Tag Archives: William Freitag

‘It’s the Customer Experience, Stupid’

Borrowing a line from James Carville’s presidential campaign advice, “It’s the economy, stupid,” we need to grasp the real source of sustained growth and say to ourselves, “It’s the customer experience, stupid.” Can we wake up and focus on the customer experience? Do we truly understand what they want? Do we understand that customer experience isn’t just about technology, transactions and 24/7 availability? Are we prepared to go beyond the processes and needs of the insurance company and look at insurance from the outside in?

As you may have noticed, we are increasingly living in an experience-driven culture as opposed to a possessions-focused culture. In May 2016, Groupon launched an ad campaign surrounding the “Haves and Have Dones.” It’s a funny lampoon of those people who seek luxurious things vs. those who are looking for adventures and experiences. This cultural focus on doing more and buying less isn’t new; it’s just gaining traction. The implication for insurance is that customer experience is more relevant than ever because great experiences are highly valued.

Insurers need to make their brand experiences into havens of ease, comfort and security that also fit into customers’ desired lifestyles. To dig deeper in understanding, insurers need to create customer personas and develop customer journey maps that will bring empathy into experience design.

See also: How the Customer Experience Is Shifting  

Personas — Bridges to Empathy

Customer personas synthesize real-life examples into one, easy-to-understand picture of a common role or person. For example:

Roger Thompson is a veterinarian. He works long hours, and most of them aren’t at a desk with easy access to his laptop. He makes a good income, but he isn’t wealthy. He is forced to fit his paperwork into Sunday afternoons. He cares passionately about animals and is not so passionate about anything that adds administrative time to his already-packed schedule. If faced with a choice between price and convenience, he will almost always pick convenience —though he remains price-conscious.

This is just a slice of a persona. It instantly transports us into the shoes of that customer type, so that we can begin to see life from behind his eyes. If we know Roger’s motivations, worries and life pain points, we can better craft his customer journey.

Personas simplify business conversations. If we all understand Roger’s needs, we are far more likely to agree about what it will take to make his experiences better.

We can replicate this many times over with any type of role that is relevant to the insurance experience. Every time we do, we’ll get beyond our tendency to see customers as giant groups to capture an individual’s feelings during moment-by-moment needs and choices.

Once the persona is created, a customer journey map can be developed. It is difficult to create the one without the other. The persona operates as the constant filter of feelings and issues that provide the real empathy while we consider what the journey looks like.

Customer Journey Maps — Paths to Understanding

Journey mapping is just what it sounds like — walking through the customer experience through the persona’s eyes and in the persona’s shoes. For example,

Reema Patel is a sales rep for a shoe manufacturer. She commutes with a company car. Most days, her personal vehicle sits in the garage. She enjoys most of her interactions with her home/auto insurer, but every time she sees the insurance statement she gets a little irritated that she pays to cover something that gets so little use.

Slicing the journey into common interaction and reaction points will help insurers see where the journey has hurdles. What aren’t we seeing in customer service surveys? What parts of the journey can we improve? Is there any part of life where the persona is prone to dislike their insurance experience?

This is where journey mapping pays off for insurers. Our goal is to give the customer a brand experience that exceeds expectations, even if that experience requires less interaction and even if it changes the nature of our relationship. We simply need to be paying attention to what the experiences are and what they could be.

Tesla makes a great example of an organization translating customer personas into customer journeys and then into improvement in customer experience. At some point, Tesla executives must have asked, “How can we improve auto ownership for Tesla customers?” The answer was to bundle the vehicle, its insurance and its maintenance (which it is actually experimenting with in Asia). In one step, Tesla removed hundreds of transactions from the owner over the life of the vehicle, consolidating payments and creating a lower-stress experience. A person like Reema might like the idea that coverage and ownership are all-in-one.

How can insurers capitalize on customer journey mapping? Precisely by doing what Tesla did — using the maps to redesign the experience. You may insure small business owners. What does their day look like? What are their common risks? What happens when something goes wrong? Is there a way to move their brand experience from good to great?

Redesigned Experiences — “That brand fits me”

It’s an experience, not a transaction. If insurers adopt the mindset that we are shifting from core transactional experiences to customer experiences, then they will instantly be able to brainstorm new ways of supporting the customer. These might fall outside of traditional insurance operations.

