Marketing Design and Innovation Dissertation Example | Topics and Well Written Essays - 3000 words - 1

Marketing Design and Innovation - Dissertation Example Influence of insurance on the business industry provides a clear indication of the significance and value to the global economy. With the emerging insurance sector worldwide, policy holders as well as investors are exposed to a wide range of products (Augustine & Chandrasekhar, n.d.). The insurance industry contributes to economic growth and national prosperity in multifarious ways. Insurance helps to strengthen the effectiveness and resilience of the economy by minimizing risk. It helps individuals by reducing the financial impact of unpredicted and unwelcome incidents, and helps them to perform their work activities as well as organize their lives with greater certainty. Risk-averse people are able to enjoy greater utility from their assets. Today almost every conceivable asset can be insured such as car, motorcycle, business, travel and others (Wahi & Et. Al., 2010). 2.0. Synthesis and Review of Literature 2.1. Stylistic Change towards Insurance The insurance industry is considere d to be one of the major segments for economic growth and development. In other words, perceived benefits compared to actual benefits are the backbone for marketing of insurance services. Over time, the insurance industry has found new and innovative ways for expansion. ... The regular dissolution of conventional social structure also increases the demand for insurance. In this growing competitive insurance sector â€Å"customer is the king†. For this reason, insurance products are designed and customized in such a way that they can be tailored to the changing style of customer tastes. Insurance products are developed by considering various demographical factors such as family status, gender, age, employment and income level (Kumar, 2008). To illustrate the critical importance of insurance, HDFC Standard Life has developed ‘Super’ series products for the diverse need segments. This series has developed to meet changing needs and preferences of customers across various life stages. For example, ‘HDFC Young Star Super’ product caters for those customers who wish to provide for their children’s education, and ‘HDFC Pension Super’ for those customers who plan for retirement and save for key milestones (HD FC Standard Life Insurance Company Limited, 2009). Another example is ‘Oman Life Insurance Company’ which introduced ‘Property Owner’s Association Package Insurance’, a new product in the UAE insurance industry. This product will provide multiple insurance coverage including ‘Property Insurance’, ‘Third Party Insurance’, ‘Office Bearer’s Liability Insurance’, ‘Fidelity Guarantee Insurance’ and ‘Machinery Breakdown Insurance’. Oman Insurance Company believes that this policy will provide coverage to all in a jointly developed property, for instance, residential tower, commercial offices and villa communities. Both owners and renters will benefit from this insurance product (Mesbah, 2010). 2.2. Changes in Customers’ Taste, Need and Fashion In the past, younger generation was not

DSS (Information-Technology) Essay Example | Topics and Well Written Essays - 1750 words

DSS (Information-Technology) - Essay Example DSS is usually designed as an interactive tool which receives input from the user end to compile, assist and guide in the decision making process. The reliability and accuracy of the DSS have been proved in various occasions (Shortliffe, 1987). This present research work deals with various applications of DSS in medical informatics. There is a growing interest in adopting decision support systems in health care. The application of information technology can improve the process quality by automation and minimizing errors drastically. It can rectify the problems associated with the existing technologies. A study was conducted to evaluate the impact of CDSS on the prescription costs (S.Troy McMullin et al 2004). The CDSS provides clinicians with adequate recommendations for the prescription process. The promotional activities of pharmaceutical companies influence the physicians in the drug prescription. They culminate in prescription of inappropriate drugs with high cost. These kinds of consequences can be overcome by the utilization of the automated systems since they provide guidelines based on preset facts and literature providing a cost effective solution. The CDSS WELLINX is one such example for this. The developed system guides the clinicians to choose a specific diagnosis and displays prescription relating to the condition. It works effectively in the decision making process cost effectively. DSS have been widely used and has also shown significant results in the patient outcomes. Studies carried out by shows CDSS improves quality of healthcare by providing accurate and timely diagnostic information. Once a system is derived taking into consideration all the requirements including the knowledge base it will prove good in the decision making process. Minimizing errors It was reported in a survey the prescribers had an error rate of 1.5%, a quarter of which may lead to serious effects (Dean B, 2002). Computerized systems for medicine or decision support system evolved as a result of repeated encountered errors; the UK and US government reformed the medical policy by depending on the information technological support and applications to minimize these errors. DSS improving decision quality In a study conducted (Vitali Sintchenko et al, 2004) on the impact of computerized decision support systems (CBSS) on antibiotic prescribing decisions, it was found CBSS improved the decision quality significantly. They graded the clinical impact score based on adoption rate and decision effectiveness and it was revealed from their work that DSS along with the microbiology report showed a high clinical impact score than the electronic guideline and electronic medical reports. Treatment guidelines Madhukar H. Trived et al, 2004 in his work describes the outlines the present use of computerized systems for implementing treatment guidelines and early use of a computerized decision support system for treating depression. It was found that the physicians'