The digital revolution continues to affect many industries, including insurance, in an overwhelming but exciting way.
These changes continue to put pressure on traditional structures and processes with organisations as the demand for productivity and innovation from customers intensifies. According to an article by InsurTech, many organisations have undertaken transformations to become more digital.
This can include hiring new digital talent, modernising IT platforms and leverage data more effectively.
Beyond implementing these digital platforms, there is something much more important that is required, and that is a cultural change within the organisation. There needs to be a willingness for a new way to operate to broadened digital thinking.
Employees need to be ready to adopt and adapt when necessary as the digital space is a forever changing landscape.
The FlexiFund It platform has emerged itself to become part of this digital revolution. Implementing our software into your business will require change as it’s disrupting the conventional way you provide and arrange premium funding to your clients.
Here are some tips on how you can drive this transformation within your team when you are considering implementing new technology into your business:
- Create multi-disciplinary teams:
Regardless of how effective your processes and communication are, traditional structures between IT and other functions create overhead that can slow down your execution. Maintaining aligned priorities and focus across your organisation can be challenging but organising dedicated mission-based teams can produce amazing results.
- Empowering employees to get things done:
When senior leaders and managers empower teams to execute, you can save a significant amount of time spent making decisions and escalating and reviewing statuses. Leaders need to empower their employees by setting clear expectations and guidelines before you implement this change.
- Setting clear and focused objectives:
In large transformations, it is essential that each member of the team understands the overall goal and how their individual priorities link back to them. It’s important as a leader that the deliverables for your team are revisited and communicated regularly.
- Take big swings:
Encourage your employees to take big swings, but you also need to foster an environment where it is okay to fail. Implement weekly updates that include questions like “what went wrong?” and “what did we learn?” and “how do we adjust”.
- Focus on the minimal viable product:
We all want to deliver solutions that are perfect day one, but sometimes when it comes down to speed, trade-offs must be made. Take a minimal viable product approach with the bare minimum. Then you start on the functions and features you want once you go live.
Driving change starts from the top, and when your entire team is committed to transformation, it is possible not only to simplify but to take impact and value to the next level.
Come and talk to us at FlexiFund It, we can guide you through the processes required to set up your premium funding company. Learn how our current clients implemented change within their organisation and how it has added value to the future of their business.
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