A high-volume motorcycle insurer, for example, might build an online community for cycle enthusiasts. Anyone can join. The company creates an experience that moves from the road into the living room. The insurer may capitalize on promotional opportunities to sell insurance, but is also gaining a deep understanding of the motivations and experiences of those who are insured. The company will understand the many types of motorcycle riders. It won’t be creating products that are one-size fits all. Those who ride will ultimately see that the brand fits them. “This is the insurer that understands riders like me.”

See also: How to Bottle Great Customer Experience

It’s an experience, not a technology. If sensors in my basement notify my insurer that I have water damage and the company schedules remediation without my making a claim, then my experience has improved and my loyalty has been assured. Likewise, if my auto insurer sends me a message to put my car in the garage because of an approaching hail storm, the company is looking out for my welfare and has improved my experience. These would be benchmark experiences for customers. They use new technology, but they are still focused on the experience.

When we focus on the customer experience, we peek into customer minds and feed our own opportunity list with inspirations based on their thoughts, actions and feelings. We introduce a loop of feedback and improvement that will provide sustainable growth. And, we unify our organizations behind a culture of empathy and action. A focus on customer experience will give customers brand love — and that’s about the best result we could ask for.

How to Lead Change (Part 3)

Disruption in the market is threatening to isolate some insurers, keeping them on the outside of new opportunities. But many insurers are embracing the competitive pressures and shifting market boundaries to position themselves for growth. They are navigating their organizations through healthy changes as a part of an overall plan for transformation.

We all know that change will often bring some painful challenges. To help insurers anticipate some of those challenges, we have been looking at preparations and steps insurers can take to stay on course.

In our first blog in this series, we discussed the groundwork for leading change in your organization — with very practical advice on what leading change really involves. In our second blog, we looked at empowering change among the people involved in it. We discussed how change is personal and how insurers need to consider its impact down to an individual level.

In Part 3, we’re going to step into the middle of managing change. What challenges are you likely to encounter once you have started? Are there ways to keep the organization on course, foster engagement and improve the odds of transformational success? We’ll start by looking at the changes within the organization’s business framework.

Establish the right kind of foundation

Organizational change management is often driven by the insurer’s need to build a new business framework that will operate as a cohesive, integrated and flexible unit. That framework may include new technologies, processes and products, items that are nearly always in flux. So it is important to establish a foundation that you can build on so that you can adapt and change whenever market shifts happen without changing the essential structure of the core.

See also: How to Lead Change in an Organization  

The foundation will be built to accept change as a fact of life within a dynamic marketplace. It will contain less rigidity and more resilience. It will prepare the organization to effectively handle quick course corrections when strategy shifts or the market changes — or even when teams uncover some detail they may not have envisioned at the outset.

Once this foundation is in place, it means that discovery and innovation can happen on the fly, course corrections are no big deal and ideas are much simpler to test.

Think of communication as a fabric

Because change plans may not be firmly fixed, and because change can be difficult for people to understand, frequent communication is crucial. It needs constant attention to keep people engaged. You can’t communicate too much.

However, when most leaders think of communication, they may tend to focus on formal communication, saying things like, “We are putting out a newsletter,” or “Every month we are holding a transformation update meeting.” These are good things, but they treat messages as broadcasts, with very little interactivity.

In the real world, the best change communication looks more like a fabric that is woven with equal parts formal and informal communication, as well as both message threads and listening threads. It deliberately overlaps in areas so that a blanket of acclimation and understanding will bring the corporate culture and individuals along at the proper pace, all while acknowledging their value and the importance of including their perspectives.

Formal communications — such as newsletters, e-mails and update meetings — ARE important. They are important for clarity. They act as signals regarding time and workload. They keep high-level messages in front of people, bringing the organization under a universal umbrella. Every effort should be made to communicate key messages through on-site meetings with executive leaders participating.

Informal communications are also vital. Planned or unplanned one-on-one conversations are potentially more effective than newsletters because they are two-way and you can guarantee that the message was delivered. You can also listen carefully to any concerns or feedback. Tailoring high-level messages to points of individual impact is crucial to maintaining engagement. It is also helpful for managers to keep a journal regarding some of their more detailed conversations for later reference.

What is important is that leaders and change agents think of communication, not as a supplemental component to the real work of transformation, but as a mission-critical part of any change effort.

Actively manage risk

We often hear within project methodologies that we are to expect some level of risk. That doesn’t mean, however, that we are to accept risk while sitting down, waiting and watching for the results of failure. The best way to treat risk is to actively manage it, and the most clear-cut methods for actively managing risk are to grade success and to catch errors quickly.

