Other parts of this series:
While insurers across the board are investing in change programs, approximately 10 percent of insurers surveyed in Accenture’s 2017 Financial Services Change Survey stand out from the pack. They report achieving much better results from their change investments and better commercial performance as a result.
What makes these change leaders stand out? Their differentiated approach to change involves three key efforts:
1. Stronger vision and leadership with a clear digital strategy
Sixty-one percent of change leaders strongly agree their organization has a clear vision of change for the next three years, versus only 23 percent of other insurers. They’re more likely to take a strategic, long-term approach to digital and to partner with digital innovators and insurtechs to accelerate transformation. They’ve put digital at the core of their business and have a strategic change vision that’s clear on purpose, but allows for adaptation as needed. Change programs are also more likely to have the support and commitment of team leaders and senior executives.
2. Focus on the human factor
Eighty-nine percent of change leaders say their organization thrives on fast-paced change, compared to only 53 percent for other insurers. Change leaders foster a workplace culture that embraces change by investing in their workforce, transforming the workplace, and enabling their organizations to be more agile and responsive to their customers and other market forces. Team commitment and optimism is key to planning and executing cost-saving or growth initiatives.
3. More effective change execution capability
Ninety-three percent of change leaders rate their organizations as being highly agile, a clear indicator of their ability to change. The same number believe their leadership have the change data and insights to make the right decisions, enabling them to quickly learn and adapt. Change leaders also complete more of their programs on time and within budget, and they truly understand the dynamics and challenges transformational change poses. They demonstrate a diverse range of professional change skills and capabilities, a consistent set of change management methods and tools, and strong governance and transparency.
Change leaders also look at a wider scorecard of success, including non-financial factors like customer-service metrics. This broader view helps them see better what’s working, and helps them inspire workers to embrace continuous improvements and innovation.