Essay on Insurance Industry : Business And Personal

1335 Words Jun 29th, 2016 6 Pages
The Travelers Companies is in the insurance industry. Insurance is a means of protection from financial lost. There are two major categories within the insurance industry: business and personal. Within, each of those categories are many sub-categories. I work in workforce optimization within the business insurance section of Travelers. Business insurance insures business from one employee – thousands of employees. Examples of personal insurance are auto and home-owners.

The insurance industry has grown and has been around for over 5000 years the first records of insurance was found in China 3000 BC. Chinese merchants were worried about losing all their merchandise from a shipwreck, which lead to a group of Chinese merchants coming together and putting only some of their merchandise on a ship, not all so that if the ship did sink it wouldn’t be as financially devastating. Insurance from natural disasters was not common until the Great Fire of London in 1666. The fire destroyed over 300 acres of land, which was composed of 10,000 homes and 86 churches. Over 100,000 people were made homeless from this fire.

There are both issues that are the insurance industry and Travelers face separately and also issues just Travelers faces. An issue Travelers has been keeping young talent to stay with the company. Travelers does not have information about issues online. I gathered my data for this section by asking employees within the company. There are both issues that are the…

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