Summary of EIO Strategic Planning Meeting October 15, 2017

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.

  1. Expand member opportunities to enhance investments

    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.  

  2. Expand membership in and out of the State

    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.

  3. Take on actuarial risk

    This would provide the EIA and members to expand their transfer of risk to actuarial risk when prudent.

  4. Consult with and lead our members, and the industry, on the benefits of the EIO

    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.

  1. Use of the EIO for members’ constituents or their non-profits risks.
  2. Use of the EIO to access additional insurance and re-insurance markets.
  3. Expand best practices with knowledge of national best practices.
  4. Continue strong relationship with Utah regulators.
  5. Provide education on the EIO story to members, the risk management industry and students.

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.

  • For applicants to join the EIO, EIA must first approve the concept of growth and offering of services, and delegate authority to the EIO who will underwrite and approve new members/risks.
  • If EIA approves goals #1 and/or #2, it will likely lead to the need for the EIO Articles of Incorporation to be amended.
  • If EIA approves moving forward to analyze what it would take to attain the four goals and the benefits to the EIA and its members if those goals are attained, staff will develop an action plan to include who will analyze what it will take to attain the goals, create a timeline, and analyze the expense and potential benefits.