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Ethics in Today’s Changing Time

Ethics in Today’s Changing Time. Instructor: Gabrielle O’Brien. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor. Confidentiality Notice:

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Ethics in Today’s Changing Time

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  1. Ethics in Today’s Changing Time Instructor: Gabrielle O’Brien All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  2. Confidentiality Notice: This information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor. Any unauthorized review, use, disclosure or distribution is prohibited. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  3. Introduce Yourself • Where You Work • Why are You Here? • Thoughts on Ethics? All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  4. Bob has just taken a job as an account manager at an insurance agency. Shortly after beginning the job he was shocked to learn that rumors abounded regarding the behavior of some of his coworkers. Bob heard that several of his fellow employees had gone on multiple outings to expensive strip clubs which were being hosted by a key client. These parties were lavish and expensive. Some at the agency claimed that this was a part of doing business and that it was important to keep the morale of key employees high and to solidify business relationships. But Bob worried about potential ramifications. • How should Bob handle this situation? All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  5. People in the workplace are often tempted (pressured) to do things they wouldn’t ordinarily do. • If you agree with this statement, what is it about the workplace that makes us put aside our ordinary standards? • If you disagree then explain why it seems that we do? All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  6. Mike, a risk manager in a large insurance agency has had his timesheets returned to him for some “revisions.” He has been asked to increase his hours by 20%. They were justifying the “revisions” because he was an efficient and effective worker. Mike suspected that the change was due to an attempt by the agency to make up for the shortfall in revenues. If these shortfalls were not made up there would most likely be layoffs. Mike was reluctant to voice his concerns and did not want to be perceived as not being part of the team. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  7. You are working in the claims department of an insurance agency. A meeting is called to discuss ways of expanding your department services. You spend several evenings developing a coherent plan. When the meeting is held your plan becomes the focus of attention, mainly because no one else has prepared as carefully as you. Your plan is written up and adopted with no mention of your role in its development. • Discuss the idea of “Credit where credit is due.” All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  8. Who Do We Expect Ethical Conduct From: • Insured's • Producers • Insurance Companies All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  9. How do we determine who is the “best or most ethical.” • Best Rating • Research • Code of Conduct All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  10. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  11. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  12. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  13. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  14. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  15. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  16. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  17. Role Playing Exercise Michael – Department Head • What is the slippery slope you went down? You probably did not begin your career with the intent of resigning under criminal investigation: walk us through how you got there. Was it the culture of ABC? Was it pressure? Was it greed? All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  18. Role Playing Exercise Jim O’Brien – CEO • What did he do versus what should he have done? • Did he create an ethical environment? • Where was the breakdown? • Were there processes and procedures in place? All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  19. Role Playing Exercise Middle Manager being recruited by ABC • What things would you consider before looking further into this opportunity? • How can you tell if this is an ethical company? • What will help you determine if the culture is right for you? All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  20. Role Playing Exercise Customers • How did this happen to you? • Is there anything that could be done to prevent this? • Do you sue? • Will you place your business with them in the future? All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  21. Follow Up Questions 1. What is your interpretation of the changes at ABC Brokerage Firm? 2. Have they solved the issues surrounding contingent commissions? 3. What are the challenges ahead? Successful or not? All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  22. Basics of a Credit Default Swap General Electric -----Bank-----CDS All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  23. Collapse of Housing Market Scenario 1 – 100,000 loan and no down payment Scenario 2 – 80,000 loan and 20,000 down payment All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  24. XYZ Company goes Down • Co. XYZ Goes Down – CDS Goes Down – Counterparties Goes Down – Businesses Goes Down – Total Economic Meltdown – Political Instability All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  25. Questions on XYZ 1. Should the government step in and bail out XYZ? 2. What was the money given to XYZ being used for? 3. Why is the bailout good for XYZ? 4. Why is the bailout good for government? All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  26. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  27. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  28. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

  29. Confidentiality Notice: This information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor. Any unauthorized review, use, disclosure or distribution is prohibited. All presentation information is confidential and proprietary to the Independent Insurance Agents of WI (IIAW) and their approved course instructor.

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