Sources Of Finance For A Public Limited Company Finance Essay

Sources Of Finance For A Public Limited Company Finance Essay Finance is the basic ingredient of a business. Insufficiency or absence of cash can pose a threat for a business. Without cash a business is unable to survive. Various sources of finance help to fulfill the needs of wages, advertising, expansion, payment of interests etc (Pride et.al, 2009). Different sources of finance are used depending upon their maturity period. Each source has its advantages and disadvantages. Sources of finance The sources of finance are broad classified into the following: Long term Finance Medium term finance Short term finance Long Term Sources of Finance Long term sources of finance are those methods that are adopted to provide finance for a long period of time. This period of time must be of one year and above. Long term sources are generally complex and are usually adopted to fund activities like going for acquisitions, product extensions, or buying up of new premises etc. Example of long term financing includes a 40 year mortgage or a 10 year treasury note. The sources of long term finance are: Debentures Debentures are the long term loans raised from public by a Public limited company. These debentures are usually ranged from 0.01$ to 100$ with varied interest rates. Debentures are floated with certain terms and conditions and are generally secured against the assets of a company (Chakraborty, 2004). Advantages of debentures Debentures are a well suited mode of long term financing as the interest payable on debentures is made before taxation. Another advantage of debenture is that they are payable even when the company does not produce profit. Issue cost of debenture is low as compared to that of preference capital and equity. Disadvantages of debentures As mentioned above, certain terms and conditions are set out for debentures. Failure to meet those conditions, like interest and principal repayment requirement, can result in not only financial and social humiliation but can also lead to bankruptcy. Debentures are influenced by the inflation rates. If, by chance the inflation rate significantly drops down, then the real cost of the debt will become higher than what was initially set (Chandra, 2008). Convertible debentures Convertible debentures offer the advantage of quick conversion of debt into equity. Convertible debentures are similar to the normal debentures in terms of interest rates specification and the principal payment, except that in convertible debentures the buyer has the option of converting them into companys issuing share at a pre decided ratio. Convertible debentures are used by the companies to attract investors. Like the Essar steel, India issued convertible debentures coupled with warranty and loyal coupons as well as optionally fully convertible debentures to attract investors (Nidheesh, 2009). Advantages of convertible debentures Convertible debentures are favorable for the issuing company as they offer low interest payments as compared to the traditional debt. For investors they offer a secure means of investment through participation in the stock options and guaranteed coupon payments. There will be no capital gains tax for the holders of convertible debenture. Disadvantages of convertible debentures In case of bankruptcy, the debenture holder has a low priority claim on the companys asset as compares to the straight debt holders. The Valuation techniques for convertible debentures are a bit tricky and may require additional scrutiny (Hanif, 2001) Common Stock Common stock is a long term security that is issued to the owners of the company. Advantages of common stock Common stock offer several advantages. Common stocks are liquid i.e. they can be easily and readily bought and sold. The risk associated with common stock is very less as it is only limited to the initial cash investment made. They are labeled to be high returners as compared to the other sources of investment. Disadvantages of common stock The owners of common stock are last to be paid in the business after payments to employees, suppliers, creditors etc. The stock prices are usually unstable, that is they rise and fall quickly. So the investors are required to be vigilant in this regard. Preference shares Preference shares refer to those shares that offer a fixed percentage of dividends that is paid in preference to the common shares to the stock holders. Advantages of preference shares There advantages are: In preference shares the company is not forced to pay the dividends in the period when the profits are poor. Preferred shareholders receive their payments first as compared to the common stock holders in event of bankruptcy. Disadvantages of preference shares They are riskier, as unlike other instruments, they are not secured against the assets of the company. The interest yield on preference stock is low as compared to the loan stock In case of non-payment the preferred stock holders, unlike debenture holders cannot call for a receiver for the claims (Carter et.al, 1997). Mortgage A mortgage is a long term source of finance that is given by the borrower to the lender in exchange for the security of the real estate property. One can choose between a fixed rate and adjustable rate mortgage depending upon ones risk bearing capacity, financial health and other requirements. Advantages of mortgage