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Invisible, Visible and 'Direct' Hands: An Institutional Interpretation of Organisational Structure and Change in British General Insurance

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  • Oliver Westall

Abstract

This essay uses ideas drawn from institutional and evolutionary economics to explore three different approaches to the organisation of insurance operations in Britain since the eighteenth century: the market-based approach used by Lloyd's; the hierarchical approach developed by insurance companies from the nineteenth century; and the 'direct' approach introduced in the last few years. It argues that these ideas open up the 'black box' of internal operation to economic analysis and relate these to broader strategic change in the business, thus providing a better understanding of its long-term developments by showing how technological innovations have resolved previously intractable difficulties that have channelled the direction of organisational change.

Suggested Citation

  • Oliver Westall, 1997. "Invisible, Visible and 'Direct' Hands: An Institutional Interpretation of Organisational Structure and Change in British General Insurance," Business History, Taylor & Francis Journals, vol. 39(4), pages 44-66.
  • Handle: RePEc:taf:bushst:v:39:y:1997:i:4:p:44-66
    DOI: 10.1080/00076799700000145
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    Cited by:

    1. Robin Pearson, 2002. "Growth, crisis and change in the insurance industry: a retrospect," Accounting History Review, Taylor & Francis Journals, vol. 12(3), pages 487-504.
    2. Richard Brophy, 2017. "Will Brexit affect the insurance industry? An Irish study," Local Economy, London South Bank University, vol. 32(3), pages 156-163, May.
    3. Richard Brophy, 2015. "A collection of insurance brands: The story of RSA in Ireland," Cogent Business & Management, Taylor & Francis Journals, vol. 2(1), pages 1067567-106, December.
    4. Magnus Lindmark & Lars-Fredrik Andersson & Mike Adams, 2006. "The Evolution and Development of the Swedish Insurance Market," Accounting History Review, Taylor & Francis Journals, vol. 16(3), pages 341-370.

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