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Developing a Scorecard

Indianapolis Life Insurance Company Balanced Scorecard Development Template Version 1.0 September 20th, 1999. e. Developing a Scorecard. A scorecard is typically developed in a 3-phased approach. Conduct Interviews, Review Business Plans, etc. Develop Draft Scorecard. Pre-Workshop.

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Developing a Scorecard

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  1. Indianapolis Life Insurance CompanyBalanced Scorecard Development TemplateVersion 1.0September 20th, 1999 e

  2. Developing a Scorecard A scorecard is typically developed in a 3-phased approach 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

  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 Tier II Objectives Tier II CSF’s Tier II Measures Tier II Tier IIIGoals Tier III CSF’s Tier IIIMeasures Tier III

  4. 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 Tier II Objectives: 1) Objectives adopted from enterprise critical success factors 2) Newly developed objectives Tier II Balanced Scorecard

  5. Tier II Balanced Scorecard Identify Tier II critical success factors and key performance indicators for the objectives Tier II Objectives: 1) Enter Tier II Objectives

  6. 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)

  7. Tier III Mapping Ability to Influence A similar process may be undertaken to develop Tier III objectives and scorecards aligned with Tier II Tier III Objectives: 1) 2)3) Tier III Balanced Scorecard

  8. 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 Tier III “requirements” Enterprise Tier II Area 1 Tier II Area 2 Customer Care Vertical Alignment Operations Distribution Horizontal Alignment

  9. New Scorecard Area Responsibilities Summarization of key responsibilities for scorecard area • Responsibilities • Responsibility

  10. Enterprise -- Tier II Mapping High Level of Influence Lower Level of Influence

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