Emergn’s Adamopoulos: ‘Transformation is Means to An End’
Digital transformation is not just a buzz word in the insurance industry, it’s the need to bring new products to market more quickly in order to compete with the growing number of digital natives entering the market, said Emergn's CEO and chairman, Alex Adamopoulos.
“Insurance companies today, if they’re going to compete in the digital space, they have to be able to meet customer expectations quickly,” Adamopoulos said. “That has to result in supporting the long-term retention of the client…driven by the growing need to be faster and to be more profitable.”
One challenge insurers face is a “skills gap,” Adamopoulos said. “In order to compete in the digital space, insurers need to think differently, they need to work differently, and that requires new skills and capabilities.”
Changing the hearts and minds of people is just as important as introducing new business processes, he said.
“We can disagree on how to get to the outcome of the transformation, but we need to be aligned on the purpose. Being aligned on the outcome, and the purpose, is the most important thing,” Adamopoulos said.
Emergn focuses on “the three M’s – mindset, measures and mechanics,” Adamopoulos said.
Starting with the mindset, it’s important that companies define the intended outcomes and align its employees to reaching that outcome. “We work with leaders and teams to get them to see what great can look like if they take a different view on the work,” he said.
Then company must decide how to measure their progress. “How are you going to know what great looks like when you’re done?” Adamopoulos said.
Finally, it’s the mechanics – the transformative work itself. “It’s the things that you and I need to do to make those outcomes become a reality for us…transformation is really a means to an end.”
Learn how Emergn help clients own their transformation and create high-performing teams at emergn.com.