Here, we employ some tried-and-true philosophies that deserve a more detailed understanding.

Fast fail forward

There is a common misconception in the term fast fail forward that having failures is actually a good thing. In reality, immediate success without failure is ideal. Fast failing forward simply acknowledges that failures are a fact of life, so the best we can do is to identify them quickly, embrace them and then move forward or around them. If there is an issue, it should be dealt with. The faster it is dealt with, the better your chances are for success.

To identify problematic issues quickly, managers should time-base project milestones, saying, “In the next three months, we need to accomplish these five things.” After those items are accomplished or even while they are being accomplished, they should be measured. What is going right or wrong? Teams should provide feedback. If goals aren’t time-based, they can just keep rolling and aren’t likely to be measured. If some sort of feedback isn’t required, course corrections can’t be made. Projects with tight analysis, quick feedback and correction are unable to veer widely off course. Even if a transformation project is incredibly successful and if few issues are ever found, time-based milestones and measurements are valuable in the confidence that they can lend the team.

Foster open communication

The need for feedback returns us to the topic of communication because the wrong kind of feedback will simply damage and delay the process in ways that may be worse than ignoring the issues. Healthy feedback requires openness.

First, you, as a change leader, need to resolve to be open in communication. This doesn’t mean losing tact in conversation and unburdening your gripes or finger pointing, but it means acknowledging clear issues without a focus on blame. Issues are a common place for fires to start. Personalities ignite. Invisible walls go up. Politics burden forward progress.

Some personalities, for example, will fight against the failures while others will correctly understand that the struggle is against the issues that are at hand. If you guide everyone toward focusing on the issues, your teams will often unify behind the solutions instead of dividing and hiding behind roles and responsibilities. Meetings should be a place for open discussion, encouraging members to be open with each other and open with themselves and helpful in meeting issues head on.

See also: The 4 Secrets to Managing Change  

An effective leader will model openness by admitting course errors or mistakes and even by acknowledging the assistance given by someone else to make course corrections. Your efforts and words will help build a culture of quick accountability and decisive issue resolution. Instead of apprehensive team members who think, “We really ought to do something about that,” you’ll have a group of observant change leaders who say, “I see an issue. Let’s deal with it right now.”

In my next blog series, we’ll take an in-depth look at why insurers need to consider customer experience as their primary motivator for modernization and change. I hope you’ll join me.

How to Lead Change (Part 2)

Change is hard work. Those who don’t think organizational change is risky and problematic should stop and put themselves in the shoes of those being affected by the change.  Considering multiple viewpoints is important to successfully managing change. In reality, the only way you can know just how difficult change is to the organization is to solicit honest feedback from all of the people involved during the period of change.

In my last blog, Leading the Change, we discussed how personal change can be — even if it is corporate transformational change. For most people, it still boils down to the individual consideration of “what’s in it for me?”

In this blog, we’ll discuss change competency. How well are we, as leaders, prepared to lead change? Is there anything we can do to lead and direct transformation better in ways that acknowledge the risks and rewards of change? For this conversation, it may be best to start with a frank assessment of our own skills and experience with transformational change.

Skills and Experience

Even confident leaders aren’t necessarily convinced that they have the competency to accomplish change. Almost 60% of managers say they don’t have the right experience to guide them. This isn’t a negative statistic from the standpoint of self-knowledge, think about it, how many managers or leaders have been apart or even lead a change initiative Those who recognize their lack of experience are probably better equipped to take measured steps toward approaching change.  Self-awareness of one’s capabilities enables you to compensate and take action. This includes education and partnering with people with change experience. Effective change managers should listen to their front line people and identify the change enablers. As we mentioned in our last blog, this may not mean simply listening to those who are one rung down on the organization chart, but identifying who their change leaders are by shepherding changes outside the organizational lines and leading in the white space. The real key is listening, and then responding to comments and perceptions so that concerns goes unanswered.

Effective change managers will also become champions of good ideas, no matter whose ideas they are. Periods of transformation are excellent times for setting aside internal politics in order to model responsiveness to innovative ideas. This will go a long way toward building loyalty within transformative projects.

See also: How to Lead Change in an Organization  

Part of a manager’s effectiveness during transformation will be measured in his or her ability to gain the trust and alignment needed to implement the change. So, loyalty and clear communication (“straight shooting”) work hand in hand.

