Trends Disrupting the Insurance Industry, Part 1

insurance

If there’s a word to define the insurance industry today, it’s disruption. Tech-enabled startups are entering the market unburdened by legacy systems or mindsets, and challenging even the largest insurance companies with innovative strategies, products, processes, and customer experiences.

Much like what the financial world has experienced in recent years, new regulations are emerging to govern shifts in the market. The rapid emergence and convergence of new technologies is constantly changing the rules of the game - both for insurers and the regulators that govern them - making compliance an evolving challenge.

In addition to these external factors, a disruptive new type of customer is entering the marketplace: The modern consumer is tech-savvy, informed, and demanding. They want an omni-channel experience and a broader set of solutions beyond insurance - to enhance their life, not just protect against liability. They expect a seamless harmonization of digital and physical touchpoints, just as they experience in their other personal and professional contexts. These customers are looking for value - and they are willing to shop around to find it.

To remain competitive in a volatile market, insurers need to rethink their business models to optimize for delivering customer value.

In this series of posts, we’ll describe the trends disrupting the insurance industry - and how Lean can help incumbents survive and thrive amidst the disruption.

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How to Design a LeanKit Board that Encourages Speed

leankit board

Visualizing what you do now is largely regarded as one of the initial steps in a Kanban or Lean journey. Even starting with simple To Do, Doing, and Done lanes on a LeanKit board works wonders. People know what work is “happening” and the current status. They understand the flow of work and sequence of actions to get things done.
This transparency — one major outcome of visualizing work — is only the starting point though.

What most teams are really aiming for is speed. So the question becomes: What steps does a team need to take to go from simple visualization to continuous, speedy value delivery?

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3 Questions to Ask During Standup to Keep Speed a Priority

standup

How Kanban Enables Speed
A common theme in workplaces today seems to be “crazy is the new normal.” Unfortunately, most teams and organizations don’t thrive in chaos -- they need help to create a rapid, sustainable pace of delivering quality products and services. Lean principles and tools, like Kanban, help organizations realize this goal through a continual focus on optimizing the flow of value from ideation all the way through delivery to the customer. One way to keep this focus top of mind is through your daily Kanban standup. Try asking these three questions in your next Kanban standup to keep speed a priority on your team.

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