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Jegrins Insurance Company is one of the largest insurance companies. Jegrins Company is a group of six other companies that deal with life insurance, property insurance, insurance exchange, property insurance and management. Jerkins Insurance Company is one of the largest casualty or property insurers and has so many policies. It deals with life insurance, asset management and casualty and property Insurance. Insurance companies have to maintain a competitive advantage in order to ensure growth.
Jergins is one of those insurance companies that need to maintain a competitive advantage. The company has a very stable financial condition, works towards superior targets hence attains the aim of providing superior services. The employees of Jegrins Insurance Company are a very committed group who work towards the success of the company and ensure that the company grows. Jegrins Company has policy holders too that always set specific targets to be met by the company.
They either set long term targets or short term targets depending on what they want to accomplish, agents of the company work hard in order not only to meet these targets but also to exceed them as a challenge to their policy holders. This company uses all these to ensure growth in the market as well as maintaining a competitive advantage. The company uses the capitalization’s risk adjustment as one of the ways of ensuring growth. It has a unique solid operating performance system as well, that it makes use of and views this as very important in the growth of the company.
Another design in place for the Jegrins Insurance Company is the availability of the regional market that is well established. The advantage of the regional market, the employees attitude towards working hard, the adjustment of risk capitalization and the policies of the company that have to be met, place the company in a very high class among other insurance companies and enables it maintain a competitive advantage apart from just company growth. There are other factors that contribute to the growth hence high rating of the Jegrins Insurance Company.
These are factors such as improvements on technology which has enabled the company growth on performance and service offering, low operating costs, a solid income investment, an increased sophistication on pricing and a well organized and well mannered underwriting. Jegrins Company cannot only depend on the already mentioned factors to be successful and to maintain a competitive advantage. It has to look for knowledge and how to manage it for the benefit of the company. The company therefore tried to change or implement ways of getting knowledge which it realized was a very important factor in maintaining competitive advantage.
The company realized that by gaining knowledge from outside about other companies or competitors, it would be better placed, and apart from that, internal knowledge was noticed as essential for the general growth of the company. The company manager therefore decided to implement knowledge strategies to use for the companies benefit and be well informed about competitive advantage issues. The knowledge strategy of a company is the approach the company gives to the knowledge capabilities and knowledge resources to the company’s strategy in order to achieve what the company targets are.
A knowledge strategy enables the company to increase its knowledge in a specified area be it internal or external knowledge of a company. Companies choose from the knowledge sources which are either internal or external or can choose to use both. Jegrins Company decided on a knowledge strategy that uses both the internal knowledge sources and the external knowledge sources. Jegrins company internal knowledge sources are those that the employees have in their minds, that is, in their behaviors, the duties and procedures they conduct everyday, the company equipments and the software of the company that they handle.
Jegrins internal knowledge sources also lay in the various documents that the company has, the databases and the on line repositories. The external knowledge sources that Jegrins decided to use are such as consultants, from brokers of knowledge, universities, publications, personal relations and from professional associations. Jegrins company manager found out that internal knowledge source could be used to prevent imitation by other companies and to maintain the required level of knowledge requirement for executing the company’s strategy and maintaining its current position.
The manager then decided to go to an extent of looking for external knowledge sources to avoid being beaten by competitors since competitors too have knowledge levels. The company has to ensure the gap between the competitors level of knowledge is closed down to ensure it is not down and cannot be out done at any time. Jegrins also creates new knowledge to keep in pace and to maintain a competitive advantage position. This extra knowledge, the manager feels is very important since the company will be better placed that the other companies. The company exploits knowledge to keep pace by looking for more information that is relevant.
Jegrins insurance Company Internal knowledge management and knowledge acquisition: Without a knowledge strategy, the success of a company can be jeopardized. The company has since implemented a strategy of knowledge acquisition. This strategy has various processes that the company follows. The knowledge of the company since it was initiated was made available to the company employees for them to get to know more about the company. In knowledge management, employees are very important. Jegrins encourages its employees to get the information about the company and perform there duties on the basis of knowledge that they have gained.
