Innovation and Transformation…. Are You Ready?

In today’s world, economies and industries are in a permanent, increased state of flux and chaos. By shifting mindset and approach to one that is proactive and innovation-based, organisations will not only better address immediate needs,
but attain sustainable, strategic, competitive advantage within the industry. “Innovation is the introduction of something new…” and “…transformation is to change the composition and structure”, according to the Merriam-Webster Dictionary.

Are innovation and transformation achievable in a traditionally risk-averse, slow-to-change, legacy-ridden, process-entrenched, monolithic industry like insurance?

Yes… and it is already happening.

Tom Peters has said: “These are times of matchless peril for those who fail to grasp the nettle… and times of matchless opportunity for those who do.”

What type of organisation is yours? Are you ready to seize these opportunities?

New Leaders and Business Drivers

Industry leaders are taking advantage of this unique time to raise the bar well above the status quo that much of the industry currently operates under. These leaders are looking at the following issues with the goal of innovation and transformation.

• Driving profit in commoditised product lines (eg motor).
• Introducing new products and service offerings that match changing customer demographics and increasingly diverse markets (eg Generation X & Y, Hispanic, Islamic).
• Expanding real-time enterprise risk management with capabilities for risk assessment, avoidance, management and service.
• Establishing customer-centric experiences through differentiated service and brand management.
• Expanding and enhancing distribution channels and both customer loyalty and satisfaction through collaborative, innovative options (eg social networking, instant messaging/chat, avatars).

Ms Denise Garth, Vice President, Global Industry Affairs of Innovation Group discusses the importance for organisations in today’s changing world to adopt a proactive and innovation-based approach to fundamentally “change the game” within the industry rather than just be focused merely on survival, and thereby take a reactive and defensive approach to conducting business.

Innovation and Transformation….
Are You Ready?

• Leveraging and balancing enterprise and local opportunities with (and after) mergers & acquisitions, market expansion and globalisation
• Focusing on improving core business capabilities to drive stakeholder value and greater profitability.
• Enabling the business’ vision and strategies for new business models, strategic partnerships and technology to create a unique ecosystem.
• Mastering enterprise data management where data is valued as an asset of the organisation.
• Reducing operational costs, attracting and retaining knowledge and talent, and managing variable staffing levels.

New leaders are redefining their organisations. They are creating flexible, agile and adaptable businesses that anticipate the ever-changing marketplace, environment and world. Leaders can respond both strategically and tactically to immediate situations, accommodate unforeseen changes and anticipate new opportunities to take advantage, while their competitors are left wondering what happened.