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- All HBS Web (882)
- Faculty Publications (503)
- September 2016
- Case
Generali: Paving the Way for CEE Expansion
By: Dante Roscini and Emer Maloney
Generali was one of Italy’s largest companies and one of Europe’s largest insurers and had for decades been at the center of the web of cross-shareholding that has characterized the opaque brand of old Italian capitalism. This bred sub-par returns while serving to... View Details
Keywords: Joint Ventures; Transformation; Insurance; Emerging Markets; Negotiation Deal; Business and Shareholder Relations; Expansion; Business Strategy; Insurance Industry; Italy; Europe
Roscini, Dante, and Emer Maloney. "Generali: Paving the Way for CEE Expansion." Harvard Business School Case 717-016, September 2016.
- September 2013 (Revised March 2014)
- Case
Progress Energy and Duke Energy (A)
By: Guhan Subramanian and Charlotte Krontiris
Just as Duke Energy and Progress Energy announce their merger—forming the largest utility company in the United States, to be led by the current Progress CEO—a nuclear reactor owned by Progress suffers major damage and must be taken offline. While Progress grapples... View Details
Keywords: Duke; Progress; Nuclear Energy; Mergers and Acquisitions; Corporate Governance; Energy Sources; Energy Industry; United States
Subramanian, Guhan, and Charlotte Krontiris. "Progress Energy and Duke Energy (A)." Harvard Business School Case 914-011, September 2013. (Revised March 2014.)
- May 1994 (Revised November 2001)
- Case
Concord Center
By: William J. Poorvu and John H. Vogel Jr.
A major shopping center developer and an insurance company form a joint venture to develop a 900,000 square foot super-regional shopping center. Describes the nine-year struggle to deal with market, regulatory, and financial issues to get the project ready for... View Details
Keywords: Buildings and Facilities; Design; Joint Ventures; Construction; Partners and Partnerships; Governance Controls; Market Entry and Exit; Projects; Equity; Corporate Finance; Retail Industry
Poorvu, William J., and John H. Vogel Jr. "Concord Center." Harvard Business School Case 394-200, May 1994. (Revised November 2001.)
- December 2024
- Supplement
Core Innovation Capital: Investing in Fintech for Good (B)
In 2017, Core Innovation Capital invested $725,000 in Hugo Insurance, a pay-as-you-drive auto insurance startup targeting the non-standard market. Core followed with $300,000 in 2019 during a Seed II round. By 2022, Hugo founder, David Bergendahl, sought $10 million in... View Details
Keywords: Fintech; Venture Capital; Social Entrepreneurship; Insurance; Measurement and Metrics; Investment; Financial Services Industry; Financial Services Industry; Financial Services Industry; United States
Kluender, Ray, Natalia Rigol, Benjamin Roth, and Nicole Tempest Keller. "Core Innovation Capital: Investing in Fintech for Good (B)." Harvard Business School Supplement 825-094, December 2024.
- December 2022
- Article
Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities
By: Mark Egan, Shan Ge and Johnny Tang
We examine the variable annuity market to study conflicts of interest and the effect of fiduciary duty in brokerage markets. Insurers typically pay brokers higher commissions for selling more expensive annuities. Our results indicate that sales are four times as... View Details
Keywords: Variable Annuity; Brokers; Fiduciary Duty; Finance; Investment; Insurance; Conflict of Interests; Financial Services Industry; Financial Services Industry; United States
Egan, Mark, Shan Ge, and Johnny Tang. "Conflicting Interests and the Effect of Fiduciary Duty: Evidence from Variable Annuities." Review of Financial Studies 35, no. 12 (December 2022): 5334–5386.
- August 2008
- Case
Progressive Corporation: Variable Dividends
By: Timothy A. Luehrman and Brenda W. Chia
In 2006, Progressive Corporation announced a change in its dividend policy. Henceforth, dividends would be paid annually rather than quarterly and, more importantly, would be set according to a formula that would result in considerably greater year-to-year variability... View Details
Keywords: Capital Structure; Policy; Goals and Objectives; Performance; Business and Shareholder Relations; Insurance Industry
Luehrman, Timothy A., and Brenda W. Chia. "Progressive Corporation: Variable Dividends." Harvard Business School Case 209-004, August 2008.
