Fast tracking operational resilience…
Creating a flexible, resilient operating model during turbulent times
Climate change, pandemics and economic crises threaten the survival of even the most stable industries and companies, including insurers and financial institutions. The resilient leaders know they must prioritize the building of effective digital operating models in order to attract and nurture talent, promote sustainable growth and thrive in disruptive times.
The current crisis has intensified the search for resilience
The need to improve productivity is nothing new for financial services. The industry talked about it in the wake of the 2007-2008 financial crisis. Yet, while many financial services firms have risen to the challenge, there is still more work to do. Meanwhile, insurers have been slow to prioritize productivity improvements within operations, leading to more pressure on combined ratios.
Across the financial services sector, the demands of digital consumers continue to evolve, insurance needs are changing, and the rise of home working in the wake of the global pandemic has added the need to focus even more on productivity, employee mental health, cyber security, data privacy, and more.
Now, insurers and financial institutions seek to deploy resilience strategies to help them recover quickly from the current economic crisis. With so much uncertainty about the future, this is also the perfect time to address underlying productivity issues.
As a result, the resilient leader is thinking longer term too, looking to build adaptable functions and more flexible processes to ensure that their business can survive not just the current crisis, but whatever unforeseen challenges the future may bring.
Digitizing every engagement
To weather these challenging times – and an uncertain future – resilient leaders must revisit digital engagement across the customer journey and empathize more with current clients’ needs. Depending on the nature of an organization’s business problems, this could mean:
- Enhancing sales and distribution
- Evolving new business acquisition techniques
- Virtualizing engagements to suit remote working needs
- Considering next generation fraud detection and cyber risk solutions
Added to this, insurers may also need to focus on:
- Augmenting underwriting and pricing with new data sources and analytics
- Further digitizing policy servicing and claims operations
This is about focusing efforts and selecting initiatives that can deliver immediate results while also guarding against future disruption.
The Resilience Reinvention Engine
Alchemy Crew has the answer… A systematic and repeatable process of business transformation to make business models and operations more flexible and resilient.
Our Resilience Reinvention Engine helps you define and understand the root causes of each problem investigated, and evaluate new digital paths to stabilize and augment their core operations with new, unique and tailored solutions.
We test the applicability of emerging technologies and market entrant solutions within stressed and constrained environments to ensure real-world pertinence.