Prepare today for the transformation of the insurance industry
Operating in a new hybrid working environment, which is more complex, dynamic, and digital, challenges leaders to acquire new capabilities and strengths to guide their teams to adapt and thrive. The ActiveManager™ programme, delivered in collaboration with Hastings Direct, has enabled a sustainable step-change in the capability of leaders to lead, engage and motivate their teams in this evolving environment.
The new mood barometer examines the topic of sustainable insurance. It becomes clear that the majority of consumers in Germany, Austria and Switzerland expect a high level of commitment from insurance companies when it comes to sustainability, transparency and traceability.
Bayerische Versorgungskammer decided to transform its IT division into an active business enabler, engaged in bringing innovation and efficient collaboration within all business units. With its new IT governance, Bayerische Versorgungskammer is building the foundation for new roles and responsibilities of the IT function, allowing for more transparency across the entire organization and faster responses to business demands.
Sustainability considerations are increasingly moving into the focus of the financial services industry for a myriad of reasons: Environmental challenges, regulatory pressure and change in mindset of clients towards more sustainable behavior.
Process management is high on the agenda of many companies, but how can they reach their ambitious goals? Our current study shows that successful process management builds up the appropriate competencies and measures process management and process performance regularly, enabling processes to be managed efficiently over the long term.
In 2015, BearingPoint performed market research to understand the drivers of an adaptive insurer, focusing on the business’s ability to respond to economic, demographic and regulatory change. At this point in time, we identified three clusters of companies with a strong correlation between adaptiveness and market performance: leaders, midfield and laggards.
In the first phase of the crisis, insurers had to maintain their operational capacity to (re)act and at the same time implement state-imposed security measures. The typical change curve with rigidity of shock and subsequent actionism could be broadly observed. Now the industry returns to a phase of consolidation. According to Niklas Elser, the necessary actionism in the crisis allowed for many things to develop overnight and the crisis created instant clarity about pending digitization plans. However now, these initial achievements must be combined with an overarching strategy, otherwise event the best approaches will be lost.