Departmental Tasks, KPIs, and Timelines

Detailed Implementation Plan for Company Departments

Medical Department

Assess the current health insurance products and ensure they meet the market demands, taking into consideration the macroeconomic changes and demographic growth.

Work with Provider Relations to update the medical service provider network, focusing on inclusiveness to cover the growing population's needs.

Implement risk management strategies based on the increase in business risk forecasted and the evolving economic activities.

Claims Department

Review the current claims process and update it to handle an expected increase in claims due to higher insurance penetration and population growth.

Provider Relations

Expand and strengthen network relationships in anticipation of the increased demand for health insurance products due to economic and population growth.

Focus on partnerships with providers who offer digital services to align with the company's digital transformation goals.

Call Centre

Scale call centre operations to support the anticipated increase in customer interactions driven by market growth and digitalization efforts.

Train call centre staff on new insurance products, with an emphasis on digital proficiency and accuracy in relaying macroeconomic impacts to customers.

Implement a feedback loop between call centre reports and the marketing department for real-time customer experience enhancement.

Accounts and Finance

Prepare for a higher volume of transactions due to projected market expansion, ensuring robust financial controls and compliance with regulatory changes.

Monitor economic indicators such as interest rates and exchange rates, and proactively manage their impact on investments and underwriting profitability.

Fortify budgeting processes to reflect the strategic changes, focusing closely on the capital expenditure projections and the rise in operational expenses.

Marketing and Sales

Leverage detailed market analysis to tailor advertising campaigns that align with the new strategic direction and the diversifying needs of the customer base.

Explore new market segments and drive initiatives to bolster digital sales channels as part of the broader digital transformation effort.

Develop partnerships and alliances to broaden distribution and enhance the insurance product portfolio, targeting fast-growing sectors as outlined in the document.

Administration

Initiate infrastructure improvements, including building renovations and office space optimization, to accommodate the strategic shifts and expansion plans.

Manage the effective allocation of resources across departments to ensure that all units are equipped to handle their strategic tasks efficiently.

Oversee general administrative tasks, with a special focus on ensuring compliance with all regulatory obligations, especially those from NAICOM.

ICT

Support the company's technological advancement by upgrading infrastructure, focusing on cyber security and database management to protect sensitive data.

Collaborate closely with the claims and call centre departments to

Ensure ICT systems are capable of providing insightful analytics to inform decision-making and align with the company's data-driven strategic initiatives.

Human Resources

Drive effective talent acquisition strategies, focusing on hiring professionals who complement the transformation and restructuring strategies of the company.

Develop strategies for staff retention and motivation in light of the organizational changes to promote productivity and alignment with new business objectives.

Legal and Board Secretary

Stay updated on insurance regulations and advocacies, ready to adjust business practices in response to the legal environment as it changes.

Ensure all corporate governance frameworks and policies are reviewed and align with phase 1 of the transformation roadmap.

Manage board communications, record keeping, and compliance as the company navigates through its transformational phase.

Internal Control and Client Services

Develop comprehensive internal control measures that align with the strategic direction of the company and mitigate risks associated with the shift in market dynamics.

Streamline policies and procedures to enhance service delivery, and ensure continuous improvement via client feedback monitoring and assessment.

2024 Strategy and Budget 281223.pptx

Departmental Tasks, KPIs, and Timelines

Strategic roadmap planning for departmental objectives aligned with the company's overall Strategy and budget for the fiscal year 2024.

Claims Department

Ensure expedient processing and efficiency in claims settlement.

Tasks

• Review and streamline the claims process.

• Implement an automated claims management system.

KPIs

• Reduction in average claims settlement time.

• Percentage of claims resolved first call/contact.

Timelines

• Process review 3 months; System implementation 6 months.

Call Centre Department

Provide exceptional customer service experience.

Tasks

• Implement call management software.

• Train staff on handling complex inquiries and customer satisfaction.

