2. Management of insurance businesses: roles and responsibilities Flashcards
(29 cards)
Who appoints the board of directors and chair in a public company?
The shareholders
What important duties does the chair have?
- Efficiently and orderly run meetings.
- Be a reperentative to outside world.
Can the chair also be the chief executive?
Usually not, under good corporate governance
What are the two types of directors?
Executive Directors and Non-executive Directors
What is a executive director?
Work full-time in the company.
Manage parts of the business.
Typically accountable for daily operations.
Selects the management team.
What is a non-executive director?
Work part-time for the company.
Selected for specific expertise.
Do not handle executive management.
Attend board meetings to offer independent insights.
Are are 4 responsibilities of the board in a insurance company?
Underwriting strategy
Financial and captial management
Risk management
Operational effectiveness
what are the 5 main responsibilities of the board?
- Oversee executives and legal compliance.
- Approve key reports and budgets.
- Manage CEO performance and succession.
- Oversee risk.
- Ensure financial and ethical integrity.
What standards are included in the UK Corporate Governance Code?
- board composition and development;
- remuneration;
- accountability and audit; and
- relations with shareholders.
What is ‘cabinet responsibilities’?
senior executive team to propose developments to the company’s strategy for discussion by the board.
What is the CEO/managing director responsible for?
The business functions and day-to-day activities of the company.
Lead in the organisation’s culture and management style.
What are some of the responsibilities of the Finance Director?
- Capital and Risk Management
- Financial Reporting and Oversight
- Treasury and Investment
What is a company secretary?
An officer of the company that all public companies are obliged to have due to the Companies Act 2006.
What duties does a company secretary usually do?
- Maintain statutory records and file returns with Companies House.
- Arrange meetings and advise on compliance with corporate laws.
- Manage legal documents and registered office communications.
What type of company is statutorily required to have a chief actuary?
Life Insurance Companies
In insurance companies what are Chief actuaries responsible for?
- Price products, calculate claims reserves and risk-based capital needs.
- Assess investment risk for reserve funds.
What 4 actions are management responsible for?
- Planning
- Organising
- Leading
- Controlling
Name 4 key skills for managers.
- Earning respect
- Customer focused
- Multitasking
- Mobility and a global outlook
What are the 6 characteristics of effective internal communication?
Communication should be:
1. accurate
2. clear
3. relevant
4. reliable
5. credible
6. timely
What are 9 common barriers to effective communication?
- Size of the organization
- Natural reserve, fear, or lack of confidence
- Knowledge is power
- The language problem
- The problem of time
- Training
- The grapevine/ rumours
- Failure to recognize the need to tell
- Inability to listen
What are 5 benefits of efficient internal communication?
- Faster organisational change.
- Higher employee engagement and retention.
- Better decision-making.
- Stronger collaboration and innovation.
- Clear alignment with business goals
What are the 5 primary responsibilities of team leaders?
- Guidance and direction.
- Assessing strengths and weaknesses.
- Organising tasks and setting goals.
- Supporting the group’s vision.
- Resolving issues and conflicts.
What 3 factors make up a corporate culture?
- Norms
- Beliefs and values
- Management style
What are 6 types of management style?
- Open door
- Autocratic
- Paternalistic
- Hierarchical
- Democratic
6.Laissez-faire
