Webinar for May 2020 - Putting people skills and cultural change at the heart of digital transformation of the insurance industry
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Webinar for May 2020 - Putting people skills and cultural change at the heart of digital transformation of the insurance industry
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Semelhante a Webinar for May 2020 - Putting people skills and cultural change at the heart of digital transformation of the insurance industry
Semelhante a Webinar for May 2020 - Putting people skills and cultural change at the heart of digital transformation of the insurance industry (20)
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Webinar for May 2020 - Putting people skills and cultural change at the heart of digital transformation of the insurance industry
- 1. Putting people skills and cultural change at the heart of digital transformation of the insurance industry 6th May 2020
- 2. 2 Disclaimer Presentations are intended for educational purposes only and do not replace independent professional judgment. Statements of facts and opinions expressed are those of the participants individually and, unless expressly stated otherwise, are neither the opinion nor position of The Digital Insurer. The Digital Insurer do not endorse or approve, and assume no responsibility for, the content, accuracy or completeness of the information presented.
- 4. 4 Discussion Agenda 1. Presentations ⢠Simon Phipps, Founder TDI ⢠Sara Roberts, Founder, Kettlewell Consulting ⢠Debbie Mannas, Head of Organization Development and Talent, Sun Life Asia ⢠Malini Nagaria, Programme Director, TDI Academy 2. Q&A / Panel Discussion 3. TDI updates TDI Academy â learning for the digital age 60 minutes
- 5. 5 How to participate How to participate: If you have a question please type into the Q&A area If you have a comment please type into the chat area Session format: The moderator will use a combination of their own questions and those from the audience TDI Academy â learning for the digital age
- 6. 6 Simon Phipps Founder, The Digital Insurer TDI Academy â learning for the digital age WARNING World is approaching Digital Tipping Point âŚand most insurers arenât ready
- 7. 7 TDI POV: Industry Warning â digital tipping point is approaching insurers faster than expected Executive teams must urgently accelerate their transformation efforts TDI Academy. Learning for the digital age. 7
- 8. 8 Consumer adoption of digital is accelerating Source: TDI estimates New Users Groups ⢠Elderly ⢠Children ⢠Rich ⢠Poor ⢠Emerging mkts Wider usage ⢠Remote working ⢠Remote purchasing ⢠Remote servicing ⢠Social & commâs ⢠Non-tech firms Equally customer and employee expectations on the companies they choose to âinvestâ in, are on the rise TDI Academy. Learning for the digital age. 8 âTIPPING POINTâ Early AdoptersInnovators Consumer Expectations 2020 pre-crisis 2020/21 post-crisis Crisisacceleratesconsumers expectationsupthecurve LaggardsLate MajorityEarly Majority
- 9. 9 Most insurers will lose 18 â 24 months âŚoff roadmaps if they want to keep up Source: TDI estimates Widening Gap likely for most Insurers ⢠Already laggards ⢠Focus on âkeeping the lights onâ ⢠Curtailment of âdiscretionary spendâ ⢠Failure to re-set strategically ⢠All resulting in increased vulnerability to competitors and new entrants Consumer TP was expected 2022 Consumer TP now expected 2020 Insurers need to accelerate digital plans by 2 years to simply âstay stillâ TDI Academy. Learning for the digital age. 9 âTIPPING POINTâ LaggardsLate MajorityEarly MajorityEarly AdoptersInnovators 2020/21 post-crisis Remains static pre & post crisis with tactical focus Insurer Readiness WideningGap 2020 pre-crisis Consumer Expectations
- 10. 10 Source: TDI estimates TDI Academy. Learning for the digital age. 10 LAURA HAYES, GLOBAL HEAD OF INSURANCE, KPMG Most insurers will lose 18 â 24 months âŚoff roadmaps if they want to keep up
- 11. 11 Microsoft Agrees with The Digital Insurer! Source: TDI estimates TDI Academy. Learning for the digital age. 11 Source: https://www.ft.com/ 30 April 2020
