A new approach is required. It’s actually not as hard you might think – but it requires a shift in mindset, a change in how we approach strategic initiatives.See also: Accelerating the Transformation
Insurers have made clear, but isolated, progress. Most of the transformation that has taken place within the industry so far has come from the traditional approach: replacing core systems, creating portals, adding CRM, improving customer communications, optimizing operations, enhancing products, expanding channels and entering new market segments. Despite the progress resulting from these efforts, the change has been no more than incremental.
The new approach is all about thinking big – thinking beyond our current state, beyond our comfort zones; letting go of the anchors and the siloed transactional thinking; and expanding our vision to encompass possibilities that define a future state with both a customer and operational focus. Or, to put it more imaginatively, looking through a new lens.
Picture a new future state of insurance – just close your eyes and begin to imagine what that could look like! A digitally connected enterprise with fully orchestrated and optimized operations. An organization that delivers state-of-the-art services and products for exponential improvements in ease-of-doing-business for customers as well as internal and external stakeholders.We just released our latest research brief, “Bringing New Focus to the Transformation Journey: Accelerating Transformation with a New Lens.” It’s a must-read that lays out the blueprint for the transformation journey. It also showcases a transformation use-case from a large insurer that truly demonstrates this approach in action – all starting with a simple vision for Creating an Amazing Digital Experience for the Agent – a multi-year, multi-initiative approach that will reap amazing results. See also: Culture Side of Digital Transformation Showing transformation in action and real success stories reminds us that, for insurers, thinking big is possible, thinking big is happening, and thinking big is achievable. Everyone is innovating, but not everyone is transforming. To transform, you have to think big and remember to think beyond the traditional.