Strategic Vision for Succession Planning Residency

Simplify and share your pool's strategic vision using The Big Picture Project presentation deck. Articulate your core purpose, products/services, customers/stakeholders, partners, and measures of success to align day-to-day decisions with your pool's strategy effectively.

• Strategic Vision
• Succession Planning
• Residency
• Big Picture Project
• Pool Management

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Uploaded on Aug 08, 2024 | 0 Views

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1. BIG PICTURE PROJECT Succession Planning Residency

2. INTRODUCTION AND INSTRUCTIONS The Big Picture Project helps you simplify and share your strategic vision for your pool. When everyone understands the big picture, they can have confidence that their day-to-day decisions align with your pool s strategy. People who get the big picture prioritize better and make more informed decisions. This presentation deck contains a series of questions (one or two per slide) designed to help you articulate your vision to your governing body and staff. Starting with the suggested text on each slide, edit the bullets to reflect your pool s unique answers. Additional guidance is provided in the slide notes. When you ve finished a first draft of your big picture, send it to AGRiP. 2

3. CORE PURPOSE What is our pool s core purpose or function? We provide coverage and risk management services for our members so they can focus on their core purposes. We ensure budget stability for our public entity members, smoothing out costs over time. We act as an extension of our members (though we provide products and services, that s not all we do). 3

4. PRODUCTS AND SERVICES What are the products and services we provide? How are they prioritized? 1. Coverage for the specialized and unique public entity risks of our members 2. Tailored risk management and/or health promotion assessments, advice, training, model policies and support 3. Claims administration 4. Fair allocation of coverage costs across membership 5. Easy transactions for our members, such as coverage renewals and/or enrollment activities 4

5. CUSTOMERS/STAKEHOLDERS To whom do we deliver our products and services? How are those entities prioritized? Our members and customers are the same. Members control our services and consume our services. Our delivery prioritization is based upon: 1. Delivery efficiency (geography, for instance) 2. Members with high exposures/contribution 3. Members with high loss ratios 4. Members with fewer internal resources 5

6. PARTNERS With whom do we partner to deliver our products and services? How are those entities prioritized? 1. Reinsurers and excess carriers 2. Reinsurance broker and consultant 3. Third-party claims administrator 4. Actuary 5. Investment manager and advisor 6. Association(s) that sponsor or endorse the pool 7. Technology vendors (claims or policy systems, etc.) 8. Independent auditor 6

7. POOL MEASURES OF SUCCESS What metrics do we track, and how are they prioritized? 1. Member retention and/or engagement 2. Stable pricing from the members perspective 3. Ability to identify and offer members the coverages they need 4. Loss ratios 5. Net position changes 6. Total exposure/subscriber changes 7. Contribution changes (growth) 8. Number of claims 7

8. COMPETITORS Who are our competitors, and how are they prioritized? 1. Commercial market insurers 2. Other public entity risk pools 3. Self-insurance by members 8

9. TRENDS What external trends or issues are important to our strategy? Member public entity trends Financial constraints Insurance industry trends Hardening reinsurance market Social inflation / claims complexity General business or operational trends Recruitment and retention of staff Integrated technology systems / tech complexity 9

10. RELEVANT HISTORY What is the relevant history that explains our current state? The commercial insurance market was ineffective at meeting the unique needs of our public entity members. 10

11. SUPPORTING THE STRATEGY What are the top three things our pool is doing to support our business strategy? 1. ____ 2. ____ 3. ____ 11