Our latest Global CEO Survey revealed that insurance is the second most disrupted sector in the global economy, behind only entertainment & media. The disruption reflects the speed with which the social, technological, environmental, economic and political (STEEP) changes we’ve been anticipating are becoming a reality within the insurance industry.
Culture as the differentiator
Culture is the key to realising an organisation’s potential. Indeed, a more agile, innovative, risk-conscious and customer-centric culture is set to be the primary competitive differentiator in the new landscape. In 2013, we issued ‘Insurance 2020: Unleashing the value from values’ which discussed how culture can be your greatest ally or your biggest enemy. Disruption has accelerated dramatically since then. As we’ve helped clients address new challenges, our approach to defining and changing culture has evolved. This paper reflects our latest thinking on how culture can unlock the value from values.
Many insurers are seeking to remodel their culture. The problem is that most are still failing to translate their high-level intentions into real changes in the way their people behave and make decisions during the ‘moments that matter’. Communications and training alone won’t drive change. As we explore here, it’s vital to identify people’s most telling habits and routines and actively shape them.