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Product-Market Responsibilities

Indianapolis Life Insurance Company Balanced Scorecard Project Tier II Scorecards Draft Version 2.0 January 21st, 1999. e. Product-Market Responsibilities. Summarization of key responsibilities for Product-Market Portfolio and Product Managers. Product-Market Portfolio Responsibilities

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Product-Market Responsibilities

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  1. Indianapolis Life Insurance CompanyBalanced Scorecard Project Tier II ScorecardsDraft Version 2.0January 21st, 1999 e

  2. Product-Market Responsibilities Summarization of key responsibilities for Product-Market Portfolio and Product Managers • Product-Market Portfolio Responsibilities • Portfolio profitability • Oversight of the New Product Development process • Prioritization of product lines under development • Identifying new markets and oversight of portfolio market planning • Product Manager Responsibilities • Product Profitability • Market research (check on alignment with distribution) • Product development • Pricing • Product filing • Illustration software development & Re-proposal development • Product promotion:(Compliance & marketing materials) (check on distribution alignment) • Administration Systems Analysis (check on operations alignment) BOP: Strategic alliance relationships: relationship management, contract negotiations, etc. Question on interface/overlap?

  3. Linkage Alignment Cascading & Aligning Scorecards Scorecards are cascaded and aligned through the critical success factors Enterprise Critical Success Factors (CSF’s) Enterprise Strategies Enterprise Measures Enterprise Portfolio & Process Objectives Portfolio & Process CSF’s Portfolio & Process Measures Tier II* Tier IIaGoals Tier IIa CSF’s Tier IIaMeasures Tier IIa *Tier II currently contains: Product-Market Portfolios (Financial Protection & Wealth Accumulation), Business Process Outsourcing, Customer Care (Operations and Distribution), Shared Services and Financial.Tier IIA currently encompasses products (Term UL, WL, VUL, Annuity)

  4. Enterprise -- Tier II Mapping Identify enterprise critical success factors that may be influenced at the Tier II level Draft * * ** ** * New market development & increasing value to existing customers** Customer refers to internal customers: operations & distribution High Level of InfluenceLower Level of Influence

  5. Establishing Tier II Objectives Draft Enterprise critical success factors that are “highly influencable” become “Tier II” objectives… additionally, there may be other objectives which are aligned with the enterprise scorecard Product-Market Portfolio Objectives: 1) Meet portfolio ROE and earnings growth goals 2) Ensure capital plans are in place for new products and that products are built with assumptions that the organization can support 3) Develop products that deliver value and are aligned to target customer segments 4) Identify and develop new markets and increase value to existing customers5) Win through people Product-Market Balanced Scorecard

  6. Product-Market Balanced Scorecard Identify Tier II critical success factors and key performance indicators for the objectives Draft Product-Market Portfolio Objectives: 1) Meet portfolio ROE and earnings growth goals 2) Ensure capital plans are in place for new products and that products are built with assumptions that the organization can support 3) Develop products that deliver value and are aligned to target customer segments 4) Identify and develop new markets and increase value to existing customers5) Win through people

  7. Next Steps - Set Targets and Identify Tactics to Reach Targets Each measure should have a target (short term and long term) and an identified initiative/tactic to bridge the performance gap (current performance - target performance)

  8. Portfolio -- Product Mapping Ability to Influence A similar process may be undertaken to develop Product manager objectives and scorecards aligned with the portfolio Product Manager Objectives: 1) 2)3) Product Manager Balanced Scorecard

  9. Distribution Cross-selling # of appointed reps (WA) Sales per appointed rep (WA) # of B/D selling agreements / distribution outlets (WA) Investments Risk/Reward profile, earned rate (WA) Shared Services Timeliness and accuracy of projects (WA) E-Commerce (WA) Horizontal Alignment The same process may be used to identify objectives, critical success factors and performance indicators for the other Tier II areas. Additionally, the scorecards should be aligned “horizontally” to ensure internal requirements are met Sample Product-Market “requirements” Enterprise Product-Market Portfolios Business Process Outsourcing Customer Care Vertical Alignment Operations Distribution Horizontal Alignment

  10. Developing a Scorecard A scorecard is typically developed in a 3-phased approach Tier II Current State Conduct Interviews, Review Business Plans, etc. Develop Draft Scorecard Pre-Workshop Confirm Critical Success Factors Identify Performance Measures Confirm Strategy Workshop(s) Refine Measures & Establish Targets DevelopImplementationPlan Facilitated Session with future “Scorecard Owner” and his/her direct reports or team Post-Workshop

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