Solved: Insurance Law
You are the famous itinerant insurance reporter Inchmaree Lloyds. Your assignment is to sleuth the insurance industry looking for IT fails. You are to pick one that especially interests you. This must be about an IT fail, not just the insurer had a bad claims year. If it had a bad claims year because it's system had incomplete data, then that is an IT Fail. Your goals for this assignment are as follows:
- Describe the insurer: size (premium), home office, markets, territory (e.g. Nebraska or worldwide). Be specific (10 points)
- Describe the IT fail in details including what went wrong, who was responsible, how much it cost or disrupted, and the impact on reputation, bottom line, regulatory fines, etc. Be specific. (10 points)
- Describe the remedies the company used to mitigate the problem, to fix the problem, and what they have said they will do going forward. Be specific. (10 Points)
- Explain in detail specifically what you might have done to prevent this problem in the first place. Use themes from the text and from other research you have done on this. (10 points)