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Talk to an Expert| Category | Assignment | Subject | Economics |
|---|---|---|---|
| University | Chartered Insurance Institute (CII) | Module Title | CII 530 Economics and Business |
Provide a brief context for an insurance organisation, or a division of an insurance organisation, with which you are familiar.
For this organisation or division of an insurance organisation:
Word count: 3237
This answer is based on my employer, ABC Insurance plc (ABC). ABC is a listed UK-based insurer, with subsidiaries in15 countries. ABC provides insurance and reinsurance coverage across a wide range of consumer and commercial products.
ABC’s gross premium income in 2024 was £2.45 billion. The diverse nature of its insurance product portfolio together with the expertise of its staff have assisted in the achievement of a consistent record of annual profitability over the last 12 years.
Over the next five years, ABC has the strategic objectives of growing its country specific income faster than the insurance growth rate in each country which it operates in, whilst also annually delivering a combined operating ratio of less than 95%.
Definition of business performance measurement
Business performance measurement is concerned with the delivery of strategy by the use of suitable tools and techniques. These tools and techniques are directed towards relevant metrics that enable ABC’s management to measure ABC’s performance, better understand such performance and influence the allocation of its resources.
Explanation of the measurement of business performance
To successfully operate within a competitive market, ABC, once it has decided on its strategy, must identify the performance that it wishes to measure and then ensure it has the means to do so.
The method used by ABC is the ‘Balanced Scorecard’ as defined by the Balanced Scorecard Institute, (2025). The Balanced Scorecard Institute is designed to give ABC “the tools and skills needed to … :
The traditional ABC performance measurements of profitability, financial strength and liquidity, are examined in the wider remit of the importance, to ABC’s business success, of customers, employees, processes, technology and innovation. The performance measurements are chosen with great care by ABC’s management.
For each quadrant of the Balanced Scorecard, in turn, the current key performance indicators and milestones for ABC are measurements of its business performance against the following metrics:
Financial:
Customer:
Internal Processes:
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