As a BizTech Consulting Firm, for the Global Insurance Industry, we have had and continue to have opportunities to work with Insurance Companies (different sizes, territories with different business models) around the following topics
- Org. Change Management
- Digital Transformation
- Customer Experiences and Technology
- Employee Experiences & Operational Efficiency – Technology Considerations
- Change Management/Transformation Execution Health Checks
- Legacy Transformations – Business disturbances addressed
- Current State Value Focus & Future Vision– Biz & Tech
As you can see, while the starting point could be different, all these are interconnected for the bigger Organizational Purpose. Depending on what’s at the epicenter for the Company, the way the dimensions work together might slightly change.
So, what’s it we are trying to tell you, this time? It’s about those questions that Companies generally miss raising/asking – around the lateral & non-linear thinking dimensions. While we do not know their WHY, we do know that asking these questions will help you transition right into the future!
- The Beginning
- What’s your starting point? Customers/Employees/Market Leadership/Clean slate/Transformation for the New?
- And Why that starting point?
- The Navigation
- Is there a conscious thought on what does not change within the Company/ Business?
- Likewise, do you have explicit clarity on what’s in your control vs. what’s not in your control?
Asking & answering ensures you are not bogged down by things that do not change or those that are beyond your control
- The Customers & their Experiences
The changes that you are trying to make to your business for deeper fulfillment of Customers’ needs/wants/expectations –
- What’s the basis of your thinking? Is it your thinking about their needs (perceived or unperceived) or their thinking?
- Do you consciously focus on what kind of feeling you are creating for the customers, during their experiences with you?
So, you have the right shift in perspective
- The Company
- Do you consciously embed in your designs that you need to have financial loyalty to your company, while your primary customer focus is Service Loyalty? (Considering Insurance & Intangibility go hand-in-hand)
- The Processes
- What’s your score for Conscious focus on Process Standardization Vs. Process Diversity?
- Do the Business Processes ALIGN with the Company’s goals? If not, what are those business processes that are RIGHT for you?
- The Psychology
- How are you incorporating the Behavioral Dynamics of Humans (for example, basic human nature is to avoid pain & embrace pleasure)) in your Business Service Designs? The entire Insurance philosophy is around avoidance & support in the context of unfortunate events. So, a delightful experience, in an unfortunate event?
- How are you considering priming the subconscious of the market? How can technology help you leverage this?
- The Attitude & Culture
- What’s the Org attitude to problem-solving? How to solve or what systems to create to solve the problem? Attitude to create Systems helps to scale
- Work & Culture: What’s your approach to “getting the work done”? Where does it make the most sense? And where is it driven by Value and that what’s Right?
- Do you consciously plan for satiating the innate human need “What’s in it for me”?
- Is your Customer “a transaction” or “a Relationship” for you?
- How do you incorporate measurements? If it cannot be measured, it cannot be managed
- The Overarching
- Overarching is always specific to you… Leaving it with you to fill in…. You have enough clues in 1 to 7….
The 1 to 7 is just a beginning for the SHIFT IN OUR PERSPECTIVES, for CROSSING THE LINE – the one that divides GREAT COMPANIES from the also-rans.
Biz Tech Insights Team Manomay
Disclaimer: The views and findings expressed in this material are for informational and educational purposes only. It is not intended as a guideline, recommendation, or substitute for any form of Professional (Consulting or Technology) advice. Under no circumstance shall we bear legal responsibility for using or relying on any information mentioned in this article. Unless otherwise specified, the views, case studies, and findings expressed herein are our own. The content displayed here is the Intellectual Property of Manomay Consultancy Services (India) Pvt Ltd. You may not reuse, republish or reprint any of the aforementioned content without our written consent.
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