Digital transformation for insurance: progress with the right measures
As the digital landscape continues to evolve, insurance companies are looking to transform their organizations to stay ahead of the curve. Emergn’s framework of the three “Ms” – mindset, measures, and mechanics – helps insurance companies thrive in times of change.
Measuring the success of these transformation programs can be challenging, especially if the wrong metrics are used. Jason Nash shares his insights on how insurance companies can assess the outcomes of their transformation initiatives, in this recent Insider Engage interview. Watch the full interview below.
Assessing the outcomes of digital transformation
The key to a successful transformation program is to first understand what the company hopes to achieve. Gross written premium is a common metric used by our insurance clients to measure success. However, sometimes the goal is to improve the customer experience with an online product.
The success of a transformation program also depends on winning the hearts and minds of employees and engaging them in the journey. Emergn implements tools and models to help clients understand the process and ensure they have the right metrics in place.
Metrics for assessing transformation success
It’s important to focus on people first and understand how their interactions are influenced by emotions and insecurities. Having the right metrics in place is crucial to preventing change programs from being undermined by team members who are not fully bought in.
Different metrics can be used to measure different scenarios and can be classified as leading or lagging metrics. For example, the Net Promoter Score (NPS) can be a leading metric for customer satisfaction and future sales performance, while revenue is a lagging metric that gives a clear picture of the company’s overall performance.
While metrics are an important way to assess a company’s performance, they can also pose challenges if there are too many or conflicting metrics, or if data collection is manual or labor intensive.
To learn more about how Emergn helps companies with digital transformation in the insurance industry, watch additional videos in this series:
- Digital transformation for insurance: beyond the buzzwords – watch the first video in the series with CEO Alex Adamopoulos
- Digital transformation for insurance: harnessing the power of an adaptive mindset with Louise Millward
Additional Insights
Digital transformation for insurance: beyond the buzzwords
Digital transformation for insurance: harnessing the power of an adaptive mindset
Create a digital business transformation strategy to thrive
