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Departmentalization of Insurance Companies

by

Allison Ryan

The company treasurer or controller may be a functional officer rather than an executive officer. The same thing may be true of the legal counsel. Often, functional officers are eventually elevated to the position of executive officers by promotion to a vice-presidency. Thus, although the office of legal counsel may not be recognized by the charter of the company as an executive office, the counsel may be made an executive officer by promotion to the position of “vice-president and legal counsel.”

In a small insurance company, just as in any small business, departmentalization may be theoretical; that is, employees may perform functions in several departments. Executives, especially, may have charge of several departments. In the large company, of course, the various territorial departments may be virtually companies within themselves, in that they may be staffed to perform every function necessary to that department without assistance from any other department.A small company may have a tendency to be more trustworthy and less complicated, but a larger company is less likely to fold, and would probably be cheaper. But all companies are different, so it is up to you to decide which can provide the best life insurance. There are at least five bases of departmentalization: functional, product, territorial, customer, and executive interest.Functional departmentalization is based upon functions performed. Thus, there would be a legal department, an investment department, an agency department, an advertising department, a purchasing department, a claims department, an engineering department, and the like.Product departmentalization determines the scope of a department by the type of product with which it deals. In an insurance company, there may be a life insurance department, an inland and ocean marine department, fire department, liability department, automobile department, accident and health department, and others.Territorial departmentalization means the departments are determined by the territory over which they exercise jurisdiction. Thus, in a large insurance company, there may be an eastern department, a western department, and others. Most companies which do business outside their own country will have a foreign department. The foreign department may be further broken down, for instance, into a Latin American Department and a European Department.Customer departmentalization establishes departments by the nature of the class of customers with which it deals. Customer departmentalization is often difficult to distinguish from product departmentalization, the two being sometimes virtually identical. In insurance home office operations, pure customer departmentalization, for example, will be found in a reinsurance department, which deals with sales to other insurance companies; a special risks department, which handles the large self-rated accounts; and a group department, often including salary savings and pension trusts, which sells only to employers and in the mass rather than to individual policy buyers.An easy distinction would be a department that deals exclusively with life insurance rates without medical, versus a department that deals with life insurance rates that require an exam.Finally, executive interest must be recognized as a very practical and frequent basis of departmentalization. Departments may be organized along the lines of the interest of any given executive or executives in the business, even though those interests may be somewhat diverse.The bases of departmentalization vary from company to company. They also vary within any one company. Many of the departments of a company are organized along functional lines, although much use is made in the insurance business of product, customer, and territorial departments.

Allison Ryan is a freelance marketing writer from San Diego, CA. She specializes in finance, business, and how to find the

best life insurance

. For

life insurance

rates without medical exams, please visit

equote.com/

.

Article Source:

Departmentalization of Insurance Companies}

Finding the right kind of medical equipment manufacturer is not only desirable but also necessary in today’s fast-paced world where the number of problems is far greater than the number of cures. Every problem that brings a patient to the doors of a hospital requires proper care and attention. And for specialized care and attention for each problem, every hospital needs to be very well equipped with equipment that is necessary for finding an appropriate solution to each problem.

All hospitals need a hospital equipment manufacturer to sustain in business

And for that, every hospital needs to be backed by a very efficient hospital equipment manufacturer that not only helps with the intricacies of the problem at hand but also withstands the test of time so that adequate return on investment can be recovered from the equipment supplies.

What is a medical supply company?

All types of medical professionals, from veterinarians to midwives and eye doctors, need specific supplies to perform their jobs perfectly. Therefore, a medical supplies company is required to help the doctors perform their job in the best possible way. Most hospitals and private clinics buy medical supplies from niche companies that specialize in a certain type of equipment. While various large medical supply companies rule the market, it is quite possible for a small independent medical supply business to sustain in the industry.

A medical supply company is usually set up in a house or office space where it is easier to show the products and their functionality to their prospective buyers. Such companies basically decide the size of their facility depending upon their budget and the needs of their prospective buyers. However, special care needs to be taken when handling medical supplies. The medical supply company must be clean and dust-free in order to prevent the supplies from becoming contaminated. Moreover, a medical supply company also needs to have an appropriate temperature that must be friendly with the supplies that will be stored in the facility. However, it is also important to understand that the Medical Supply Industry is Vast and Diverse and that there is a constant expansion happening in the quantity and variety of medical supplies every day – be it a new invention in times of need or any kind of up-gradation that happens in an existing product by the manufacturer himself.

Industry has now moved to more than just general medical devices

The medical supply industry is no more limited togeneral medical devices in today’s world. There have been bifurcations and most devices have now evolved from manual to electronic. Besides that, the devices have now been segregated into different categories to tackle different types of problems. Different types of medical devices now include – self-care, diagnostics, long-term care, surgical, durable medical equipment, acute care equipment, emergency and trauma equipment and storage and transports medical devices – which, in the future, expected to be game-changers and support life in its best state by tackling problems in routine lives and making the world a better place to live in.