Business Level Strategy: Developing Strategic & Operational Plans

This report outlines a strategic plan for an insurance business, focusing on its current position, financial and operational performance, and external environment analysis. It identifies key competencies, stakeholder analysis, and internal strategic positioning, highlighting strengths and weaknesses. The plan proposes corporate, business, and functional strategies, including the use of Prisim Business War Game and Prisim Insurance Challenge Simulation for employee motivation and strategic decision-making. Action plans detail major functions, responsibilities, and timelines for implementation. Quantified operational and financial plans are provided for the short and long term, emphasizing continuous improvement and competitive advantage in the insurance industry. This comprehensive strategy aims to enhance market position and profitability through innovative approaches and employee empowerment.

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Strategic Plan
ORGANISATION’S CURRENT POSITION
 Current corporate and business level strategy
Our company deals with the provision of insurance services and products. Policies offered by our
company include general insurance, medical insurance, and comprehensive cover. The current
corporate and business level strategy of our insurance business is to provide unique insurance
services that will attract many customers (Camm, 2016). The business simulation game strategy
called Prisim Business War Game will be appropriate for this business.
 Financial performance – current year and preceding two years
Our insurance business has generated a lot of revenue from premiums paid by customers. We
estimate a total of $12 million by the end of this year. The current financial growth rate is 4%. In
the last two years, the company collected $8 million and $10 million respectively.
 Operational performance – current year and preceding two years
The operation performance of our insurance business has managed to initiate different insurance
products at present year. In the last two years, the company initiated a bonus plan that was
celebrated by all stakeholders.
 Discussion of performance
The main aim of our insurance business is to provide quality services and compensation plan to
members as far as the principle of subrogation is meet. We also aim at maximizing profits at
minimum costs possible.
EXTERNAL ENVIRONMENT
 General environment analysis
The main environmental factors in insurance business are based on economic aspects and legal
process. As far as premiums paid by customers are well invested, the business will continue to

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undergo growth and development. On legal aspects, the business has provided full compliance
with legal procedures and formalities.
 Industry analysis
Lack of knowledge in insurance services by the community made us invest in this business so as
to enlighten the community as well as generate revenues to the members.
 Competitor analysis
There is competition in cases where more than one insurance business provides similar insurance
products and services.
 Summary of your organization’s external strategic position, including major threats and
opportunities
Our business has identified external strategies using Prisim Business War Game to facilitate
management and leadership development in the insurance industry (Thomson, 2010). The major
threats include competition from other insurance providers and low growth in the insurance
sector. Opportunities include the wider likelihood of growth and improvement in management
and leadership skills.
ANALYSIS OF THE INTERNAL ENVIRONMENT
 Key core competencies as the basis for sustainable competitive advantage
The fundamental business simulation tools facilitate long-term profitability and competitive
advantage.
 Major stakeholder analysis
The main stakeholders include insurance agents, shareholders, investors, insurance regulators,
and government.
 Organisation’s internal strategic position, including major strengths and weaknesses

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The company is planning to apply Prisim Business War Game as a simulation to enable
leaders and managers to achieve competitive advantage and long-term profitability (Gamble,
2016). Our business has a team of skilled employees who form a basis of our strengths. Our
weakness is based on initiation of compensation plan due to legal compliance procedures.
KEY ISSUES OR CRITICAL SUCCESS FACTORS ANALYSIS
 Summary of the major issues that must be addressed for future success
Business simulation game strategy can be applied to bring future success. We will train leaders
and managers on how to use tools in a business simulation such as Virtual insurance Carrier.
PROPOSED CORPORATE, BUSINESS AND FUNCTIONAL / OPERATIONAL
STRATEGIES
 Summary of the proposed corporate and business level strategies including goals
The main goals include the use of Prisim Insurance Challenge Simulation in the motivation of
workers. This will enable them to take more strategic approaches in the local marketplace and in
our business.
 Supporting functional / operational strategies
Similarly, simulation business game strategy will empower workers so as to bring better strategic
actions that can be applied to make a difference in business operations.
 Discussion of the rationale behind the choices made
These choices are made since insurance industry is undergoing growth at a higher rate than
anticipated. Society needs insurance covers. Prisim Business War Game will suggest the best
insurance products that fit specific marketplace.
ACTION PLANS
 Major actions by function / operational area

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There will be an action plan to incorporate Prisim Business War Game in the business.
There will be an action plan to incorporate Prisim Insurance Challenge Simulation in the
motivation of workers (Greasley, 2003).
 Names of individuals responsible for each major action
The above actions will be facilitated by managers and human resources heads of department.
 Dates by which each major action is to be achieved
Action plan for Prisim Business War Game in the business will be achieved after 12 months.
Action plan for Prisim Insurance Challenge Simulation in the motivation of workers will be
achieved in the first 90 days.
QUANTIFIED PLANS
 Detailed operational and financial plans (one year)
Our business use insurance simulation called Prisim so as to build a simulation that enhances
mode of operations. This tool is also applied to determine financial pool that we require each
year to compensate clients when risks occur.
 General operational and financial plans (major events – one to three or more years)
In the next three years, Prisim insurance simulation challenge will be used to strengthen
managers in their work, facilitate market complexity, generate massive amounts of business
information and enhance the process of decision making inappropriate time-frames.

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References
Camm, J.D. (2016). Essentials of Business Analytics. South-Western College Pub.
Gamble, J.E. (2016). Essentials of Strategic Management: The Quest for Competitive
Advantage. McGraw-Hill Education.
Greasley, A. (2003). Simulation Modelling for Business (Innovative Business Textbooks).
Routledge.
Thomson, A. (2010). Business Strategy Game (BSG) Glo-Bus Pre-paid Access Code Card.
McGraw-Hill Education.