Digital transformation for insurance: reaching desired outcomes with new mechanics
As the insurance industry rapidly transforms and adapts to the digital age, successfully shifting the mechanics of how your organization works is critical to achieving the outcomes you desire. Emergn’s framework of the three “Ms” – mindset, measures, and mechanics – helps insurance companies thrive in this new digital landscape.
Liam McHugh, Principal Consultant at Emergn, sits down with Insider Engage to share his insights on the day-to-day work, the “mechanics,” of how insurance companies undertaking transformation can keep pace with the changing landscape. Watch the full interview below.
What are the mechanics of work
The traditional approach to work, characterized by project-driven work, is rapidly giving way to a more agile approach focused on staying nimble to continuously streamline operations with an eye on delivering products and services that customers value most. To support this change, the mechanics, or way work is organized, managed, and executed, must also transform.
The right mechanics for an organization are determined by continuous questioning and re-evaluation. Regular audits of operational processes are necessary to fully optimize new technology, assess employees’ comprehension of new digital tools, and identify opportunities to adjust processes around the technology for enhanced speed, flexibility, and customer experience.
Agile ways of working are now the standard for companies in the insurance industry to remain competitive and deliver the digital experience their customers have come to expect. With a focus on consumer access and engagement, companies must adapt their business models to better understand their customers’ experiences and needs.
Leveraging the power of mechanics
Crucial mechanics that enable insurers to keep pace with digital transformation include understanding where their consumers are located, what they want from the company, how they interact with their products and services, and what underlying capabilities drive that.
By using more efficient practices, companies can better serve their customers and achieve their desired outcomes. The cost-sensitive nature of the insurance industry highlights the importance of using more efficient mechanics in the digital transformation process. With the right mindset and approach, organizations can harness the power of mechanics to drive success in their digital transformation efforts.
The path to success in digital transformation
To succeed in a rapidly evolving landscape, companies in the insurance industry must understand the interplay between mindset, measures, and mechanics of their organization and how each of these three Ms support their digital transformation journey. By leveraging the right tools and practices, leaders can remain nimble to shifts in the marketplace and continue to provide the best possible experience for their customers.
To learn more about how Emergn helps companies with digital transformation in the insurance industry, watch additional videos in this series:
- Digital transformation for insurance: beyond the buzzwords – watch the first video in the series with CEO Alex Adamopoulos
- Digital transformation for insurance: harnessing the power of an adaptive mindset with Interim VP of Consulting & Learning Louise Millward