Fast tracking operational resilience…
Creating a flexible, resilient business model during turbulent times
Climate change, economic crises, and resulting emerging risks threaten the survival of even the most stable nations, industries, and firms, including insurers and financial institutions. Resilient leaders know they must prioritize the design of effective digital operations and industrialize and democratize knowledge in order to attract and nurture talent, promote sustainable growth, and thrive in disruptive times.
Covid-19 has intensified the search for resilience
The need to improve productivity is nothing new for insurers and financial services institutions. The insurance industry and the financial sector talked about it in the wake of the 2007-2008 financial crisis. Yet, while many firms have risen to the challenge, there is still more work to do. Meanwhile, insurers have been slow to prioritize the right digitization initiatives, leading to more pressure on combined ratios and bottom lines.
Across the financial services sector, the demands of consumers continue to evolve, their insurance needs are changing, and the rise of home working in the wake of the global Covid-19 pandemic has added an increased focus on efficiency, behavioural health, cybersecurity, data security, data privacy, and more.
Now, insurers and financial institutions seek to deploy operational resilience strategies to recover quickly from the current economic crisis. With so much uncertainty about the future, this is also the perfect time to address underlying ethical digitization and automation issues using corporate venturing techniques.
Resilient leaders are thinking longer-term too, looking to build adaptable functions and more flexible business units to ensure that their business can not only survive the current crisis, but also unforeseen challenges the future may bring.
Digitizing every engagement
To weather these challenging times – and an uncertain future – resilient leaders must revisit user experiences across engagement journeys and empathize more alignment with current market 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 cybersecurity solutions
Added to this, insurers may also need to focus on:
- Augmenting underwriting and pricing with new data sources and AI 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 digital disruption.
The Operational Resilience Venture Labs
Alchemy Crew has the answer… A systematic and repeatable framework to accelerate business transformation and make business models and operations more flexible and resilient.
Our Operational Resilience Venture Labs help you define and understand the root causes of each problem investigated, and evaluate new digital paths to stabilize and augment your operational core with unique and tailored solutions.
We test the applicability of emerging startup, scaleup, and grownup technology solutions within your environment to ensure real-world relevance.