The effective change manager needs to have one other trait that is vital — perseverance. As many as 70% of change management projects don’t make their way to completion. They falter on one of a dozen different hurdles. When changes seem too difficult or some aspect of transformation becomes daunting, OR, when some other outside fire or project seems to beg for priority, it is easy for a transformation program to lose steam and die. To be effective, managers must keep their eyes on the end goal and clearly recognize when other elements are threatening to impede.

Change Management Competency

The best way to stay on course and keep everyone focused on the end goals is to treat change management as an imperative from the standpoint of organizational commitment. Once it becomes an official project, it has to clearly succeed or fail. It won’t live in the nebulous void of possibility. Individuals and teams will be assigned. People will be responsible for its evaluation, design and deployment. A timeline will be made and adhered to.

Organizational Change Management will benefit from a team approach, with representation from the lines of business as well as administrative managers and supervisors. It must have senior level ownership, so that it can’t be prioritized out of existence. And, it should use a structured approach with the all of the processes, skills, leadership, project framework and structure of any other major initiative.  However, structure is not enough. Informal communications and leadership is the secret ingredient for success.

The one major difference, however, is that the change management process will likely contain process change. It takes a bit of change management to deploy change management. So, it shouldn’t be a surprise if change management teams do things differently. They may end up testing ideas that are employed later as a part of the new organizational framework. For example, most IT projects don’t take individuals into account. There is a goal. Everyone contributes to meeting the goal. In organizational change management, much more attention will be paid to communicating and mapping roles, looking at strengths, knowledge centers, and how these will be utilized more effectively under a new framework. Time will be allotted to simply understanding and communicating the changes. A driving success factor (and a good ongoing mantra) is “People are important.”

Understand the Change

For organizational change to be effective, people need to understand it. A communication plan will need to be part of the change management project plan. We’ll discuss more about communications in our next blog. For now, however, we can look at why deep understanding is so crucial to success.

Too often, companies communicate that change will be happening, but they don’t dole out enough information about the end result, transitional phases or even next steps. This method, or lack of method, breeds fear. Clarity regarding the high level vision all the way down to individual impact will dispel many fears and lead to efficient and effective work throughout the enterprise. The change management team will need to first clearly identify the Target Operating Model. From there, they will be able to understand changes that will occur along the way. This will include levels of change, such as how they might bring change excitement to the current corporate culture. It will include discussions regarding strategy and how multiple strategies may work, but there are reasons for employing the ones they end up choosing. Opening up conversations to why particular strategies are being employed will help keep naysayers from shooting holes in the plan — keeping conversations positive and helping stakeholders stay “on board” throughout the process.

Then, employing individual communication plans will further help people to understand the change and reduce fears. Will my next role have more work with fewer payoffs? Will I be gaining a new role, only to decrease in the level of satisfaction I get from what I do? Do I keep my power? Is someone going to be looking over my shoulder more? Hopefully, the answers to most of these questions will be positive. In most cases, the rewards for change, individually, are well worth the efforts involved. Those rewards should be communicated along with any potential risks and drawbacks.

In some cases, associates may see that they are possibly going to lose their jobs. These are real fears to conquer and insurers are wise to address those quickly, clearly, truthfully and often — even when the truthful answer is, “We aren’t sure yet,” or “Yes you will.” Open, honest communications enable the organization to put clear plans and incentives in place to treat people as they would want to be treated.

See also: The 4 Secrets to Managing Change  

Change isn’t easy. Wise organizations will adopt the philosophy that, “We need to give these changes an adequate amount of time, thought and effort.” Majesco helps clients create a vision for the Target Operating Model by looking at how an insurer’s people, technology and process will shift in positive ways. We look at outcomes, such as modernization/rationalization, what business information will look like using company dashboards and improved data tools. We help insurers envision what a no touch/low touch business process will be like. We also assist insurers in creating a positive framework for Organizational Change Management.

In my next blog, we’ll look at some of the practical aspects of change, including adapting the change program over time, the methods of communication that should be employed, and managing risk throughout the process.

How to Lead Change in an Organization

Change is personal. So, change management has to be personal, too. No matter how we aim to motivate people to change, and no matter how organized we try to make our transformation plan, our change efforts will suffer if we don’t accept the reality of human emotion. People and their strengths, foibles, feelings and notions will be what determine the success of our transformation programs.

