PLUS Symposium: Greater Transparency Will Change the Way Industry Does Business

March 21, 2005

  • March 22, 2005 at 1:49 am
    Elaine George says:
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    Of course, transparency will change the way business is conducted, but it will mean more regulations and laws which the next smart person can “get around” – until there is another big scandal which will result in more laws and regulations. We are becoming too entangled in laws, regulations, procedures and greed for rapid financial growth.
    I think that employees at levels in a company should stop and ask the basic question “is this the right thing to do for the customer?” (the whole reason we are in business to begin with). But, to do this requires a fundamental shift in our culture and mentality – something we are not ready for. Supposedly, the business world is focusing on a societal market concept (satisfying customers better than competitors, attainting organizational goals and improving the quality of life) – however the realization of this concept will take years to materialize: if it ever does! Most of us are too focused on ourselves to bother with the rest of the world and how our actions may impact it.

  • March 22, 2005 at 4:07 am
    dj says:
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    Ethics, ethics, ethics….
    Its amazing how many law schools are just starting a course in ethics. I don’t know why I picked on the law schools (yes I do), but all undergraduate colleges should have a mandatory, full year course in Ethics.
    You would think it not necessary but you could be sure the Greenbergs would all benefit from such a course.
    Question: Do the CEOs of insurance companies have to take continuing education in insurance? Do they have to have an agents, brokers, or consultants license? Well, maybe they should have to hold a license- interesting..

  • March 23, 2005 at 10:42 am
    Charles Smith says:
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    Yes, it is amazing that so many of these CEO’s would have to stop and think, “hey, is this right for the customer AND the company?” But as we have all seen, many of them do.

    Think for a moment, how many states now require insurance agents/brokers take an ethics course for each renewal of their license. In Texas it is a requirement. In many B-schools now, ethics is a part of virtually every course, including typically an entire course focusing on ethics in the work place as well as the business environment. Your new MBA’s of today and the future will have a closer eye on ethics, but is ultimately up to the individuals making the overall decisions that will decide how far transparency will go, and how it will be “allowed” to be utilized.
    Most states to the best of my knowledge, do not require insurance company employees to be licensed, but I agree that they are in fact transacting the business of insurance, so yes, service/underwriting/management personnel should be subject to the same sort of regulation that agents/brokers are subject to.
    I agree it will interesting to see how this issue continues to develop.

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