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Strategic Plan for James Raynor Ins - Assignment Example

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This assignment "Strategic Plan for James Raynor Ins" intends to render an evaluated strategic plan for the insurance agency of James Raynor i.e. State Farm Mutual Automobile Insurance Company to get a competitive edge over others. The assignment focuses on the prospects of the business by retraining…
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Strategic Plan for James Raynor Ins
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? Strategic Plan for James Raynor Ins, Agency Of Farm This paper intends to render an evaluated strategic plan for the insurance agency of James Raynor i.e. State Farm Mutual Automobile Insurance Company to get a competitive edge over others. The study further intends to focus on the prospects of the business by retraining and recruiting the agents such as James Raynor for the benefit of the company and the people. It has been determined that the risk involved in the insurance sector is minimized by agents such as James Raynor who vehemently follows the desired work ethics and demonstrates a strong sense of responsibility. Introduction State Farm Mutual Automobile Insurance Company is headquartered in Florida, United States. The company has several employees and 18000 state farm agents who work together to serve nearly 80 million policy holders (3State Farm, 2013). In this regard, James Raynor is one of the major contributors as the agent of the State Farm Mutual Automobile Insurance Company. He provides rapid and risk-free quotes for the various insurances to serve the people by providing financial assistance. He has his own corporate State Farm Agency in Orange City, Florida (4State Farm, 2013). The company profile of State Farm reveals that the mission of the farm is to assist individuals to manage risks of their everyday life, in the occurrence of the unexpected events along with comprehending the dreams of the people. The company offers various services to help the finances of the people by investing in mutual funds and various insurances. The State Farm has been awarded as the top employer of the military veterans and is trusted as a reliable provider of services for the people of the United States and Canada (3State Farm, 2013). The key issue faced by the State Farm and the agents include the fact that there is severe competition that have recently emerged from the local companies in order to satisfy the clients. Countless policies offered by different companies for health and accidental benefits with diverse features available in the market could be a critical issue in both short and long term (3State Farm, 2013). Environment Company Environment The Annual report of the State Farm demonstrates the financial condition of the farm to be strong and profitable as per the data of 2012. The net income of the farm has exhibited an increase in the level of profit as the income in 2011 was US$ 1,088 as compared to US$1525 million Dollars in 2012. Due to the growth of the company, an expectation has materialized regarding the efficient running of the business with the valuable contribution of agents (1State Farm, 2012). Stakeholders Edward B. Rust Jr is the Chairman and the Chief Executive Officer (CEO) of the State Farm and is also the member of boards of directors of McGraw Hill. The farm has several key members in the board of directors such as Gerald M. Czarneck and Dan E. Arvizu. Even though James Raynor is not the member of the board, he is still one of the major contributors in the profit of the farm (2State Farm, 2013). Strength of James Raynor Ins. State Farm Agency Strengths Communication: The key strength of James Raynor as an insurance agent is his communication skills. He possesses the capability of understanding the needs of the clients and subsequently he offers the required policies which would benefit the clients and the agency. He has a great convincing power as he can easily change the prospects into his clients. Work Ethics: James Raynor follows a rigid and methodical work ethic and has maintained integrity in his profession. He is loyal, honest and dedicated to his work and his policyholders. He is self-motivated and has over the years supported the people to make wise decisions regarding their investments in insurance or mutual funds. Decision Making: He possesses a strong knowledge in maintaining the finances and helping the clients in taking the correct measures, which leads to the success of the agency. He has displayed dedication, work ethic and moral responsibility towards the people of America in making the decision using his skills. Reputation: The behavior and his trustworthiness has been his key strengths that have helped to attain the notable presence in the markets of the US and Canada. He has a very influential character and personality which is his other decisive strength which is enabling him to attain continued success for his agency. Weakness Risk Averse Behavior: James Raynor has at times depicted a risk-averse behavior which can often hamper his and his agency’s performance. Goals of State Farm The goal of State Farm is to provide the customers quality financial products which are backed by exceptional customer service and management of the funds. Moreover, the goal of the company is to retain customer loyalty for the long-term. Also, the other major aim of the investment team is to provide quality services to the clients (3State Farm, 2013). Strategies Strategy I Strengthen Public Image James Raynor’s agency i.e. State Farm has a good public image due to its contribution in the society. The company takes corrective measures to handle the disaster faced by the public through natural or accidents causes. Though the agency supports the public, it had a negative image after the incident of Hurricane Katrina, in which the State Farm closed the claims of the people. Thus, the company needs to strengthen its image to gain more market share and presence. The strong image of the company will help to increase its market, the level of distribution of their products and penetrate into the US market (5State Farm, 2013). Strategy II Retention and Recruitment The selection and retention of skilled employees and agents such as James Raynor are the key factors that drive the agency. The service sector survives because of its unabated services provided to the customers. James Raynor is one of the most successful agents with his agency in Florida which runs effectively because of its recruitments of skilled employees, who work ethically. Incapability of exploring, opening and attaining skilled employees is an important fact to be considered. Retaining experienced employees such as James Raynor is the key factor for the successful running of the Agency of State Farm (5State Farm, 2013). Values The strategy of the agency is to provide better, knowledgeable and experienced agents for the business to thrive and increase the financial commitments. In order to be a successful agent at State Farm agency, the key values would include: The agents must be ready to serve the people and make the difference through the products of this agency Must be energized with challenges and committed to the business of insurance by abiding the business ethical norms Eagerness to take risk, expand the insurance agencies and be successful like James Raynor and serve the nation by adding values to the clients and the agency (5State Farm, 2013) Action Plan The core focus of the James Raynor’s agency i.e. State Farm is to emphasize strengthening their public image as the business of insurance deals with the trust and commitment of the public on the agents and the agency products. The company has displayed a net profit of nearly US$1525 Million Dollar through its commitment and promotion of the products and loyalty towards the customer. Consequently, the company needs to engage people like James Raynor as a role model for the agents to improve their brand image by following unrelenting work ethic and fairness. The promotions of the product with the trustworthy agent would create a strong image of the agency in the mind of the clients which would enable to increase their number. Moreover, recruiting the best agents and employees is also an important aspect. The skilled, knowledgeable and trustworthy agents will be more effective to attain success for the agency. Recruiting the right person from various regions would be key element to procure a better result and increase the market share along with generating prospective clients. This would help in forecasting the sales figure, developing a better marketing strategy and increasing the support of the media (1State Farm, 2012). Therefore, the implication of the strategies will facilitate to render long-term benefits by following the key values and mission of the James Raynor’s agency i.e. State Farm. The benefits derived from the strategies will be boundless and would benefit the agents and the agency of State Farm as well. References 1State Farm. (2012). 2012 Annual Report. Retrieved from http://www.statefarm.com/aboutus/_pdf/2012_annual_report.pdf 2State Farm. (2013). Meet Our Board of Directors. Retrieved from http://www.statefarm.com/aboutus/company/leadership/meet_our_board_of_directors.asp 3State Farm. (2013). Company Profile. Retrieved from http://www.statefarm.com/aboutus/company/profile/profile.asp 4State Farm, 2013. James Raynor. Retrieved from http://www.statefarm.com/agent/US/FL/Orange-City/James-Raynor-L0L361YS000 5State Farm, 2013. Become an Agent. Retrieved from http://www.statefarm.com/careers/ouragents.asp Read More
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