As technology continues to evolve and customer needs and expectations change, the insurance industry is facing a new set of challenges. To compete at scale and deliver products and experiences their customers are demanding, insurance companies are embracing digital transformation and changing the way they operate. In this transformation journey, having the right mindset is critical.
Emergn’s framework of the three “Ms” – mindset, measures, and mechanics – helps insurance companies thrive in this new digital landscape.
In a recent interview with Insider Engage, Interim VP of Consulting & Learning at Emergn, Louise Millward, discusses the importance of mindset, one of the three ”Ms” of digital transformation, in creating a thriving business in the insurance industry. Watch the full interview below.
Elements of a thriving business in Insurance
A thriving business in the insurance industry is defined by excellent customer experience, motivated and engaged employees, and sustainable growth. Thriving insurance companies have customers who are satisfied with their policies and spread the word to their friends and families. They have employees who are dedicated to the company and delivering excellent customer service. These businesses are focused on outcomes and continuously improving the customer and employee experience.
Mindset as a key driver of digital transformation
The most critical factor in the success of these thriving insurance companies is the adaptive mindset of their leaders. These leaders inspire their organizations to embrace change, adopt new ways of working, and focus on value, flow, and quality. The language, behavior, and leadership style of these leaders sets the tone for the company culture and shapes how the company responds to the ever-changing tech landscape and customer needs.
At Emergn, when we speak about “value, flow, and quality,” we are referring to our three guiding principles that can help organizations become more adaptive:
- deliver value early and often
- optimize the flow of work end to end
- discover quality with fast feedback
These principles help insurance companies keep what their customers value at the epicenter of their operations and enable swift shifts in a dynamic landscape to continue meeting their desired business outcomes.
It’s crucial that insurance leaders driving digital transformation within their companies foster an adaptive mindset to effectively change the organizational culture and also inspire others to follow suit. This means unlearning traditional ways of working, focusing on value, flow, and quality, and asking questions related to these principles.
- Digital transformation for insurance: beyond the buzzwords – watch the first video in the series with CEO Alex Adamopoulos