Successful BU of Global Insurance company changes Strategy, Structure and Mindset to stay future-proof |
For a successful business unit in a global insurance company the business context is rapidly changing; there are evolving customers’ expectations, intensifying regulation and increasing competition by existing competitors, but also new market entrants using new technology and disruptive business models. There was a need to reconsider the ways they operate, what they do, how they do it and why they are doing it in order to see the challenges as opportunities.
THE TASK |
The task was to remain successful not only now, but also in the future. They needed to transform to an organization where customers, collaboration and innovation where at the heart of the change process.
OUR APPROACH |
We tailored an approach to change Strategy, Structure and Mindset.
On an executive level we discussed all above topics and determined the differentiating behaviors we would like to see in our employees. We also articulated the challenges we would face and actions to address. On an organizational level, we designed workshops for all employees to discuss the changing insurance landscape and ask them to step in the shoes of the customer and think about their needs and expectations, new added value services, how to expand our footprint and potential getting new partnerships and products. We also determined core-capabilities we needed to develop in order to win and identified the gaps.
Overall, the building blocks for the change approach started with creating Awareness; discuss the business context from a customer lens and provide a first glimpse into new mindset and skillset. Not only was this supported by the workshops with all employees, but also with a clear communication strategy attached to it to support the consistency and direction.
The second stage of change was about Appropriation; a series of interventions that would enable employees to apply a new mindset and experiment with new skills. Not only we operationalized the desired behaviors in what they mean for employees in practice, this phase was also supported by several large-scale gamification interventions.
The last phase is about Integration, making sure the new strategy and structures are aligned with the mindset. Leading by example and learning by doing is supported by regular bottom-up communication; updates about progress made, outcomes generated, and lessons learned!
THE RESULTS |
As result of this process of alignment between Strategy, Structure and Mindset, we created more cross departmental collaboration, customers were put first in everything they did, experimentation is part of the new way of doing and the entire organization became faster in adapting change and innovation. For employees, a positive environment was created to where they could think Outside-In instead of Inside-Out, speak out, challenge status quo and focus on improvement and what could be possible.