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Code Of Ethics In Insurance

1746 Words7 Pages

1 .Background

The information contained in this report is based on the author undertaking an investigation to review the code of ethics of a large insurance brokerage organisation, including taking into account views and opinions of employees on this matter, in order to determine whether these prescribed codes of ethics where relevant or effective in creating an ethical culture or standards within the organisation.

According to von der Embse, Desai and Ofori-Brobbey (2010:5):

Most companies and professional organisations seem to have written ethics codes, but that doesn't mean their conduct is automatically ethical. In fact, the opposite is often the case. To be effective, codes of ethics need safeguards, as well as enforcement mechanisms, …show more content…

The common thread however, across all the stakeholder groups seems to be the emphasis on fairness, honesty and responsibility/accountability from each individuals. The code of ethics then culminates into a guide for decision making, and emphatically states that no value or stakeholder takes preference over another and that decisions should always be made based on considering competing interests and depending on the context, in order to reach the most appropriate …show more content…

 The development of a code of ethics should be an inclusive and consultative dialogue/ process between all key stakeholders (i.e. leadership team, clients, suppliers, communities and employees) to determine how each interprets ethics and morality in order to find the closest applicable understanding that can be agreed on by most and understood by all concerned parties.
 Leadership alignment and agreement to remain consistent and credible role models of the type of ethical behaviour the organisation expects from all stakeholders.

To understand the impact of leadership on the overall effectives of ethics training in an organisation, Smit, P.J., Cronje G.J., Brevis, T. and Vrba, M.J. (2011) argue that:

The first and most important requirement for fostering a culture of good ethics in an organisation is leading by example…the chief executive officer and senior managers need to be openly and strongly committed to ethical conduct and should provide constant leadership in reinforcing ethical values in the organisation. They should communicate this commitment as often as possible in speeches, directives, and organisational publications. It is essential that their actions should set the example for ethical standards in their

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