Internal knowledge is based on the employee knowledge, about their experiences, the soft ware in the company and other company documents. Since the company already had these, it was easy for the manager to go through this step of knowledge acquisition because the employees already had knowledge about the company, the software and had experiences in vast areas of the company. On the basis that this is a large company that provides services to other members and has so many policies, Jegrins has a lot to be termed as internal knowledge.
It is therefore an important task to take a long term plan to ensure knowledge acquisition is not stopped after a short time but is continued over a long period of time. Jegrins made this decision just based on the nature of the business or company that does not go for days then close down. The manager decided on long term plans to avoid failure during operations in the future. Apart from the company knowledge that was readily available, the manager still implemented ways to encourage the employees to share the experiences they had and other organizational issues as a way to improve the company’s operational system.
By this he encouraged learning through experience hence acquiring more useful knowledge to what his targets of the company are knowledge. External sources of knowledge: Jegrins acquires knowledge too from the external environment as has been stated. It gets information from consultants about the company’s operation steps whenever the manager feels there is a point where consultation is required. The company has evolved to an extent of looking at the other company’s successful methods and learning about them for the benefit of the company and to bridge the gap between the competitor and the company itself.
When the company manager does this, he realizes that the other companies do not have more knowledge than the company does, and therefore are at almost the same level of knowledge and not left out yet the company still ranks above the competitors. This he realizes is important in maintaining a competitive advantage since knowledge about other companies is available to him and he knows the steps to make to avoid problems or going down the competitive advantage. The manager also involves the company in looking for information about the environment to which the company operates apart from the competitors’ information.
The market is very important to the management of the company since the basis of the company being set up is to provide services to a specified market. Jegrins manager encourages research on the market for the advantage of the company. This though has been the company norm even before the manager decided on taking to knowledge strategy since it offered a lot of information about the steps to be followed for the success of the company. The manager realized that there was need for a strategy or method to be used to acquire just more information relevant for development.
This kind of information gaining was meant for the purpose of just keeping in pace with others or being ahead of them which would be to the advantage of the company. The company therefore looked for external sources of information from universities, publications about the successful insurance companies, and other related information professional sources. Jegrins Information distribution: The manager of Jegrins Insurance Company adopted a system in the company that stored valuable information in an order that could be easily retrieved for reference.
He also adopted the system of allowing information to be shared among the employees depending on the ranks and area of work so that when an employee does not accept an issue, he/she can explain it to others, discussed and a conclusion made. All these steps the manager considers as a good knowledge management strategy that has shown great success to the company after implementation. After knowledge acquisition, distribution, interpretation and general storage, the company’s knowledge management can be discussed.
The manager so far has used this strategy to manage the company knowledge and is able to realize some bit by bit improvements from the previous level in which the company was before. The company though was at a high level, the manager had intentions of improvement and not just sticking to one level forever that may fall down in one time. The manager decided therefore to implement the knowledge management strategy to improve company performance and maintain competitive advantage.
In all the knowledge management procedures, the manager had to take time to make sure that strategic knowledge creation is correctly done. He had to make the short term decisions in some cases and long term decision in others to make sure that there is a balance. This is because in some cases like the maintenance of the competitive advantage by the company, the manager had to decide on long term strategy since the future of the company has to be considered. After implementing a knowledge management strategy, the company has come to realize that knowledge is the key issue in the basis of competition.
The company is always aware of any competitor steps that are relevant for the company in order not to be beaten by the competitor. Additional knowledge places the company at a higher class since more improvements have been made based on the acquired knowledge. Internal knowledge proved to be very advantageous to the company since it made the employees share the ideas out of the strategy that the manager created that allowed them to share ideas on the companies operations and make corrections and improvements where it was necessary.
The result of these steps by the manager was tremendous, easy maintenance of the competitive advantage, noticeable growth, and increased class when compared to other companies and just being informed in terms of knowledge. It was success for Jegrins. Jegrins manager feels that knowledge strategies that suit respective companies are one of the ways to maintain competitive advantage in insurance companies since knowledge is the basis of competition and improvement.
According to Jegrins’ manager, when the company has knowledge from the external environment, there are very high chances of improvement and maintaining a competitive advantage. Internal knowledge also contributes to the improvement and competitive advantage too since the main subject here is the employees and the employees have a big role to play in the company. They are the one who run it through their routine duties and experiences.