Can we afford to ignore the human dynamic in organizational change management?

If the answer is, “no,” then it means our change management plan must also positively influence individual mindsets. The benefit to a thoughtful approach will be lasting organizational impact during an era of digital transformation.

What you, as a leader (everyone behind important changes) need now is what will become ingrained culture (forward-thinking teams and a company that permanently enjoys the benefits of a unified, flexible organization).

That kind of corporate mental preparedness will help organizations respond to future digital shifts and growth with quick, fluid and unhindered movements. A change-ready culture isn’t as susceptible to the fears of unknowing.

So, in this series, we are going to focus on the insurance organization itself and the various people who drive it. We will look at why insurance leaders should consider organizational transformation as an instrumental part of technology modernization. And we’ll examine several considerations that are in some way crucial to finding transformational success. These all share one trait: They each touch on the human element of change management.

Leading outside the lines.

When we talk about change and people, it’s natural to look to leadership strategies and recognize that a lot of real leadership happens outside of the org chart. On the org chart, executives and managers have defined roles and responsibilities. But leading outside of those lines is far more crucial when it comes to change management. Leading change requires “working within the white space” — ignoring some degree of authority and being more concerned with perceptions and personalities. If you think you can dictate change, you can’t. You need to bring people along understanding their pace. Change has to be effectuated in some way outside of official protocol. It is in the white space where penetrating change leadership will happen. We’ll discuss more on white space and leading outside the lines as we move through the articles in this series.

See also: Can Risk Management Even Be Effective?

Leaders should know what is driving change.

It pays for leaders to know why they should be shifting their organizations away from traditional technologies and processes and toward flexible new technologies and processes that will enhance the customer experience. This understanding will help leaders communicate the relevance of change to the people who need to create change.

The insurance business environment is in the midst of a radical shift. For a quick look at the factors involved, see the then vs. now chart below. (Source: Future Trends: A Seismic Shift Underway.)

Understanding these concepts will allow leaders to operate and speak from a position of knowledge when they frame examples of the driving forces of change within the organization.

Leadership should lead the change.

“Change starts at the top,” is a phrase so common that it is cliché.

But what does that really mean? Does it mean that the leadership accepts that change needs to happen and then delegates the work of change out to the various stakeholders? Certainly some delegation will occur, but, in our experience, the best change happens through the well-articulated, well-planned hard work of the leadership. Instead of “Change starts at the top,” perhaps we should say, “The work of change begins at the top. The oversight of change stays at the top,” and, “Leaders should be just as engaged on Day 51 and Day 201 as they were on Day 1.” In fact, it isn’t leadership if leaders aren’t engaged.

Leaders must establish the driving force for change. The foundation you are building is important enough to clearly provide explanation around why the organization is going through transformation. When asked “Why are we changing?”, it is important and easy to be clear in this regard. Possible responses include:

  • “We want to be more competitive to the marketplace. Change is a part of our core business strategy.”
  • “Becoming a digital company requires us to change.”
  • “We are striving to stay relevant to a fickle consumer.”

There may be a number of reasons. But establishing the driving force for change will allow those reluctant to change to see a clear correlation between change and company survival.

Change is difficult, and many people will not be positive about it on Day 1. However, we shouldn’t assume that all people don’t want to change. Many times, people would love to change. It is simply a matter not knowing how to change. Change management helps your valued team members uncover a new paradigm and gives them a new context in which to grow within their role. They will learn how and will become more comfortable as you help them shift.

Focus on outcomes — organizational and individual.

To set the context and shift the paradigm, leaders should focus on two types of outcomes. Successful organizational outcomes are the focal points that every organization needs to stay on course. That focus will also help everyone in the organization release those time-honored, sacred approaches that may no longer be needed. Organizational outcomes won’t be hindered by a lack of understanding.

See also: A Revolution in Risk Management  

But people will also be looking toward their personal outcomes. People like to know where they are currently versus where they will end up. Remind people, “You are here. As the organization transforms, you will be here.That answers their questions about where the organization is headed and where their role is headed (questions such as “Will I lose my job?”, “Will I have more responsibilities on my plate?”, “What’s in it for me?”)

In fact, change leaders should do their best to continually answer the question, “What’s in it for me?”, because that is the context each individual needs. It’s like orienteering with a map and a compass. Hikers feel more comfortable when they can point to their current location on a map.

