Title: Indianapolis Life Insurance Company Enterprise Level Balanced Scorecard Workshop II Performance Measures
1 Indianapolis Life Insurance Company
Enterprise Level Balanced Scorecard Workshop
II Performance Measures Targets
2Agenda
- Confirm Critical Success Factors 800 - 830
- Breakout Session I Measures 830 - 1000
- Breakout Groups
- Coffee Break
- Reconvene Present
- Group Session Target Setting 1000 -
1130 - Discussions Next Steps 1130 - 1200
3Scorecard Template
To be an innovative, growing, high performance,
public financial services enterprise that makes
the future better for all our stakeholders.
Our Vision
Create value for all stakeholders
Win through people
Grow profitably
- Attracting
- Connecting
- Developing
- Empowering
- Building new and existing distribution systems
- Co-marketing, private label relationships
- Affiliations and acquisitions
- Pricing, persistency, mortality, investments,
expenses
- Create economic value for investors
- Products and services to meet customer needs
- Productive, mutually beneficial relationships
with distribution partners - Employee owners
- Good corporate citizens
Our Objectives
Our Measures of Success
4Critical Success Factors Considered
Process
Financial
- Enhanced economic value
- Increase current earnings
- Enhance future potential
- Earnings per share growth
- GAAP ROE
- Consistent results
- Quality earnings
- Quality accurate management reporting
- Efficient and effective business fundamentals
- Time, cost quality
- Optimize production costs
- Optimize technology
- Responsive and effective infrastructure
- Expense management
- Seamless integration across geographic regions
- Cross-sell
- Improve quality of service
Customer
Learning Growth
- Product innovation
- Timeliness to market
- Satisfy needs of current customers
- Meet needs of new customers
- Revenue growth
- Increase sales of profitable products
- Improve quality of service, customer support
- Understand customer needs
- Build current and new distribution
- Flexibility, accuracy, timeliness
- Critical mass for cost effectiveness
- Handling customers with multiple products with
multiple systems - Easy to do business with - customer friendly
service - Risk management
- Employee satisfaction
- Empowerment
- Common culture
- Education and training
- Recruit and retain
- Management skill sets
- Communications
- Accountability
- Energetic environment
- Well aligned incentives
- Practice leadership orientation
5Critical Success Factors Considered
Process
Financial
- Enhanced economic value
- Increase current earnings
- Enhance future potential
- Earnings per share growth
- GAAP ROE
- Consistent results
- Quality earnings
- Quality accurate management reporting
- Efficient and effective business fundamentals
- Time, cost quality
- Optimize production costs
- Optimize technology
- Responsive and effective infrastructure
- Expense management
- Seamless integration across geographic regions
- Cross-sell
- Improve quality of service
Customer
Learning Growth
- Product innovation
- Timeliness to market
- Satisfy needs of current customers
- Meet needs of new customers
- Revenue growth
- Increase sales of profitable products
- Improve quality of service, customer support
- Understand customer needs
- Build current and new distribution
- Flexibility, accuracy, timeliness
- Critical mass for cost effectiveness
- Handling customers with multiple products with
multiple systems - Easy to do business with - customer friendly
service - Risk management
- Employee satisfaction
- Empowerment
- Common culture
- Education and training
- Recruit and retain
- Management skill sets
- Communications
- Accountability
- Energetic environment
- Well aligned incentives
- Practice leadership orientation
6Enterprise Critical Success Factors - Draft
Objectives Win through people, Grow profitably,
Create value
Enhance Economic Value
Financial
Customer
Process
Learning Growth
Effective leadership
7Enterprise Critical Success Factors - Draft
Objectives Win through people, Grow profitably,
Create value
Enhance Economic Value
Financial
Consistent Quality ROE
Consistent Quality EPS Growth
Expand customer base penetration of existing
customers
Customer
Develop innovative, timely profitable products
Cross-Sell the Product Line
Provide quality service meeting customer needs
Maintain appropriate rating
Understand communicate customer needs
Optimize technology infrastructure
Efficient effective business fundamentals
Expense / Capital management
Process
Employee Satisfaction
Learning Growth
Effective leadership
Education training
Recruiting retention
Well-aligned incentives
8Identify Strategic Measures
Definition A unit of information, financial or
non-financial, that provides meaningful feedback
to strategy execution and success towards the
achievement of the Critical Success Factors
- Key Worksteps
- Identify measure(s) for each Critical Success
Factor - Narrow list of Critical Success Factors if
Appropriate - Define measures for documentation - formula,
frequency
9Enterprise Critical Success Factors - Draft
Objectives Win through people, Grow profitably,
Create value
Financial Perspective
Customer Perspective
Internal Process Perspective
Learning Growth
10Measures Targets
11Breakout Groups
1 - Sun Room
3 - Board Room
2 - Library
12Next Steps
- Refine Measures
- Refine Template for Communication
- Complete Measurement Dictionaries
- Determine Go-Wide or Go-Deep
- Cascading Measures
- Instituting Process at Enterprise Level
- Target Setting
- Reporting
- Tactics
- Evaluation of Performance Process
- Determine Measurement Logic and Rollout Philosophy
13Balanced Scorecard Process
The Balanced Scorecard is a Continuous Process
Measurement Definition
What measures reflect strategy execution?
Reporting Analysis
How to report analyze performance measures most
effectively?
Stakeholder Value
Evaluation Improvement
Given performance signals, what can be done to
improve results?
Quick
Continuous
Re-engineer
Focus
14Enterprise Critical Success Factors - Group 1
Objectives Win through people, Grow profitably,
Create value
Financial Perspective
Customer Perspective
Internal Process Perspective
Learning Growth
15Enterprise Critical Success Factors - Group 2
Objectives Win through people, Grow profitably,
Create value
Financial Perspective
Customer Perspective
Internal Process Perspective
Learning Growth
16Enterprise Critical Success Factors - Group 3
Objectives Win through people, Grow profitably,
Create value
Financial Perspective
Customer Perspective
Internal Process Perspective
Learning Growth
17Measures Targets - Group 1
18Measures Targets - Group 2
19Measures Targets - Group 3