I.I.I. Strategy Communicate Collaborate Build

Transcription

1 I.I.I. Strategy Communicate Collaborate Build Board of Directors Meeting January 17, 2017 Sean Kevelighan, Chief Executive Officer Insurance Information Institute 110 William Street New York, NY

2 Agenda CEO Five Month Review Strategy Structure and People Next Steps and Timing Board Vote 2

3 CEO Five Month Review

4 360 Feedback Input: Extensive Research I.I.I. Team 95 1:1 s, town hall, team weeklies, senior leadership, etc. QUALITATIVE 231 Sean K. Meetings Member Companies Affiliated Organizations Trade Associations CEOs, Communications / Public Affairs Heads, General Counsels, etc. Media, Consultants (McKinsey), Service Providers (Verisk, Advisen), Academics (Wharton), etc. CEO 1:1 s, member gatherings, presentations, etc. Media 6 WSJ, A.M. Best, Insurance Journal, Money Matters, Best Week s QUANTITATIVE Surveys Sent Membership Respondents Survey 63 (15%) 400 What do you find most useful about your membership in the I.I.I.? (You can select more than one.) 60% Access to Thought Leadership 61% Access to Communications Resources 66.67% Role as Defender of the Industry 4

5 Responsive Fact- Based Team? vs. Team! 360 Feedback Output: What s working; where can we improve? Catastrophe Response Industry Advocate Trade Association & Think Tank Voice of the Industry Objective Research 100+ Slides In 15 mins Less is More Air Cover Board Input Governance (Social) Media & Communications Testimony Prioritization Convene Us Collaborative Economist(s) Industry Insight Media Relations Switzerland on Policy Matters 5

6 I.I.I. Strengths & Opportunities Leverage foundation from past; build successful future Strengths Strong history of communications Trusted neutral advocate Responsive Research / Information Aggregation & Synthesis Opportunities Industry perception change among key stakeholders outside the industry Customers, Policymakers, Media, Relevant Experts Industry collaboration I.I.I. as Voice of the Industry Message cohesiveness Organizational governance 6

7 Strategy Communicate Collaborate Build

8 I.I.I. Mission Statement Simple and succinct; and should stay that way Improving public understanding of insurance... what it does and how it works 8

9 Strategy Communicate Collaborate Build Be the trusted voice of the industry Help industry work together on key issues areas (where it makes sense to change public perception) Enhance management and governance to create operational excellence, and develop areas for future growth 9

10 Key Stakeholders Will help us reach our objective deliver on our mission Consumers Industry Policymakers Media Relevant Experts Personal Commercial Carriers Trade Associations and Institutes Intermediaries Legislators Regulators Judicial Administration(s) Traditional Nontraditional Social Academia Think Tanks NGOs Service Providers 10

11 Surround Sound Approach Consumers Consumers Industry Policymakers Media Relevant Experts Relevant Experts Industry Media Policymakers Public Affairs Channels Messaging & Engagement 11

12 External Relations Driving positive perception of industry to consumers and other key stakeholders Thought Leadership Proactive public service issue campaigns that illustrate how the industry drives societal value Insurance as economic growth facilitator Talent Resilience Digitalization of the industry Road safety / Distracted driving Issue Management Proactive and reactive measures to address industry trends and/or regular news cycles Cyclical trends, e.g. costs of auto insurance Catastrophe / Emergency / Crisis Day-to-day responsiveness 12

13 Public Service Issue Campaigns Example Attracting the Next Generation of Talent to Insurance Concept: Drive a national campaign targeting college graduates that individual insurers can leverage in their own recruitment initiatives Focus: Connect industry career attributes to millennials most desired work-life attributes: collaboration; social impact; diversity; growth; global opportunities 13

