Smarter Organizations
For insurers to be smarter enterprises, firstly they need to simplify their people & operational processes and technologies & systems. This could mean business process optimization, application/ technology / asset modernization towards gaining more efficiencies and effectiveness. Insurers that invested in simplifying their processes by leveraging technology a few years ago are reaping the benefits during the recession.
Secondly, organizations need to continuously collaborate & learn new ways of doing business. This could mean entering new markets, launching new products / variants, launching new service offerings, new channels of distribution and innovation in customer service. Recent recession has forced many insurers to start thinking this way. It can be quite easy to go back to old ways as the market opens up. It is only possible if leaders create a culture of learning in the organization and walk the talk.
Lastly, organizations need to adapt to the changing environment. Changes in demographics, changes in talent availability, changes in financial markets and regulations. These changes would be visible only if the organizations have the learning orientation and are nimble /simple. Complex organizations would find it very difficult to adapt to the changes in the environment . Insurers that have tried different ways of doing business, innovated on the distribution channels, launched new products and services faster than competition in the past would be able to adapt well to the changes in the environment. Changes in technology such as social media, blogs could provide significant impetus towards growth and improving the stakeholder experience. It depends solely on how quickly insurers can adapt and deliver business value.
