Organization and culture play a pivotal role

Organization and culture play a pivotal role

As business models are transformed to reflect the changing demographics and digital innovations, insurers and intermediaries must also transform their human capital including how they attract, engage and retain talent with the right skills and experience.

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Organization and culture play a pivotal role

Deeply engrained company cultures may need to be changed to create an environment of innovation and collaboration, one that captilizes on insights gleaned from the vast amounts of data now available.

Our recent global insurance survey found that “20 percent of respondents felt the greatest barrier to implementing a data and analytics strategy is obtaining management buy-in.”

For an effective transition to the digital future, insurance firms need the following:

  • A strong and engaged workforce which understands the digital vision and is part of working through the solutions for the customer. This co-creation takes time and effort, but it is the foundation of an effective strategic transformation.
  • A capable organization that has the skills to operate in the new environment. This includes the technical skills to manage the technological change and the customer-service skills to deliver to the higher standards that customers will come to expect.
  • Clarity of roles and responsibilities for everyone in the organization, articulating what is changing from the current world to the future world. This requires decisiveness from leadership and alignment on what is expected from each team.
  • Employees need to be engaged and excited by the change, which requires them to have a clear understanding of ‘what’s in it for me?’ Performance management and reward must consistently reflect the transformed expectations.

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