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Answers to Readers' Questions - Strategies to Win Competitions. Also refer to contest, prize, reward, performance, head-to-head, predatory, contestants, opponents, score, judges, reputation, knowledge, head-to-head, offense, defense, deter, negative, predatory, attack, superior, weaker, bully, sports, athletics, business, war, Ron Kurtus, School for Champions. Copyright © Restrictions
Answers to Readers' Questions on Competition:
Business
The following 1 comments and questions have been sent in. They are listed according to date.
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Value in the insurance business
Question
December 20, 2007
In insurance industry, about primary activities
. what are the primary value-creating activities
. How do these activities help in creating value
Also with support activities
. identify the support activities
. how these activities help in creating value.
frank - Ghana
15004
Answer
The insurance business uses statistical data to determine the probability of risk for covering someone in case of an accident of some sort. They need to carefully determine the risk in a particular potential client. They must also be aware the some customers may be "accident prone", so they need to look at past claims. these activities create value by assuring there is no loss.
Finding new customers, convincing them that they need insurance and convincing them that your insurance company is better than the competition are important value-added activities.
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