Finally, members of our team identified a set of strategic values. We noted that organizational values are often embedded in its strategic plans. In this instance, the following set of values were found to be closely affiliated with the strategic plans and with promotional materials that had recently been prepared by the New England Standard Corporation:
Training: Minimum standards of industry and technical competency will be developed, implemented and maintained to ensure high levels of performance. “Knowing the technology and markets helps New England Standard better serve its customers.” [From: New England Standard Brochure 2010]
Information Technology: Information technology proactively supports and facilitates business practices and client service. Integrated platforms and integrated data will minimize islands of information and duplication of data and effort.
Change Environment: Appropriate policies and procedures will be instituted to ensure smooth and effective change management.
We brought these lists of value statements to Gary, the Senior Administrative Team, and, eventually, the New England Standard Board. These lists elicited substantial discussion and a fair amount of soul-searching. In each case, the three sets of value statements were adopted with minimal change. The fundamental (New England Standard Way), operational and strategic statements of value were now in place.
Step Two: Linking Chartering and Strategic Planning Processes and Formulating Vision Statement
Our team found that it was challenging to build a bridge between the chartering and strategic planning processes at New England Standard. Partially as a result of the struggle regarding centralization of leadership, which was identified in the organizational culture inventory, the strategic planning process was in some flux. Our team was only able to identify a few statements regarding that which New England Standard leaders wished to achieve in the near future. We did find common agreement regarding the following general vision: “If successful, the New England Standard Corporation will become the largest independent insurance company on the East Coast that is competing in the middle financial market.”
Our team was next able to derive a set of short-term objectives from the strategic plan. We noted that The New England Standard Corporation hoped to accomplish seven outcomes within the coming twelve months:
In order for New England Standard to expand, proper structures and controls need to be established. Create a management structure with people who will be responsible for the day-to-day operations of the corporation and who will be capable of managing the projected growth of the corporation.
Increase borrowing capacity.
Hire bright, energetic professionals with prior experience to manage the day-to-day operations of The New England Standard Corporation.
Improved efficiency in processing of claims in order to reduce overall administrative expenses.
Substantially improve marketing of both old and new products to protect market share.
Better understanding the distinctive needs and styles of our new clients. Be aware of a possible need for new products to better serve these clients or a need to modify existing products.
Decide whether New England Standard should add other new products to its current market, or if it should add new markets.
