Insurance Industry and Public Relation the Need for Strategy Review - Free Essay Example

Sample details Pages: 13 Words: 3932 Downloads: 3 Date added: 2017/09/16 Category Advertising Essay Did you like this example? INSURANCE INDUSTRY AND PUBLIC RELATION: THE NEED FOR STRATEGY REVIEW By Sunday S. Akpan Department of Banking, Finance and Insurance University of Uyo, Uyo, Akwa Ibom State Nigeria Abstract. This paper investigates the Nigerian Insurance industry from the perspective of public relations. This investigation becomes imperative now that all efforts are geared toward restructuring virtually every sector of the economy for sustainable growth and development. The insurance industry has suffered poor image problem and subsequently low patronage by the public. In an effort to repositioning the industry for effective and efficient performance the paper proposes from the public relative perspective a number of strategies such as prompt and accurate claims payment, automation of operation, aggressive and creative marketing of insurance products, good customer relationship management (CRM), simplified language of policies, the people issues, better business control and reporting, and the good code of ethics as strategies for repositioning the insurance industry in Nigeria. Introduction The Nigerian economy is made up of many sectors. Don’t waste time! Our writers will create an original "Insurance Industry and Public Relation: the Need for Strategy Review" essay for you Create order These include the petroleum sector, the financial sector, agricultural sector, education, power, communication, aviation sectors etc. Insurance industry is one of the sub-sectors in the financial sector of the economy that has played a critical role toward the growth and development of the Nigerian economy as a whole. The Nigerian insurance industry has suffered what experts called image problem. Until very recently, many did not perceive insurance business as a crucial financial service mainly because the purchase of insurance service does not involve the exchange of any physical product (Babington-Ashaye, 2009). Although it is intangible, insurance is a crucial business service that creates and adds value. It lubricates the oil of business by being the risk bearer. Its importance is better appreciated when disaster of whatever magnitude occurs. Indeed, the economic importance of insurance is to reduce the financial implications of disasters thereby creating a sense of security, which encourages people to engage in commercial activities, without fear, irrespective of the degree of uncertainty. In other words, insurance service, from time immemorial, has always propelled business as it provides a safety net for entrepreneurs desirous of taking insurable risks. However, as the economy appears gloomy, and the perception of insurance industry appears frosty one would certainly seek answers to such questions as: (i)Being a strategy for managing risk and uncertainties how does insurance industry operate to guarantee good public relation? (ii)How is public relation in the Nigerian Insurance industry? iii)How would it be able to create a positive image and win good public relation? With perturbing speculations on the response, this study is therefore carried out to find the much needed answers to the above research questions. Consequently, the study seeks to achieve the following specific objectives: (i)To find how the insurance industry operate to guarantee good public relation. (ii)To examine public relation in the Nigerian Insurance industry. (iii)To highlight the various strat egies needed to create good public image, perception and relationship. Justification of the study Okoje (2008) admitted that the insurance industry has the capacity to perform more than it is currently doing. If the industry is repositioned, it would achieve the desired optimum level of performance. The profession and players in the industry must come to this realization and collectively evolve strategies for advancing the course of insurance. Carrying out this study is of great significance. First it will reveal the operational guide for use in insurance industry. Second, the study would provide solutions to the bothering issues raised in the above problem statement. Third, this study will offer useful strategies for effective and efficient operation of insurance firms in the industry. The study to a lesser extent would add to the available literature on the subject matter while also serving as a source material and reference for future writers in same or similar area of study. 2. 0Literature Review The relationship between insurance industry and the public has been a subject of concern by many writers. In trying to establish this nexus, many authors have adopted different approaches, methods and techniques. Some attempt an analysis of the role that insurance plays in ensuring the safety of the public, some focused on the importance of the industry to the economy and the society and yet others emphasized the regards that the people have for insurance industry. In this section, we shall focus our discussion on the main thrust of the study being how the public perceive insurance industry and the need for a review of the strategies that have been in use in relation to the current market situations. First we review the insurance industry in Nigeria. Second, examine public relation in the insurance industry and third we offer strategies for its effective operation. 