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Definition
| the effort of two or more parties acting independently to secure the business of a third party by offering the most favorable terms. |
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Definition
| large-scale action plans for interacting with the buisness environment in order to acheive long-term goals. |
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Definition
| an organization's purpose or it's fundamental reason for exstence. |
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Definition
| major planning components that are the target or end result that an organization wishes to achieve. |
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Definition
| a significant edge over the competition in dealing with competitive forces. |
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Term
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Definition
| a method of analyzing an organization's competitive situation that involves assessing organizational strengths (S), weaknesses (W), opportunities (O), and threats (T). |
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Term
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Definition
| the act of designing a set of meaningful differences to distinguish an insurer's products from the competitor's products so that the insurer's products occupy a distinct and valued place in the market. |
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Definition
| the combining of two or more companies into one organization. |
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Definition
| the purchase of all or part of one organization by another. |
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Term
| Strategic buisness unit (SBU) |
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Definition
| a division within an organization that is defined for the purpose of measuring that division's productivity. These units are called buisness units or profit centers, or silos, by some insurers. (Note that the term "silo" can have negative connotations when it indicates divisions that have isolated objectives.) |
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Term
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Definition
| an internal budgeting process in which each buisness unit begins with no debt or credit. Each unit begins every fiscal year new with a zero balance in the budget. |
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Term
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Definition
| the use of temporary or ongoing task groups whose members are charged with working together to identify problems, to form a consensus about what should be done, and to implement necessary action in relation to a particular task or organizational area. |
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Term
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Definition
| the percentage of policies that are renewed at an anniversary. |
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Term
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Definition
| a measurement of retained policies over a long period of time. |
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