Mission driven management is a critical factor for sustained development and consistent business growth. The profitability of the insurance industry as well as how business function is also dependent upon this vital factor. For this, it is complacent to begin with alignment strategy for the insurance organization.
Mission Driven Management is focused upon fulfilling the core values of its mission and manages the business in a way that supports in this particular activity. In the insurance industry, operations and processes are very crucial for any business objectives apart from the comprehensive mission of the organization. Fulfilling these and achieving success needs the alignment of procedures and proper execution of the mission, vision and values.
Many a times insurance companies admit being aligned with such management techniques but on closer inspection, it is found that certain processes and their execution are far away. When these are not aligned, they cannot support the mission and the goals and tend to work against the business. In the presence of a clear alignment, procedures and execution power, the strategy is reinforced to ensure that the objectives and goals are met.
It is quite significant to understand how much of an alignment or misalignment can influence the business and the bottom line. The answer is mammoth. It is found that a good majority of the waste part develops when the strategy is not aligned properly to the way businesses are managed, day-to-day decisions are made and time and resources prioritized. Resource waste or organizational waste is when the workforce or talented resource does not have a clear image of what they are headed for or what their objectives should be. It is literally throwing capital into the bins. What can be done to restore the situation? The key to this strategic question lies in strategic thinking and mission- driven management.