The mortgage financing makes the borrowing flexible and affordable as it provides ownership of real estate along with the provision of financial aid. The interest rate on mortgage is tax free. The fixed schedule of mortgage payments allows you to plan up your cash flux and plan your needs and requirements accordingly. Disadvantages of mortgage The default risk is high in case of mortgage. The mortgage terms and conditions requires for collateral to be penned as security. The lender has a right to claim on the security in case of default payments. Finance Strategy: Finance simplified for you Government grants/loans Government grants are of great assistance to the entrepreneurs in terms of providing the financial hold up. Many of the government organizations are able enough to finance the young entrepreneurs to help them develop the right strategy for their business. The government organizations grant is not only limited to the strategic thinking phase, they also help the entrepreneurs in putting the plan to reality and also supporting the stat up costs (Gruber, 2009). Advantages of Government grants The government grants are easily and readily available for a business idea. Although a lengthy application process is involved, yet the process is much quicker than the other lenders. Like SBA (Small Business Association) approves a loan in 3-5 business days. The interest rate is lower for government grants especially in case of student loans. Disadvantages of Government grants The element of bureaucracy is usually involved to approach for the grants The government organization giving the money, try to exert influence on the business management. The grantee is subjected to tougher terms and conditions in order to be eligible fot the grant. Retained Profit Retained profit involves allocation of profit from an existing business to be reinvested in to the same business for the purpose of financing. This money can be used to buy new equipment, machinery, raw material and other such type of investments. Advantages of retained profit This type of self financing helps the company to withstand any contingency requirements and uncertainties or even a calamity. The cost of raising finance from outside source is saved through the retained profit move. There are no lengthy legal formalities involved in this type of financing. Disadvantages of retained profit Some companies falsely use the retained profit as a means of manipulating the value of shares and dividends. Improper use of retained profit in risky adventures may result in a loss.(Rajni and Hiro, 2008) Medium term sources of finance: Medium term financing or intermediate financing is done for a period intermediate between 1 to 10 years. Medium term financing is generally done for the purpose of maintenance or up gradation of the business like making improvements in the plant, buying up of raw material, assets and equipment. The sources of medium term finance are: Loans Loans are a means of providing long term financing for activities such as buying of fixed assets like plant and equipment, funding up of working capital and or covering losses. Advantages of loans Through loan, the financing is secured for the life of a loan. You can purchase a loan for almost everything now. Loan helps you to make things affordable. You can match the term of your loan to the life of an asset you want to purchase. For example you can take a loan of three years for a machine whose working life is three years. Disadvantages of loans If you miss a monthly payment, things might get difficult for you that may include penalties or even your property possession. It is a long term commitment. Some banks offer repayment facility but they charge extra fees for repayments. Venture Capital Trust Venture capital trust refers to those companies that are listed on the London stock exchange, and are in search of investors to raise an equity capital of about 10 to 30 million pounds. The VCT managers are given three years to invest cash, glitz and bonds into different companies. Advantages of venture capital trust VCTs are particularly famous for providing tax efficient investment. They provide tax free dividends Offer Tax free capital growth Disadvantages of venture capital trust The VCT investment mode has higher risk associations as compared to life insurance fund, collectives and other modes. The major risks are: The Unquoted companies (UK Smaller Companies) Liquidity issues (ability to sell shares) Market timing risk Leasing A lease in agreement of purpose signed for a specific time frame, conveying the use of a particular resource. Leasing is preferable when the cost of purchasing equipment is higher than the cost of leasing. The lessee gets the rights to use the equipment in exchange of rental payments to the lessor. For example in the golf industry, the golf operators make use of leased golf cars, leased golf aeration equipment, mowing machines etc. Advantages of leasing In lease financing the interest rate is fixed throughout the course of payment Leasing helps in the conservation of capital as it does not outline any requirements of deposition of cash at the beginning. Leasing a property is much simpler as compared to mortgage financing. (Schmidgall, 2004) Disadvantages of leasing In lease you have to bear the cost of equipment maintenance as specified, when you are not even the owner of the equipment. Lease payments are