Strategy Assignment I
Lions, To start the ball rolling, I will ask each one of you to give us an update on the progress made to date on the assignment.
Lets share our experiences and challenges on the assignment.
Profile of ACE
I hope you all have seen my contribution posted on Monday last week. It is essentially based on the information from the 10K form.
Anyone with any questions on the profile of ACE?
5 mins?
the usual work challenge. trying to effectively combine the two. working on the internal and external environment of ACE. the materials are quite large, trying to isolate the unrelated areas. hopefully to submit my contribution before the week runs out.
The information for ACE is vast and as such it takes time to condense the data otherwise for strategic management case study its well suited. I did mine when i was under presure as such there a couple of human errors like spelling etc
In terms of the External enivironment, you basically need to look at the challenges facing the insurance industry at the moment. These include:
External factors - High level of litigation - High frequncy of Catasphroic events - changes in legislation mainly driven by the drive towards climate change - Stricetr regulatory regimes
Internal factors - Solvency matters - Poor investments on balance sheet - Profitability of the business - Availability of technical Underwriting skills
Regarding the 1 point of the assignment, which is strategy management, I did the 5 phase process as per the book and put some theory together with evidence I could get from the overview you sent, the website and the annual report 2008. i got challenges when I got to phase 3 (crafting the strategy)and 4 (executing the startegy) of the process, because I do not know how the teams interact in ACE to contribute to the different steps on the startegy. Do you have any idea how we can overcome this?--Luisaserra 18:22, 3 May 2009 (UTC)
Luisa
I wont give you a specific answer, but a nmore generic one.
The Office of the CEO is supported by a Corporate Strategy Team that is responsible to build up market intelligence which is then used by the CEO on key strategy issues. Essentially the leadership team of the company, which is made up of executive management use the market intelligence to craft the corporate strategy.
The subsidiaries then build their SBU strategy around the corporate strategy ensuring that it is in line with the corporate view.
Thanks, please read what I have written in the assignment around these 2 points and let's email during the week when you ahve time so I can finalised. we will give it the best shot.--Luisaserra 18:35, 3 May 2009 (UTC)
Luisa,
In terms of execution, the CEO has the ultimate responsibility to implement and monitor the success of the group strategy. The board has oversight duties to ensure that: - the strategy is in sync with the company vision and mission statement - effective implimentation - monitoring key benchmarks such as expenses, sales value and volume, etc...
On a day to day basis, the executive management has a duty to implement the strategy and support the CEO.
Hi Jeremiah, I forgot the board, and the board role is very critical, i will definetly improve on it by tomorrow.--Luisaserra 18:39, 3 May 2009 (UTC)
the usual work challenge. trying to effectively combine the two. working on the internal and external environment of ACE. the materials are quite large, trying to isolate the unrelated areas. hopefully to submit my contribution before the week runs out.
