In today’s market, insurers need the agility to respond to customer needs and changes in the market—and unfortunately, many will need to rethink their operating models in order to achieve this. For true success with an innovative operating model, insurers need more than a sound strategy and confident execution.
Keys to a successful, holistic execution
The keys to success to implementing an effective operating model, insurers need:
- Support and sponsorship at every management level, with clear expectations of the roles that will drive the operating model.
- Recognition that the new operating model is a critical component of overall business strategy.
- Leaders and change agents who are committed to, responsible for and empowered to deliver results.
- A program team that can manage difficult transformations, including intense culture change.
- Emphasis on both cost savings and enhancing customer experience.
- Prioritized capabilities of the sequence of operating model initiatives.
- Governance to facilitate easy decision-making, and the flexibility to correct as needed.
- Transparency and shared success metrics.
With these pieces in place, insurers will be on their way to implementing an innovative, effective operating model—and achieving high performance.
Read the other posts in this series:
- Part 1: Do you have the right operating model?
- Part 2: Innovation to drive growth and improve profitability
- Part 3: Design an operating model that fits your business
To learn more, download Running Your Business for Growth: Could Your Operating Model Be Standing in the Way? (pdf; opens in a new window).