to be paid till the termination of the original term period. So even if a lessor is facing a downturn he is still supposed to make the payments that can be troublesome. Hire Purchase Nowadays, machines transport vehicle, equipment etc are bought through hire purchase. Possession of the good is transferred to the hirer but the ownership is only given after the last installment has been paid. Hirer can also choose to pay off all the installments in one go. Advantages of hire purchase The hirer is not bound in case of hire purchase. How can either wait for the full payment term or can go for the purchase by paying the amount at once. The cost of equipment under hire purchase is less as compared to leasing. They have little statutory control Disadvantages of hire purchase The cost of maintenance is to be burnt by the hirer thus reducing his profit margin. 20 to 25 percent advance payment has to be paid to the vendor at the time of hire purchase contract.( Maheshwari, 2003) Business Angels Business angels refer to those people that have a lot of money that they are looking to invest somewhere. They are one step ahead of friends, family founders etc. Venture Capitalists Business Angels Friends Founders and family High Risk Lower (But still somewhat high risk) (Source: Sources of funding for Australias Entrepreneurs by Howard Frederick, Siri Terjesen, pp.30) Advantages of business angels As compared to the financial institutions, raising funds through business angels is beneficial as it does not involve high fees. Business angels offer different investment criteria from other instruments, offer longer investment opportunities, convenient investment processes and lower targeted rate of returns. Disadvantages of business angels Business angels try to make there say in operations of the business, and can also affect the business expertise, their value and their contribution. There is a history of a small proportion of business angels turning out be devils, fulfilling their own motives rather than contributing into the good of the business Business angels, unlike the venture capitalist are less like to re investment in the same business (Frederick and Terjesen, 2007). Short term sources of finance: The money needs for less than a year are fulfilled through short term financing. They provide a cash influx or the fulfillment of short term inventory needs and repairs as well as short term investments. For example retailers like Wal-mart make use of short term financing to build up their inventories before peak selling periods. The sources of short term finance are: Bank Over drafts Bank overdrafts are a short term medium of financing that fulfills the contingency needs of the business especially for the adjustments in the fluctuations of cash flow and sudden demands. Advantages of bank overdrafts Over draft is a simple and supple means of financing The interest is chargeable on the everyday overdrawn amount. Disadvantages of bank overdraft The bank can call for repayment at any time. Cannot be borrowed for larger amounts The rate of interest for bank draft is higher than that for loans. Trade credit Trade credit is the easiest source of financing, where the suppliers of a business enable you to take up the material with the flexibility of making the payment later on. So whenever material equipments etc are taken without on-spot cash payment, trade crediting is involved. There are certain terms and conditions involved in trade crediting and depending on those terms the crediting can be costly. For example the terms involved in purchasing supplies from a supplier on trade credit is 3 percent cash discount within 12 days and a net date of 30 days. By this the supplier is lending you two percent discount on purchase price within those 12 days. However, by using the trade credit benefit you are conserving your money for 18 more days. If we calculate on an annual basis the 3 percent discount missed may cost you more. Advantages of trade credit Trade credit is readily and conveniently available, since the suppliers are up for a business easily If the company is facing any financial flops, Trade credit sourcing may be beneficial as the suppliers are lenient in giving finances. Usually no or minimal security or guarantees are required in case of trade credit Disadvantages of trade credit The giving up of the cash discount offered by the suppliers, in case of early payment, can be the biggest drawback for taking up trade credit, The firms credit rating may get affected through trade crediting (Shim and seigel, 2007) Factoring Factoring is a source of financing that is based upon the business outstanding invoices. It works in the way that the business sends a copy of the invoice received from the customer to the factor. The factor pays a set amount of the invoice value that usually makes 80 to 85 percent of the total amount to be paid. This payment is readily done usually within twenty four hours. However, a small number of invoices make the factoring uneconomical. Companies that have a turnover rate of 200,000 pounds and above can make use of the factoring. For example in India, several measures have been taken for factor development. Like the State bank of India formed SBI Factors and commercial services limited in various states of India to help the small scale businesses who were suffering the shortage of capital.