Part A Introduction and use of monetization
- Introduce the idea of monetization
Monetization is the act of changing anything into money or making something in the place of money or earning money in the place of any asset. The larger the data companies the greater the reach of their customers will be there. It might generate good revenue for the companies (khan & das, 2018).
- Describe how it is being used in by the company you choose
The QBE insurance company collects the data, and they try to build an ecosystem to serve the customers better, as the company tries to take the data from a broker or a real estate agent or some platforms to easily communicate with more customers. It might build a 360 view for the insurance company to build a good understanding between the company and the clients. As more data of the customers might be provided the larger the company gets the opportunity for monetizing greater than past. One good fortunate innovation provided insurance companies better access to the personal details of the customers. As diverse the source of information increases the data quality also increases (Khan, et al., 2018).
- Explain how it is providing benefit for the business you choose
It is said that the data monetization gives better reach for the customers so that companies like QBE can reach customers faster in a way that a real estate agent might have a piece of early information about a family searching for insurance or moving to a new city which might help the insurance company to grow large. Think of it when an existing customer gets a better deal, reduced insurance plus an introductory telecoms bundle at their new address. Some ads on services might help the existing customers to be constant with the company based on their previous loyalty to their company. For example, information about the hotels to the traveler who loves to travel on the regular basis. Or giving insurance at cheaper rates when the risk of insurance applied is less as a person of 36 years redeem insurance has fewer chances then of a 60+ have more (Walker, 2015).
(Source: Mordorintelligence, 2022)
Part B ethical, privacy and legal issues
- Research and highlight possible threats to customer privacy and possible ethical and legal issues arising from the monetization process.
Insurance companies are regularly been hitting as targets for cyber attacks. As with many other big sectors, ransom ware is the top listed threat which is attacking insurance companies. As a major collection of contacts and high profile, people are also parts of insurance companies once the data was hacked a large number of monetary income can be stolen by the hackers as after the monetary income is a part of the companies a lot of hacking activities is happening in the current day life. Gaining a lot of transactions and contacts or profiles might create a lot of fraudlent activities, privacy of a person is a must as too much fraud can happen in the daily lives of the people if their privacy is leaked. For example, a person whose policy is maturing worth rupees 200000 dollars. If the privacy of that particular person is leaked maybe someone might attack him in greed for money so the way privacy of people is very important in today’s life. An employee who leaked the company’s privacy is also a big factor in the leaking privacy of the company as the employees who worked for more than 5-10 years are the liable and the trusted customers so they could be the reason for the transparency of the customer’s leaked information (Suliman, et al., 2019).
- Provide one organizatthathich could provide legal or ethical advice.
Stephens’s lawyer and consultants advise on the basis of all kinds of data protection, Australian privacy and cybersecurity laws. It gives advice on each and every basis of security laws of Australian insurance companies on the basis of cybersecurity reasons. It also assures customers compensation if there is the transparency of the customer’s data. Sensible information from the commonwealth, local or state government or agencies of private sector organizations. Data breaches must be reported by the regulator’s office. (OICA) The one who suffers from the data leaked must be given compensation on the basis of the leak and the damage caused by the leak to the company. Consultants must be the one who gives the rights to the person who suffers from the problems and Stephen lawyers and consultants are a very liable and loyal company in Australia (Remley & Herlihy, 2014).
Part C GVV and code of conduct
Now suppose that you are working for the company you chose as your case study. You observe that one of your colleagues is doing something novel for the company, however at the same time taking advantage of the monetisation for themselves. You want to report the misconduct.
- Describe how giving voice to values can help you in this situation.
Working in a company like QBE is already an honourable talk. Getting to know something like this is not a good thing. If I got to know about something like this happening in my company. I will immediately try to contact some of my seniors so that the person doing that won’t get a chance of running and we can catch them red-handedly. So that no usage of the data takes place or if he got to know about it then he might delete the evidence which could save him. No personal details should be leaked from even a single customer whose a part of our organization .Everyone must be treated as important as the values of the company will also be affected on large scale. A lot of financial damage might take place if this happened. I’ll prepare a full report and file a case in the court of that particular employee too. The basic law of any company is to maintain the privacy of customers and dignity towards work.
- Research the idea of a code of conduct and explain how it could provide clarity in this situation
Obeying the law whatever we are working at, behave honestly and fairly and with integrity. Are suck values company employees should keep in mind while working. Good terms between the managers of the company might help in the situation as everyone might feel safe talking to him and no one got frightened in front of him. Every employee must maintain the basic policies of the company so that the company is good at the market and inside the office level.
References
Khan, R. and Das, A., 2018. Business and Monetization. In Build Better Chatbots (pp. 91-106). Apress, Berkeley, CA.
Mordorintelligence. (2022). Life non life insurance market in Australia. [Online]. Available at: https://www.mordorintelligence.com/industry-reports/life-non-life-insurance-market-in-australia [Accessed on 21th September, 2022].
Remley, T.P. and Herlihy, B., 2014. Ethical, legal, and professional issues in counseling (p. 528). Upper Saddle River, NJ: Pearson.
Suliman, A., Husain, Z., Abououf, M., Alblooshi, M. and Salah, K., 2019. Monetization of IoT data using smart contracts. IET Networks, 8(1), pp.32-37.
Walker, R., 2015. From big data to big profits: Success with data and analytics. Oxford University Press.