- 12. 12 Little choice but to change.. and change fast Source: TDI estimates TDI Academy. Learning for the digital age. 12
- 13. 13 13 Question SO WHAT CAN AND SHOULD INSURERS DO? Answer ACCCELERATE DIGITAL ENGAGEMENT & CULTURAL TRANSFORMATION
- 14. 14TDI Academy. Learning for the digital age. 14 Accelerate Digital Engagement & Cultural Transformation Digital skills gaps are a growing problem
- 15. 15 Accelerate Digital Engagement & Cultural Transformation There is compelling evidence that focusing on culture is the key to success Source: TDI estimates TDI Academy. Learning for the digital age. 15
- 16. 16 Accelerate Digital Engagement & Cultural Transformation âŚand People are at the heart of cultural transformation Source: TDI estimates TDI Academy. Learning for the digital age. 16 Employees in Hong Kong, across Asia and around the world are crying out for more engagement in Digital⌠Transformation Factor Factor Multiple* Management team established clear change story for transformation P 3.1x Digital Tools were implemented to make transformation more accessible across organization 2.1x Digital self-serve technology was implemented for employees; and/ or business partnersâ use 2.0x Senior managers fostered sense of urgency for making transformation changes P 1.9x People engaged in key roles ensured collaboration between units on transformation initiatives P 1.8x Standard operating procedures were modified to include new digital technologies 1.8x Senior leaders encouraged people to experiment with new ideas P 1.7x People engaged in key roles encouraged employees to challenged old ways of working P 1.7x People engaged in key roles were more involved in developing initiatives than during past change efforts P 1.6x Senior management ensured collaboration between units on transformation initiatives P 1.6X Source: McKinsey 5.9% 5.9%
- 17. 17 Moving digital from the Few âŚ..to the Many Only by accelerated engagement in Digital from âthe few to the manyâ will organisations achieve wide-scale transformational change Virtually no impact on people & culture Significant impact on people & culture SPECIALIST TEAMS: digital, tech, innovation, strategy, investment BUSINESS TEAMS: admin/ops/risk, claims & UW, S&M, pricing & ProdDev TDI Academy. Learning for the digital age. 17 Accelerate Digital Engagement & Cultural Transformation So digital engagement needs to move from the few, to the many
- 18. 18 Digital Insurance Perspectives TDI Academy â learning for the digital age Sara Roberts Founder, Kettlewell Consulting
- 19. Putting people skills and cultural change at the heart of digital transformation of the insurance industry: learning as a key enabler
- 20. BCGâs Digital Fitness Model in Insurance - What and How: 5 Pillars, 22 Key Capabilities WHAT The digital revolution is having an immediate and wide- ranging impact on how insurers do business. Consumers want faster service across a range of platforms, and they want products that are tailored to their individual needs and preferences. To keep up with those demands, insurers need to embrace a forward-looking, customer-centric business model that provides customers with anytime, anywhere access to services. Digital Fitness Model in Insurance: Š 2020 Boston Consulting Group HOW EMPLOYEE CULTURE ⢠Cross-functional collaboration ⢠Decentralized decision-making ⢠Test, learn, and share culture ⢠Steering of a flexible organization CUSTOMER CENTRICITY ⢠Digital marketing ⢠Intuitive, on-the-go access ⢠Channel consistency ⢠Customer profiling ⢠Personalized offerings and pricing INNOVATION ⢠Effective innovation process ⢠Innovation partnerships ⢠Customer cocreation ⢠Fully integrated digital services IT ⢠Real-time insight from rich, dynamic data ⢠Dynamic plug-and-play sourcing ⢠Flexible infrastructure and architecture ⢠Third-party integration ⢠Digital security and privacy ⢠OPERATIONAL EXCELLENCE ⢠Process orchestration ⢠Straight-through processing ⢠Operational performance monitoring ⢠Componentized product model
