Business Analysis of 20th Century Insurance Essay

Business Analysis of 20th Century Insurance Table of Contents History, Position, Targeted Market, Goals Page 3 Northridge Earthquake, Crisis Page 4 Comeback Kid, Results of PR Campaign Page 6 Developing a Crisis Plan, Page 7 Crisis Team, Milestones for Communication Page 8 Issues Page 9 Plan Approval, Anticipated competitive responses Page 11 Recommended press release Page 14 References Page 15 Appendix A†¦show more content†¦They were exploring plans to expand their business by selling insurance in other states such as, Arizona, Nevada and Oregon. The company was also looking at the idea of possibly changing the companys name, in light of the newly approaching 21st Century. However, all its plans for growth were immediately put on hold due to the January 17, 1994, magnitude-6.7, Northridge Earthquake that cost the company over $1,065 billion. The Northridge Earthquake The Northridge Earthquake was recently characterized as one of this nations most costly disasters ever, as it has been 20th Centurys most costly and devastating in terms of its finances, reputation and survival. In the past five years since this catastrophic occurrence, 20th has encountered near financial ruin, class action lawsuits filed by homeowners, name smearing and accusations of illegal business dealings made to the press by their disgruntled claims manager and a near take-over of the company by their financial savior Automobile Insurance Group (AIG). This series of events could have been described by many as a Public Relations nightmare for the company, instead, 20th chose to look at it as their biggest opportunity to do PR. Crisis Physically violent acts of God, such as an earthquake are often times both hard to predict and prepare for. 20ths, Corporate Relations, SeniorShow MoreRelatedHuman Resource Roles And Impact818 Words   |  4 PagesResources developed during the industrial ages since the factories were tasked with managing a large number of employees and maintaining their employees safety. During the 20th Century, the Human Resource function expanded to complying with social requirements and the productivity of its employees. 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