2. 1The insurance Industry in Nigeria The insurance sector in Nigeria, per Soladoye (2010), germinated in 1921, although its regulation started only in 1961. After an indigenization process that the industry underwent in the 1970s, it was opened to foreign competition in the 1980s. Soladoye (2010) noted that the reform of Nigerias insurance industry started in 2005 with the announcement of new capitalization requirements for insurance companies. This led to the consolidation of the industry and 71 companies were recertified in February 2007. According to Babalola (2007) noted that the reform of the insurance sector was a defining moment for the sector, stating that it would form the basis for further reforms in line with FSS 2020. The minister announced that at the end of the day, we are going to have an Insurance sector that will actually have its own share in the FSS 2020. Before the announcement of the consolidation exercise in September 2005, the nation had 103 direct underwriters, 350 insurance brokers and five re-insurers. From March 1, 2007, insurance companies were required to increase their shareholders’ funds to N2 billion for life operations from N150 million, N3 billion as against the previous N200 million for non life operations and N10 billion for re-insurance business up from N350 million. The consolidation was also to significantly raise the contribution of the insurance industry to Gross Domestic Product (GDP) from less than 1. 0 per cent in 2004, compared to 16 per cent in S/Africa; 14 per cent in the UK; 9 per cent in USA; and Malaysia. It was also to increase the number of Nigerians that buy insurance policies from only about 5. 0 per cent. The Insurance Act (2003), which came with reforms, was designed to transform the industry, increase the capitalization of insurance companies, classify the business of insurance into life insurance and general insurance business, and make provisions for better supervision and control of the industry in Nigeria. The Act also facilitated the prohibition of insurance of Nigerian based assets abroad except with the involvement of Nigerian insurers. The advent of the Pension Reform Act (2004) also supposedly brought some good fortunes for the insurance sector, as it required that employers of at least five workers should take out compulsory group life policy in favour of their workers. With these, many investors in anticipation of the turnaround of the fortune of the industry bought into insurance stocks to make good returns in the coming years and month, when the expectations would have crystallised. The exercise, was also supposed to reduce the playing field from then 103 direct underwriters, five re-insurers, 350 insurance brokers, thereby growing gross premium income further. The move was also to address the high fragmentation of the industry, where each of the top five players had less than 4. 0 per cent market share, excluding NICON with 16 per cent, while the top 10 companies accounted for 34 per cent of market share. The fragmentation was blamed for the inefficient pricing and service levels in the industry, characterized by lack of product innovation, delay/default in claims payment. Efekoha (2009) admitted this much when he said the industry consolidation programme led to marked improvement in the performance of the insurance companies quoted on the Nigerian Stock Exchange (NSE). According to him: â€Å"The consolidation exercise has impacted positively on the industry as noticeable in increasing confidence of investors in insurance stock, and increased capacity of local players and ability to retain greater risks. The sector following the recapitalization exercise has really emerged as a formidable player in the financial services sector. The trend in the capital market shows that insurance stock prices have been on the upward trend. Many investors are ecording huge capital gains that have made instant millionaires of those who invested heavily in insurance stock, and this trend promises to continue. † He noted that the initial anger that trailed the pronouncement of new minimum capital levels by most operators in the sector gave way to enthusiasm, as operators began to see the â€Å"bigger picture† unfold. When the government consolidation campaign got to the insurance sector, most people felt the new capital regime of between N2-billion to N1 0-billion was far too high for the local market. However, the local market is now being driven by enhanced risk retention capacity, sundry alliances, and offshore participation that have all raised the prospects of the sector. IBS (2010) concluded that Nigerian insurers could start earning a yearly gross premium income of N1. 