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May 29, 2019

Thinking Big for True Transformation

Summary:

Everyone is innovating, but not everyone is transforming. To transform, you have to think big and remember to think beyond the traditional.

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A transformation journey is required for every company within our industry’s ecosystem that wants to remain relevant beyond 2030.

So, how do you get past all the hype around disruption, digital and innovation and really set a course to transform? How do you start the journey – with clarity, focus and informed decisions – that will thrust your company forward on the route to staying relevant, competitive and positioned for future success?

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.

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About the Author

Deb Smallwood, the founder of Strategy Meets Action, is highly respected throughout the insurance industry for strategic thinking, thought-provoking research and advisory skills. Insurers and solution providers turn to Smallwood for insight and guidance on business and IT linkage, IT strategy, IT architecture and e-business.

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