Beyond recovery, thriving through simplification in the Insurance industry

The current insurance landscape

A health crisis on a scale never anticipated nor experienced before. Insurance companies are facing uncertainties such as business interruption, cancellation of events and a financial turmoil (stock market crash, extreme volatility, credit risk…). The industry has an opportunity to use changes underway now to set the foundations for future success.

Accelerating the pace to secure a competitive advantage for future success

Insurers will have to address key questions to quickly move forward with purpose

What are the key pain points and performance gaps?

What are my clients tell me ? Are my products relevant?
What about my service levels and stakeholders’ satisfaction levels?
How to recover lost revenue? Is my market shares withstanding the crisis?
Is my decision-making process agile enough (for both simple and complex decisions)?
Are my partners and suppliers resilient enough to face this challenging time?

Is my financial situation preventing me from investing?

Is my business resilient to take decisive actions ?
Should a sharp and rapid recovery response to financial under- performance prevail over a longer term transformation?
Could I do both? Recovering while preparing an in-depth transformation?

Is now the right time?

Are my clients, employees and shareholders expecting change?
Would they be reluctant to it? How best to articulate the case for change?
Is corporate culture ready to adapt to and lead change (i.e. embracing uncertainty)?
Is my organisation sufficiently equipped and flexible to face this new challenge?

What should be my response?

Where should I start? What level of Sponsorship should I secure ?
Which levers do I action in which order and at which pace?
How agile can this response be? What resources and support should I rely on?
How to plan and to secure the execution of these initiatives?

Paving our way back to stability

Facing the complexity of the new normal, a trend towards renewal is emerging
Organizations' resilience has been tested and as most organizations do, insurance companies need to recover financially.

Why only focus on recovering, why not seize this opportunity to thrive? As companies are willing to put in some efforts, why not serve long-term interests?

Simplification, a response to an ever-changing industry & underlying business complexity

Simplification initiatives will most likely play a key role in enabling their transformation, which require a thorough understanding of their activities and their customers as well as investments in a strengthen data-driven operating model.

Simplification is awfully complicated

Product Simplification, a first step to long-term benefits realization and a sustainable transformation

Products are the starting point of any organization value chains. Therefore, product simplification initiatives deliver value in the long run, benefiting to society, clients, employees and shareholders through simplification culture change and end-to-end transformation .