Our global Financial Services Change Survey 2017 found that a small group of insurers—we call them change leaders—are significantly better equipped than their peers to defend and transform their core business needs while also exploring new opportunities. In fact, they are already achieving results that are allowing them to accelerate away from the pack. Our survey looked at what they are doing differently to lead in the new digital economy.
Keeping pace with change leaders
Approximately 10 percent of the insurers surveyed are achieving much better results from their change investments, and report markedly better commercial performance as a result. Like in a long-distance bicycle race, as the race speeds up the disruption initiated by these front-running change leaders will eventually cause the chasing peloton to break up. Those insurers not able to adapt and keep pace will slip off the back and out of contention. But, what makes change leaders so much better?
Attributes of a change leader
Change leaders’ success appears to be due to four main factors. Together, these factors help them execute greater volumes of change at a faster pace and with stronger disciplines.
Big data and analytics, mobile, the Internet of Things and cloud rated as most important for change delivery
Ninety-six percent of change leaders in our survey said they have a cross-enterprise digital capability, compared to only 55 percent of other respondents. We asked change leaders how important digital technologies have been to the delivery of their change programs.
Change leaders are also more likely to run their change programs according to plan, with 67 percent saying their program was delivered on time and 48 percent saying they delivered on budget. In response, they achieved significant change benefits, notably better efficiency and cost control, new digital technologies and channels, risk and regulatory compliance and product and service innovation.
How can you become a change leader?
Whatever your strategy is for capitalizing on disruption and innovation, a professional change capability will be critical to your success. There are seven practical steps for mastering change you can take to thrive in the new digital economy:
Will you thrive in "The New"?
The future of insurance is one of continuous, accelerating change–small, constant changes as well as large-scale transformations. Insurers need to make explicit choices about their future business models, form a clear vision of how to develop them, and then execute boldly and with discipline. Change leaders have shown the way forward. Read more about the findings from our survey and practical suggestions for next steps in your change journey in our report–register below.