Change management is helping associates grasp that new paradigm. Communicating the outcome for the individual is just as important as communicating corporate direction.

In my next blog, we’ll discuss organizational change management from the standpoint of skills and understanding. Do we have enough experience to guide change? How do we mold change managers, grow understanding throughout the organization and conquer the fears and myths of transformational change?

Please join me in Part 2 as we uncover the “How To” details of change management.

How Actuaries Can Be Faster, More Efficient

There are two high-level motivators in the case for actuarial transformation.

First, there is insurance profitability. Insurance profitability has its roots in actuarial precision and efficiency. Insurers stand to lose profits (and reserves) if they do not properly understand risk and price it accordingly. Actuarial precision (and profitability) can be dramatically improved through better data management and the right technology tools. An insurer’s actuaries may be doing everything “right,” but they are hindered by their inability to tap into a well-organized warehouse of recent data that has been cleaned and structured.

Second, there is actuarial expertise. Actuaries are trained to thrive on insurance’s unique mathematical challenges, but they commonly find themselves saddled with the mundane motions of finding the right data, reconciling the data and manually updating reports, spreadsheets and databases. For those actuaries who are wondering, “What is there left to be done that I haven’t done before?”— today’s actuarial responsibilities may give them a higher level of enterprise-wide value. Most insurers aren’t tapping deeply enough into their actuaries’ capabilities and expertise. Expanding their roles can happen once an insurer has reduced their manual processes.

So, why do some insurers continue to postpone efforts that will make better use of their actuaries while giving their business increased precision and profitability? It may be that insurers DO know many of the benefits, but they don’t understand them well enough to make them a priority.

See also: So What Is the Actuarial Value Of My Health Benefit Plan?  

If insurance profitability and better use of actuarial expertise aren’t enough to push insurers into actuarial transformation, there is a relevant third dimension to actuarial need — actuarial speed. Faster actuarial answers are needed to meet the growing demand for quick product development, testing and rollout. But faster answers won’t work if they can’t be based on the best and most recent data available. Data integrity and quality are crucial to any modernization.

Striking actuarial gold at the end of data rainbow

The answer to accelerating actuarial processes is to begin by acknowledging that the insurer’s data house may not be in order. Starting from there, a program of process discovery, simplification and modern tool implementation will bring insurers into the proper actuarial realm to meet today’s business needs. In July 2016, Majesco released a white paper titled, Accelerating Actuarial Processes, that outlines some of the steps insurers need to take to create real actuarial innovations. Without going into the deep detail given in the paper, we can discuss what some of those steps are and how well they fit within an overall strategy for competitive preparedness.

Evaluation

An evaluation of the actuarial environment is deep because there are many facets of the current process to consider. Where does actuarial data come from? What tools are used, if any? What manual processes exist? Roles and functions need to be outlined. In some cases, observation or recording may be needed to grasp how long tasks take and where inefficiencies lie. It is important to recognize the value in this step. To create solutions that “fit like a glove,” insurers need to know both what they have now and where they would like to be when the process is over. Evaluation is also where the excitement begins to build for all of the opportunities in actuarial transformation.

Data Architecture

The core of a technology-based solution to actuarial modernization will be a unified data architecture that will improve reporting, collection and manipulation of data. The data will need to come from varied sources: the policy administration system, claims, reinsurance and other systems. But added to those core insurance systems will be the ability to accept data from all entry points, including external data sources. From various APIs to the Internet of Things and connected people, cars, homes and businesses — actuaries will develop a thirst for using the most up-to-date, relevant data. To meet the need, insurers will need to define standards and formats while building a framework for analysis that is easy to use.

It is worth mentioning that the updated data architecture will bring value and relief to the entire organization…not just actuaries. The full range of benefits will start to be uncovered during evaluation, but they will continue to be found long after transformation is complete.

Organizational Alignment

The speed of actuarial processes is not merely a goal unto itself, but it is a contributor to interdependent strategic goals for the business. Actuarial transformation’s success will be measured against its support for meeting those strategic needs. Throughout all measurement, planning and implementation, it is important to keep business impact at the forefront of conversations and decisions.

See also: Data and Analytics in P&C Insurance  

Accelerating actuarial processes is really a win-win-win for actuaries, the business and an insurer’s data management program. As the company gains precision in risk and pricing, along with faster decisions that will support the business, actuaries themselves are able to open new doors of opportunity to provide impact and value throughout the enterprise.