- 21. People skills and cultural change at the heart of digital transformation of the insurance industry: learning as a key enabler Theâfitnessâ challenge from the APAC CEO:- ⢠Sustainable Growth. ⢠Accelerated digital transformation. ⢠Workforce of the future. Our deliverable â âMy Careerâ ⢠Digital learning platform and curated content: ⢠Putting all employees (62,000+ across APAC, all business/functions) in the driving seat of their own learning and careers. (culture change). ⢠Leveraged the existing collaborative platform: ⢠Curated relevant employee centric learning paths. ⢠Integrated learning into work. ⢠Shared career stories - aspirational. ⢠Linked employees to internal opportunities - career marketplace. ⢠Engaged middle managers. ⢠Relentlessly told the story - comms, comms, comms. Copyright Š Deloitte Development LLC. All rights reserved. Member of Deloitte Touche Tohmatsu Limited
- 22. People skills and cultural change at the heart of digital transformation of the insurance industry: learning as a key enabler Key Outcomes ⢠Culture shift: employee centric, curated content and employee curated experiences (Design Thinking in action). ⢠Acceleration of DQ and Digital transformation (learning in the flow of work): APAC gamification tools; Citi Lean and Digital Discovery; Workplace of The Future; Fintech Festival; Campus Campaigns. ⢠Hidden Benefits: ⢠Employee Engagement YoY 2%ppt increase (employee survey); 9.7 âMy Careerâ hits per unique site user. ⢠Career Mobility: 21% increase in career mobility. ⢠Hiring: 17% increase in internal applications; 8% increase in internal hires, enhanced Campus Branding. ⢠Retention: 1.5% improvement in retention. Key Insights Getting fit: winning the Learning RAC&E Relevance Accessibility Collaboration & Engagement
- 23. Getting Fit For The Future Snap Poll Question 1 â Fitness Test How âfitâ is your company to build new skills required for digital transformation in the Insurance sector? a) Fitness challenged - have the will but donât have the planâŚ.yet. b) Moderate fitness â know what we have to do and making progress. c) Super fit â ready for the sprints (including hurdles)!
- 24. 24 TDI Academy â learning for the digital age Debbie Mannas Head of Organization Development and Talent, Sun Life Asia
- 25. Lifeâs brighter under the sun Sun Life Putting people skills and cultural change at the heart of digital transformation 6 May 2020
- 26. S U N L I F E ⢠Sun Life: Client Obsessed D I G I T A L E N T E R P R I S E - A D V A N C I N G C A P A B I L I T I E S 26 ⢠Headquartered in Toronto, Canada ⢠More than 150 years of financial services experience ⢠One of the largest insurance and financial services companies in North America ⢠Close to 30K employees in over 26 countries ⢠Over 110K advisors ⢠8 countries in Asia: Philippines, Hong Kong, Indonesia, Malaysia, Singapore, Vietnam, JVs in India and China. ⢠Offer a diverse range of insurance protection and wealth products and services to individuals and corporate customers
- 27. OUR PURPOSE To help our CLIENTS achieve lifetime financial security and live healthier lives We also want this for our PEOPLE
- 28. S U N L I F E ⢠Building Capability for the Digital Enterprise D I G I T A L E N T E R P R I S E - A D V A N C I N G C A P A B I L I T I E S 28 ⢠Culture ⢠Capability ⢠Capacity
- 29. S U N L I F E ⢠Putting Employees at the Centre D I G I T A L E N T E R P R I S E - A D V A N C I N G C A P A B I L I T I E S 29 Perspectives: ⢠Sharing the vision: OneSunLife ⢠Learning journeys by employee personas ⢠Seeking and giving feedback Positivity ⢠Tolerating failure, taking chances ⢠Enabling the teams, re-skilling, upskilling, creating opportunities ⢠Recognizing incremental improvements/building champions Performance ⢠Clarity and communication around expectations ⢠Fairness and Consequences (positive and negative) ⢠Flexing management style for traditional and agile teams
- 30. S U N L I F E ⢠Some examples⌠D I G I T A L E N T E R P R I S E - A D V A N C I N G C A P A B I L I T I E S 30 ⢠Designing learning journeys for different employee personas ⢠Embedding feedback loops ⢠Reinventing performance management ⢠Internal Opportunity Marketplace to launch â gigsâ beyond the traditional â Jobs ⢠Succession planning approach changing from â role basedâ to â pool basedâ ⢠Automation and AI to enhance the employee/ candidate experience (eg: TA tools such as AI resume screening tool)
