CIC - Agency Management 2024 with Correct Solutions

CIC - Agency Management 2024 with Correct Solutions Budget Considerations for growing an agency and doing a needs assessment - Answer --the specific talents and skills employees require -an awareness of gaps, deficiencies, and surpluses within and across departments -a determination of how many employees the agency can afford to hire -the best time for employees to join the agency An agency uses its value statement to accomplish several goals - Answer -1. Communicate the agency's core principles to shape its direction and organizational goals 2. Focus on aspirations and behavioral issues that matter most to the agency's leadership 3. Define the standards of conduct and expectations for all agency members 4. Communicate these statements orally, written, and electronic form Value statement answers the questions - Answer -Who we are? What we are? How we do it? An example of a value statement - Answer -The smith Agency values helping local businesses succeed An agency's vision statement should - Answer -1. Communicate a clear picture of what an agency is trying to achieve 2. Identifies characteristics that: -reflect the long-range goals of the agency's policyholders-project the view of what the agency aspires to be -guide the agency's strategic development An agency's vision statement answers - Answer -Where do we want to go? An example of a vision statement - Answer -The vision of the Smith Agency is to be a fully employeeowned agency that is recognized as the premier commercial lines agency in the region An agency's mission statement should - Answer --provide a clear statement of an agency's purpose and focus -Identify characteristics that are broadly stated in terms of service, income, and profit -establish clear growth goals serving its key stakeholders, clients, and employees An example of a mission statement - Answer -ABC Agency will provide quality personal and commercial insurance products to the clients located within our trade area to help them achieve their financial security goals Several considerations that contribute to establishing an agency's goals - Answer --Target market niches -Agency personnel and productivity