27-trillion ($10-billion) by 2016. The report by IBS analyzed several issues in the Nigerian insurance industry including premium growth rates, marketing and distribution, pricing, product development, and best prospects, among others. Labelling the Nigerian insurance industry, a ‘goldmine’ perhaps best represents its latent opportunities. Though demand for insurance services in the country has remained relatively low since the past 40 years due to problems, which include lack of capacity and low insurance awareness, analysts say the industry can potentially generate an annual Gross Premium of USD10 billion (N1. 27 trillion) in the next 10 years,† IBS stated in its summary of findings from m arket trends in the Nigerian insurance market. With the enhanced capital, the insurers predominantly owned by Nigerians were expected to play deeper in the niche markets- oil and gas, marine, aviation and life insurance. 2. 2The Public Relation Perspective of Insurance Industry According to Adeda (2009), the business of insurance is about trust and the only way the industry can get to the heart of the people is when insurers deliver their promises promptly. The industry, he said, must consistently uphold the principles of ethics and probity in order for the industry to be assured of a future. The insurance industry in Nigeria has up to date suffered the image problem. Confirming this, Adeda (2009) said â€Å"I have come to realize that the major impediment to the penetration of insurance in Nigeria is lack of awareness, coupled with the culture and attitude of our people. The problem of poor image, which has been lingering in the nation’s insurance industry for over half a century, has been identified as one major contributory factor impairing the growth of this strategic sector, resulting in loss of public confidence in the industry. For many people across the globe, insurance is nothing more than a necessary evil. In most societies, there is often a clear understanding of the nature, need and essence of insurance. But in the Nigerian environment, the perception is different. The average man on the street hardly understands the workings of insurance or if there is any value to be derived from entrusting part of his earnings to an insurance company. These are the daunting tasks to tackle as no nation could develop without embracing modern insurance. Till date the public relation image of the insurance industry is still gloomy. This description of the insurance industry by Adebayo (2009) suffices: The ordinary Nigerian does not see any need in taking insurance policy. It is not that he/she has once taken any policy and was disappointed when it was time for claim, but a matter of lack of culture for insuring his life or assets. While some people see banks as partners in safekeeping of their money and valuables, insurance is seen as a thing for some kind of people. This is a challenge confronting insurers, the effort to improve market penetration and make the industry compete effectively in the global market. Across the globe, people naturally do not imbibe the culture of insurance unless educated and convinced about the need to protect what they value. So, that Nigerians do not buy insurance is not to say that we are different from others, but it is because we have not been exposed adequately to the knowledge and importance of getting ourselves associated with insurance (p. 3) 2. 3Insurance Industry and Public Relation: Strategy Review For insurance industry to live up to its billings and garnered or whirled good public relation, the strategies hitherto in use must have to be review and upgraded. Special focus will be on insurance as an agent of development even in the rural areas. (i)Strategy I: Prompt and Accurate Claims Payment A major reason why insurance was treated with disdain in the past was its poor record of claims settlement and delay in the payment of verified claims. As Ruebenson (2010) declared recently, â€Å"for insurance operations, claims had better be a core competence or you just won’t be successful†. Many insurance companies have not fared well in this area. Understandably, insurance products can easily be abused. Indeed, clients who may be out to cheat for monetary gains can abuse the policies drafted. This is not a peculiar phenomenon in our country. There are many cases in other jurisdictions of persons who committed crimes and unethical practices in the hope of harvesting insurance compensation from the insurer obvious of the equitable maxim that he â€Å"who must come to equity must come with clean hands’. This often justifiably raises the issue of legality of insurance claims. However, litigation over claims put a great strain on the ability of the insurance practitioner to establish that the company he represents is a credible firm. The engagement of loss adjusters notwithstanding, the negative impacts generated by delayed settlement or repudiation of phony claims and litigations, are often immense. (ii)Strategy II: Automation of Operation In spite of the fact that the above developments were caused by the desire of the insurers to fish out spurious claims, many operators in the industry have come to realize that verification of claims can be expeditiously done through the adoption of appropriate software and the creation of a single customer data-base from disparate back-office