- 31. 31 Malini Nagaria Programme Director, TDI Academy TDI Academy â learning for the digital age
- 32. 32TDI Academy â learning for the digital age Moving from the few to the manyNOW ASAP Specialist teams engaged in digital Business teams engaged in digital ⢠Administration / ops ⢠Claims ⢠Distribution ⢠Sales ⢠Marketing ⢠Pricing & Product Devt ⢠Risk Assessment ⢠Underwriting ⢠Digital ⢠Technology ⢠Innovation ⢠Partnerships ⢠M&A ⢠CVCs SPECIALIST TEAMS BUSINESS TEAMS CEOs want to broaden digital transformation to include as many people as possible
- 33. 33 Certificate in Digital Insurance (CDI) Online certificate Associate Digital Insure (ADI) âmini-MBAâ and business qualification Knowledge Portal & Community (Essentials) Opportunities for all to participate in digital insurance via the TDI Corporate membership Executive Digital Insurer (EDI) Learning & coaching for leadership teams âEnsuring the right level of digital insurance learning is provided to the right people at the right time, at the right cost and in the right wayâ Introducing TDI Academy â L&D on digital insurance TDI Academy website: https://www.the-digital-insurer.com/tdi-academy/
- 34. 34 TDI Academy - modern design principles FOCUSED Micro. Chunking. INTEGRATED Platform. Usage. O2O Coaches. Clinics. CONVENIENT Anytime. Anywhere. ACTIVE Blended. Challenging. UP-TO-DATE Dynamic. SMEs. ASPIRATIONAL Cert. Badging. SCALABLE Numbers. Markets. ROI Individual. Corporate. COLLABORATIVE Communities. Partners. CONTINUOUS Accreditation. Personal. CUSTOMISABLE Personal. Corporate. FUN! Differentiated. Experiential. TDI Academy â learning for the digital age McKinsey @ Davos 2020: âCorporations are becoming educators and making a commitment to lifelong learningâ Source : https://www.mckinsey.com/business-functions/mckinsey-digital/our-insights/digital-blog/reflections-on-technology-from-davos-2020
- 35. 35TDI Academy â learning for the digital age ADI Intro ADIASSOCIAT E Digital insurer 2020 https://the-digital- insurer.wistia.com/medias/sfpp42ai2e
- 36. 36 ADI overview TDI Academy â learning for the digital age
- 37. 37 ADI Programme â course lessons 1.1 The 4th Industrial Revolution 1.2 Our connected world 1.3 The power of Social 1.4 Changing consumer behaviour 1.5 More change coming 1.6 Why data is King 1.7 Cloud crushes costs 1.8 Insurance Re-Booted 2.1 Cloud 2.2 RPA, Machine Learning & AI 2.3 Blockchain 2.4 IoT 2.5 Chat & Voice 2.6 Immersive Technologies 2.7 APIs & Microservices 2.8 Tech Architecture best practices 4.1 Sales tools for agents 4.2 Underwriting â Life & Health 4.3 Underwriting â P&C 4.4 Product Development 4.5 Service & Administration 4.6 Claims â Life & Health 4.7 Claims â P&C 4.8 implementing value chain innovations 5.1 Platforms & Ecosystems 5.2 Microinsurance 5.3 On-demand & connected insurance 5.4 Comparison Sites 5.5 Peer-to-Peer 5.6 Health & Wellness 5.7 Commercial 5.8 Building new digital business models 6.1 Data led marketing 6.2 Direct digital marketing 6.3 digital marketing for advisors (o2O) 6.4 Power of content 6.5 Omni sales & servicing 6.6 Customer lifetime value & customer advocacy 6.7 UX & CX 6.8 Out-of-industry use cases 7.1 Why Strategy beats execution 7.2 Regulations and ethics in a digital world 7.3 Transforming the old vs building the new 7.4. Partnership, Investing and Acquisition strategies in a digital world 7.5 AGILE & LEAN basics 7.6 Change Management as a discipline 7.7 Cultural change for a digital world - Digital as DNA 7.8 How to succeed when most transformations fail 3.1 The Power of Data 3.2 Python basics 3.3 Python intermediate 3.4 Data visualization & example tools 3.5 Machine learning (+ a little bit of deep learning) 3.6 D&A use cases in P&C 3.7 D&A use cases in Life & Health 3.8 Predictive Modelling TDI Academy â learning for the digital age
