Insurance Comapny - How much change-ready is your insurance company?

One of the most essential elements of a successful insurance company is the ability to develop and sustain a change –capable organization. The adoption and practice of change readiness is a prime requisite to structuring a robust foundation that is capable of responding instantly to the market fluctuations, industry shifts and customer needs.

In the insurance industry earlier on it has been a very slow and sluggish journey for change adaptation but today things have changed, the needs and wants have become greater and technology has enabled faster access to interconnected technologies and ushered the change in the workplace dynamics.

Why the need for change?
In a recent study, the insured customers ranked their needs as follows, which can only be achieved with change readiness by an insurance organization:

  • Best –in-class client experience
  • Value for money
  • Faster and efficient claims processing

While the above three could be just the basic necessities as of now, however for many traditional insurance organizations, understanding and reciprocating the gap about what exactly their insurance customers want and what they are receiving is a critical success metric for any insurance organization. Change should be directed in the following areas that are closely relative to market demands.
These are:

  • Value for money
  • Optimized claims Processing
  • Adapting to the Change.

In a highly competitive insurance process outsourcing environment which is continuously subjected to highs and lows and market changes. It is extremely important that workplace dynamics be molded according to the changing needs of the customers and better value for money is made stronger criteria for loyal client retention and organizational growth. The call for change-readiness is a wakeup call to improvise and achieve the organizational goals with greater work efficiency and operational fluency.

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