This first unit of my coursework focuses on ‘Business in Work’ I have chosen Newcastle Building Society. This is a business that concentrates on mortgages, investments, insurance policies and funding for businesses.
From this business I am to produce a detailed business report I will state the individual objectives of the business. I will also discover from my contact inside Newcastle Building society the organisational structure and the communication channels in which information is passed down. From this I will be able to interpret how these factors combine to the successful nature of a business.
I also want to discover the quality assurance and control systems that are involved, how this helps the customer and influences the price of the product. From this I will give alternatives of means of quality assurance as will as my point of view on how well it is succeeding its objectives. One major part of this course is to also discover the impact of ICT this could involve internal communication i.
e. e-mail or external i.e. the Internet.
With this information I will supply a business report that will hopefully describe how a business in work functions and its aims and objectives.Clearly, mutual insurers were more successful than PLC’s in the second half of the 1990s in terms of greater premium growth, lower expense ratios and higher claims records. Higher claims demonstrate that mutual societies have a better record for returning money to policyholders per paid premium, while mutual societies lower expense ratios indicate greater efficiency.While mutual society focus on the provision of benefits and services to their members, PLC’s must also consider shareholders’ needs in their business operations.
This split loyalty can act to the detriment of policyholders.Mutual societies should also be able to steal a march on proprietary companies in another area. Some banks have been found to be actively or covertly discouraging low paid or unemployed customers – or the “financially excluded” – whereas mutual societies such as credit unions and friendly societies have traditionally targeted their products and services at the lower paid. Furthermore, mutual societies argue that the very nature of insurance is anchored in the concept of mutuality – namely of risk being shared by the many, in order to protect the few that suffer loss.Objectives of my business Newcastle is a building society that was formed many years ago. This obviously affects their objectives.
If they had been a company who was just starting up then there objectives could include the gain of customers and reputation. As most mutual societies Newcastle cites the general public and its members as its most important area to focus on and this can be picked up on by their objectives in this section: Provide the best investment and home loan service to our local community.Treat Members and other customers efficiently and with courtesy at all times. Always act in the collective best interests of, and be accountable to, our Members. Only make the level of profit required to maintain our capital at an adequate level.
Listen to our Members’ needs and wherever possible act upon them. Share the benefits of our success only with our Members and not with any external parties, such as equity shareholders.Preserve our Members’ confidentiality. Treat existing Members and new Members with equal fairness. Always comply with ‘The Banking Code’, ‘The Mortgage Code’ and the ‘General Insurance Standards Council Code’, copies of which are readily available from any of our Branches or from Head Office. Newcastle also believes its employees are important and has stated its objectives concerning this: To provide secure and rewarding long-term employment To respect our employees and endeavour to produce an environment of mutual trust and understanding To provide better than average remuneration packages in return for better than average contribution.