Ethical Decision Making in Risk and Insurance
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Table of Contents
Objectives:
1. Introduction to Ethics in Insurance and Risk Management
- Definition of ethics and morality: Clarifying the conceptual differences between ethics and morality in the business context.
- Importance of ethics in the insurance sector: Why ethical decision-making is essential in risk management and insurance, and how it affects client relationships and the company’s reputation.
- Regulatory and legal framework: A review of the legal and regulatory standards that impact ethical decision-making, including insurance laws and codes of conduct.
2. Ethical Principles in Decision Making
- Deontology and consequentialism: How these philosophical frameworks guide decision-making in risk and insurance situations.
- Integrity and transparency: The necessity of transparency in practices and the importance of professional integrity in decision-making.
- Fairness and justice: The role of fairness in evaluating claims and distributing risk among stakeholders.
3. Ethical Decision Making in Risk Situations
- Analysis of ethical risks: Identifying specific ethical risks in the insurance industry, such as conflicts of interest, claims management, and pricing.
- Evaluating ethical dilemmas: Tools for identifying common ethical dilemmas in the insurance field and assessing them using a solid ethical framework.
- Decision-making models: Various models that help guide ethical decision-making, such as the Five-Question Model (Is it legal? Is it fair? How does it affect stakeholders? Is it honest? How would you feel if it happened to you?).
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