Page 9 - Business Cases volume 2

Proposed Reward System

The proposed reward system aims to address the lack of a proper mechanism for rewarding
non-sales employees at Bubble Insurance. Currently, non-sales employees are required to write

self-assessment reports, which can be burdensome and demotivating. To improve this, the

research team studied successful reward management practices at Lotus Insurance Company,
Guardwell Insurance Company, and Elephant Assurance.

The proposed reward system includes the following key elements:

Selecting Outstanding Underwriters: Bubble Insurance should identify the best underwriters

on a monthly, quarterly, or yearly basis. This selection should be based on factors such as
reducing customer complaints and maintaining accurate data. The selected employees will be

recognized through internal communication and taken into account during annual performance

evaluations.

Empowering Department Heads: Department heads should be given the authority to annually

recommend one employee for a reward. This ensures equal opportunities for both sales and
non-sales employees.

Conducting Open Forums: Performance evaluation and reward discussions should take place

in open forums involving department representatives. This transparent process allows for deep
discussions and ensures fairness in the selection process.

The proposed system encourages a fair and transparent evaluation process, motivating all
employees to perform better. By learning from successful practices at competitive companies,

Bubble Insurance can implement a rewarding system that appreciates and recognizes the efforts
of non-sales employees, leading to a more harmonious work environment and long-term

employee satisfaction.

Benefits of the Proposed Reward System

The proposed reward system offers numerous benefits to the organization, employees, and

overall work environment at Sri Lanka Insurance. By implementing the following three

solutions - selecting the best underwriter regularly, empowering department heads to
recommend employees for rewards, and conducting open forums for performance evaluation -

the company can enjoy the following advantages:

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