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Insurance 2020: Unleashing the value from values Five golden rules for a high performing culture in the insurance industry

Organisational culture can sometimes seem like an afterthought when there are so many economic, structural and market challenges to contend with. But to tackle these transformational issues most efficiently, a corresponding change in culture is required. A more agile, innovative, risk-conscious and customer-centric culture is set to be the primary competitive differentiator in the new landscape − if you want to spur real change and deliver real value, look at your people and the environment in which they operate.

Moreover, while regulators were once reluctant to impinge on culture, it’s now at the top of their agenda as they seek to instil greater risk awareness and tighter safeguards for customers.

But while many insurers are seeking to remodel their culture for the new market realities, most are only scratching the surface because they’re failing to translate their high level intentions into real changes in the way their people behave and make decisions. Communications and training alone won’t drive change.

This paper suggests that you have to identify people’s most telling habits and routines (the 'moments that matter') and actively shape them. The key to achieving this are what we believe are the five golden rules of a high performing culture:

  1. Make sure your purpose, vision and values are clear, tangible and actionable
  2. Identify and focus on the moments that matter
  3. Active leadership and example from the top
  4. Active support and investment to bring all elements of the high performing culture together
  5. Measure, feedback and adjust

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John  Garvey

John Garvey

Global Financial Services Leader Principal, PwC United States

Tel: +1 646 471 2422

Olwyn Alexander

Olwyn Alexander

Global Asset and Wealth Management Leader, Partner, PwC Ireland (Republic of)

Tel: +353 (0) 1 792 8719

Kurtis Babczenko

Kurtis Babczenko

Global Banking and Capital Markets Leader, and US Finance Transformation Leader, PwC United States

Rima Adas

Rima Adas

EMEA FS Leader, PwC Luxembourg

Jim Bichard

Jim Bichard

Global Insurance Leader, Partner, PwC United Kingdom

Tel: +44 (0) 7841 562 560

Nicky  Wakefield

Nicky Wakefield

Global FS Advisory Leader, PwC Singapore

Julien Courbe

US FS Leader, PwC United States

Tel: + 1 646 471 4771