- June 2009
- Case
Executive Remuneration at Royal Dutch Shell (A)
By: Jay W. Lorsch and Kaitlyn Simpson
The remuneration committee at Shell decided to exercise their discretionary power to award five top executives a bonus for 2008, even though they had not met the necessary performance measures under the compensation plan. Proxy advisors RiskMetrics and the British... View Details
Keywords: Corporate Governance; Governance Controls; Executive Compensation; Performance Evaluation; Business and Shareholder Relations; Energy Industry
Lorsch, Jay W., and Kaitlyn Simpson. "Executive Remuneration at Royal Dutch Shell (A)." Harvard Business School Case 409-126, June 2009.
- September 2004 (Revised January 2006)
- Case
Catastrophe Bonds at Swiss Re
In 2002, Swiss Re, the world's second--largest insurance company, is considering securitizing parts of its risk portfolio in the capital markets. This would be a first for the company that, until then, had never transferred risk off its balance sheet. Peter Giessmann,... View Details
Keywords: Risk Management; Bonds; Natural Disasters; Insurance; Capital Markets; Banks and Banking; Banking Industry; Banking Industry; Switzerland
Chacko, George C., Peter A. Hecht, Vincent Dessain, and Anders Sjoman. "Catastrophe Bonds at Swiss Re." Harvard Business School Case 205-006, September 2004. (Revised January 2006.)
- August 2013 (Revised November 2015)
- Case
Prudential Financial - General Motors Pension Risk Transfer: Back to the Future?
By: Luis M. Viceira and Emily A. Chien
In November 2012, Prudential Financial and General Motors closed on a $25.1B pension risk transfer (PRT) transaction, the largest of its kind to date by an order of magnitude both in the U.S. market and globally. In exchange for an in-kind transfer of $25.1B in... View Details
Keywords: Risk Management; Asset Management; Insurance; Retirement; Financial Services Industry; Financial Services Industry
Viceira, Luis M., and Emily A. Chien. "Prudential Financial - General Motors Pension Risk Transfer: Back to the Future?" Harvard Business School Case 213-126, August 2013. (Revised November 2015.)
- 2013
- Case
Travelers Insurance: Focusing on Climate Change and Natural Catastrophe Risk
By: Andrew J. Hoffman
The dilemma Evan Blue faces stems from a report by sustainability advocacy group Ceres that calls on companies to take climate change into consideration in their risk models and develop response strategies. The fictional vice president of Traveler's Insurance is tasked... View Details
Hoffman, Andrew J. "Travelers Insurance: Focusing on Climate Change and Natural Catastrophe Risk." William Davidson Institute Case 1-429-347, 2013.
- January 2008 (Revised July 2008)
- Case
The Allstate Corporation
By: John R. Wells
In 2007, Allstate was the number two property and casualty insurer in the USA and had enjoyed five years of rapid profit improvement. The question facing CEO Thomas J. Wilson was how to maintain the momentum. This case tracks the evolution of Allstate's strategy over... View Details
Keywords: Change Management; Financial Institutions; Insurance; Profit; Growth and Development Strategy; Organizational Change and Adaptation; Financial Services Industry
Wells, John R. "The Allstate Corporation." Harvard Business School Case 708-485, January 2008. (Revised July 2008.)
- March 2016
- Case
Evive Health and Workplace Influenza Vaccinations
By: John Beshears
Evive Health is a company that manages communication campaigns on behalf of health insurance plans and large employers. Using big data techniques and insights from behavioral economics, Evive deploys targeted and effective messages that improve individuals' health... View Details
Keywords: Vaccination; Influenza; Flu Shot; Preventive Care; Health Care; Behavioral Economics; Choice Architecture; Nudge; Experimental Design; Randomized Controlled Trial; RCT; Causal Inference; Consumer Behavior; Health Care and Treatment; Health Testing and Trials; Communication Strategy; Health Industry
Beshears, John. "Evive Health and Workplace Influenza Vaccinations." Harvard Business School Case 916-044, March 2016.
- October 2018 (Revised January 2019)
- Case
The Financial Crisis: Hank Paulson in 2008
On the afternoon of Monday October 13, 2008, Hank Paulson Jr., the Secretary of the Treasury of the United States, walked into the large conference room across the hall from his office in the Treasury Department. Joining him were Federal Reserve Chairman Ben Bernanke,... View Details
Keywords: Bailout; Regulation; Financial Crisis; History; Governing Rules, Regulations, and Reforms; Decision Making; Banking Industry; Financial Services Industry; Real Estate Industry; United States
Sunderam, Adi, Robin Greenwood, Sam Hanson, and David Scharfstein. "The Financial Crisis: Hank Paulson in 2008." Harvard Business School Case 219-037, October 2018. (Revised January 2019.)
