Adam Goran Speed and flexibility are essential to customer satisfaction and business success in 2023. Over the years, the insurance industry has gained a reputation for operating and adapting to change slowly due to the intricacies of client care and strict regulatory guidelines. But the traditional slow and steady means of operating will no longer win the race for established insurance providers, with 52% of consumers—and 80% of millennials —more open to working with newer innovative players in the insurance space, delivering the digital customer experience they know and now expect. To compete in today’s digital world, insurance carriers must embrace digital innovation and new insurance models to meet growing customer demands and industry standards. However, embracing and achieving organizational transformation is no easy task. It requires insurers to look inwardly at current processes and business culture to instill the three Ms — mindset, measures and mechanics — needed to successfully implement new working models that improve the speed and flexibility of the customers’ insurance experience. Instilling a growth mindset For insurance companies, understanding that old habits die hard will help leaders and managers alike save time and avoid headaches. Chances are that employees are in a fixed mindset […]
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