Digital transformation is radically changing the way insurance companies do business. Insider Engage talks to Louise Millward, principal consultant at Emergn about how insurance leaders can approach transformation.
Millward said: “There are new technologies and our customers needs and wants change and organizations are now becoming more complex and unpredictable as a result of this.
Emergn have developed what the firm calls ‘the three M's’ – mindset, measures and mechanics.
“We use this to help organizations transform in order to thrive and make sure that they deliver brilliant experiences for customers,” said Millward.
A thriving business can be categorized in three ways, according to Millward. “It's an organization that has excellent products and experiences for their customers. They have colleagues who are motivated, engaged and productive, but they're also an organization that is stable yet continually growing.
Highlighting an example of this in the insurance sector she said this is reflected in “customers are buying policies, they're making claims, they're making payments, and telling their friends and families. They're sharing on social media, some of the great experiences that they're having and will renew their policies year-on-year.
“From a colleague perspective, colleagues will demonstrate their loyal and dedication to the company, and are quite deliberate making sure that they deliver what matters to customers,” said Millward.
“From an organization’s perspective, they're more outcome focused so they’re more deliberate about improving the experience of their customers and colleagues, which leads to growing their gross written premiums, for example.”
Moreover insurance companies that thrive have “business leaders with an adaptive mindset.”
Millward said: “The mindset of leaders is important as the language we ask the questions we ask, the behaviour we display. It sets the tone for our culture, and also how we lead and deliver change.
“At Emergn we have three principles that we use and that we follow to help organizations become more adaptive, and that's deliver value early and often, optimize the flow of work, end-to-end and discover quality with fast feedback. This adaptive mindset will allow organisations to respond to the ever-changing tech landscape of customers needs.”
Leaders need to “display a mindset to inspire others to follow along,” noted Millward.
“There are certain ways we can do that but firstly we need to unlearn traditional ways of working and the traditional ways of focusing on time, cost and scope.
“We need to pay attention to value, flow and quality and ask questions around those three principles.
Learn how Emergn help clients own their transformation and create high-performing teams at emergn.com.
