“Venture outside your comfort zone, the rewards are worth it”

Colleen Wells

Imy last two blogs (read here and here), we identified a few tips around digital transformation and once taken, how to measure the return on investment.  This blog focuses on looking ahead.  Once we’ve been brave enough to accept the digitization challenge and have begun to master it, what are the next steps?  

Disney princesses have provided us inspiration on this journey.  My last inspirationI know will be a surprise, but it’s Rapunzel .    

“No, I will not stop.  For every minute for the rest of my life, I will fight.” Rapunzel 

As mentioned previously, digital transformation is not a one and done.  It’s a process, a transformation over time, an evolution.  Gartner dubs this as “ContinuousNext,” the capabilities all organizations need to keep up with the continuous drive by technology.  The insurance space is up for the challenge! 

Watch THE NOVARICA TOWN HALL: ACHIEVING OPERATIONAL EFFICIENCY WITH MODERN CORE SYSTEMs

Here are some areas to think about as you step into the next phase of the future:  

You are the future, evangelize it  take ownership of your culture.  As a leader, you must be visionary and incorporate alignment across the entire organization.  Everyone needs to believe in the value of this huge shift and change, otherwise you will fail. Set the vision, get  support and buy-in unilaterally across all layers.  Communicate the objectives, the who, the why, and the how.  Foster an environment where accountability to achieve the vision reaches the farthest corners of your organization.   

  1. Be proactive – You’ve started down the digital transformation path.  Remember to look back to what you’ve achieved and what you haven’t and constantly re-align.  When required, find another way to reach your goal.  Continue to identify ineffective and inefficient processes and find a better way.  Measure, measure, and re-measure.  Check out these handy ROI tips in our previous blog.   
  2. Be a champion – Never let legacy systems or outdated, archaic systems be an influencer in your ability to achieve transformation.  If it’s broke (or cobalt) – you can’t fix it.  Find a new solution.  Innovation is happening everywhere.  You can’t be afraid to take a chance or to be the first.   
  3. “Look around, look around at how lucky we are– Stay innovation inspired by checking out the leaders in the space.  Tgain inspiration we only need to look at those that are successfully achieving innovation and digitization to achieve our own success.   
  4. Let your customer speak for themselves – Think you know what your customers want?  Think again.  Ask your customers what they expect.  What is it they want to do online. Sapiens recently co-sponsored a survey with over 1000 consumers, and these insights might surprise you 
  5. Your customers think the following: 
  • 66% believe digital will be a lasting trend even after COVID-19 is defeated   
  • 60% have less patience for filling out and sending paperwork 
  • 51% have already eSigned documents this past month 
  • 68% expect businesses to increase their ability to serve customers remotely
  • 49% expect businesses to automate and digitize customer interactions
  • 66% are inclined to try a new digital app or website 

And from our heroine, Rapunzel, “Venture outside your comfort zone, the rewards are worth it.  The future of the insurance industry rests on the shoulders of all of those who are brave enough to think outside  the box, to look towards redefining the market  Be smart and savvy, like  Rapunzel 

  1. Face your fears. You won’t be able to achieve the unimaginable if you stay in your tower. 
  2. Life is full of small, perfect moments. 

Facing fears and taking advantage of even small moments usually turn into something  bigger and better than we could ever have guessed.  As writer Sharon E. Rainey said, “Through each crisis in my life, with acceptance and hope, in a single defining moment, I finally gained the courage to do things differently.”  This IS a defining moment. –  Take risks, enjoy the rewards and you will continue to learn and grow.  THAT is evolution.   

 

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Colleen Wells

Colleen Wells Colleen Wells is responsible for Product Strategy for Sapiens North America P&C, as well as Sapiens’ Digital Product Suite globally. She possesses expertise in professional services, customer success, running product teams and her true passion — understanding market trends and providing valuable solutions to carriers and customers.