Best practices for developing your 2021 action plan

Year-end brings about a time to reflect on the past and plan for the future.

As we count down 2020 and look toward the New Year, it’s only natural to be thinking about what went well, what didn’t go so well, and what we would like to change going forward. With all that has happened this year, there is a lot to consider. I’ve heard many say they just can’t wait for this year to end.

The New Year brings about the idea of resolutions. By definition, a resolution is, the act or process of resolving, such as the act of analyzing a complex notion into simpler ones.

With the speed of business today, specifically technological advances, it’s easy to become overwhelmed by the complexity of it all. That leads to burnout and then ultimately, surrender. Better said, we just give up. That’s what seems to happen to many resolutions: We make them. We blow it. Then we just give up.

Taking complex issues and simplifying them into action steps is the practice of goal setting. Without a solid goal setting framework, resolutions go unrealized.

In the wise words of the late British Prime Minister Margaret Thatcher, “Plan your work for today and every day, then work your plan.”

This article will help you:

Learn how to craft meaningful goals;
Understand how to communicate those goals; and
Schedule time to review goals.

Craft meaningful goals

The concept of SMART goal-setting has been popular for many years. In his book, “Your Best Year Ever: A 5-Step Plan for Achieving Your Most Important Goals,” publishing-industry executive turned author Michael Hyatt adds two more concepts that can make goal setting even SMARTER.

The slideshow above provides a closer look at the updated acronym for goal-setting.

One bonus item to consider including as you craft your SMARTER goals, or your New Year’s business resolutions, is to define what the reward will be for achieving the stated goal. Envision reaching your milestones and winning a prize for your trouble.

Communicate your goals

Success doesn’t come from simply writing out SMARTER goals. Turning goals into achievement requires effective communication.

With personal goals, you may share your goals with a close friend, your spouse or significant other, a business coach or mentor, or some other trusted advisor. You want their involvement as an “accountability partner.” These are the people that when things get tough, or you’ve missed a deadline or milestone, help you get back on track. Choose these confidantes wisely.

In a business scenario, you will want to communicate goals and progress to your team. This is critical to driving your business forward whether that’s with growth goals, system improvement goals, or transition goals. Keep the team involved from the start and you’ll realize results.

Schedule time for goal review

It’s important to schedule time to regularly review goals to maintain momentum. Remember back to the S for Specific and E for Exciting. Being Specific gives us focus and having goals that are Exciting, keep us inspired and motivated.

Too often, we start are year with a long list of resolutions with a year-end due date. To be more successful, goal achievement dates should be spread out across the year. This involves breaking annual goals into quarterly milestones or focusing on certain goals during certain quarters of the year.

A systematic way to review annual goals on a daily, weekly, and quarterly basis involves what Michael Hyatt calls the 3 x 3 matrix.

By scheduling time at the start of each week to conduct a review of the past week and identifying three big actions that need to be completed during the coming week, you systematically move your quarterly goals forward.

Once your three weekly objectives are defined, these get broken down into a “Daily Big 3” — daily actions that lead to the weekly objectives. They are the “Must Dos” for each day. Setting the right Daily Big 3 requires a daily review of annual goals.

Discipline and time management are required to master the concept of goal setting, communication to maintain accountability, and systematic goal review. By putting these suggestions into action, you can develop a routine that answers the age-old question, “How do you eat an elephant? One bite at a time!”

Continuous, incremental improvement

According to Aristotle: “We are what we repeatedly do. Excellence, then, is not an act, but a habit.” Therefore, to become excellent, we must take action that leads to continuous, incremental improvement.

As you look to the New Year, it’s only natural to think about what went well, what didn’t go so well, and what to change going forward. These ideas then lead to resolutions.

To turn your resolutions into reality, use the framework outlined in this article to build your goal setting skills and systematically develop the habits that lead to excellence.

Best wishes for a productive New Year!

