Insurance Business ReviewDECEMBER 20258IN MY OPINIONI have worked for companies that went through drastic changes like total reinvention and companies that inspired minimal changes, like adopting an innovative tool and a social media page. Is there a suitable amount of change? Why is there such a high urgency to reinvent for the existing companies? How should companies evaluate their desire to change and to keep up with modern innovations and sophisticated customers? In the last few years, there has been a significant focus on the usage of data and innovative technology, reinventing and applying the insights derived from data; this period has been called by many as the 3rd Industrial Revolution. But data and innovative technology are just a component of this revolution. The massive distinction in differentiating startups from existing companies is reflected in their new power operating model. In the new power, startups are operating like "current." Through the communication model, their operation is made by many and is open for two-way feedback and communication. These are peer-driven. Operating with "open" boundaries enables these companies to provide customers with what they need, at the time they need it, and how they need it. These companies can almost immediately change their offerings based on customer feedback and engagement while leveraging the creative minds of many vs. just relying on the executive team's expertise. In addition, the new power operating model puts a new meaning around collaboration, transparency, affiliation, and governance, creating a fundamental change in how people see themselves in relation to institutions, authority, and each other (Heimans and Timms, 2014). Established companies adopting this new operating model are going through a complete reinvention. They create internal operational change and external re-branding initiatives. These companies embrace new technology to innovate almost everything they do, from upskilling and reskilling of their employees to responding to customer demands in real-time, influencing the public to think differently about the industry, and producing products and services. These companies successfully utilize social media content. To successfully transform the operational model change management process becomes a part of daily operations vs. a planned event for such companies. "The rate of change in the business environment continues to increase, and the ability for a corporation to change or reinvent is growing ever more significant than ever before."-Michelle ShumateREINVENTION IS A MUST NOT A DESIREBy Marta Magnuszewska, Senior Director (VP) of Claims Analytics, MarkelMarta Magnuszewska
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