(Page 81) Advantages of factoring Factoring helps in the improvement of the firms credit management Factoring enables a continuous inflow of funds Factoring can be of great benefit particularly in case of need. Disadvantages of factoring Among the different forms of short term financing, the cost of factoring is higher than others Factoring may damage the good will of the firm from clients point of view, as he may see it as a sign of financial weakness (Banjerjee, 2005) Invoice Discounting Invoice discounting is very similar to factoring except for a minor difference. In factoring the third party approaches the customer for the settlement of invoices and manages the other business details. But in invoice discounting the customers are totally unaware of your financing relationships. The company itself maintains responsibility for the ledgers and invoice processing. Advantages of invoice discounting As the customers are unaware, so the companys goodwill is not much affected As the cash is readily available it can be used for future investments and fund other orders The management no longer need to spend time on unpaid accounts and can utilize their time in planning elsewhere Disadvantages of invoice discounting Terminating the agreement can be difficult in case of invoice discounting Disputed invoices can sometimes pose a problem and should be carefully dealt with. Conclusion So whether you are thinking of setting up a new business or extending the existing one, money will always be the first and the foremost requirement. One should always properly assess the business resources for financing, as some sources may be suitable for business finance and other might not be. For example setting up a road side coffee stall requires different type of financing than setting up a garment industry business. But for many business the issue is not only to identify the right source of finance but also to find where to get the funds for setting up, expansion purpose and likewise. Therefore it is imperative to analyze the various source of financing available to a business and to assess thoroughly the appropriation of the resources in relation to the business. Investment readiness is always needed. A wealthy and beneficial financial package should, therefore, be selected as it is not only the question of money, but also the question of the whole of the life cycle of the business.

Filipino People and Family Planning Essay

The alarming increase of population in the country has caused many individuals to seek help in Family Planning. Discussing family planning is not just giving out condoms, pills and more but also on caring for our reproductive health (RH). One organization that has been serving its clients especially women is the Family Planning Organization of the Philippines, Inc. (FPOP). It is a private, non-stock, and non-profit voluntary organization that promotes quality of life through RH care service delivery, information, education and communication (IEC) activities; and policy advocacy initiatives. It is also the leading NGO RH champion and one of the oldest FP NGOs. It has the widest national network/coverage across the country. And the only RH NGO, with a strong binary structure, with volunteers coming from strategic sectors of society, backed up by professional staff. FPOP was founded by Dr. Jose Catindig (PPMP) and Dr. Gregorio Lim (FPAP) in August 4, 1969 through the merging of two separate and dynamic organizations: the Planned Parenthood Movement of the Philippines (PPMP) and the Family Planning Association of the Philippines (FPAP). Now it has 26 chapters and 8 community health care clinics (CHCC) to 40 provinces in the country. It is also an affiliate of International Planned Parenthood Federation (IPPF), the world’s largest voluntary family planning organization. FPOP has a binary organizational structure. These are the national and chapter –based volunteers and professional staff. It has volunteers within the organization and program volunteers at the community level. These volunteers serve as FPOP’s link to the community as a contraceptive distributor, community educator, and community organizer. Thus, realizing its vision of empowering families and communities and also taking full responsibility of their health and quality life. What they do? RH is not only a concern of women but of people from all walks of life. Men and women have a different reproductive organ, thus RH is necessary to both. The concern on sexually Transmitted Diseases is also for men, women, and all those who are sexually active. Family planning as a way of life and Reproductive Health as an integral part of individual well-being and development are FPOP’s thrusts. With these, it promotes life through its RH Care Service Delivery, Reproductive Health Advocacy Project in Philippines (RHAPP) and Development and Family Life Education for the Youth (DAFLEY). | RH Care Service Delivery is designed for those who are in communities and lack enough information on RH. And with people who are sexually active in these communities, pills, contraceptives and other family planning methods are just bought over the counter. And thus causes some effects to those who were not properly educated how to use such. With this, FPOP’s conviction on educating people on this matter are realized thru the various activities for couples, adolescents, men, women etc. to help them in family planning and reproductive health. Thus