................................................................10Sustainability and corporate performance..............................................................................................10Governments role..................................................................................................................................10Organizational objectives......................................................................................................................11Conclusion.................................................................................................................................................11Bibliography..............................................................................................................................................12

REPORTIntroductionQuestions about the ethical, social and culturally appropriate behavior in organizations arises from the organizational goals[CITATION Ham \p 455 \l 1033 ]. Tower insurance is a business in the insurance industry of New Zealand. Controversies arise when the organization engages in unethical practices. This report highlights ways in which the insurance organization becomes unethical. The company covers a wide variety of covers including car, natural replacement value,accident, liability cover among others. Utilitarian and deontological ethical issues arise in the insurance business because of the personal duties and collective regulations. The report uses theoretical approaches to describe these. Customers have accused insurance companies of failure to provide compensation in various issues. There have been doubts about good business practices by insurers and legal practitioners appointed to follow up on the covers on behalf of the client. The Fredrick Hertzberg’s theory explains this dissatisfaction[ CITATION Gaw97 \l 1033 ]Arguments against and for the insurance companies determines the consumer’s decisions concerning some of the covers and the role of self-motivation for consumers and employees as individual persons. Although self-motivation pushes clients to adopt personal policies, others like the car insurance are mandatory requirements from national laws. Professional conduct determines the success of the industry[ CITATION Sch04 \l 1033 ]. Personal covers for mobile phone, jewelry and home office equipment, bring to light the value placed on material items. Principles of Business Ethics (Section 1)When setting organizational goals, the expected ends determine the goals. Social insurance and price offerings may be questionable but the competition in the industry shows that it has businessopportunities. Tower insurance is not clear about its official goals but its operative goals provide concrete steps towards claiming an insurance policy[CITATION Tow \l 1033 ].Rule of publicityIt is not clear whether the marketing tactics used influence the consumer choices but insurance companies have a challenge of remaining true to their business terms through the publicity rule. It states the importance of accountability in business. Tower insurance provides adequate

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