Intrapreneurship is a system that gives employees of an organization control over their work, goals, objectives based on the company’s goals. Intrapreneurs are self-motivated with an entrepreneurship mentality, although they are not directly affected by their losses and profits. Firms allow employees to act independently to achieve a project’s tasks based on the corporate objectives. Intrapreneurs influence a company’s profits and losses compared to entrepreneurs whose actions directly affect them personally. The wok placement logbook is based on the aviation business insurance, mainly influenced by flight cancellation and its operating model. Timely claim payment, company penalties, and End-to-End (E2E) challenges are the significant gaps identified in the insurance aviation business. This summary report delves into intrapreneurship results in the workplace based on the three crucial goals. Documentation of the current state operating model of the aviation book of business, setting up a team that aims to clear backlogs and update accounting books, and designing a future operating model is the workbook’s essential aims.
Application of Intrapreneurship Theory
In an organization, especially the aviation business, employees exercise their full potential and build skills as entrepreneurs in the work environment. Working together with partnerships in aviation insurance and operation teams guarantees a strengthened network system within and outside the organization and the current effects of the business portfolio. Intrapreneurship focuses on specific critical areas on self-development, business acumen, persuasive communication, and building collaborative relationships. Listening, analytical and research skills in problematic regions, flexibilities and adaptability within an organization, and proper planning techniques are significant. Developing, maintaining, and strengthening stakeholder relationships in an organization provide support, assistance, and information to know what other insurance brokers manage their organizations (Intrapreneurship: Work Placement Brief, 2020). Working independently towards the same objective in insurance develops a sense of responsibility and accountability in achieving and contributing to the organization’s ambition.
Additionally, these skills enhance employability in other insurance companies due to people management skills and improving employee motivation within an organization. The major challenge of intrapreneur in the workplace is in charge of the team, ensuring their performance is on the level best and assisting the team in understanding and grasping the project’s detailed process, which impacts various areas of the work. The company previously worked in a non-collaborative and non-competitive environment; hence reversing the business operation strategy requires patience to incorporate such development into the organizational culture (Intrapreneurship: Work Placement Brief, 2020). It is challenging dealing with difficult people who refuse to acknowledge that there is a process gap and struggle with change; however, this experience builds resilience.
Business Acumen in Intrapreneurship
Business acumen refers to understanding how businesses are set up and all aspects of a company, such as opportunities and risks. The summary report focuses on the evidence provided in the work placement logbook in planning and organization, completing independent tasks, innovation and creativity, and professionalism in working with others. Planning and organization in the business ensure that team members work together in a synchronized manner to guarantee full potential, accountability, and achievement in each individual’s role (Intrapreneurship: Work Placement Brief, 2020). Evidence provided on the report indicates that completion of tasks was based on the SMART objective and completed within the required timeline.
The tasks handled by the team included but were not limited to preparation of the backlog data, operating functions based on the E2E reviews of the aviation operating process, and supporting duties of the E2E problem identification and solutions, and documentation of consumer agreement and recommendations. Professionalism in business warrants effective teamwork and corporation when working with others within an organization. Professionalism skills are built and developed through time management, integrity, work habits, problem-solving, resilience, self-awareness, persuasive communication, building and maintaining relationships, and interviewing skills for leaders to acquire and practice in a company.
Developing business acumen in an insurance organization prepares individuals in the workplace to become future employers in other corporations. In addition to professional skills, business acumen techniques such as people management build individuals with specific quantities, which are fundamental in running an aviation insurance industry. Focusing on the objectives allows a team to perform extensively within a limited amount of time and achieve set goals. Before making a decision, critical analyses minimize the consequences that the insurance may suffer due to poor decision-making skills (Intrapreneurship: Work Placement Brief, 2020). Outweighing various outcomes based on the options provided forms a positive result in the business. Problem-solving and recognizing stakeholder needs provides an added advantage to the industry, gaining investors’ trust. These skills help employees understand the business model and strategies used in the workplace, strengthening their business aspect and forming a more robust team within an organization.
Business Challenge and Solutions
Based on the work placement logbook, the goals and objectives identified in the aviation industry include:
- The invention of a future operating model in aviation business management addresses the effective utilization of service providers.
- Backlog clearance through the strategic formation of workgroups within 12 week period to resolve accounting challenges.
- Proper documentation on the current operating strategy of the aviation book of business.
