Strategic Future Issues Working Agenda

Strategic Future Issues Planning Session

February 13-14, 2009

Tampa, FL

04/11/23 2© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com

Purpose

Why are we having this session?

Review, evaluate, and revise as appropriate the ACT strategic

issues 2006 “Must Do” report.


Purpose

What do we need to have accomplished and when are we done?

• Updated and/or revised Trends Document

• 2009 Must Do Report

• Short – term action plan


Agenda

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I. Welcome & IntroductionA. Ground Rules

i. Everyone has a chance to speak - “No Dumb Questions”

ii. One Conversationiii. Use of Parking Boardsiv. No beeps, buzzes, or ringy-dingiesv. Start and end on time

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AgendaII. Review and evaluation of 2006 “Must Do”

report (trends)a. Relevance of current trends

i. Technologyii. Business

iii. Consumer & relatedb. Strengths and weaknesses

III. New Trendsa.Technologyb. Businessc. Consumer & related


AgendaIV. Review and evaluation of 2006 “Must Do”

items)a. Status and relevance of current Must Do itemsb. Define new Must Do itemsc. Identify and define priorities

V. Critical success factors and barriersVI. How can we deliver our report most

effectively? VII. Next StepsVIII. Review and Close


Let’s Get Started

II. Review and evaluation of 2006 “Must Do” report (trends)

a. Relevance of current trends

i. Technology

ii. Business

iii. Consumer & related

b. Strengths and weaknesses


Hard Trend - Technology

COMPUTING POWER AND STORAGE

Enhancements in technology will continue to provide significant increases in computing power and storage capability.



INFORMATION AVAILABILITY & ACCESS

Ubiquitous availability of and access to information, regardless of location, through superior availability of broadband and wireless connectivity



MULTIPLE DEVICES

Widespread proliferation and merging of communications devices.



BIOMETRICS & PRODUCT/PROPERTYTRACKING

Biometrics will become more common place as a way of identification and security. Chips and geospatial tracking will be used to monitor and track products and property.


Hard Trend - Demographics

BABY BOOMERS

Many Baby Boomers will reach traditional retirement age, but will continue with active lifestyles and often re-engage with new work, including part-time positions, in-home businesses, or volunteer pursuits.



DIVERSITY

The U.S. will continue to have a more ethnically diverse population, along with many single parent and other non-traditional households. In traditional households, both spouses working will continue to be the norm, and women will increasingly hold managerial positions.



NEXT GENERATIONSGeneration X and Y will be in their prime child-rearing years, owning homes, and running businesses. They will have needs similar to those that their parents had at this stage of their lives. But they are likely to have some different expectations from their parents, which service providers will have to ascertain and deliver. These consumers have grown up with computers, and computers are second nature to them


Hard Trend - Buyer Behavior

TIME

Time will continue to be in short supply for most consumers and businesses.



INFORMATION

Consumers and businesses will face an increasing array of choices and greater complexity. The Internet will offer access to more information relating to insurance and risk management.



TRUST

Because of the well-publicized failure of many businesses to deliver on promises to their employees and consumers, many consumers will be skeptical of businesses that approach them. Businesses will have to earn trust in order to build customer loyalty.


Hard Trend - Insurance Environment

PRIVACY/SECURITY

Laws and regulations will:a) Require businesses to undertake

affirmative actions to safeguard customer private information and to limit its disclosure to third parties; and

b) Specify what businesses must do if there is a breach in the security of customer private information.



EFFICIENCY/SERVICE DELIVERY

Innovations by competitors will continue to drive heightened efficiency and improved service delivery in the industry.



REGULATION/LITIGATION

The basic business of insurance – personal and commercial – will continue to be highly impacted by state and federal laws and regulations, as well as by litigation.



CHANGING RISK

The scope of risk faced by insurers in various lines of insurance will continue to change over time based on natural and man-made causes (e.g. weather, litigation, political pressure, population shifts to the coastline, etc.).


On To New Trends

III. New Trends

a.Technology

b. Business

c. Other


Must Do

IV. Review and evaluation of 2006 Must Do” report (Must Do items)

a. Status and relevance of current Must Do items

b. Define new Must Do items

c. Identify and define priorities


The five “Must Do” issues1. Achieve a consistent industry strategy on security2. Create an ongoing agent-carrier workflow

improvement forum3. Increase the presence and visibility of agency websites

and maximize the customer experience they provide4. Continue an ongoing dialogue on future trends and

their implications5. Move the industry’s predominant workflow to real-time

and download


Agenda

V. Critical success factors and barriers

VI. How can we deliver our report most effectively?

VII. Next Steps

VIII. Review and Close

Documents

Strategic Future Issues Working Agenda