How to apply and scale what you’ve learned on your ‘living business’ journey
Insurers will only thrive in the future market if they pivot their business to be focused on their customers. In this series, we have explored how carriers can serve the needs of UK insurance customers in an effective and intentional way. Once a business has established its priorities, and tested its hypotheses across departments – the first two steps in achieving effective personalization – it can work at optimising the solutions to deliver the best possible benefits.
The third step: optimise
The optimise step is an opportunity to take the initiatives and solutions that proved successful in your experiments, and scale them to deliver the greatest possible benefits. In order for real change to take place, these solutions need to be embedded throughout the business, fostering a cultural shift and supporting the move to a more customer-centric mindset.
As the image above illustrates, the optimise step is not just about scaling your successful initiatives, but taking the opportunity to clearly communicate the value created, tracking and reporting the results across the organisation. Once this step is complete, you can put the infrastructure in place to ensure the changes are sustained. This usually involves establishing a data and analytics capability to enable interactions to be personalised across all channels.
The path to optimisation
At the heart of optimisation is the continuous improvement of ongoing initiatives, treatments and models to deliver personalised recommendations and insights.
The impact of your prioritisation and experimentation will be felt as you roll out successful initiatives to a wider population of customers and colleagues to maximise benefits and deliver value more quickly.
A successful pivot to a customer-centric business lies in continuous, goal-driven measurement. That’s why it’s essential to track and report benefits against financial KPIs, as well as additional benefits and measures.
Communicate value and success stories across the organisation, to drive cultural change and develop new innovative and agile ways of working.
In conclusion, the optimise step is one in which the planning and experimentation of the previous steps bears fruit. It’s also the point where the truly transformational impact of this approach becomes apparent. Each business is different, as is every customer, but following the approach outlined in this series provides a structured way to truly personalise your offering.
If you would like to read deeper into the critical shift towards personalised insurance offerings, you can download and read the full report here.
And if you would like to explore how to further personalise your own insurance business, get in touch with me.