counseling, information disseminations and community education programs are organized. Thru these activities, FPOP ensures its chapters and Community Health Care Clinics provide a comprehensive package of family planning or RH health services. These packages include legally and medically safe family planning methods, the maternal and child health care services. Other concerns that it provides to its clients are health and nutrition, gender sensitivity, prevention and management of reproductive tract infections (RTIs) like HIV/AIDs. Violence against women, children, men’s RH an involvement in Family Planning, Breasts and reproductive tract cancers and other gynecological conditions, RH for older persons and adolescent sexuality and RH. The Reproductive Health Advocacy in the Philippines Project (RHAPP), is FPOP’s advocacy for a positive policy environment for RH-related issues at the national and sub-national (local governments and regions) levels. It is also empowerment of Filipino women, men and the youth in with the Participatory Reproductive Health Advocay Workshops in baranggays, National and Regional Fora for Advocates among others. They also have national and local legislations for RH and Population. Another thrust of FPOP is educating the youth. In DAFLEY project, it addresses the dynamic needs and concerns of adolescents and youth. This services for young people include interactive counseling through media, telephone, internet, or face-to-face counseling. Others are done in training peer counselors, educators, symposia, forums, referral to clinics and professionals for medical related and RH concerns. Philippine Rural Reconstruction Movement The Philippine Rural Reconstruction Movement, abbreviated as PRRM, is a non-governmental organization and institution formed in 1952 in order to assist the poor members of society in the Philippines. As a movement, it was initiated by upper and middle class group of individuals based on the experiences gained from the rural reconstruction and development done in China during the beginning of the 1900s. After World War II, among its tasks had been the establishment of cooperatives in rural communities. It was the inspiration of the founding of the Federation of Free Farmers in 1953, as well as the birthing of organizations similar to PRRM in other countries such as Thailand, Colombia, India, and GuatemalaIts main office is currently based in Quezon City. , which became possible through Dr. Yen’s establishment of another related organization during the 1960s, namely the International Institute of Rural Reconstruction (IIRR). Vision And Mission PRRM envisions a world of equity and sustainability. The future is one where society is free of ignorance, poverty, disease, and powerlessness; and development takes place within the environment’s carrying capacity. ————————————————- To enhance the capacity of rural communities in the planning, advocacy and implementation of sustainable development, through an integrated program of education, livelihood, health, habitat, environment, and self-governance. ————————————————- ————————————————- Values ————————————————- The PRRM believes in several values. Firstly, PRRM believes in justice and equity, which means that the poor should be treated with a preferential bias since they would have already been faced with much inequality in the past. PRRM also wishes to promote gender inequality and this would be shown in the projects done by PRRM. ————————————————-. Secondly, the PRRM believes that one key ingredient for authentic development would nonetheless be unity and peace. It is especially essential for the Philippines as it is a vibrant nation with a diversity of culture and religious beliefs. The variances and differences should be overcome so that the Filipinos can achieve their goals as one united nation, and this will eventually lead to development for the country. ————————————————- The PRRM also believes that nationalism, a reflection of a common ideology, is the key to authentic development. The people of the Philippines need to truly believe in their capacity in achieving what they want. Indeed, special attention to utilizing and developing the indigenous efforts is essential in promoting self reliance. ————————————————- Furthermore, PRRM believes that all development must take into consideration the protection of the environment. This will ensure that the environment will not be heavily strained on and that the future generations can continue to benefit from the Mother Earth. ————————————————- With regards to culture, PRRM believes that the Filipino people have a vibrant and beautiful culture which they truly enjoy sharing with others. ————————————————- Last but not least, PRRM also believes that development is for the people and by the people. Genuine people’s participation at every stage of development is the essence of community empowerment. ————————————————- ————————————————- Goals. ————————————————- Among its present-day roles is the promotion of sustainable agriculture, technologies in the fishing business and farming, agroforestry, planning and implementation of managing resources in communities, the fight against ignorance through education, the fight against proverty through livelihood training, the fight against diseases through health education, improvement in access to justice, restoration of cohesion and connection among and between communities, creation