How to Develop Individual Team Member Goals in the Insurance Industry

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DEVELOPING INDIVIDUAL GOALS

The three basic categories of performance are:

1. Job Routines that need improvement.

Daily chores such as preparation of reports; customer service; quality control; training, etc. Although "routine" they are too important to be considered trivial. They are the lubricant that keep the business functioning smoothly. When the basics are understood and controlled, more important new objectives can be pursued.

2. Problems That Need To Be Solved

People who learn to become problem solvers have special value to their organizations. Problem solvers resolve a lack of progress by taking a results-oriented approach.

3. Innovations For Added Benefits.

Those capable of providing true job innovations are the "champions." This special group takes positive action that provides creative breakthroughs.

STEPS TO SET TEAM MEMBER GOALS

Get buy-in and commitment from the team member. Involve him in the process to create “ownership". A top-down approach to setting goals does not work.

Ask the individual these questions:

- What is truly unique about themselves? - What skills and characteristics make them feel confident and proficient?

- What ideas do they have on how they can best apply their talents? © Copyright 2015. All rights reserved.

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The priority objectives you select with the team member should meet three criteria. They must be: REASONABLE:

Can they be achieved in the time available? Will they bring about desired changes? Will costs be within allowable budgets? Will they create new problems?

SPECIFIC:

Do they specify what the improvements will be? Do they explain when results can be expected?

AMBITIOUS:

Are they sufficiently challenging and rewarding? Will they resolve problems and/or seize new opportunities? If implemented, will they be profitable?

It is important that there is an outcome-based position/job description in place for the team member, outlining his/her job objectives, priorities, areas of responsibility and authority, skills and qualities required and/or desired, etc.

THE CONCEPT OF KEY RESULT AREAS What is a Key Result Area? Some jobs are more difficult to measure than others, but none are impossible to measure. The problem is reduced greatly when a job is broken into its component parts. Separate responsibilities or duties can be itemized. These distinct job parts are called key result areas. A key result area answers the questions: "What are the things I am accountable for?" "What are the major component parts of my job?" © Copyright 2015. All rights reserved.




EXAMPLE: KEY RESULT AREAS FOR BETSY STEVENS

1. Responsible for Personal Lines Department – Sales and Customer Retention

PRIMARY NEEDS BY KEY RESULT AREA 1. Need to increase number of policies per household to a minimum of 2 – multiline 2. Need to increase customer retention 3. Need to increase net new policies 4. Need to get all team members life licensed 5. Need to increase number of life apps In developing goals for Key Result Areas, emphasis should be placed on: * Improving product/service quality * Streamlining operations * Improving customer satisfaction * Increasing productivity * Upgrading efficiency * Reducing down time * Increasing profits * Developing markets * Stimulating morale * Reducing waste (time, supplies, material, etc.) * Suggesting new ideas on ways trouble can be avoided The goals established for the team member needs to be consistent with and contribute to his/her departmental/organizational goals. Goals should be S.M.A.R.T. and progress measured in terms of Quality, Quantity, Time, and Cost. © Copyright 2015. All rights reserved.




Examples of Progress Indicators: QUANTITY # of customers/clients served per month..quarter...etc. # of On Your Side Reviews per week # of life apps written or leads provided to licensed personnel # of sales presentations per week # of dec pages per week # of sales phone calls per week # of physical sales calls per week # of policies sold per week # of quotes per day # of times ask for referrals # of referrals received $ of DWP per week # of email addresses collected/week # of win-back calls made per week # of claims follow-up calls made per week/month QUALITY % applications without error Rate of employee turnover % of customer retention TIME # or % deadlines missed # of hours/turnaround time to follow-up with customers, co-workers, etc. # of rings to answer phone COST % variance from budget $ as line item in budget (e.g., overtime) $ saved over previous period/quarter

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SAMPLE Progress Indicator Worksheet for Betsy Stevens, Personal Lines Manager

KEY RESULT AREA

% OF IMPORTANCE

MEASURES Quantity/Quality/Time/Cost

Direct Written Premium

50%

-# of policies quoted? -# of policies written? -# of OYS Reviews? -# of win-back calls made? -Average # of policies per household?

Life Apps

25%

-All team members life licensed? -# of life apps written or leads secured? -All team members trained in life? -All team members have life goals?

Customer Retention

25%

-Average # of policies per household? -# of claims follow-up calls per month? -# or type of customer complaints? -# of birthday calls per month? -# of new customer follow-up calls?

100%

Some jobs ARE more difficult to assess than others, but every job can be measured and yet even with a good measurement system, little is likely to happen unless specific accountability is assigned for each step. After the key result areas are identified (normally 4 - 5 for each employee and weighted in importance), and S.M.A.R.T. goals developed, then a plan of action should be developed along with a tracking system to measure progress. Monitor results and coach/counsel for improvement if the employee is falling short of desired expectations. Praise if achieving or exceeding goals. © Copyright 2015. All rights reserved.




REASONS WHY A TEAM MEMBER DOESN’T PRODUCE OR PERFORM WELL

Doesn’t know why or what

Solution: Need to develop or clarify goals/standards/expectations and communicate why the things they do are important and how they contribute to the overall success of the department and organization

Doesn’t know how

Solution: Implement training to develop knowledge, skills and abilities

Doesn’t know WIIFM (What’s In It For Me?) therefore, not motivated

Solution: Tie the team member’s personal goals, desires and needs to his/her job to create a win/win working relationship with him. Help him get what he wants in life/career by working with you.

Not Capable

Solution: This is a case of a Square-Peg-In-A-Round-Hole Syndrome (No amount of training, desire/motivation, and clear expectations/goals will help this employee be successful at his/her job.) This is a poor hiring choice or employee placement.

Not Willing

Solution: This is another situation of not being motivated and/or the team member has a bad attitude that s/he will not work on or change. The team member will not contribute to success of organization. S/he resists change, authority and is not a team player. Work out an exit strategy or terminate.

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How to Develop Individual Team Member Goals in the Insurance Industry