New SMA Blog by Deb Smallwood, Founder & CEO, Strategy Meets Action —
An insurance transformation journey is a required trajectory for every company within our industry’s ecosystem that wants to remain relevant beyond 2030.
So how do you get past all the hype around disruption, digital, and innovation, and really set a course to transform at your company? How do you start the transformational journey – with clarity, focus, and informed decisions – that will thrust your company forward on the route to staying relevant, competitive, and positioned for future success?
A new approach is required. It’s actually not as hard you might think – but it requires a shift in mindset, a change in how we approach strategic initiatives.
And insurers have made clear progress, but some isolated progress. Most of the transformation that has taken place within the industry so far has come from the traditional approach: replacing core systems, creating portals, adding CRM, improving customer communications, optimizing operations, enhancing products, expanding channels, and entering new market segments. Despite the progress resulting from these efforts, the transformational change has been no more than incremental.
The new approach is all about “thinking big” – thinking beyond our current state – beyond our comfort zones, letting go of the anchors and the siloed transactional thinking, and expanding our vision to encompass new, inconceivable possibilities that define a new future state with both a customer and operational focus. Or to put it more imaginatively, looking through a new lens.
Picture a new future state of insurance – just close your eyes and begin to imagine what that could look like! A digitally connected enterprise with fully orchestrated and optimized operations. An organization that delivers state-of-the-art services, products, and offerings for exponential improvements in ease-of-doing-business for customers as well as internal and external stakeholders.
We just released our latest research brief, Bringing New Focus to the Transformation Journey: Accelerating Transformation with a New Lens. It’s a must-read that lays out the blueprint for the transformation journey. It also showcases a transformation use-case from a large insurer that truly demonstrates this approach in action – all starting with a simple vision for Creating an Amazing Digital Experience for the Agent – a multi-year, multi-initiative approach that will reap amazing results before they’re done. The research can be downloaded by our advisory clients and is also available by contacting us at [email protected].
Showing transformation in action and real success stories reminds us that, for insurers, thinking big is possible, thinking big is happening, and thinking big is achievable. Everyone is innovating, but not everyone is transforming. To transform, you have to think big and remember to think beyond the traditional.
About The Author
Deb Smallwood, the CEO & President of Strategy Meets Action, is widely recognized as an industry thought leader who is known for her expertise in helping companies rethink the traditional business of insurance and position for success in the changing insurance world. Deb’s passion is to advise insurers on innovative ways to leverage InsurTech and the emerging technologies that are required in today’s digital connected world. Deb provides insights that guide insurers on their journeys to becoming the Next-Gen Insurers of tomorrow. For over 30 years, Deb has helped customers understand how to leverage technologies, shift strategies, and make the right strategic investments. Deb has worked with hundreds of insurers and solution providers over the years, enabling them to create high business value and differentiate their businesses through their decisions and investments. Read more.
Exclusively serving the insurance industry, Strategy Meets Action (SMA) is an advisory services firm offering retainers, research, consulting, events, and innovation offerings to both insurance companies and solution providers. Learn more about SMA at www.strategymeetsaction.com.
SOURCE: Strategy Meets Action (SMA)