of livelihood, environmental stewardship, awareness of public policies, and the dissemination of information to other Philippine and Asian non-governmental organizations. ————————————————- ————————————————- Future Goals ————————————————- A core objective of the Philippine Rural Reconstruction Movement is to build up the Conrado Benitez Institute for Sustainability (CBIS), which functions as the educational, research and technical troubleshooting wing of the PRRM. By focusing on education for sustainability through providing educational courses which cover topics such as sustainable local economy, agriculture, coastal resource management, new and renewable energy, and gender issues, CBIS aims to inculcate sustainability into the future generation. ————————————————- In addition, the PRRM intends to advocate issues related to environment and sustainable development, economic development, social development and the rights of women, children and youth, and governance and citizen’s participation. ————————————————- Other long term goals also include the creation of an organization information database and the implementation of a â€Å"report card† system. The former acts as the basis for monitoring the ongoing projects and operations and the aim is to boost the efficiency of the different operations by at least 25% . While for the latter allows progress and accomplishments of ongoing projects to be recorded and reported. The PRRM aims to achieve workflow streamlining, publication exposure and quality, improved staff training and management accountability. ————————————————- ————————————————- Historical background ————————————————- In the 1900s, the Philippine Rural Reconstruction Movement was founded and inspired by its then leader Dr. Y. C. James â€Å"Jimmy† Yen (also known as Yan Yangchu), a national of China. It was brought the Philippines, specifically in Nueva Ecija and then also in Rizal province, by Filipinos such as Conrado Benitez, a person connected to the University of the Philippines, with the vision to empowering and developing rural communities and the aim of providing training on self-government and on how such communities can sustainitself globally, nationally, and locally. ————————————————- Apart from Conrado Benitez, original members of PRRM’s Board of Trustees also included Salvador Araneta, Cornelio Balmaceda, Cecilio Putong, Juan Salcedo, Jr. , Asuncion A. Perez, Gil Puyat, Paul R. Parrette, and Albino Z. Sycip. Apart from Benitez, Sycip, Putong and Salcedo, Jr. , PRRM’s original incorporators also included Esteban E. Abada,Eulogio Rodriguez, Jr. , Roland Renne, Juan Cojuangco, Oscar B. Arellano, and Jose S. Camus. [11] ————————————————- In 1970, former Philippine Secretary of Health and Senator Dr. Juan Flavier, conveyed his experiences while working with and for PRRM by writing his book entitled Doctor to the Barrios. ————————————————- In 2009, PRRM became a partner of the Ayala Foundation USA, with the task of building potable water facilities within chosen Philippine barangays.

Operations Management in Insurance Sector

Operations Management in INSURANCE SECTOR Q. How to measure operational efficiency in service industry? Ans-Insurance companies use KPI indicators to measure operational efficiency and ensure optimum standards. The secret to success for an insurance company is providing the right product, having the right people selling and managing risks associated with it. Insurance organizations use and act on metrics to avoid unnecessary risks. Following are the Key Performance Indicators (KPI) that insurance companies use to measure operational efficiency.Policy Sales Growth Ratio It measures policy sales growth over a set period of time. It is increase in the number of clients over a specified period. It is helpful to gain insights into policy sales trend. The higher this percentage, the better it is. Policy Sales Growth = (Current period sales revenue – previous period sales revenue)/previous period sales revenue Claims Ratio It is defined by claims in a period divided by earned premium in the period. It helps to know the risk of claims and effectiveness of the policy.The ratio needs to be analyzed carefully to understand the risk associated. A higher ratio indicates too many claims compared to premiums and it isn’t good for the company. A lower ratio may indicate difficulty claiming which would lead to customer dissatisfaction. Claims Ratio = Total claims per period/Total earned premiums per period Percentage of Total Lapses It measures the total number of missed payments in a period compared with the policies sold. It helps in understanding why lapses are occurring and stop them from occurring at a high frequency. Read also Exam Operations ManagementA high percentage might be because of inefficient operations such as problems in the payment process. A company constantly improves its operations to decrease the percentage of lapses in each period. Percentage of Total Lapses = Lapses/Policies Sold Average Time to Settle a Claim It measures the time it takes settle claims. A decreasing trend is favorable. Lower time to settle the claim defines higher operational efficiency of the company. Average Time to Settle a Claim = Total no. of days taken to settle all claims/ Total claims Quotas vs.Production It measures the effectiveness of sellers and agents at meeting their targets. It helps in identifying when target sales