Insurance reinvented

Insurance reinvented

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.

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Insurance reinvented future

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 repsondents 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. 

Steps to reinvention:

  1. When formulating the plan, project 5 to 10 years into the future. The conventional 3-year plan is of little value in today’s marketplace.
  2. Get outside your comfort zone and incorporate different thinking from external sources. Thinking like a traditional insurance company will not fuel true transformation.
  3. Be open to disrupting your business model. Don’t become nostalgic about where you’ve historically generated your revenue. Try new models and embrace innovation.
  4. Be sure to assess customer preferences. This should be the North Star in creating your transformation plan.
  5. Consider open architecture technology that can adapt to your future needs.
  6. Ensure your innovation partnerships and investments are in high value areas.
  7. Slow, plodding transformations are doomed to fail. Move with agility to launch portfolios of projects that delivere quickly and add value.
  8. Consider alliances with key organizations outside your industry to accelerate customer benefits.
  9. Ensure you have the right leadership in place. Agile, dedicated leadership and strong executive support will be critical for a successful transformation.

Case study: Building transformation capability

As insurance organizations look to leverage digital technologies and a sharper focus on the customer to transform for the future, many are starting to recognize that their resources and skills may not match their ambitions. For one European-based multinational insurance organization, 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 customized tools for workforce data visualization 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 organization 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 five-year workforce plan for each employee population and created methodologies for helping identify, assess and respond to workforce risks.

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