In the insurance sector there are a number of large scale transformations being undertaken. In general these are driven by regulatory change but there are more strategic transformations coming to fruition.
These have been driven by painpoints within the company rather than the wants and needs. for an effective transformation a solid target state should be considered and looked to as the ultimate goal. on achieving the end point, the pain points should fall out and provide a new efficient system.
The reality is that transformation in the insurance sector is hard work. And it requires executives to take a proactive, holistic and deliberate approach to driving change. All too often, however, we find that transformation initiatives are driven by specific pain points: responding to a new regulatory requirement such as Solvency II, integrating a new acquisition, or meeting efficiency / cost reduction objectives, for example. Yet while those outcomes could be viewed as ‘transformational’, we believe it will take a much broader and more strategic view in order to drive real and lasting transformation. It starts with insurance executives taking a hard look at their markets, their propositions and brands, their customer base and channels to truly understand where they make money and what customers they want to attract in order to drive profitability.