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• Identify three significant operational risks, arising from the proposed acquisition, that will impact on BTR plc’s reputation.

Assignment 2

You are the Head of Risk Management for BTR plc, a UK-based personal lines insurer specialising in household insurance. BTR plc has a long-standing reputation for excellent customer service, supported by bespoke underwriting and a quality claims service. Customer retention rates are high. However, new business growth is low. To improve new business growth, the Board have decided to expand into a new class of business through the proposed acquisition of a motor insurer, PES plc. It is intended that BTR plc and PES plc will be merged into a single insurer retaining the name, BTR plc. Over the last five years, PES plc has been very profitable due to innovative information technology and a low expense ratio. Prior to the proposed acquisition, the following information about PES plc is identified:

• Business is based on system-driven underwriting and claims processes.

• Insurance products are distributed directly to customers via online platforms and/or PES plc`s call centre.

• Customer retention rates are low. However, new business growth is high.

• There is a high staff turnover rate.

• There is a high number of customer complaints relating to claims.

• The Regulator has criticised PES plc`s regulatory and compliance procedures.

Question

You have been asked by the Board to assess the potential implications of the proposed acquisition on BTR plc’s reputation.

• Identify three significant operational risks, arising from the proposed acquisition, that will impact on BTR plc’s reputation.

• Analyse the potential impact on BTR plc’s reputation arising from each of the three operational risks.

• Make recommendations, based on your analysis, to mitigate the operational risks, whilst achieving new business growth and maintaining BTR plc’s current reputation.

You need to start answering from the question Identify three significant operational risks, arising from the proposed acquisition, that will impact on BTR plc’s reputation which is the first phase of your assignment.


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