CIC - Insurance Company Operations
1. Executive Management Team (EMT) responsible for managing the company's core busi-
ness operations as a whole; focuses on the compa-
nies strengths and weaknesses
2. What are the 3 concepts of a strate- Strategy
gic business plan? Strategic Planning
Strategic Plan
3. Define Strategy Thoughtful and deliberate plan
chooses to be clear about the companies direction in
relation to whats happening in a dynamic environ-
ment
Answers the question "how"?
4. Define Strategic Planning Process used to create the strategic plan
Runs an ERM analysis, which determines risk and
opportunties
Conducts a SWOT analysis and helps answer these
questions: " where are now?, where are we going?,
and How will we get there"
5. Define Strategic Plan Formulated roadmap that descries how the company
executes its chosen strategy
Provides answers from initial SWOT
Includes values, vision and mission statements
6. What does ERM stand for? Enterprise Risk Management
7. what does SWOT Stand for strengths, weaknesses, opportunities, threats
8. What info will be needed for Strate- Where are we now? Organizational Values, Business
gic Planning Objections, Competitors, Risk Appetite
Where are we going? Development of values, vision
, CIC - Insurance Company Operations
and missions stmts, market analysis, SWOT analysis,
ERM analysis, financial projections, etc.
How will we get there? A strategic business plan that
reflects what the company wants to be and who it
wants to serve.
9. Frequency Large numbers of losses
10. Severity Large Dollar Losses
11. What are the 3 steps of Strategic Strategy Formulation
Management Process Strategy Implementation
Strategy Evaluation
12. What is Strategy Formulation the first step in the process where the EMT decides
what it wishes
to build and asks: where are we now, where are we
going, and how will we get there?
13. What are the 4 components of SWOT 2 are internally focused and two are externally fo-
Analysis cused.
Internally - EMT focuses on companies strengths and
weaknesses/gives insights on what may need to be
accomplished as a company grows
Externally - Seeks opportunities and looks at poten-
tial threats, such as competition. May employ ERM
(Enterprise Risk Management) as part of external
review.
14. Enterprise Risk Management (ERM) is used as part of the review of external threats.
ERM focuses not only on external issues that can
impact a company from a competitor
standpoint, but also the likelihood of other occur-
, CIC - Insurance Company Operations
rences that may have serious impact on its
ability to meet strategic goals
15. Sustainable Competitive Advantage all things that will distinguish the company from
other companies In the eyes of its target customers
16. Resource Allocation Resources include both capital and personnel
17. Long-term Value a plan that maximizes the company's long-term val-
ue.
18. 4 steps of developing a strategy Marketplace Evaluation
Sustainable Competitive Advantage
Resource Allocation
Long-term Value
19. Strategy Implementation the process of putting strategies into action
20. Strategy Evaluation determining which strategies are not working well
21. What tools can the executive man- Strategy Formulation
agement team use to identify mar- Strategy Implementation
ketplace readiness and value propo- Strategy Evaluation
sitions to determine capital struc-
ture, surplus requirements, and in-
vestment sources?
22. What sources of information is Organizational Values
needed to answer the "where are we Market Trends
now? where are we going? how will Regulatory Guidelines
we get there?" Competitive Analysis
Risk Appetite
23.
1. Executive Management Team (EMT) responsible for managing the company's core busi-
ness operations as a whole; focuses on the compa-
nies strengths and weaknesses
2. What are the 3 concepts of a strate- Strategy
gic business plan? Strategic Planning
Strategic Plan
3. Define Strategy Thoughtful and deliberate plan
chooses to be clear about the companies direction in
relation to whats happening in a dynamic environ-
ment
Answers the question "how"?
4. Define Strategic Planning Process used to create the strategic plan
Runs an ERM analysis, which determines risk and
opportunties
Conducts a SWOT analysis and helps answer these
questions: " where are now?, where are we going?,
and How will we get there"
5. Define Strategic Plan Formulated roadmap that descries how the company
executes its chosen strategy
Provides answers from initial SWOT
Includes values, vision and mission statements
6. What does ERM stand for? Enterprise Risk Management
7. what does SWOT Stand for strengths, weaknesses, opportunities, threats
8. What info will be needed for Strate- Where are we now? Organizational Values, Business
gic Planning Objections, Competitors, Risk Appetite
Where are we going? Development of values, vision
, CIC - Insurance Company Operations
and missions stmts, market analysis, SWOT analysis,
ERM analysis, financial projections, etc.
How will we get there? A strategic business plan that
reflects what the company wants to be and who it
wants to serve.
9. Frequency Large numbers of losses
10. Severity Large Dollar Losses
11. What are the 3 steps of Strategic Strategy Formulation
Management Process Strategy Implementation
Strategy Evaluation
12. What is Strategy Formulation the first step in the process where the EMT decides
what it wishes
to build and asks: where are we now, where are we
going, and how will we get there?
13. What are the 4 components of SWOT 2 are internally focused and two are externally fo-
Analysis cused.
Internally - EMT focuses on companies strengths and
weaknesses/gives insights on what may need to be
accomplished as a company grows
Externally - Seeks opportunities and looks at poten-
tial threats, such as competition. May employ ERM
(Enterprise Risk Management) as part of external
review.
14. Enterprise Risk Management (ERM) is used as part of the review of external threats.
ERM focuses not only on external issues that can
impact a company from a competitor
standpoint, but also the likelihood of other occur-
, CIC - Insurance Company Operations
rences that may have serious impact on its
ability to meet strategic goals
15. Sustainable Competitive Advantage all things that will distinguish the company from
other companies In the eyes of its target customers
16. Resource Allocation Resources include both capital and personnel
17. Long-term Value a plan that maximizes the company's long-term val-
ue.
18. 4 steps of developing a strategy Marketplace Evaluation
Sustainable Competitive Advantage
Resource Allocation
Long-term Value
19. Strategy Implementation the process of putting strategies into action
20. Strategy Evaluation determining which strategies are not working well
21. What tools can the executive man- Strategy Formulation
agement team use to identify mar- Strategy Implementation
ketplace readiness and value propo- Strategy Evaluation
sitions to determine capital struc-
ture, surplus requirements, and in-
vestment sources?
22. What sources of information is Organizational Values
needed to answer the "where are we Market Trends
now? where are we going? how will Regulatory Guidelines
we get there?" Competitive Analysis
Risk Appetite
23.
