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The Case for Transformation

The insurance industry is in the midst of disruption and it will only continue to accelerate due to external forces such as:

  • Technology - AI, Automation, RPA, Big Data, Predictive Analytics

  • New entrant competition - Fintech, start ups, new business models without legacy baggage fueled by private equity investors

  • New products - that solve the protection problem differently - personalization

  • Changing consumer expectations (Amazon effect) - raising the bar on experience and access

  • Regulatory environment - states leading the way on BICE, etc.

  • Generational changes - clear differences in expectations both in term of workforce and consumer

  • Interest rates - Fidelity report - we may be in an era of permanently low interest rates

  • Consolidation and swapping - as companies place bets on various business models, buying and selling of various parts of their businesses increases


Impact on Business


These forces are creating a new set of conditions that strategic business leaders are increasingly calling a VUCA environment--for Volatility, Uncertainty, Complexity, and Ambiguity—to describe the chaotic and rapidly changing landscape that has become the “new normal.”











The VUCA response requires new business directions:

  • Simultaneous dual focus: Strategy now requires doing two very different things at once: strengthening, expanding and repositioning the core, while at the very same time, creating the next (and potentially very different) business model(s) for the future.

  • Outside in perspective: A deep understanding of what’s happening in the external business environment—continually refreshed—is critical. Equally important is an ongoing and accurate view of how your competition is responding to this environment.

  • Combined, collaborative thinking: Challenges are multifaceted and complex; no single person has all the knowledge and experience necessary to address them. The key is to leverage the collaborative insights of a diverse team to yield the most creative solutions.

  • Capability development: Strategy defines the direction and priorities. Organizational capabilities must be created or expanded to enable the organization to deliver on the strategy. All the levers—marketing, branding, digital, product, technology, innovation, corporate development, talent, investments, capital allocation—must work in concert.

Implications for Enterprise

To thrive in these conditions, various aspects of the operational model must be realigned and (at times) transformed:

  • Customer service - How do you create a seamless experience and 24/7 access?

  • Streamlining Operations - how can you best apply new technologies and processes (AI, Automated Underwriting, Claims processing, etc.) to increase efficicency?

  • Expense reduction - how can you drive unit costs down while productivity and value increase?

  • Distribution - what’s the right model for the future?

  • Markets - do you have data and insight around your ideal customer? Is your market shrinking or growing?

  • Technology - how can you bend the cost curve applying the right balance of investment and return on technology?

  • People - change is hardest on your people; how can you ensure they are fully aligned and committed to the future?

Meet the Partners in Transformation

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