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While a transformation is a daunting task for any carrier, American Modern used a tool known as Kaplan and Norton’s Balanced Scorecard and Strategy to map out the way forward and develop checkpoints along the way.

Executive Summary

Andreas Kleiner, chief executive officer of American Modern, said his company used a tool known as Kaplan and Norton's Balanced Scorecard and Strategy to map out the way forward—and track the progress—of an eight-year business transformation at the specialty insurance company. He described scorecard basics to Carrier Management during a recent interview.

Andreas Kleiner, chief executive officer of American Modern, an Ohio-based specialty personal lines insurance subsidiary of Munich Re, said the scorecard is a tool he’s used a number of times over the course of his career. Most recently, the scorecard helped to guide the specialty insurer through a multiyear business transformation that included technology integration, as well as a redesign of all of the company’s insurance products and interfaces with agents and customers. (Related article: “CEO Insights: Lessons Learned From a Business Transformation”)

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