Within the insurance industry, digital transformation is more than a buzzword, it’s increasingly the path companies are pursuing in order to compete at scale by offering products and services that improve customer acquisition and retention and increasing operational efficiencies.
Emergn CEO, Adam Adamopoulos recently sat down with Insider Engage to discuss the risks insurers face with digital transformation and how the framework of the three “M”s – mindset, measures, and mechanics – can help prepare leaders for this journey. Watch the 6-minute video below.
Digital in insurance
For insurance companies to compete in today’s digital world, they must be able to meet customer expectations quickly. This supports the long-term retention of the client, driven by the growing need to be faster and more profitable.
Another challenge insurers face is the “skills gap.” In order to compete in the digital space, insurers need to develop new skills and capabilities to think and work differently. Changing the hearts and minds of people is just as important as introducing new business processes.
Leaders may disagree on how to get to the outcome of transformation, but it’s essential to be aligned on the purpose. Being aligned on the outcome, and the purpose is the most important thing.
Components of digital transformation
At Emergn, we encourage our clients who are thinking about transformation to consider the three Ms of digital transformation – mindset, measures, and mechanics.
It’s important that companies define the intended outcomes of transformation and align employees on reaching that outcome. We work with leaders and teams to change their perspective on work in order to get them to see what great can look like.
More on mindset: Why VFQ develops a growth mindset
Next, companies must decide how to measure their progress. They should ask how they will know what success looks like once the transformation is complete.
More on measures: 3 reasons your digital strategy isn’t working
This is the transformative work itself. Mechanics are the things that you and I need to do to make desired outcomes a reality. Transformation is a means to an end.
More on mechanics: Scaffolding
While each insurance company’s transformation journey will be unique to their challenges and desired outcomes, the three M’s framework is applicable to all.
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: harnessing the power of an adaptive mindset with Interim VP of Consulting & Learning Louise Millward