Section 1: Strategic Planning

Question 1

What is a Value Statement

Answer 1

A value statement summarizes the what, why, and how of an agency. Used to communicate the agencies core principles and define the standards of conduct for employees

Question 2

What is a Vision Statement?

Answer 2

A vision statement communicates a clear picture of what the agency is trying to achieve.

Question 3

What is a Mission Statement?

Answer 3

The mission statement helps an agency state it’s purpose and focus, identify how it sees itself, and establish clear growth goals serving key stakeholders.

Question 4

What factors should you consider when choosing insurance companies to represent in your agency?

Answer 4

-How many companies do I currently have/want to have?
-How much volume can I put with this carrier?
-Are there company volume requirements?
-Financial stability of the company
-What the products they sell are
-How much support they are able to provide

Question 5

What are the five stages of agency growth?

Answer 5

1. Start Up
2. Development and Growth
3. Success
4. Expansion
5. Maturity

Question 6

What are the three tools that can be used to measure an agency’s financial health

Answer 6

Income Statement
Balance Sheet
Budget

Question 7

What’s the best tool to determine if change is needed?

Answer 7

SWOT analysis (Strengths, Weaknesses, Opportunities, Threats)

Question 8

What is a SMART goal?

Answer 8

Specific
Measurable
Attainable
Realistic
Timely

Question 9

What are the steps of an action plan?

Answer 9

Plan it
Build it
Communicate it
Implement it
Evaluate it