Wed / Oct 18
EIO Mission Statement and Goals
A mission statement is intended to clarify 'what' the company stands for and 'who' they are. It declares an organization's purpose, or why it exists.
At the Strategic Planning session held on Sunday, October 15, 2017, the EIO Board created the following Mission Statement:
The EIO acts only in the best interest and for the benefit of the EIA and/or its members.
After review of the pre-strategic planning retreat survey which analyzed industry trends and focused on issues where the EIO could bring value and benefit to EIA and its members in ways the EIA cannot, the group arrived at the following four prioritized goals.
This would allow EIA members to use the EIO captive in the same manner that EIA is currently using it, to enhance investment returns. This would likely happen via a protected cell captive for risk transfer, not commingled with other member’s risks.
The EIA Board has already asked staff to analyze this concept to increase the spread of risk and administrative fees for existing members and the EIO may provide a vehicle to accomplish this goal.
This would provide the EIA and members to expand their transfer of risk to actuarial risk when prudent.
EIA staff would educate members on the risks and rewards of the EIO and how it could benefit them more directly. Additionally, staff would be directed to write a white paper on how EIO came into existence and how it is growing. This would be shared with members, the risk management industry and young insurance professional groups and universities as a case study.
Additional goals were identified and are memorialized here to be acknowledged, however are not a priority at this time.
On Monday, October 16, 2017, the EIO Board voted and unanimously approved the Mission Statement and to forward the four prioritized goals to the EIA Executive Committee for their consideration.
Parking Lot Items
Several items were brought up during discussions that did not directly relate to the Mission Statement or the creation of goals. They are however important to keep track of as they relate to future work pertaining to the EIO.