The stated objectives cultivate concerns that prevent the implementation of the goals; the work placement logbook identifies threats, supports solutions, strategies, which have negative effects on the business. The Aviation insurance is a specific business sector covering 90% of all aerospace worldwide; consequently, challenges are anticipated in the organization (Intrapreneurship: Work Placement Brief, 2020). The recommendations given in this summary are specific, measurable, achievable, realistic, and time-bound. Based on the goals and objectives of aviation insurance, the failure of setting up premium insurance for 18 months has negatively impacted the backlog of cash or premium to be booked and reconciled as a result of Brexit and no operating model.
Multiple policies have lapsed, insurances considered options such as writing off production and creating journals to book to the bottom line, but this has further downstream implications in taxes and claims not being secured, thus, they were ruled out. According to the Intrapreneurship: Work Placement Brief (2020), “these threats will be resolved over 12 weeks with a weekly review to monitor progress and ensure that the project is going in the right direction” (pp. 14-17). This strategy will positively influence the business by keeping up with all premium bookings to clean up the ledgers, work effectively by focusing on current premiums, and manage past dues. The business vision and mission is to work more effectively while considering the client’s needs. Another challenge identified in the business is routing underwriting queries to the Aerospace team (Product Tower) and the lack of information to approach UW directly. The accuracy of entries in EADS, for instance, policy period updated within 12 months. The identified solution for this challenge is to change how the company operates, improve process flows, fix pain points, eliminate unnecessary expense, and enhance the client and employee experience.
Additionally, the workbook considers End to End KPI/SLA’s to ensure smooth and timely function. Faster bookings of premium bring about more immediate reservations of claims that attach better performance for customers, and project clean-up will counteract the identified challenges. The lack of receipts post-booking magnifies this assessed problem, audit check for accuracy of reservations, the discrepancy in the aviation’s process, control daily incoming cash, managing query from various teams, credit control, and handling line slip/bordereaux/premium split policies (Intrapreneurship: Work Placement Brief, 2020). Based on the third goal, process documentation is a significant challenge that affects aviation insurance.
The UK streamlined Autobooker process and EA contain manual input process, which presents challenges. The lack of proper documentation provides negative consequences in the business. The solution towards documentation challenges is resolved through one single repository signed off by aviation on the accuracy which all downstream processes can leverage the insurance business and intercompany team. The competitive advantage of this solution among aviation includes faster bookings, fewer queries, few hand-offs, opportunity to automate, and reduction in capacity needed to support the business.
Tracking daily incoming feed from EADS systems and creating programs with request IDs in the OMEGA system are ways to minimize backlog data and have updated documentations. Moreover, there is a need for a quality check of booking done, a constant booking sheet, and tax tools. Consequently, aviation operational procedures are negatively affected by several factors such as delayed booking, use of manual systems to input data, and untimely update of field results when extracting documentation (Intrapreneurship: Work Placement Brief, 2020). However, aviation management and teams can resolve these challenges in operational procedures by automating the booking process using upgraded systems such as Lux Alps Booking, which is similar to the Autobooker system, significantly minimizing workload and providing accurate data documentation.
Conclusion
In conclusion, intrapreneurship allows employees to control their roles and achieve their goals effectively in the organization. Aviation insurance is an example of a business that practices intrapreneurship within the organization. The business aspect significantly changed due to Brexit, which influenced the booking process. The European insurance sections no longer executed their bookings through UK based companies and offshore branches of its operating model. These changes have affected the model of the business, causing more harm than good. The work placement logbook indicates the various challenges and solutions within aviation. The significant difficulties include incorrect documentation, inconsistent business operations, and inefficient tracking of daily operations. These challenges are resolved using the SMART technique to ensure that the solutions are sustainable.
Evidence of creativity and innovation in intrapreneurship achieves the organizational goals and objectives in aviation insurance. The work logbook shows that the intrapreneur in aviation insurance focuses on the internal problem by looking at how different products provide various outcomes that the organization can adopt to manage aviation activity. Application of 80/20 rule in the organization determines largest values first to gain support and momentum behind the project and setting up teams in the department which focuses on creating cross-functional engagement within the industry. Adoption of SCRUM theory in the company analyzes how the system can accomplish product backlog. Creating solutions in aviation insurances ensures that solutions have been tried and tested in other business sectors and the product is efficiently adapted to manage aviation activity. Based on the wok logbooks, another strategy that oversees innovation and creativity is identifying an issue resulting from the business change, which significantly affects its management.
Reference
Intrapreneurship: Work placement brief, logbook, and PDP. (2020). [Ebook].