success - Identifying the Critical Success Factors for Your Insurance Organization

There are many areas that one can identify as critical to the execution of a strategy over a span of three to five years some of these include the following:

At the bare minimum, one might need to be able to answer the following questions:

  • Firstly what kind of domain expertise does one require and needs to develop?
  • What are the capabilities that one possesses and which one needs to acquire?
  • How does one differentiate the company?
  • What kind of infrastructure does one need to have in place?
  • What kind of customer experience does one wishes to offer?
  • Are the needs of tomorrow being fulfilled by the organizational structures of the present day?
  • Are the right people positioned in the right roles?

One of the examples in this regard is the Southwest Retail Brokers mission, who has defined their critical success factors as following:

Firstly the acquisitions’ in Arizona, California and Nevada that enabled them to enhance their footprint.
Secondly, successful conversion to a new agency management system that helps provides clean and sorted information.

Third and most importantly optimized and streamlined procedures that help deliver the best customer experience while ascertaining the efficiency and decrease in total cost of operations.

As such taking a cue from above critical success factors such as these are converted into goals and objectives that everyone in the organization can jointly work towards and help achieve the same. Leaders, department heads as well as individuals need to align their objectives to these critical success facts thereby bring these in line with the organizational goal.

This great deal of information can enable a company or enterprise to put ahead its three-to-five year plan and keep a blueprint of its future plans.

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