Today, the insurance industry has more tools and technology available than ever before, — so it’s no surprise that business models and processes are changing quickly. Staying relevant is dependent upon meeting rapidly changing customer preferences and differentiating from a growing competitive landscape. Leaders and teams from all organizations must critically look at their business processes to unveil opportunities for digital transformation.
However, while change is clearly inevitable, success is not. In fact, a staggering 70% of digital transformation projects actually fail. In a world that calls for consistent and disruptive change, business leaders don’t need to ask themselves what to do (we know the answer is transform), but how to do it.
Angie has a wealth of knowledge when it comes to taking clear, logical, and proven steps towards successful change. We covered where to begin when initiating change projects, how to manage the process, and ultimately how to drive change management within an organization so teams are motivated to adopt any new processes or products - and thus ensuring a return on investment.
What I think was most intriguing about my discussion with Angie was her reasoning for why some companies are able to accept change and build through internal and external challenges, while others do not fare as well. The latter often dive into the deep end without much thought and usually lose sight of their original plans. On the other hand, Angie pointed out that successful companies continuously prepare themselves for the present and future state by:
- Having a vision with dedicated transformation leaders that possess the know-how and the commitment to drive change
- Knowing the ins and outs of their business and the market and are honest about where they stand and where they can go
- Make sure everyone is maximizing new processes and models by growing utilization and maintaining buy-in
In the long run, implementing digital transformation projects is not only possible but many of the pitfalls are navigable. With the proper change management strategy in place, leaders can keep a transformation on course and primed for success. Innovation is key to success in today’s insurance landscape, but before assuming change will move the needle on your business, leaders must ask themselves - are your people, processes, and organization as a whole open to and prepared for disruption?
Watch the full podcast here to discover the exact strategies Angie shared and ways to implement digital transformation today.
Interested in hearing future UNBIND with Bindable podcasts? Join us for our next one on Wednesday, September 29, 2021 at 12pm ET, featuring InsurTech insider, Stacey Brown. Register today!