KPIs

• Average call response time.

• Customer satisfaction scores.

Timelines

• Software rollout by Q2; Ongoing staff training.

Provider Administration Unit

Maintain a robust provider network and manage relationships.

Tasks

• Conduct quarterly provider reviews.

• Update provider contracts and compliance status.

KPIs

• Number of active, compliant providers.

• Provider satisfaction rate.

Timelines

• Quarterly reviews; Annual contract updates.

Accounts Department

Ensure accurate financial reporting and regulatory compliance.

Tasks

• Prepare and present quarterly financial reports.

• Develop and monitor the annual budget.

KPIs

• Timely submission of financial reports.

• Adherence to budget limits.

Timelines

• Quarterly reporting; Annual budgeting process.

Human Resources Department

Recruit, retain, and develop a skilled workforce.

Tasks

• Roll out recruitment plan for strategic positions.

• Implement a professional development program.

KPIs

• Time-to-fill vacant positions.

• Employee retention rate.

Timelines

• Recruitment Q1-Q2; Training throughout the year.

Administration Department

Maintain effective and cost-efficient administrative functions.

Tasks

• Upgrade office facilities.

• Improve administrative workflows.

KPIs

• Reduction in operational costs.

• Employee satisfaction with workplace environment.

Timelines

• Office upgrade by Q3; Workflow review every 6 months.

Internal Control Unit

Safeguard company assets and ensure compliance with policies.

Tasks

• Conduct regular audits.

• Review and update internal control policies.

KPIs

• Number of audit findings resolved.

• Policy violation incidents.

Timelines

• Biannual audits; Policy review annually.

Digital Marketing Department

Enhance online presence and customer engagement.

Tasks

• Implement a digital marketing strategy.

• Launch targeted online advertising campaigns.

KPIs

• Website traffic growth.

• Conversion rate from digital leads

• .

Timelines

• Strategy development in Q1; Campaign execution in Q2.

Sales Department

Drive revenue growth through strategic sales initiatives.

Tasks

• Develop a comprehensive sales plan.

• Cultivate key client relationships and partnerships.

KPIs

• Sales growth percentage.

• New customer acquisition rate.

Timelines

• Sales plan rollout in Q1; Quarterly review of partnerships.

Client Services Department

Deliver personalized support to enhance customer loyalty.

Tasks

• Personalize client communication.

• Create a customer feedback loop for service improvements.

KPIs

• Net Promoter Score (NPS).

• Repeat customer rate.

Timelines

• Ongoing client communication; Feedback collection quarterly.

Legal Department

Manage corporate legal matters and ensure compliance.

Tasks

• Address legal queries and contract negotiations.

• Stay abreast of regulatory changes.

KPIs

• Number of contracts reviewed.

• Regulatory breaches avoided.

Timelines

• Monthly legal updates; Contract reviews as needed.

Board Secretariat

Facilitate effective board governance and communication.

Tasks

• Prepare for board meetings and documentation.

• Ensure board decisions are implemented and tracked.

KPIs

• Accuracy and timeliness of board materials.

• Implementation rate of board decisions.

Timelines

• Prior meeting preparation; Post-meeting follow-up.

Underwriting Department

Evaluate risks to determine insurance policy terms.

Tasks

• Revise underwriting guidelines.

• Assess and price risks accurately.

KPIs

• Policy approval turnaround time.

• Ratio of premiums to claims (loss ratio).

Timelines

• Policy revision completed by end of Q1; Continuous risk assessments.

Audience Analysis

Identify target audience demographics, interests, behaviors, medical needs to tailor marketing strategies effectively.

Conduct thorough market research to comprehend the preferences and pain points specific to IHMS HMO's potential client base.

Emphasize segmentation to provide targeted content and advertising, thus improving engagement and conversion rates.

SWOT and Objectives

Perform an in-depth SWOT analysis to understand IHMS HMO's operational context and competitive landscape.

