strategic future issues working agenda
DESCRIPTION
Planning Session AgendaTRANSCRIPT
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.
04/11/23 3© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
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
04/11/23 4© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Agenda
http://www.slideshare.net/rickjmiv
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
04/11/23 5© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
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
04/11/23 6© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
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
04/11/23 7© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
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
04/11/23 8© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Hard Trend - Technology
COMPUTING POWER AND STORAGE
Enhancements in technology will continue to provide significant increases in computing power and storage capability.
04/11/23 9© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Hard Trend - Technology
INFORMATION AVAILABILITY & ACCESS
Ubiquitous availability of and access to information, regardless of location, through superior availability of broadband and wireless connectivity
04/11/23 10© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Hard Trend - Technology
MULTIPLE DEVICES
Widespread proliferation and merging of communications devices.
04/11/23 11© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Hard Trend - Technology
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.
04/11/23 12© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
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.
04/11/23 13© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Hard Trend - Demographics
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.
04/11/23 14© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Hard Trend - Demographics
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
04/11/23 15© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Hard Trend - Buyer Behavior
TIME
Time will continue to be in short supply for most consumers and businesses.
04/11/23 16© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Hard Trend - Buyer Behavior
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.
04/11/23 17© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Hard Trend - Buyer Behavior
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.
04/11/23 18© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
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.
04/11/23 19© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Hard Trend - Insurance Environment
EFFICIENCY/SERVICE DELIVERY
Innovations by competitors will continue to drive heightened efficiency and improved service delivery in the industry.
04/11/23 20© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Hard Trend - Insurance Environment
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.
04/11/23 21© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Hard Trend - Insurance Environment
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.).
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On To New Trends
III. New Trends
a.Technology
b. Business
c. Other
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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
04/11/23 24© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
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
04/11/23 25© 2009 Rick Morgan Consultinghttp://rickmorganconsulting.com
Agenda
V. Critical success factors and barriers
VI. How can we deliver our report most effectively?
VII. Next Steps
VIII. Review and Close