Embracing opportunity

Insurers have a window of opportunity to take aggressive steps to modernize everything — their business and operating models, their processes, employee roles and tasks — all with an eye on how today’s customer wants to interact. To succeed, they should consider the following:

1

Build robust API-driven strategies. By connecting with other industries and innovative startups with APIs, insurers can unlock new customer insights. Advanced machine-learning algorithms and predictive analytics can power risk engines so insurers can effectively predict customer needs and proactively offer solutions.

2

Reorganize for speed and agility. Everyone in the organization must be clear about their roles, capabilities and structures required to become digital-first. New processes will be executed by networks of teams operating in a work culture characterized by flat management styles and autonomy, rather than departmentalized structures that are bureaucratic and slow to change.

3

Reflow work across the business. Empower teams to swarm around specific challenges and continually deploy them on high-value projects. These teams will comprise a diverse mix of expertise across functional boundaries: product and marketing specialists working alongside risk specialists, ecosystem experts, data scientists and UX experts focused on shared strategic goals.

4

Give teams a fresh perspective. Think about catalyzing the shift by developing more diverse teams that understand the future of how things will work for customers. Work with HR to improve the employee brand, recasting insurance as a hotbed of new technology and radical change, not a fusty backwater with creaky processes.

5

Rethink jobs into tasks and roles. Cloud enablement and robotic process automation tools are rapidly automating claims processing and underwriting. This can free up the workforce to focus on investigating what customers genuinely want. Start reshaping the jobs of today into the jobs of tomorrow by looking at tasks, teams and the required talent/skills needed to make people and machine teaming a reality.