To succeed in enterprise-wide transformation initiatives, insurers will need to anticipate their clients’ needs, harness technology to enable innovative opportunities and change their operating models to give their clients the products and superior service experience that they now expect.
Savvy executives know that transformation is not an ‘event’ with a start and end date. Rather, it is a continuous process of evolving and responding to changes in the external environment. And while 63 percent of survey respondents said they are capable or highly capable of designing robust target operating models, our results also show that these same executives are up against some sizable barriers in the quest to reach their transformational goals.
As insurance organisations look to leverage digital technologies and a sharper focus on the customer to transform for the future, many are starting to recognise that their resources and skills may not match their ambitions. For one European-based multinational insurance organisation, the development of their new five-year strategic plan offered a perfect opportunity to reassess their workforce development tools, capabilities and processes, with a particular focus on identifying the new digital skills and capabilities required to support its digital transformation strategy.
Supported by a team of insurance, digital, HR and change management specialists from KPMG, the insurer developed a new strategic workforce planning approach that included customised tools for workforce data visualisation and projections. The KPMG team’s collaborative working style, supported by a ‘test and learn’ co-working methodology that supports full engagement with both the business and HR functions, allowed the organisation to uncover new insights that helped align their strategic planning with their workforce needs.
With the full support of the Executive Committee, the team developed a robust 5-year workforce plan for each employee population and created methodologies for helping identify, assess and respond to workforce risks.