本文是会计专业的paper范例，题目是“Australian Mutual Provident Society Scandal Impact（澳大利亚公积金协会丑闻影响）”，2018年4月曝光的AMP Life丑闻最终导致AMP有限公司的全面危机，该公司是被英国皇家银行委员会调查的保险业巨头。检查发现了一些系统问题，但在本文中，我的分析将集中在不收取服务费的丑闻:“AMP的流程，一旦通知成员死亡，就停止收取保费”(皇家银行委员会2019年)。
The AMP Life scandal, revealed in April 2018, eventually led to the full-blown crisis of the AMP Limited Corporation, which was a giant brand of the insurance industry investigated by Banking Royal Commission. The examination identified a number of system issues, however in this paper, my analysis will concentrate on the fee-for-no-service scandal: “AMP’s processes for ceasing to charge premiums once notified of a member’s death” (Banking Royal Commission 2019).
The Australian Mutual Provident Society or AMP was founded in 1849 as a mutual society and non-profit insurance company. In 1998, it was reestablished as public company named AMP Limited. Now, AMP is a big property management corporation providing financial services such as insurance, superannuation, home loans, savings accounts and financial consultation to more than 4,000,000 customers, mostly in Australia and New Zealand. With the value of total assets is 115.8 billion USD and 15% value comes from investing in insurance, AMP became one of the largest insurers in Australia (Forbes Magazines 2018).
In April 2018, AMP Life was accused of charging dead superannuation clients for life insurance contract, despite knowing these customers were not available to insure. After five months of investigation, Banking Royal Commission announced that 4,645 AMP Life clients were affected by this problem, with $1,300,000 in premium repayments owing (Banking Royal Commission 2019). This scandal was the long period financial crisis for the Australia oldest life insurance company and the owner of the country’s biggest financial consulting corporation. Additionally, AMP’s symbolic brand reputation was flexible in the face of the proof of morality in business failures of the top leaders in this firm. In order to acquire comprehension about AMP scandal, the marketing system of life insurance will be examined from three elements: exchange logics, flows and organizing principles. I also recommend two solutions that the insurer can come back and prevent future crisis from occurring in the first place.
Firstly, according to Canberra Times (2018): ‘” Life had made criminal breaches of section 12d(b) of the ASIC Act and civil breaches of the Corporations Act and the ASIC Act for running incorrect and misleading advertising for trauma policies, in relation to cover for heart attacks”. After covering the public by advertisement about outdated medical definitions, AMP Life delayed informing Securities and Investments Commission about their customers who were dead within 10 days to not stop deducting additional charges from dead members’ history transaction. Essentially, AMP Life tried to confuse their clients who were lacked of knowledge about insurance product and policy in order to make profit. Following marketing system theory point of view, the company made a lot of mistakes about exchange logic function contains the legality as well as honesty in business.
首先，根据《堪培拉时报》(2018)的报道:“《生命》违反了《ASIC法》第12d(b)条的刑事规定，违反了《公司法》和《ASIC法》的民事规定，因为它为创伤政策发布了不正确和误导性的广告，涉及心脏病发作。”在通过广告宣传过时的医疗定义后，AMP Life推迟向美国证券与投资委员会(Securities and Investments Commission，简称sec)通报10天内去世的客户，要求其继续从去世会员的历史交易中扣除额外费用。本质上，安盛人寿试图迷惑那些缺乏保险产品和政策知识的客户，以获取利润。按照市场系统论的观点，公司在交换逻辑功能上存在着许多错误，包括合法性与诚信。
The weakness of risk management and internal information flow is the second factor that led AMP Life to this business scandal (Australia Financial Review 2018). According Banking Royal Commission report, some AMP officers formally recognized this problem in 2016 after receiving feedback from the dead client’s family. They had strong evidence to demonstrate the error, but their managers did no obvious action to handle it until 2018. It has totally decreased the reputation of AMP Life managers not only with the public but also the company’s employees. As the consequence, the Head Director of this wealth management firm has been dismissed in January 2019 and AMP has kept going on the reconstruction era of its top leaders.
风险管理和内部信息流的薄弱是导致AMP Life陷入这一商业丑闻的第二个因素(澳大利亚金融评论2018)。根据皇家银行委员会(Banking Royal Commission)的报告，在2016年收到已故客户家属的反馈后，一些安保官员正式认识到这一问题。他们有强有力的证据证明这一错误，但他们的经理直到2018年才采取明显的行动来处理这一问题。它完全降低了AMP人寿保险经理的声誉，不仅在公众中，而且在公司员工中。因此，该财富管理公司的首席董事已于2019年1月被解雇，AMP一直在继续其高层领导人的重建时代。
Company reputation and brand loyalty are necessary to a successful business for long-term, specified in insurance industry. However, AMP Life made a serious mistake while misleading the corporate regulator and the public. As a part of the Marketing system, this firm had trouble with organizing principle sector. AMP’s legal issues with Australia Securities and Investments Commission were centered on two specific issues: “The first is its deliberate attempt to mislead ASIC on at least 20 separate occasions over the charging fees of dead clients. And the second relates to a supposedly independent report AMP offered up to the regulator that went through 25 different versions, with changes suggested by AMP” (Banking Royal Commission 2019). After this fee-for-no-service scandal, the company may avoid recommending illegal responsibility, but the social license to operate which was released by local community trust and partners of organization network will no longer exist.
公司声誉和品牌忠诚度是长期成功业务的必要条件，这在保险行业是明确的。然而，安盛人寿犯了一个严重的错误，误导了公司监管机构和公众。作为市场营销系统的一部分，该公司在组织原则部门方面遇到了困难。AMP与澳大利亚证券和投资委员会(australian Securities and Investments Commission)的法律纠纷集中在两个具体问题上:“第一个问题是，它在已故客户的收费问题上，至少在20个不同场合蓄意误导ASIC。第二个与AMP向监管机构提供的一份本应独立的报告有关，该报告经过了25个不同版本，并由AMP建议进行了修改”(皇家银行委员会2019年)。在这次“不收服务费”丑闻后，公司可能会避免推荐违法责任，但当地社区信托和组织网络的合作伙伴发放的社会经营许可证将不复存在。
The greatest danger for insurance brand’s reputation is not fulfill the commitment to all stakeholders. For this reason, in order to improve AMP Life situation and avoid being included in future crisis, multiplicity of strong actions must be taken. People analyzed a lot about this scandal before, and now they are waiting for new AMP leaders to take responsibility, be both truthful and sensitive. Instead of the previous responses is all about denying mistake and hiding everything, AMP Life must be transparent in how to support the investigation so that to improve the credit with Australia regulators as well as the public.
On the same hand, the insurance managers need to recognize the valuable complaints from both customers and employees. People who try to express displeasure with problem are very loyal, and that complaints give AMP a new point of view, also an opportunity to pay attention to system issues. As a piece of marketing system theory, the connection between R&D insurance business and market feedback is very powerful. Moreover, complaints should be observed as a principal signal of potential opportunity to improve the relationship with clients. In order to guarantee that happens, AMP should build a multi-channel access to manage the increasing in all types of complaint, ensuring that all feedback are acquired and distributed with smoothly to provide the suitable service.
In summary, the analysis of the AMP fee-for-no-service scandal from marketing system’s theory allow people to overview the background of insurance firm crisis and understand what problem in a giant corporation. It’s not the first time AMP has found itself involved in trouble, therefore they can learn the lesson from 2006 crisis to overcome this scandal.
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