- 38. 38TDI Academy â learning for the digital age ADI & CDI compared Personal Mentors Weekly Discussion Groups Business Related Assignments Certificate on digital insurance âmini-MBAâ & business qualification on digital insurance ADIASSOCIATE 2020 1-3 Months Self-paced 6-9 months Cohort based 100% virtual 7 Courses each with 8 x1-hour lessons Quick Fire MCQs After Each Lesson Company branding & customisation options for TDI members Personalised by participant âselect and complete minimum of 50% of lessons to earn certificate Life-long learning and membership of a global TDI network. All connected digitally Shared elements
- 39. 39 Participant Feedback on ADI - what they like & learn TDI Academy â learning for the digital age ADI Differentiators 1. âDigital firstâ not digital only nor face-to-face only 2. Insurance relevant 3. Outward looking 4. Constantly refreshed 5. More than knowledge and learning
- 40. 40 Panel Q&A TDI Academy â learning for the digital age
- 41. 41 Snap Poll 2 â tell us what you think! Q. What do you think the biggest challenge is expanding L&D on the impact of digital on insurance as part of a medium-term cultural change programme? Response options: 1. Digital is not seen as a strategic priority 2. Co-ordination and CEO leadership to ensure taken seriously 3. Logistics â finding the right programmes 4. Not able to switch existing L&D budget to digital insurance education TDI Academy â learning for the digital age
- 42. 42 Panel Q&A TDI Academy â learning for the digital age
- 43. 43 43
- 44. 44 TDI Corporate Members Contact us if you would like further information on our Corporate Membership Plans TDI Academy â learning for the digital age
- 45. 45 FORMAT ⢠One session per month ⢠Virtual learning and knowledge sharing ⢠Reviewing selected ADI lessons â extract from recordings ⢠Panel discussion, Q&A and poll ⢠75 minutes long ⢠Members Auto registered ⢠Email reminders ⢠LIVE ONLY ⢠CORPORATE MEMBER ONLY â free Wed 25th June @12.30 SG/HK Wed 27th May @12.30 SG/HK 2.1 SMAC as a baseline 2.2 AI, Machine Learning & RPA 2.3 Blockchain 2.4 IoT 2.5 Chat & Voice 2.6 Immersive Technologies 2.7 APIs & Microservices 2.8 Tech Architecture best practices TDI Academy. Learning for the digital age. coming-up for corporate members 3.1 The Power of Data 3.2 Python basics 3.3 Python intermediate 3.4 Data visualization & example tools 3.5 Machine learning (+ a little bit of deep learning) 3.6 D&A use cases in P&C 3.7 D&A use cases in Life & Health 3.8 Predictive Modelling If you company is a corporate member make sure you have access
- 46. 46 2020 Innovation Awards Agenda (SG/HK time) 3:00pm 2020 InsurTech Innovation Awards â 6 x 5 minute pitches plus Q&A 4:15pm Panel Discussion with InsureTech Connect Asia â Ecosystems in China 5:30pm 2020 Insurer Innovation Awards â 6 x 5 minute pitches plus Q&A https://www.the-digital-insurer.com/event/insuretech-connect-tdi-2020-innovation-awards/
- 47. 47 TDI Academy programme âEnsuring the right level of digital insurance learning is provided to the right people at the right time, at the right cost and in the right wayâ ADI â 3rd Cohort - September (enrolment open) CDI â On demand. Can upgrade to ADI in September (guarantee options available) EDI - For insurance leadership teams (please inquire)
- 48. 48 Snap Poll 3 â tell us what you think! Q. What is your interest in the participating in a TDI academy programme? Response options: 1. Yes - for both myself and my company 2. Yes - for my company 3. Yes - for me only 4. Maybe in the future TDI Academy â learning for the digital age
- 49. 49 Feedback please! Three ways ď§ At end of webinar using survey ď§ When you receive the recording link ď§ To TDI and panellists individually
- 50. 50 Contact Details Hugh Terry hugh.terry@the-digital-insurer.com Simon Phipps simon.phipps@the-digital-insurer.com Sara Roberts sararoberts220@gmail.com Debbie Mannas debbie.Mannas@sunlife.com Malini Nagaria malini.nagaria@the-digital-insurer.com TDI Academy â learning for the digital age
- 51. 51 Putting people skills and cultural change at the heart of digital transformation of the insurance industry 6th May 2020 Thanks for your time! (feedback please)