are below and taking corrective action. A ratio below 1 means targets is not being met. A higher than 1 ratio means brokers are exceeding the target and it is favorable for the organization. Quotas vs. Production = Total Rs. Quoted Business/Total Revenue Top Brokers in Sales Revenue I t ranks brokers based on sales revenue and no. of policies sold. It helps to identify top performers for each category of policies.It also helps to improve the performance of brokers who are lacking behind. Top Brokers in Sales Revenue = Rank top 3 or 10 brokers based on sales revenue Total Benefits as a percentage of premium It is an indicator of financial performance. This measure helps in pricing of insurance policies. It helps to know the risk factors associated with each policy and set fair premiums. Total paid benefits as a percentage of premium = Total paid benefits/Total premium earned Q. How to ensure quality in service business and how to enhance quality in service sector?Ans-There are several ways to ensure and enhance the quality of an insurance company. These are listed below. †¢Six Sigma concepts can be implemented to ensure quality and conform to consumer needs. Six Sigma concepts make use of statistical tools which makes measurement of results easier. †¢Div iding the company into departments based on different categories of insurance such as separate departments for car insurance and health insurance. This would provide better understanding of which categories of insurance should be improved by the company. Deciding on the maximum time to settle an insurance claim. This would allow to improve service and quality of claim processes as claims would be settled more quickly. †¢Online information should be used to provide policy holders with accounts that provide updated information regarding their claims and premium payments. †¢Insurance companies can get into an strategic partnership with mobile banking providers so that customers can pay their premiums through mobile banking †¢A chart showing the updated rankings of brokers should be available to all brokers.This would increase competition and let the brokers know how much they are lacking behind others. †¢Incentives for top performing brokers should also be announced in advance to keep the motivation level high throughout and improve services. †¢Regular training programs should be conducted for brokers in order to increase their marketing and selling skills †¢A complaint center should be established in the premises to deal with the complaints received from customers. The complaints should be discussed and a corrective action plan should be develop to deal with problem.The action plan should be implemented and results must be analyzed †¢A maximum time to act on a complaint should be decided within that time the department has to act on the complaint. The corrective action taken should be documented and implemented within the specified time †¢External benchmarking with other insurance companies might also be helpful in identifying short comings and improving services †¢Define to brokers the criteria of quality customer interaction and to led them act on it

Freud, S. on the Theory of Sexuality from his article The...

Sigmund Freuds Three Essays on the Theory of Sexuality, written in 1905, attempted to trace the course of the development of the sexual instinct in human beings from infancy to maturity. This instinct is not simply an animal instinct but is specific to both human culture and the form of conscious and unconscious life we live within it. For Freud sexuality is infinitely complicated and far-reaching in its effects and forms the basis of self-identity and interactions. His Third Essay discusses the transformations of puberty in both males and females. Part four of this essay focuses on the differentiation between male and female sexuality. Freud states in this part that as far as the autoerotic and masturbatory manifestations of sexuality†¦show more content†¦It is at puberty that the sexual nature of girls becomes feminine, that is, passive or receptive. Puberty for girls is marked by a fresh wave of repression in which it is precisely clitoral sexuality that is affected, thus overtaking the heretofore-active nature of a little girls sexuality, and replacing it with a passive non-clitoral leading sexual zone focused on the vaginal orifice. The clitoris retains a role in sexual excitement but its task is in transmitting the excitation to the adjacent female sexual parts and is not the primary sexual zone as experienced in boys. Before women can transfer their leading zone from the clitoris to the external genitalia an interval must occur during which the young woman is anaesthetic, that is unresponsive sexually. This period occurs at the very time that the pubertal male libido is growing and seeking a sexual object. The pubertal repression of females acts as a kind of stimulus to the libido of men and causes an increase in its activity. The repression of pubertal girls leads the male libido to a sexual overvaluation of its chosen object, which is unobtainable. When a woman has successfully transferred the erotogenic zone from the clitoris to the vaginal orifice, it implies that she has adopted a new leading zone for the purposes of her later sexual activity. This is in contrast to the male erotogenic zone, which remains unchanged from childhood. Freud notes that it is precisely this