November 26, 2014

Managing by the Numbers

Managing by the Numbers - IAC

In early November ReSource Pro hosted our second Innovation Advisory Council event of the year. The theme was “managing by the numbers”. Speakers Jag Dalal and Ashwin Rangan shared insights and experiences about successfully managing by the numbers.

The key to successfully managing by the numbers is to first know what we want to achieve. Once we know our goal we can then determine the metric needed to measure our success. “We start with a goal to determine the metric and use the metric to achieve the goal.”

Not all metrics are created equal

There are several dimensions to a good metric. In order for a metric to have meaning it must be relevant to the goal. You need to laser focus on your desired outcomes then determine the metrics and processes around them. If the goal is to write profitable accounts, the total number of quotes issued is probably not the best metric for achieving this goal.

A metric needs a reference point – one measurement alone doesn’t tell us much. The measurement must be compared with something else such as time.

A good metric is:

  • reliable
  • credible
  • understandable
  • available
  • abuse-proof

Measure carefully

There are two different kinds of measurements that are crucial to monitoring your progress to a goal:

  • in-process measures
  • results measures

In-process measures ensure your process is under control and performing the way you intended. They act as checkpoint and keep you and your team on target.

Results measures are output results. Most of us use results measures — we keep tabs on the final numbers.  However, if the end result isn’t what we expected we might not know why if we aren’t in-process measuring.

The cost of quality

There is a price tag on quality and it is dependent on the cost of conformance and non-conformance. The cost of conformance entails defining processes and measurement, staffing, technology, in-process and end-result inspections, and continuously improving the process. The cost of non-conformance involves rework, retraining staff, fluctuations in morale and its effect on performance, errors and omissions, and lost revenue.

The balancing act

Ultimately you are the best person to decide which things to track and measure in order to reach your business goals. A balanced set of measurements, a balanced scorecard if you will, should include metrics from different areas of your business such as financial, employee, growth, and internal business processes.

Learn more

ReSource Pro hosts two IAC events a year with themes around Insurance Operations Excellence. Follow us on Twitter and connect with us on LinkedIn and Facebook to read more about managing by the numbers!

More than just a Night Shift

Patty, Team Leader for Paul Hansen Partners with team members. Photo from original 2006 Rough Notes article.

Patty, Team Leader for Paul Hansen Partners, with team members. Photo from original 2006 Rough Notes article.

In April of 2006 ReSource Pro was featured in a Rough Notes article entitled, “The Night Shift.” Paul Hansen partners, long time client of ReSource Pro, was featured in the article.  Lisa Paul remarked on the benefits of having her team in China, “when it’s 5 p.m. in California it’s 9 a.m. the next day in China. So when we’re going home, our Chinese employees are coming on board. It’s just like having a night shift.” Since this article ran ReSource Pro has evolved to be more than the remote staffing company providing the night shift for our clients.

In the June 2013 issue of Rough Notes, Rod Hughes gives an update on ReSource Pro in “Beyond the Night Shift.” Today ReSource Pro is not just assisting in day to day processing for our clients, we are tackling process inefficiencies with our client’s organizations. We are using benchmarking data to determine best practices for the thousands of tasks we handle to share that with our clients and we are a “full-service provider of productivity solutions.”

Click here to read the full article.

You are so 1980


Why would any insurance agency want to change what they are doing if everything they are doing seems to be working well enough?

We all find change difficult, so if we can maintain the status quo we should be fine.. Right?

HOWEVER, in this ever changing world the status quo is no longer an option.  The market place is changing and we must change with it.  There is a new generation of producers and clients who will dramatically change the landscape of the industry.

According to Mike Manes, ReSource Pro’s speaker at the next IAC meeting, taking place July 18th in NYC.

“The agency system has reached the fork in the road. Do we move forward in traditional ways or step boldly into the new world of knowledge, technology and “smart” — smart people, smart phones, smart clients, smart networks, smart media and smart innovation?” Differentiation, the Road Less Traveled.

 

The Power of Change

How do you keep ahead of your competitors in a world where nothing stays the same for more than a moment? How do you get a workforce and a company to shift directions fast to face a future that is almost unknowable?

ReSource Pro will address these questions on more for our clients as we delve in to Change management at our next IAC event. We are excited to bring to you, our guest speaker, Mike Manes.

