In this series, I’ve been discussing seven important insurance trends emerging out of the Efma-Accenture Innovation in Insurance Awards 2017.
While the first four trends described new models by which innovative insurers are leveraging digital technologies to connect with their customers. We also observed modes by which insurers are harnessing digital technologies to transform their corporate cultures by empowering their workforces. These tools are helping them and their distributors learn new skills and provide new service levels to their customers.
Insurers must retrain, reskill, and redeploy their own people as part of their innovation agenda.
It’s not enough to create products and technologies to put customers at the center of the insurance business model. Insurers must also retrain, reskill, and redeploy their own people as part of their innovation agenda. It’s not only technologies that are changing, but also the very makeup of the workforce itself.
These three Efma-Accenture Innovation in Insurance Awards 2017 entrants are among the insurance leaders that are empowering their workforces through cultural change and new technology.
RSA (Canada)’sonline training tool ‘Wise Up’ provides workforce education and training modules that can be completed via any connected device. Brokers can complete course work at their own pace and convenience, receiving accredited hours without having to attend workshops in person.
With its ‘Genesis’ project, South Africa’s Standard Bank Group has developed an empowering new approach for its workforce that leverages customer data to problem solve for their clients. By analyzing customer insights, the insurer has transformed its business model and entire culture in the process. A cross-functional team developed new tools by challenging conventional ways of doing business. Half the team was brought in from the traditional business to provide deep understanding of the conventional framework, while the other half came from outside the industry to provide fresh thinking. The result was a strategic transformation process they are applying across the business.
Meanwhile, Belgium’s KBC Verzekerigen’s workforce has developed its ‘Digital Driver’s Licence’ to help its workforce navigate its digital transformation. Employees and managers obtain their license by completing an enhanced learning module and tests, and joining their colleagues in this standardized certification. The learning combines theory and practice to help the workforce solve customer issues.
My next post will discuss the Plug-and Play Insurance trend.