When we take a closer look at the insurance industry CEOs, change, innovation, business agility and globalization are top of mind as well. At the core of what is driving change are forces around demographics shifts, distribution channel consolidation, and competitive landscape convergence. These are directly related to the changing expectations of our customers, the agent/brokers, the stakeholders and employees.
Let’s take a look at these areas through their lenses.
·Customers. Customer expectations are simple. They require a quick response, fast turn-around in service, access to service information 24X7 through various multi channel vehicles along with competitive and a comparative pricing capability.
·Agents/Brokers. Agent and Broker expectations are clear. Ease of doing business, responsiveness, fast and accurate information, visibility to insurer process and systems, and innovative product offerings are a must.
·Shareholders. Shareholders continue to expect reasonable rates of return. However they also are looking for companies to leverage innovative concepts to drive returns. Reduction in the cost of operations, innovation in new market entrants, with flexible new business models that drive profitable growth, all tracked and managed to key performance indicators.
·Employees. The employee challenge is the most complex. We need to address it from several angles. Insurers must capture the knowledge of the aging employee though reassigning, eliminating or automating tasks and activities. Also the development of staffing plans to attract and retain the new generation is a must through staffing programs and providing a new workplace environment that bridges the gap and leverages this as an opportunity.
The culmination of all of these factors provides a burning platform for insurers to reflect upon “what and why” change is required in insurance. The following sections explore business strategies definition, re-think and re-invent business models and processes into dynamic business processes and leverage BPM and SOA as true enablers.
This is an excerpt from a recent whitepaper “Insurance: Realizing the Full Potential of Change Shifting the mindset to create dynamic business models by leveraging BPM and SOA as true enablers” authored by Deb Smallwood & Cindy Maike, Co-founders of Smallwood Maike & Associates and published and sponsored by IBM. Contact Deb Smallwood at dsmallwood@smallwoodmaike.com for a copy.
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