In my last two posts, I talked about the key findings of our Financial Services Change Survey 2017, which revealed how a small group of insurers are seeing better results and commercial growth from their change efforts.

Now is the time for the rest of the insurance industry to look at these change leaders’ example and ‘pivot to the new.’ At Accenture, we believe insurers need to optimize and transform their existing business models while actively exploring new models that will be better suited to the emerging digital economy and will create new value for customers and the organization alike. By transforming the core business to reduce costs and maximize growth they can generate the necessary funds to create space for investments in new business models and innovative digital ventures. As these new ventures mature and confirm their potential to generate real value, the organization prudently shifts its focus from the core and scales up ‘the new’.

.Insurance Change Leadership Chart

Here are seven steps insurers can take to thrive in the new:

  1. Lead change with vision. Develop a clear narrative for your transformation, focusing on outcomes and business value.
  2. Prioritize investments in ‘the new’. Ensure sufficient funding for essential change now and create space to develop ‘the new’.
  3. Innovate and scale for value. Balance experimentation and scaling to accelerate the creation of value for customers and the business alike.
  4. Make change more human. Strive deliberately to develop a culture, and a workforce, that embrace change, innovation and agility.
  5. Be open to change from the outside. Consider your role within ecosystems to enhance the customer experience and better serve their needs.
  6. Build true agility. This requires balancing pace and stability – adaptability and speed of reaction on the one hand, and effective decision making and strong disciplines on the other.
  7. Prioritize and develop your change capability. Develop an organization-wide change leadership and a professional change capability that can deliver continuous, rapid transformation.

The future of insurance is one of continuous, accelerating change. It’s time for insurers to choose their destiny or risk having external forces shape it for them.

To learn more, read our full Financial Services Change Survey 2017 Insurance Report.

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