December 29, 2017 by Nick Creatura
The rapidly evolving environment of recent years has laid bare the need for insurers to focus attention on three core issues — talent, technology, and brand experience — to ensure relevance and success in the face of strong and emerging competition.
Talent: The industry faces the prospect of a significant percentage of its skilled workers retiring over the coming years. The generational shift in the composition of the workforce presents several critical challenges. Organizations must become much more effective at attracting and retaining talent, by offering compelling career propositions and developing engaging work environments. An inspiring and purpose-driven culture is essential to drive top performance. Organizations must also harness and transfer knowledge and skills from experienced personnel to new hires through effective mentoring and learning and development programs.
Technology: Market-leading organizations will move away from passively collecting and storing customer data. Instead, they will move towards harnessing technology and analytics to develop better, more customized solutions for customers. By prioritizing creative and innovative thinking, applying lessons learned from consumer trends and developments, and further developing their relationships with trading partners, progressive organizations will become their own disrupters and ensure their own success.
Brand experience: Customers are more educated, demanding, and impatient. Getting what you want, how and when you want it, is no longer a concept but a social norm. Insurers that embrace, focus on, and invest in building out wider insurance solutions, with enhanced service and consultancy at the core, will thrive. The balance is shifting away from simply delivering a product to the experience of doing business with customers.