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Cigna - Assignment

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Text Preview Prepared by Name Name Name

: : Abdussalam Hossain Khan : Ramesh Chandra Dewanda : Udai Shankar Tripathi

Roll No Roll No Roll No

: EPGP – 04A – 003 : EPGP – 04A – 074 : EPGP – 04A – 103

1. What situation Isom or P&C is facing?

Ans: o CIGNA P&C was experiencing severe financial stress. Between 1989 to 1993, it had lost more than $1 billion. o A series of natural disasters and the 1992 Los Angeles riots, compounded by a sharp increase in compensation claims resulting fromnew govironment environmental rulings sent P&C into crises mode. o Reactive downsizing did not stem these losses and, in fact, resulted in the loss of some valuable talent to competitors and a drain in company morale. o Most of the IT budget was allocated to legacy systems maintenance and enhancement. There had been no significant new applications in information technology in the two largest division for a number of years. o Relationships among producers and the CIS unit were in dire straits. Years of pursuing a wide range of market segments had alligned a large number of qualified agents. P&Cs generalist strategy had confused agents as to which type of risk they were seeking to underwrite. As a result of this frustration, agents often passed along their poorer business. o CIGNA P&C had lost focus and become a commodity underwriter. The firm had attempted to underwrite anything that generated premiums, something with almost no consideration of the risks. This approach boosted revenues, but incresesd the volume of claims even more, and with disastrous consequences to the division’s bottom line. o Claimshad some very effective best practices, but some real execution issues. They were not supported by any IT framework. 2. Is Isom’s business vision responsive to the situation?

Ans: o Isom’s vision was to develop CIGNA P&C, one of the top performing specialist property and casualty companies in the industry. They had the firm belief that only a well-run specialist company would be... Show More

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