Chaim Berkovic

President – Skyscraper Insurance

Specific Technologies Driving Insurtech Investment in 2024

Understanding the Funding Decline The decrease in funding does not necessarily spell trouble for the insurance sector but instead highlights a strategic shift, the report suggests. “The insurance industry, like many sectors, is focusing on the most promising ventures with substantial insurance potential,” the report explains. “Insurers are directing their investments toward key areas and current trends such as embedded insurance, employee benefits, and cyber risk management. This strategic investment approach signals a forward-looking mindset within the industry.” Three Key Insurtech Trends for 2024 The report identifies three major trends shaping insurtech investments in 2024: Public Insurtech Companies: Financial and Growth Strategies The report also notes that public insurtech companies are prioritizing revenue growth as their main goal. These firms are restructuring their financial strategies to boost cash flow and capitalize on rising revenue streams. Their growth prospects are supported by expanding asset portfolios and strong market demand. “Public insurtech companies are focusing on revenue growth and optimizing their financial frameworks to increase cash flow,” the report states. “The growth potential for these companies is driven by increasing revenue opportunities, broadening asset bases, and a robust market for their services.” In summary, while global insurtech funding saw a decline in 2023, the industry’s focus on GenAI, digital process management, and connected insurance technologies is setting the stage for a dynamic and forward-looking 2024.

Business

Insurer Secures Unanimous Supreme Court Victory in New York Choice of Law Dispute

In the world of sports, a clean sweep, a shutout, or a perfect game is the ultimate achievement. In the legal arena, a unanimous decision from the U.S. Supreme Court is equally rare and significant. In a notable legal triumph, Great Lakes Insurance SE achieved a unanimous 9-0 victory in the Supreme Court on February 21, 2024. This victory follows a protracted legal battle that began in the District Court of Pennsylvania, advanced to the U.S. Court of Appeals for the Third Circuit, and culminated in the Supreme Court’s decisive ruling. Background of the Case: Great Lakes Insurance SE v. Raiders Retreat Realty Company The heart of the dispute was the insurance contract’s clause selecting New York law to govern any future legal conflicts. Although the financial implications of this case were relatively minor compared to the broader marine insurance industry, the insurer’s determination to uphold a crucial maritime legal principle has significant long-term implications for marine insurance. Faced with the insured’s counterclaims—including allegations of breach of fiduciary duty, insurance bad faith, and violations of Pennsylvania’s Unfair Trade Practices Law—the insurer was confronted with serious risks. Such claims could lead to the shifting of attorney’s fees, treble damages, and more, which might normally encourage insurers to settle rather than risk pursuing justice. However, Great Lakes Insurance, supported by The Goldman Maritime Law Group, opted to challenge the Third Circuit’s decision and seek clarity from the Supreme Court. Supreme Court Ruling: A Landmark Decision In a landmark ruling, Justice Brett Kavanaugh affirmed that choice of law provisions in maritime contracts should be upheld by default. This ruling is a major victory for establishing a consistent federal standard in maritime law and avoiding a patchwork of state laws that could complicate marine insurance disputes. The Supreme Court’s decision overturned the Third Circuit’s earlier judgment, which had questioned whether Pennsylvania’s public policy concerns might override the insurance contract’s choice of New York law. By upholding the New York choice of law clause, the Supreme Court eliminated the extra-contractual bad faith claims under Pennsylvania law, thereby ensuring that the dispute could be resolved based on the merits of the insurance claim itself. Significance of the Supreme Court’s Decision This ruling represents a significant advancement in maritime law, affirming that choice of law clauses in maritime contracts are generally enforceable. The decision establishes a clear, uniform legal framework for resolving maritime contract disputes, which will streamline the process and ensure fair adjudication of future insurance claims. Justice Clarence Thomas’s concurring opinion was particularly notable for its criticism of the 1955 Wilburn Boat v. Fireman’s Fund Insurance decision, which had previously influenced maritime insurance law. Thomas argued that Wilburn Boat was incorrectly decided and stressed that a uniform and enforceable set of rules is essential for the development of maritime law. Impact on the Marine Insurance Industry The Supreme Court’s decision sets a “bright-line” rule affirming that choice of law clauses are valid unless there is a strong argument against the selected jurisdiction. By endorsing New York’s insurance laws as a reasonable choice, the ruling supports a more consistent and predictable legal environment for marine insurers. This decision represents a major step forward in maritime law, helping insurers better assess risks, determine premiums, and ensure fair and efficient resolution of maritime insurance disputes.

Best practices for developing your 2021 action plan