systems including underwriting, claims, billing, policy-management, etc. With increased recapitalization and consolidation, it is hoped that many insurers would be able to create a single source of customer data using information and communication technology (ICT) facilities such that a single, real-time view of customers’ total portfolio will be available to agents, brokers and sales executives. Sophisticated ICT systems are vital for managing business intelligence, but technology is also important for making internal processes more efficient and cost effective. The goal of technology is not just automation. The imperative is to link billing systems to eligibility systems, provider system, claims systems and reporting systems. With these, the lead-time for the processing of claims will be significantly reduced. Thus, re-engineering the various processes, procedures and organizational structure can pay dividends for claims management. Also, with the envisaged increase in capitalization, ability to pay claims would also not be a problem. (iii)Strategy III: Aggressive and Creative Marketing of Insurance Products The Insurance practitioners must deliberately strive to identify the needs of their consumers, plan produces that will adequately meet those needs, properly price, promote and distribute those products such that both parties will mutually benefit from the process. In other words, the insurer must translate not only the customers’ needs into product and service requirements but also must deliver the products at competitive rates with the right quality. Insurers should therefore not underestimate the importance of product features and strategy even as they pursue their distribution networks. Especially significant is the need to innovate as conditions change and to service unmet demands or segments. This may require the modification of existing covers or providing totally new options. The insured should be delighted by the quality and variety of product/service he gets such that his patronage is assured. Product offerings must be aligned, though, with the insurer’s broad value proposition and strategic direction. So the aim of any alliance or acquisition is not to increase the number of products per se. he goal should be to assemble a product portfolio that allows the insurer to serve as many target customers as possible and to respond quickly to the changing needs of the market. Thus, with the on-going consolidation and deregulation of the financial services sector, it is hoped that mergers of insurance companies will produce a pot pourri of products while the tariffs for premium will now be more competitive and attractive and attractive for the insurer to be abl e to deliver on his promise. Whether we like it or not, the whole business of insurance must be built around the customer to guarantee his brand loyalty. In other words, insurance companies must continue to carefully develop products based on the information they obtain from the market place and package them in a manner that will both be beneficial to the insured and insurer. (iv)Strategy IV: Customer Relationship Management (CRM) The introduction of Customer Relationship Management is a critical success factor in insurance business. Insurers must imbibe this market-focused philosophy because, companies that can tailor their product lines and distribution channels to tested customer needs, with a focus on service, will win competitive advantage. v)Strategy V: Simplify Language of Policies Winning the confidence of the insured is crucial. Confidence can only be built if the insured understands what he/she is being encouraged to purchase. To achieve this confidence, there is need to simplify the language with which insurance policies are couched. A home grown policy design should be evolved by the industry rather than the archaic legal jargons evolved by the merchants of old. The business world is dynamic and there is no reason why the policies, which are basically contracts, cannot be written in modern day English language and legal expressions. Except potential policy buyers know and understand the contract they are going into, trust, which is the basis of insurance, would not exist. Where there is no trust, business cannot be sustained on a long-term basis. (vi)Strategy VI: The People Issues The processes for promoting and marketing insurance services have largely been through insurance agents, brokers and sales executives. These intermediaries help to educate very carefully the intricacies of each insurance policy to clients. When the policies are purchased, they also provide any after sales services that may be required. They also negotiate settlement with insurers and loss adjusters on the insured’s behalf. Insurance salesmen are used also to market the products. Given the challenges of globalization and the impact of information technology on businesses, including insurance, greater investment needs to be made in capacity building in order to improve the skills of exiting employees. If need be, persons from outside the organization that have the right skills can also be recruited to add fresh blood into the system. Also, the various intermediaries