14 Public Service Issue Campaigns Overview Objective Develop a series of collaborative public affairs campaigns to lead the public narrative on the macro-level forces impacting the insurance industry Potential Topics Attracting the next generation of talent and skills to insurance Showcasing the benefits of the digital era for consumers Documenting insurers role in supporting economic growth Highlighting the importance of resilience to natural catastrophes Promoting road safety Desired Benefits Increased public awareness; behavior change Support of member company/industry trade initiatives Potential Tactics Develop compelling personality for campaign through spokesperson, storytelling, visual devices Promote campaign through digital activation, public service announcements, event production, media outreach, paid content Package campaign elements for use by individual insurers (e.g. coordinated events, collateral, messaging, visuals) 14

15 Industry Relations: Regular Insights Touchpoints Provide value-add services to maintain membership Regular Insights Touchpoints The I.I.I. Daily Monthly CEO Update Membership Issue Updates Quarterly Snapshot I.I.I.-Insight webinars Events / Meetings / Presentations / On-Site visits Research and Education Econometric model of P/C industry Regular Insights Touchpoints 15

16 Industry Relations: Membership Development Provide value-add services to grow membership Value Propositions Strategic Alliances Research Curation Strategic Advisory Services I.I.I. Foundation Establishment Commercial, Personal, Associates Member & Subscriber services Attrition loop Service providers Verisk/ISO, Advisen Associations TMPAA, Geneva Assoc. Timely thought leadership Enriched life/annuity materials Responsive research Media training Social media toolkit / roadmap Communications counsel / planning Public / private grant eligibility Tax incentives Supporting organization for I.I.I. charitable, research and education initiatives 16

17 Operational Excellence Drive high performing culture through best-in-class management and governance Bylaws and Board Governance Re-Vamp HR and Talent Development Compensation review Structure realignment and title review Succession planning Team calibration Rating and accountability process Budgeting, Finance and Administration Procurement processes IT management HR and benefits policies 17

18 Organizational Governance Re-Vamp Best-in-class infrastructure, procedures and processes Why Now? I.I.I. has not reviewed its governance structure since 2007 Nonprofits Revitalization Act of 2013 imposed new governance requirements Member/Board feedback Key Changes Expansion of membership industry and class of membership Incorporates life (70% of I.I.I. members offer life insurance) Expands potential non-voting associate members, e.g. intermediaries, service providers Re-organization of Board and Committees Establishes Vice Chair Reduces board size from >30 to 30 Creates Finance, Audit, Nominating committees* Addition of conflict of interest and whistleblower policies Adheres to State of New York non-profit law * Processes by which committees are established and filled will be undertaken once strategy is approved, and then will be presented for June 2018 meeting. 18

19 Structural Realignment Four primary departments with critical interdependency Industry Engagement Marketing and Communications Research and Education Jeanne Salvatore Andréa Basora* James Lynch and Steven Weisbart Finance and Administration Parmila Phillips Cultivate and deepen member relationships Expand associate membership Engage I.I.I. stakeholders in event driven platforms Promote I.I.I. products and services through inter-industry engagement Establish a proactive campaign-oriented communications mindset Refine content strategy to improve outreach Anticipate key issues through careful trend monitoring and analytics Develop research and content to support strategic priorities, and educate key stakeholders Provide industry insight and analysis Facilitate strategic alliances with relevant experts, i.e. academia, think tanks, government agencies Institute crossorganizational processes and procedures / best practices Ensure compliance / governance Enhance technology to amplify operational efficiencies and cost containment *Andréa Basora maintains second in command role for organizational strategy and decision-making 19

20 Next Steps and Timing Develop, execute, measure JANUARY 17 Board Review and Approval (Q1/2 2017) Department-level Tactical Plan Development and Implementation Bylaws implementation Establish committees and mandates Priority campaigns planning and development PR agency support Inclusion of metrics/kpis ( ) Financial Growth Plan Development Implementation Membership retention and growth Cost containment Additional revenue generation Stringent plan accountability WEEK OF JANUARY 23 Board Prioritization Electronic vote JUNE 2017 Midyear Review Campaigns plan review Committees report outs Budget review / approval JANUARY Year-End Reviews Campaigns progress review Annual budget / financial outlook and review 20