Clearly define what IHMS HMO aims to achieve through its digital marketing efforts, from brand awareness to lead acquisition.

Use the insights from the SWOT analysis to shape strategic planning and objective setting for market positioning.

Content and SEO Strategy

Develop engaging, informative content that directly addresses the target audience's needs, such as health tips and insurance information.

Execute an SEO strategy that includes optimizing website content with relevant keywords to enhance search engine rankings.

Ensure regular updates of content to keep it fresh and relevant, fostering better engagement and search rankings.

Social Media and Advertising

Implement a robust social media presence on platforms suited to IHMS HMO's audience to enhance interaction and visibility.

Develop targeted online advertising campaigns across various platforms including Google Ads and social media channels.

Incorporate analytics tools to measure campaign performance, adjust strategies in real-time, and ensure a strong ROI from ad spend.

Measurement and Adaptation

Utilize tools such as Google Analytics to monitor digital marketing campaign performance and calculate ROI accurately.

Regularly solicit feedback using surveys, direct communication, and social listening tools to refine marketing strategies.

Continuously optimize the digital marketing plan based on data analysis, feedback received, and shifts in market dynamics.

Compliance and Ethics

Adhere to all relevant healthcare regulations and ethical standards in all digital marketing activities to maintain trust.

Maintain stringent controls over patient confidentiality and data security during all stages of marketing and communication.

Regularly review and update compliance procedures to align with the latest laws and ethical guidelines in healthcare marketing.

2024 IHMS Marketing and Sales Strategy.docx

Marketing and Sales Strategy

Outlining strategies, targets, KPIs, timelines, and parties responsible for achieving set targets in private and public sectors.

Target Audience

Identify and understand the primary groups to tailor marketing and sales efforts.

Urban Populations

Focus on working-class individuals needing health insurance.

Rural Populations

Target local farmers and small business owners with limited healthcare access.

Corporate Clients

Engage with SMEs and large corporations offering health plans.

Unique Selling Proposition (USP)

Highlight the advantages that make the service offering stand out.

Comprehensive Coverage

Wide range of healthcare services offered.

Affordability

Competitive pricing for broader demographic access.

Quality Care

Collaboration with top healthcare providers for high-quality standards.

Digital Marketing

Online strategies to increase visibility and engagement.

SEO and Content

Optimize for search engines and update with engaging health content.

Social Media

Active engagement on platforms with targeted ad campaigns.

Online Advertising

Utilize Google Ads and local platforms, implement retargeting.

Community Engagement

Increase presence and trust within local communities.

Health Camps

Organize free health screening and awareness programs.

Partnerships

Collaborate with NGOs and community leaders.

Events and Programs

Conduct monthly awareness events on common health issues.

Sales Strategy

Tailored sales approach for XYZ HMO's various targets.

Structure and Personnel

Define sales team structure and responsibilities.

Goals and Metrics

Set clear acquisition and retention goals, measure with KPIs.

Distribution Strategy

Plan for geographic and industry-specific targeting.

Retention Programs

Introduce loyalty and referral programs.

Operational Plan

Ensure efficiency and effectiveness within the organization.

Staff Training

Implement ongoing training programs, measure with assessments.

Technology Integration

Adopt a CRM system, track with user adoption and lead conversion rates.

Performance Monitoring

Track KPIs, conduct reviews and provide feedback for improvement.

Financial Targets

Set ambitious but practical targets based on market presence.

Private Sector Target

Aim for N320 billion in revenue from private businesses.

Public and Informal Sector Target

Set a goal of N300 million revenue from public and informal sectors.

Timelines and Responsible Parties

Assign timing and accountability for each strategy component.

Marketing Campaigns

Schedule and delegate digital, community, and content marketing efforts.

Sales Initiatives

Implement quarterly sales targets and monitor progress.

Operational Execution

Quarterly training sessions and monthly performance reviews.