need to be trained extensively such that they will continue to adhere to code of best practices in the industry. (vii)Strategy VII: Better Business Control and Reporting In keeping with the imperative to pursue sustainable growth, there is need to improve the internal controls of insurance companies not only to eliminate wastes and improve their efficiency but also to ensure that business decisions are optimally taken. In this respect, they must constantly review their value chain in order to achieve the desired level of performance. This is the way to go. Insurers able to demonstrate mastery of their internal control processes will win consumer loyalty, as good financial health provides customers with evidence of longevity. (viii)Strategy VIII: The Code of Ethics For the insurance industry to remain the lubricant of the wheel of business, the profession must develop and enforce a Code of Ethics in line with universally accepted norms. The Code should define in very clear terms, the acceptable practices and mannerisms of insurance practitioners. All non-conformists or deviant behaviours must be sanctioned without fear or favour. If there are not sacred cows, the industry will be the better for it as the confidence of stakeholders would be sustained. We must collectively redefine the rules and raise the ethical bar for the industry to continue to flourish. To be trusted, we must be trustworthy. The time for the regulatory agencies and professional insurance institute to act is now. 3. 0Conclusion and implications. In this write-up I have stressed the importance of insurance and the disproportionate perception place on it by the public. Indeed, insurance is perceived as a service you can do without or an afterthought! This perception is an irony. It is against this that I advocated above the need for the Insurance Industry and the Insurance Profession to urgently re-engineered, redefined and refocused its strategy to whirl good public relation. Insurance must rightly be seen as a Win/Win undertaking. Insurance creates value because it protects. It creates value because it is an antidote to fear, uncertainties and risk, stimulates and encourages investment. If its strategy as reviewed is explored, it will continue to reinforce and facilitate trade both at the national and international levels, such that value and wealth are created on a sustainable basis. Indeed, the personnel of an organization are its greatest assets. Any investment in human capital is an investment in the future of the organization. Reviewing the insurance industry strategy should not begin and end with just recapitalization and induced mergers. This should be the first step. We must move towards prompt and accurate claims payment, automation of operation, aggressive and creative marketing of insurance products, customer relationship management (CRM), simplify language of policies etc. Only then will the insured feel confident that they have coverage for any insurance product purchased and their perception corrected. The above investigation has a number of implications for the insurance industry, practitioners and policy owners. To the industry, the above findings would rejuvenate the entire industry by injecting new methods and modus operandi for effective operation. It will also enable the industry to compete effectively against others in the economy at the local and international scene. The findings will benefit insurance practitioners by means of efficiency, profitability and sustainability. Operators would by the findings of their paper be able to device measures capable of moving their respective insurance firms to a greater height. Also the practitioners would improve upon their overall performance in the midst of stringent regulations, turbulent operational environment and sophisticate consumer market. The policy owners would increase their level of confidence reposed on the industry and fully tapped the benefits thereof. Such would be guaranteed of prompt claim payment, good insurance product, deepened product awareness, zero time services provision etc Generally, the government would also benefit from the proceeds of the industry since some major macro economic problems of the society like unemployment would be solved. Also a meaningful contribution would be made to the country’s gross domestic product (GDP). References Adebayo, T. (2009). Introduction to Risk Management and InsurancePrentice Hall of India Private Limited. Adeda, L. (2009). Outlines agenda for changing insurance perception in Nigeria Babalola, G. (2007). Principles of Risk Management and Insurance. 10th edition, Pearson International Edition. Efekoha, D. (2009) Dictionary of Finance and Investment Terms, 6th edition, Hauppauge, Barron’s Educational Series, Inc. IBS (2010). The Investment Case for the Insurance Sector. Louise P. (2008). Improving Public Opinion of Health Insurance Companies Malthouse Press Limited, Lagos. Okoje, N. (2008). Customer Service Strategy for Insurance Industry. Industry Guide 1(2): 40-49. Soladoye, G. (2010), Risk Management and Insurance Application 2nd Edition. The Insurance Act (2003), Publication of Nigerian Insurers Association.

