U.K INSURANCE MARKET

Knowledge Sharing and Management in a U.K Insurance Market

[Institution Name]

Methodology

Section 1

Qualitative Approach to Knowledge Sharing

This will be qualitative but due to the market formation and relationship between insurance company and brokers it will be ideal to bring in the game theory. This research will be founded on the secondary data based on the qualitative approach to knowledge sharing. The research will encompass the publications, articles and similar studies accessible on the internet. Keeping in view the approach taken in earlier studies the research will begin with a broad analysis of the existing literature. The findings & conclusions will be based on the secondary data. The methodology used for the purpose of this research will be based on the qualitative analysis because the research approach will be qualitative in nature. The research is done so by utilizing interpretive research philosophy of the process of knowledge sharing and management in a U.K insurance market. In order to do this in an effective way, the results will be depending on the findings that generate from the secondary research.

The research aims to Create a platform for knowledge sharing, the ability to apply knowledge, and provide an opportunity for a qualitative discussion of topical issues by utilizing the qualitative approach in analyzing the insurance market of United Kingdom. One of the objectives of knowledge management is to ensure that existing knowledge is part of the routine of work, and create new knowledge to improve business results. Companies that base their strategy on Knowledge Management will be able to differentiate from the rest of the market, showing distinguishing features in its structure (Bernus & Fox, 2005, pp. 55).

Reliability/Dependability

Reliability is the ability of the instrument to measure. There are several definitions of reliability, which they observed as being analogous to dependability, in their article regarding the requirement for rigor in qualitative research (Adcock and Collier, 2001, pp. 524).

Section 2

Game Theory

Game theory is a set of tools to analyze situations in which it is optimal to an agent (individual, business, and animal) depends on expectations that form on that one or more other agents will do. The objective of game theory is to model these situations, to determine an optimal strategy for each agent, to predict the equilibrium of the game and find how to achieve an optimal situation. Game theory is widely used in economics, in political science in biology or in philosophy (Alkhatib & Rine, 2009, Pp. 54). Modern game theory begins in 1944 with the publication of the book of Oskar Morgenstern and John von Neumann, Theory of Games and Economic Behavior. It was mainly developed in the 1950s, notably with the work of John Nash. Game theory provides optimal allocation criteria and decision under risk and return of a portfolio of investments. Set quantitative methods that reconcile the interests of investors capitalizing on the assessment of uncertainty and risk, founding a rationed and less risky speculation.

In recent years we have experienced many changes in the insurance industry, ranging from a great ...