Leading Change to Realise the Benefits of Insurance Market Modernisation

Learn the common challenges and key findings that were discussed at a recent round table event with Chief Operating Officers from London Market carriers, brokers and representatives in relation to market modernisation.

6th July 2016Blog

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Author: Northdoor plc

Date: 06th July 2016

Working on the accepted principle that the London Insurance Market will modernise, Northdoor held a round table to explore how London Market insurers can lead, plan, implement and sustain change within their organisations in order to fully benefit from the current market modernisation programme: Target Operating Model (TOM).

The attendees were Chief Operating Officers from London Market carriers and brokers and representatives from the TOM programme.

Best Practice Peer and Guidance

Dr Arnoud Franken, Senior Lecturer in Strategy and Change at Cranfield School of Management presented an expert view and guidance on successful change leadership in organisations. The presentation was followed by a round table discussion with the attendees to explore how these best practices can be adapted and applied to their organisations, to successfully implement the changes from modernisation and TOM.

Common Challenges

The group shared their key challenges, many of which were common, such as:

  • People: getting the right skills, attitude, motivation
  • Balancing BAU and change
  • Stakeholder diversity and multiple viewpoints
  • Using technology as an enabler, not as the answer
  • Future-proofing of decisions and actions

Key Findings

The round table discussion highlighted the following:

  • Modernisation of the market is critical to its’ long-term survival
  • There are “laggards / late adopters” waiting on the side lines or not wanting change. The “innovators / early adopters / early majority” need to be used to drive the change momentum
  • Finding the motivation factors is a challenge and also key, e.g. showing quick wins, highlighting the benefits and the main, over-riding benefit such as writing more and better business
  • Clarity  and understanding is needed across the market, e.g. on the vision, benefits and future priorities of TOM, how these relate to company strategic objectives, etc.
  • Common consensus across the market will not be reached, e.g. broker v. carrier interests, so need to make a compulsion at some point.

Our Role

As a major provider of policy administration, data and security solutions to the London Market, Northdoor has contributed feedback and thought leadership to support the TOM programme development and continue to be involved across the current programme initiatives, such as Structured Data Capture.

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