Performance Manager Insurance.pdf

Proven Strategies for

Turning Information

into Higher

Business Performance

FOR INSURANCE

by Roland Mosimann, Patrick Mosimann, Dr. Richard Connelly, Meg Dussault,

and Craig Bedell, ARM

The PERFORMANCE Manager

Proven Strategies for Turning Information into

Higher Business Performance

for Insurance

Edited by

John Blackmore, Catherine Marenghi

Production and Launch Team

David DeRosa

Steve Hebbs

Randi Stocker

without written permission, except in the case of brief quotations incorporated in critical articles and reviews.

Published by Cognos Press, 3755 Riverside Drive, P.O. Box 9707, Station T, Ottawa, Ontario, Canada K1G 4K9.

Cognos and the Cognos logo are trademarks or registered trademarks of Cognos, an IBM company,

in the United States and/or other countries. All others are the property of their respective trademark holders.

The DecisionSpeed ® Framework, the Decision Areas and its core content, and all intellectual property rights therein, are proprietary to

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the Decision Areas and its core content can be reproduced, transferred, distributed, repackaged, or used in any way without

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Printed in Canada, 2008.

TABLE OF CONTENTS

Introduction ..................................................................................................................................... 5

Promise: Enabling Decision Areas that Drive Performance .............................................................. 9

Finance: Trusted Advisor or Compliance Enforcer? ....................................................................... 17

Underwriting and Claims: Managing Risk Is Managing for Profit ................................................ 31

Marketing: Investment Advisor to the Business ............................................................................. 39

Sales and Relationship Management: Your Business Accelerator ................................................... 47

Customer Service: The Risk/Reward Barometer of the Insurance Value Proposition ..................... 59

Product and Portfolio Management:

Developing the Right Product, the Right Way, at the Right Time .................................................. 69

Operations: Winning at the Margin ............................................................................................... 79

Human Resources: Management or Administration of Human Capital? ......................................... 89

Information Technology: A Pathfinder to Better Performance ....................................................... 99

Executive Management: Chief Balancing Officers ........................................................................ 117

Summary ..................................................................................................................................... 141

About the Authors ....................................................................................................................... 143

INTRODUCTION

The Performance Manager continues an exploration that began more than ten years ago with the

publication of The Multidimensional Manager . Both books examine the partnership between

decision-makers in companies worldwide and the people who provide them with better information

to drive better decisions.

More than a decade ago, the focus was on understanding an exciting new transformational trend—

companies were becoming more customer - and profit-centric . What drove that trend? Companies

were relying more and more on information assets such as business intelligence.

Today, that focus has become even sharper and more important. Global competition and

interconnected global supply chains have further intensified downward pressures on cost.

Technology and the Internet have transformed the knowledge economy from the equivalent of a

specialty store into a 24/7/365 big-box retailer. Vast amounts of content are accessible anytime,

anywhere.

Today, companies are expected to have a depth of insight into their customers’ needs unheard of ten

years ago. And yet market uncertainty is greater than ever. The pace of rapid change does not allow

for many second chances. In other words, if being customer- and profit-centric was important then,

it is critical now.

To better support the decision-maker/technology professional partnership, The Multidimensional

Manager introduced 24 Ways , a set of business intelligence solutions used by innovative companies

to drive greater profitability. These solutions were organized by business function and reflected the

insight that the most valuable information in corporate decision-making is concentrated in a

relatively small number of information “sweet spots,” nodes in a corporation’s information flow.

The book also introduced two further insights. First, the emergence of a new breed of manager— the

multidimensional manager , who could effectively navigate and process these information sweet spots

and thus make better, faster decisions. Second, the maturity of the enabling technology—business

intelligence.

The book launched a fascinating dialogue. Demand led to the printing of more than 400,000 copies.

People used it to help understand and communicate the promise of business intelligence. The pages

often dog-eared and annotated, it became a field manual for business and IT teams tasked with

developing solutions for their companies. Cognos, an IBM company (which commissioned the

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