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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

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.

slide2

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.

slide3

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.

slide4

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.

slide5

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.

slide6

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.

slide7

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.

slide8

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.

slide9

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.

slide10

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

slide11

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

slide12

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

slide13

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

slide14

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

slide15

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

slide16

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

role playing exercise
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.

role playing exercise1
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.

role playing exercise2
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.

role playing exercise3
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.

follow up questions
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.

basics of a credit default swap
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.

collapse of housing market
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.

xyz company goes down
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.

questions on xyz
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.

slide26

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

slide27

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

slide28

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

slide29

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.