Interview of Supervisor at School Age Care Center Essay

I visited in a School Age Care Center to take an interview with the supervisor of the school age care center to get the answer to my previous assignment’s (grade K-3) question, now I am providing all her answer related to my questions following in my writing. The questions are: 1. What is your philosophy for running your school age care center? Answer: Our policy /philosophy is an inclusive setting for running this school age care center. 2. How do you and your other educators deal with the parents? Answer: Our policy is an open door policy. When parents come to pick their child , we open our door to come inside and talk with them to make them easy. 3. What kind of interest areas do you provide for the school age†¦show more content†¦10. What is your policy to provide the childs knowledge about cultural diversity? Answer: Pot luck, cultural clothing’s, games, crafts. 11. Tell me about your homework helping program for students in your center. Answer: Children do their homework, if they have a hard time to complete their homework then we help them to make it easy to do their homework. 12. If you offer a reward program for the children, tell me how do you do that? Answer: We don’t have a reward program, but they have a prize if they perform their activities. 13. What is your policy to stop child abuse? Answer: We have zero tolerance about the child abuse. To stop the child abuse we have a meeting with the parents. If child abuse is out of control then we contact with CIS(Child Aid Society) for taking action against the child abuse.. 14. Tell me about your field trip program for children? Answer: We have a field trip activities for children, such as Ski, seasonal related games. 15. What are your activities to improve a child’s eye and hand coordination? Answer: The activities are outdoor game, craft act. 16. Tell me about children’s sports program in your centre? Answer: We don’t have sports program. 17. 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Law On Electronic Commerce Guide Enactment -Myassignmenthelp.Com

Question: Discuss About The Law On Electronic Commerce Guide Enactment? Answer: Introducation Issues related to postal rule are considered as controversial part of the contract law, as it includes the question related to the time and type of contract formation. There is requirement of remote communications when parties to the contract are not available for discussing every fact related to the transaction, otherwise it impose various questions related to the offer and acceptance of the contract. This rule is introduced for the purpose of solving the struggles and glitches in the communication of contract and acceptance. This section of the paper discusses the meaning and history of the postal rule[1]. Meaning- offer and acceptance are considered as two important elements of the law of contract and these two elements consider the presence and processes of the contract between the parties. Postal rule is considered as immunity to the basic rules of offer and acceptance. Generally, business-law acceptance rules stated that it is possible to revoke or withdraw the offer any time before it is accepted by other party. Postal rule is introduced by the party to resolve the problems occurred between the parties. These particular issues are raised by the different modes of communication. Usually, post or mail is mentioned as snail mail" because it take more time to reach to recipient. This may result in issues in context of both formation and revocation of contract between the parties. Offerors are not able to known about the acceptance and revocation In general mode of communication, it is deemed that acceptance is received when it is given to the offeror by the offeree, even though such acceptance not even read by the offeror. In case of post, special rule is applied which state that in case of post acceptance occurred when offeree post the letter. This can be understood through case law Bressan v Squires, Supreme Court of New South Wales [1974] 2 NSWLR 460[2]. In this case, Court held that contract was not formed until acceptance related to the contract is actually communicated to the offeree, but postal rule was an exception to this general rule which states that acceptance was communicated when letter was posted by the offeror[3]. Creation of postal rule- this rule was introduced in case law Adam v Lindsell [1818] B Ald 681[4]. In this case, court held the contract creation time through mail. In this case, two parties communicated the facts of the case through the post because of which, it was not possible to determine the precise time of the acceptance. In this mail send by the parties last for insufficient days and both the parties does not had knowledge about the communication. This issue creates number of problems and result in the introduction of postal rule. There was one more case Henthorn v Fraser [1892] [5]in which Court discusses the postal rule. After discussing the facts of both the cases, it can be said that when situations are of such nature that it must have been within the inspection of the parties, post can used as means of communication for the purpose of accepting the offer directed by the offeror, and in this context accounting is completed as letter is posted. In the situation when parties made deal face to face, business parties discuss every fact and communicate whenever any issue arises. However, in the situation of distant contracting or indirect