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Prudential Insurence Case - Assignment Example

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Prudential Insurence Case

The company’s tangible resources are financial, human and physical resources. It had in its possession several physical resources that she managed; they include equipment and buildings. The strong financial position of the company ensured that it had very stable financial resources for conducting its duties or operations without substantial problems in terms of shortages of money. This considerably put it in a position of avoiding unnecessary debt financing. Nevertheless, the company also ensured that it maintained a workforce that is highly motivated; which has been a major driving force in ensuring that it achieves its intended goals of service delivery to its clients. Furthermore, the company invested heavily in the development and training of its employees as this is a critical factor in making sure the employees that are fully involved or fully engaged in the service provision deliver work or services of high quality, and those that deal with matters marketing or promotion make sure that the potential clients are made aware.On the other hand, the intangible resources of the company included, goodwill, intellectual and technical (Hopkin, 2012). The company had for a very long time enjoyed the technical resources that greatly facilitated its goals. Events identified by the management The most critical events that were identified by the management were fraudulent practices on the side of the sales agents. This was reported by the internal auditors of the company in the year 1982. A failure by the management of the company to ensure that consumer protection regulations and laws are enforced was also detailed during the early 1990s by the internal audits of the regional offices and individual divisions. At first, we can say that the management did not take the events seriously, which means that they considered them as opportunities to continue their fraudulent practices until when matters got out of hand as the reputation of the company started going down significantly, when they were again seen as risks that called for drastic actions or solutions. Management’s primary risk response The management cannot be commended wholly for identifying the risks that were facing the company as they were revealed but no drastic measures were taken, instead they were viewed as opportunities; this can be said so as it failed to enforced the consumer protection laws and regularities, meaning that there was no goodwill to seal the loopholes. The management did not react immediately when it was realized that there were serious fraudulent activities on the side of the agents, which was turning out to be the biggest undoing or problem of the company. When a report was released by the internal auditors to the board of directors of the company, they continually insisted that the management was aware of the problems and was taking the necessary measures in ensuring that they were solved amicably and completely (Hopkin, 2012). When matters got worse, the board of directors found it necessary to ensure that there is a change of guard, whereby a new manager in the name of Ryan was brought in to try his part even though he was largely untested. However, when Ryan came in, he deemed it necessary to overhaul some of the company’s structures by first changing the business approach of the company ...Show more

Summary

Prudential Insurance Case Name Instructor Course Date Internal Environment Before Ryan took over leadership at the Prudential Insurance Company, the company had been experiencing significant growth in revenue every year, making it the largest insurance company in the whole of North America, and also among the leading in the whole world…
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Prudential Insurence Case essay example
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