Ethical Business Practices
Presented by: Karen Fergen, CLU
IA Course #105821
NE Course #6000075774
TX Course #124868
Strong ethical business practices are a hallmark of a quality company. As a business owner or as an employee the focus should be on building and maintaining high standards. Building sound business practices by setting a focus on ethical principles and creating policies plus procedures that govern the activities within your small business are a continual process. We will learn leading practices that your agency may want to consider as you develop your key business practices.
Anyone involved in the business has to handle money at some point. As a small business owner or employee, it is a good idea to have a grasp of appropriate money handling practices. Anti-money laundering (AML) is a term mainly used in the financial industries to describe the legal controls that require insurance agencies, banks and other financial institutions to prevent, detect, and report money laundering activities. We will take a look at the Why’s, What it is, How to prevent, key Federal Laws and Compliance considerations so that you will have a good understanding of the details of AML.
In 2018, the Coalition Against Insurance Fraud estimated approximately $80 billion in fraudulent claims are made annually in the United States. Healthcare fraud alone is estimated to cost Americans $54 billion a year. We will review and discuss actions you should consider if you suspect insurance fraud as you are working with prospects, customers or clients?
The final area of focus will be proper communications with prospects as you are conducting various marketing activities. In today’s market, social media is a key marketing strategy that many small businesses leverages in this highly competitive insurance environment. Understanding proper social media best practices for business is a great way to gain exposure and grow your business. We will examine various sales practices and how to be aligned with proper sales and marketing best practices.