business, method of communication which is instantaneous in nature is not available. In this type of situation parties to the business are not aware of the acceptance or refusal of the contract, this rule of post is used by the Court to resolve the problematic cases related to delay of communication. On the basis of United Nations Commission on International Trade Law's Model Law on Electronic Commerce (UNCITRAL), the Electronic Transactions Act 1999 (Cth) was initiated on March 15th 2000, and this Act was considered as part of the strategic policy framed by the government of Australia for the purpose of developing information economic. Government of Australia established the Electronic Commerce Expert Group for the purpose of reporting the issues related to ecommerce adopted UNCITRAL for dealing with the issues in B2B business. In this context, UNCITRAL gives the surety that people get the advantage from the growth of new information technology (IT)[6]. As per the report published by the Attorney Generals E-Commerce Expert Group during the period of April 1998, the country of the offeror operating the business will regulate the contract in case acceptance related to the contract arises at the offerors place of business, unless agreed by the parties. Government created the Electronic Transactions Act 2000[7] for the purpose of responding to the report. As per this Act, communication in electronic form paralleled to the individual to whom information is needed to be given, which consent related to the information must be given through electronic communication only. Time of receipt in context of electronic communication is considered as time when such communication enters in the information system. This statement reflected the role of the postal rule application in contracts formed through mail and such mail are not received by the offeror until offeror operated the system. It must be noted that, provisions of this Act does not applied in case of telex machines or facsimile. It can be said that, both the Act provide new way to the postal rule application. Once communication exists, then it is possible to use the postal rules for solving the issues in distant business. Various times postal rule have been developed and amended for the purpose of meeting the demand of present business environment[8]. The main purpose of Commonwealths Electronic Transaction Act 1999[9] is to provide facility in context of electronic transactions, as it also validates the digital or electronic versions of signatures, and electronic communications in case hard copies are required[10]. In regards of E-mail there are two ways of communication. First way of communication is through the internet. In this press button is press by the user for the purpose of transmitting the E-mail to the internet server provider (ISP). With the help of ISP, E-mail travels by way of internet where it may send on across the world until it reaches the receivers ISP. Then the receiver is able to download the e-mail by logging onto his ISP[11]. Second way of communication is the electronic data interchange (EDI). EDI is considered as system which creates direct link between two parties and because of this email send by one party immediately reaches the computer of receivers. It must be noted that this direct link between the parties, makes the communication instantaneous. However, internet takes time to send the information and cannot be classified as instantaneous. With the changing business environment Court needs to decide whether scope of postal rule extend to the modern developments in communication named as instantaneous communication. With the progression of economics methods, dispatch and receipt of any message needs to coincide and any law that dealt with the delay of message between the two parties such as postal rule considered as useless or outdated law. There are number of reasons which deal with the discussion in context of applicability of postal rule and reason of not applying the postal rule on E-mail communication through the internet. The basis reason behind this is the type of communication. It is already stated above that E-mail through internet is a non-instantaneous type of communication and stated as the digital equivalent of the postal system. However, there is exception to this rule that speed of the communication is equal to the instantaneous communication systems such as telex[12]. In case experts concluded that E-mail is an instantaneous method of communication, then in such case postal rule is not applied to the acceptances transmitted by E-mail. However, argument is also stated for the purpose of supporting the application of postal rule in context of E-mail, and such argument is that offeree in the contract must not be responsible for any fault which might be occur after the transmission of the communication of acceptance. The idea behind this argument is that generally offeree lost control on the communication of acceptance and he done all the possible action for transmitting the acceptance to the offeror. This argument mainly held the offeror liable for any fault and in this assumption is taken that oferor bear all the risk related to problems which might be occurred after the transmission of E-mail by the offeree. However, in lieu of functionality provided by available e-mail systems this argument is not convincing in nature because it is possible for of feree to check the progress of E-mail sent by offeree and even offeree can also detect the time when such E-mail