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MASTER CHANGE
lead in 'the new'
Insurance Change Survey 2017

MASTERING CHANGE IS KEY TO FUTURE SUCCESS FOR INSURERS

INSURERS ARE INCREASING THEIR INVESTMENT IN INNOVATION AND TRANSFORMATION – BUT CHANGE LEADERS ARE GETTING A MUCH GREATER RETURN ON THEIR INVESTMENTS.

There is little doubt, in the minds of most insurance executives, that change looms large on the insurance horizon. The core business needs to be defended and transformed, at the same time as new opportunities for growth are explored.

Our Financial Services Change Survey 2017 found that a small group of insurers – we call them change leaders – are significantly better equipped to fight that battle. In fact, they are already achieving results that are allowing them to accelerate away from the pack. We look at what they are doing differently to lead in the new digital economy.

Download the report and infographic

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THE INSURANCE INDUSTRY IS
INVESTING IN CHANGE

Insurers are investing significantly in change, and intend to strengthen this commitment. The main change investment priorities for the industry, today and through the next year, are:

Q: What level of resources/activity is your organization currently dedicating to these strategic change programs?

Level of Resources/Activity Chart

Q: Do you expect investment in these change programs to change in the next 12 months?

Investment in Change Programs Chart

80% of insurers currently invest moderately or significantly in new digital technologies and channels; 61% expect to increase this in the next 12 months.

Among the digital technologies rated as most important for change delivery are big data & analytics, mobile, the Internet of Things and cloud

Q: How important have these digital technologies been to the delivery of your change programs?

Digital Technologies Rating Chart

Change Leaders Are Achieving Greater Outcomes

Change leaders in the insurance industry are significantly better at managing change, are achieving much better results from their change programs, and report markedly better commercial performance as a consequence of change.

Change leaders are more likely to run their change programs according to plan

Q: What proportion of your change programs, completed in the last 12 months, were delivered on time and on budget?

Delivered On Time Chart

Delivered On Budget Chart

And they achieve more impressive results

Q: Did your organization achieve the change benefits it was targeting?

Change Benefits Chart

Q: Did your organization improve its commercial performance as a result of its change programs?

Commercial Performance Chart

Attributes of a Change Leader

Change leaders’ success appears to be due to three main factors: they have a well-defined digital strategy, a clear vision of the changes needed, and greater leadership commitment; they have a sharper focus on the human factor and the role of a supportive culture in successful change; and they have a stronger change capability that allows them to execute change with greater pace and discipline. They are differentiated by:

Practical Steps for Mastering Change

Whatever your strategy is for capitalizing on disruption and innovation, a professional change capability will be critical to your success. Here are seven steps you can take to thrive in the new digital economy:

01

Lead Change With Vision

02

Prioritize Investments in Digital

03

Innovate and Scale for Value

04

Make Change More Human

05

Be Open to Change From Outside

06

Build True Agility

07

Prioritize and Build Your Change Capability

To find out more about the survey, and these seven steps to becoming a change leader, download the Insurance report:

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John Cusano

John Cusano

Senior Managing Director

Global Insurance

Andrew Woolf

Andrew Woolf

Global Lead

Financial Services Talent & Organization

Andy Young

Andy Young

Change Lead

Financial Services Talent & Organization