This is the final installment in a series of posts, in which we describe the trends disrupting the insurance industry – and how Lean can help incumbents survive and thrive amidst the disruption. If you missed the first two posts in this series, start reading here.
This is the second in a series of posts, in which we’ll describe the trends disrupting the insurance industry – and how Lean can help incumbents survive and thrive amidst the disruption. If you missed the first post in this series, read it here.
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.
You’ve probably heard: Agile isn’t just for software development anymore. More and more organizations are embracing Agile practices enterprise-wide as a way to increase responsiveness and deliver value faster. Executives are looking to Agile — specifically, enterprise Agile planning — to fuel strategic, sustainable growth.
As Agile becomes more mainstream, there’s an emerging need for a tool that can meet the needs of every level and function of the modern enterprise — not just the IT organization.
The enterprise Agile planning tool of the future is equipped to facilitate coordination and collaboration between technical and business functions alike. It provides strategic visibility and insight across the entire value chain, empowering business leaders with the data-driven insights they need to make more informed decisions. It is lightweight, flexible, and fits your company’s evolving culture.
Read to learn the trends shaping the adoption of enterprise Agile, and what to consider when choosing a tool to enable your Agile transformation at scale.
According to Jim Highsmith of The Economist, “An overwhelming majority of executives (88%) cite organizational agility as key to global success (…) Yet most companies admit they are not flexible enough to compete successfully.” Despite adopting Agile practices, many organizations struggle to achieve the predictable delivery, consistent speed, and agility required to compete in the modern marketplace.
Enjoy this excerpt from the Lean Business Report. Download the full report here.
Part of the beauty of applying Lean to knowledge work is its versatility. Teams in every department — from Software Development to Organizational Development, IT Operations to Marketing Operations — practice Lean in their daily work.
The workflows, organizational structures, work types, and associated challenges for each of these teams play out in diverse ways. Lean has universal applications, but it’s not universally applied in the same way. There are, however, some overarching trends: Flow is top priority, Kanban is king, and WIP (work in process) is the most common metric.
When practicing continuous improvement, the only constant is change. For teams that have achieved moderate, predictable success by following the status quo, embracing this change can require a major paradigm shift. Resistance to change can come in the form of foot-dragging, sabotage, and even rebellion, and can have a toxic influence on your Lean implementation.
As a leader, it’s unlikely that you’ll be able to make everyone on your team completely comfortable with change. You’ll first have to identify the causes of their resistance, and find ways to move through them.
From there, you can do your part to minimize discomfort by giving your team opportunities to gain the autonomy, mastery, and purpose they need to stay motivated. Keep reading to learn why people resist change and how to motivate teams to embrace continuous improvement.