is actually opened by the Offeree[13]. It can be said that offeree retains the control over the acceptance till the time such acceptance is read by the offeror. This shift in the balance of power state the majority of policy considerations which have been justify the application of postal acceptance rule. This fact is also considered that offeree can make telephone call to make confirmation that the e-mail acceptance message has been received by the offeror. Therefore, it is possible for offeree to determine whether binding contract is made and he or she can also state their fats accordingly. The success of commercial transactions which are generally conducted over the internet shows that contracting parties does not need a rule of postal acceptance for addressing any delays in communication of E-mail. In recent decision, court showed their dissent for applying the postal acceptance rule to modern communication especially in case of instantaneous methods of communication. This ruling is mainly reflected by Hedigan J of the Supreme Court of Victoria in case law Nunin Holdings v Tullamarine Estates. In this Hedigan J stated, recent authority discuss the more modern methods of communication, and prefer not to apply the postal rule of acceptance in strict manner, and consider the intention of parties while applying the general rule of acceptance that is for being effective acceptance to the contract must be communicated. Therefore, it is concluded by the Court in context of general rule of acceptance, that acceptance which is sent by the E-mail must not be effective till the time such acceptance is communicated to the offeror. The concept of instantaneousness communication can be understood through case law Entores Ltd v Miles Far East Corporation [1955] 2 QB 327 [14]and Brinkibon v Stahag Stahl und Stahlwarenhandels GmbH [1983] 2 AC 34[15]. These cases state that postal rule will not be applied on E-mails because they are instantaneousness mode of communication. References ACL, management, https://www.australiancontractlaw.com/law/formation-agreement.html#acceptance, Accessed on 23rd January 2018. ACL, Bressan v Squires, Supreme Court of New South Wales [1974] 2 NSWLR 460, https://www.australiancontractlaw.com/cases/bressan.html, Accessed on 23rd January 2018. Adam v Lindsell [1818] B Ald 681. Sharon Christensen, Formation of Contracts by Email Is it Just the Same as the Post?, https://www.google.co.in/url?sa=trct=jq=esrc=ssource=webcd=4cad=rjauact=8ved=0ahUKEwi-jcXj2O_YAhUETI8KHeDAAuMQFgg6MAMurl=https%3A%2F%2Flr.law.qut.edu.au%2Farticle%2Fdownload%2F58%2F57%2Fus=AOvVaw2cYLw3y4nEzp9LV9mzsi9D, Accessed on 23rd January 2018. Shanti Rubens, The Electronic Transactions Acts in Practice, (2002), https://www.tved.net.au/index.cfm?SimpleDisplay=PaperDisplay.cfmPaperDisplay=https://www.tved.net.au/PublicPapers/March_2002,_Lawyers_Education_Channel,_The_Electronic_Transactions_Acts_in_Practice.html, Accessed on 23rd January 2018. UNCITRAL, UNCITRAL Model Law on economics Commerce Guide to Enactment with 1996, (1996), https://www.uncitral.org/pdf/english/texts/electcom/05-89450_Ebook.pdf, Accessed on 23rd January 2018. Austlii, Hill, Simone W. B --- "Email Contracts - When is the Contract Formed?" [2001] JlLawInfoSci 4; (2001) 12(1) Journal of Law, Information and Science 46, (2001), https://www.austlii.edu.au/au/journals/JlLawInfoSci/2001/4.html#Heading39, Accessed on 23rd January 2018. Kathryn Shea Kylie Skeahen, Acceptance of Offers by E-Mail - How Far Should the Postal Acceptance Rule Extend?, (1997), https://www.google.co.in/url?sa=trct=jq=esrc=ssource=webcd=16cad=rjauact=8ved=0ahUKEwjstoKg3O_YAhUJSY8KHUaSDs0QFghuMA8url=https%3A%2F%2Flr.law.qut.edu.au%2Farticle%2FviewFile%2F446%2F433usg=AOvVaw0yDnTQmqzSi7vCyV1OEOG1, Accessed on 23rd January 2018

My Reasons To Go To College Essays - , Term Papers

My Reasons To Go To College It's unbelievable how each year, since the beginning of high school, my perfectly laid plans for myself have unavoidably deteriorated. When I entered my freshman year, I had aspirations of being a doctor (something I had wanted to be since I was a child); I was even taking Latin to help with the medical jargon. Now, here I am my senior year in high school without any idea of what I want to do. Now seems to be the time to start taking life seriously and making responsible, educated choices. Now I come to a crossroad in my life where I choose what to do with my future, choose what will make me happy. My plans for the future is having a great job with a loving family who's willing to support me in my good and bad times.. But now I realize that there are so many other steps I need to take in order to achieve these so-called goals. This includes graduating from high school and college, finding that special someone, and finding that perfect job. I have begun to realize that I have yet to begin my life; everything up until now has been practice, as if I have been in a cage and it is only now that I am beginning to break free and do things for myself. I must work really hard to give my kids a better future so it will be easier for them to concentrate more in school, because without education there's really no future for anyone. . I want to be satisfied with my decisions, to be able to accept and forgive, and most of all to be able to live up to the expectations I have for myself. . I will only accomplish my goal in being happy when I am able to live my life for myself and still able to provide love and support to others. Acceptance Essays