Additional examples of the impact of globalization and multicultralism are

Additional examples of the impact of globalization

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Additional examples of the impact of globalization and multicultralism are evidenced by (a) insurance companies’ expansion overseas, (b) closer interaction with customers, (c) active usage of social media and (d) participation in various domains of society’s life. Resulting in implementing the strategy of paying more attention to the maintenance of mutually beneficial relationships with stakeholders.
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ALLSTATE INSURANCE CORPORATION CASE ANALYSIS 11 Political Trends The nature of the influence of political trends on the United States insurance industry mostly implies the changes in legislative system that affect insurance industry. In most cases, political trends which have an impact on insurance companies will also have a substantial impact on the overwhelming majority of other firms in the country. The examples of such changes are tax reforms as well as any changes in fiscal and monetary systems. Right now there is no premise to assert that political trends will play a decisive role in the development of the U.S. insurance industry. It is necessary to understand that unexpected political transformations may have a significant impact on the industry and even lead to its substantial disruption. Technological Trends A detailed analysis of the industry allows us to put forward an assumption that technological trends are crucial now for the industry’s development. The advancement of technology will also influence the advancement of the insurance industry. The supposed digital- physical blur is and will continue to be the main trend of the future insurance industry in the United States (Cusano, 2014). The most obvious effect comes from the process of customers interacting with insurance companies using the internet. The popularity of the internet based distribution channel is expected to make it the main source of customers in the market. Besides, with the help of digital technologies, it becomes much easier to design and execute an effective marketing campaign and start selling products overseas. The strategy of overseas expansion has been simplified by the modern technologies. In addition, new technologies provide customers with various payment methods, an ability to be always in touch with the company’s support and other useful innovations.
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ALLSTATE INSURANCE CORPORATION CASE ANALYSIS 12 It is expected that all the procedures which occur during the aforementioned stages of the policy’s lifestyle will become faster and simpler due to the new technologies. Generally, the influence of technological trends on the U.S. insurance market is doubtlessly crucial. Technological trends imply the appearance of new types of insurance, various possibilities to enhance feedback from the client, communication channels, etc.
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