- March 2023
- Teaching Note
VideaHealth: Building the AI Factory
By: Karim R. Lakhani
Teaching Note for HBS Case No. 621-021. The case “VideaHealth: Building the AI Factory” examines the creation of dental startup VideaHealth (Videa) and the development of its artificial intelligence (AI)-led business strategy through the eyes of founder and CEO Florian... View Details
- December 2016
- Article
Selective Regulator Decoupling and Organizations' Strategic Responses
By: Jonas Heese, Ranjani Krishnan and Frank Moers
Organizations often respond to institutional pressures by symbolically adopting policies and procedures but decoupling them from actual practice. Literature has examined why organizations decouple from regulatory pressures. In this study, we argue that decoupling... View Details
Keywords: Regulator Leniency; Beneficence; Mispricing; Upcoding; Nonprofit Organizations; Health Care and Treatment; Revenue; Health Industry
Heese, Jonas, Ranjani Krishnan, and Frank Moers. "Selective Regulator Decoupling and Organizations' Strategic Responses." Academy of Management Journal 59, no. 6 (December 2016). (Selected for Best Paper Proceedings of the 2015 Academy of Management Annual Meeting. Winner of the Healthcare Management Division of the Academy of Management 2015 Best Paper Award.)
David A. Moss
David Moss is the Paul Whiton Cherington Professor at Harvard Business School, where he teaches in the Business, Government, and the International Economy (BGIE) unit. He earned his B.A. from Cornell University and his Ph.D. from Yale. In 1992-1993, he served as a... View Details
- Article
Beyond Statistics: The Economic Content of Risk Scores
By: Liran Einav, Amy Finkelstein, Raymond Kluender and Paul Schrimpf
"Big data" and statistical techniques to score potential transactions have transformed insurance and credit markets. In this paper, we observe that these widely-used statistical scores summarize a much richer heterogeneity, and may be endogenous to the context in which... View Details
Einav, Liran, Amy Finkelstein, Raymond Kluender, and Paul Schrimpf. "Beyond Statistics: The Economic Content of Risk Scores." American Economic Journal: Applied Economics 8, no. 2 (April 2016): 195–224.
- 2019
- Chapter
Merchants and the Origins of Capitalism
By: Sophus A. Reinert and Robert Fredona
N.S.B. Gras, the father of business history in the United States, argued that the era of mercantile capitalism was defined by the figure of the “sedentary merchant,” who managed his business from home, using correspondence and intermediaries, in contrast to the earlier... View Details
Reinert, Sophus A., and Robert Fredona. "Merchants and the Origins of Capitalism." Chap. 11 in The Routledge Companion to the Makers of Global Business, edited by Teresa da Silva Lopes, Christina Lubinski, and Heidi J.S. Tworek. New York: Routledge, 2019.
- April 2020
- Supplement
Luvo (B)
By: José B. Alvarez and Natalie Kindred
This case, a follow on to HBS No. 517-049 "Luvo," provides a brief look at changes that have occurred at Luvo, now called Performance Kitchen, since the timing of the first case (mid-2016). Set in January 2020, “Luvo (B)” touches on developments such as the company's... View Details
Keywords: Consumer Behavior; Health; Health Care and Treatment; Nutrition; Food; Strategy; Product Positioning; Product Marketing; Food and Beverage Industry; Food and Beverage Industry; Food and Beverage Industry; Food and Beverage Industry; United States; Canada
Alvarez, José B., and Natalie Kindred. "Luvo (B)." Harvard Business School Supplement 520-101, April 2020.
- May 2025 (Revised May 2025)
- Case
Humana Commits to Value-Based Care
By: V.G. Narayanan, Henry Eyring and David Lane
In late 2023, CEO Bruce Broussard reviewed health insurer Humana’s transformation into a value-based care ecosystem. Under its CenterWell brand, the several millions of members in Humana Medicare Advantage plans now had access to Humana-provided primary care, home... View Details
Keywords: Business Model; Business Units; Financing and Loans; Innovation Strategy; Growth and Development Strategy; Service Operations; Mergers and Acquisitions; Insurance; Health Care and Treatment; Partners and Partnerships; Health Industry; Health Industry; United States
Narayanan, V.G., Henry Eyring, and David Lane. "Humana Commits to Value-Based Care." Harvard Business School Case 125-013, May 2025. (Revised May 2025.)