SOME POINT­ERS FOR COM­PA­NIES BUILD­ING A BSC FRAME­WORK FROM SCRATCH

Insurance - - FEATURE -

1. Start with a brain­storm­ing work­shop with key stake­hold­ers to dis­cuss Fair Deal­ing out­comes, with ref­er­ence to the LIFE frame­work, ex­pec­ta­tion from Bank Ne­gara and other rel­e­vant in­dus­try as­so­ci­a­tions

2. Set up a gov­er­nance struc­ture for Board/se­nior man­age­ment to have over­sight over all Fair Deal­ing ini­tia­tives

3. Start a task­force rep­re­sented by key func­tions in­clud­ing prod­uct, dis­tri­bu­tion, mar­ket­ing, fi­nance, IT/op­er­a­tion and com­pli­ance

4. Work out a Fair Deal­ing strat­egy, de­riv­ing from com­pany’s Mis­sion, Value Propo­si­tion and Vi­sion state­ment, to be ap­proved by the Board & Se­nior Man­age­ment

5. De­sign a Strat­egy Map to con­nect the Fair Deal­ing strat­egy into a list of 10 to 15 BSC ob­jec­tives 6. Work out the BSC mea­sure­ments – both fi­nan­cial and non-fi­nan­cial KPIs – to have at least one KPI for each BSC ob­jec­tive

7. Set BSC tar­gets for each BSC mea­sure­ment, with ref­er­ence to past per­for­mance and ex­pec­ta­tion for next year 8. Work out ac­tion plans on ar­eas that need fur­ther re­fine­ments (in­clud­ing com­mu­ni­ca­tion plan), assign ac­tion own­ers and timeline for com­ple­tion

9. Dis­cuss busi­ness im­pact such as changes in prod­uct de­sign, dis­tri­bu­tion process and re­mu­ner­a­tion struc­ture for agents

10. Mon­i­tor progress of BSC out­comes for the first 3 to 6 months, and re­fine BSC Frame­work

11. Build up other com­po­nents needed in the BSC frame­work in­clud­ing client sur­vey process, com­plaint han­dling process and a process to ex­tract man­age­ment in­for­ma­tion for the Board 12. Op­er­a­tionalise BSC Frame­work into busi­ness-as-usual process by rolling out Fair Deal­ing Pol­icy, with an­nual re­view of the Frame­work

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