“In the new world where everyone has options, success rests in your ability to adapt to change and attract the brightest employees, the best policyholders and the most reliable carriers.” The Power of Change and the Change of Power

Michael Manes is owner of Square One Consulting, a business focusing on planning, sales and operations, and change management and architecture. He has over 37 years of insurance industry experience, including serving as an instructor of risk and insurance at Louisiana State University.

 

 

Meet Nikita and Olivia!

Today we bring you more ReSource Pro employee profiles! Nikita and Olivia both work in RSP’s Qingdao office, and it’s their job to make sure that our dedicated teams go above and beyond to fulfill the needs of their clients.

Nikita

Nikita Chen, Client Assistant

Hi Nikita! What did you do before you came to RSP?

I taught English after university, and then I worked at a help desk at IBM.

What do you like most about your work environment?

I like being immersed in an English environment. I enjoy “English Corner,” where we spend an hour talking to expats whose native language is English.

I also like working with people from around the world. Some of my colleagues are from America, Canada, and the UK. I think that people from different backgrounds can show me different views of life. Talking to them helps me keep an open mind.

Olivia Chen, Client Analyst

Olivia in Qingdao

Hi Olivia! What do you like most about your job?

I love hearing clients praise my work.

What do you think would most surprise Americans about modern China?

I think they would be surprised to see how many people dress like Westerners and how few wear traditional dress. I think Chinese behavior has also changed in recent years. People are a lot more open now. They are more willing to accept new things and they want to learn to improve themselves.

If you could visit the United States, where would you like to go?

I would love to visit the Napa Valley. I would really enjoy trying different wines, and I love wine culture.

-Thanks for checking out RSP’s employee profiles. I hope you’ve enjoyed reading them as much as I enjoyed posting them!

Your Editor

Meet Nancy Yu, Team Leader!

Today we bring you another ReSource Pro employee profile! Nancy works as a team leader in Qingdao, overseeing the work of multiple processing teams for some of RSP’s oldest clients.

Nancy visits the office of Paul Hanson Partners in California

Hi Nancy! What attracted you to RSP?

It was the work environment. After I graduated I worked for an appliance group; there was too much pressure there, because we received no training and there was a lot of forced overtime. Everybody at RSP was very friendly and this made it a much more appealing place to work.

At the time I applied it was a very small company and I was interviewed by the founder Matt Bruno, who told me that I would receive a lot of training about the American insurance business so that I could become an experienced member of the staff who understood what I was doing at work.

What are your future career plans?

The company is growing very quickly and I want to grow with it. I would like to move up to a management position. I would also like to receive more training so I can become a stronger team leader.

[Read more...]

Meet Molly, Bruce, and Amber!

This week we continue our series on the people of ReSource Pro with more team member interviews at the Qingdao office!

Molly in the Beijing airport

Molly Liu, Training Expert

Hi Molly! What attracted you to RSP?

I liked the fact that the company was growing so quickly and offered a lot of benefits and recreational and health programs for employees. I also liked the promise of future career opportunities.

What do you think would surprise Americans most about modern-day China?

I think Americans may be surprised to learn how much the Chinese people love to make money and how much we want to own a home.

[Read more...]

Taking Initiative: Beat the Backlogs

Team Leader Sharon

The act of going “above and beyond” to serve your business partners doesn’t always involve process improvement or even relationship development. Sometimes it’s a simple matter of dedicating yourself to the task at hand:

Meet David and Linda!

Today we bring you more ReSource Pro employee profiles! David works with clients in the Qingdao office and Linda performs administrative duties in Jinan.

David in the Qingdao office

David Zhang, Client Specialist

Hi David! What are your future career plans?

I’d like to stay with this company and become a Management Specialist.

Why do you want to become a specialist in Management?

I prefer management over processing because I like to deal with people face-to-face every day and help my team serve our client. I would like to be a leader at ReSource Pro and I think specializing in management work is the best way for me to do that.

[Read more...]

Taking Initiative: Building a Trusted Partnership

Team Leader Sharon

Sometimes the act of managing perceptions within a business is almost as difficult as managing its day-to-day operations. The divide between company leaders and employees may even compromise an agency’s ability to serve its customers.

When a new partner enters the equation, the importance of building a well-managed relationship based on trust and respect grows very clear. The C-level executives at Team Leader Sharon’s client agency were very excited about the possibilities of working with ReSource Pro, but many of their employees were skeptical at first: