A major challenge for brokers is keeping up with the pace of global change and the rate at which technology is advancing. It can be daunting for carriers and brokers to meaningfully transform their business to compete in the on-demand economy. But change is needed, and it’s already happening. So let’s get started. Here is a 10-point checklist to stay ahead of change:
- EVOLVE YOUR APPROACH: Look for ways to restructure your organization and team to focus on data intelligence, automation and the move to the on-demand economy.
- ADOPT A CLIENT-CENTRIC POINT OF VIEW: Put the client at the center of everything you do. The tipping point for your brand is what you can do to positively affect your clients’ experience.
- AUDIT EXISTING SYSTEMS AND PROCESSES: Identify areas of your business that are vulnerable to disruption.
- LEVERAGE REAL-TIME DATA TO IMPROVE THE CUSTOMER EXPERIENCE: Beyond operational data and metrics, look for ways to leverage real-time data to close the experience gap—for example, by immediately addressing any customer dissatisfaction expressed in real time on social media.
- COMMIT TO DIGITAL AND MOBILE: There’s no time for second-guessing. If you haven’t gone all-in on digital, mobile and intelligent automation, you’re already behind.
- STREAMLINE THE PATH TO SUCCESS: Remove obstacles and barriers to change. If there are silos in your company that will inevitably slow the process of change, work to more elegantly bridge the gaps between them.
- INSTILL A SENSE OF URGENCY: Leaders set the tone for the rest of the organization. Establish a culture that rewards action and embraces change. It all starts at the top.
- PARTNER UP: There’s no need to do everything yourself. Look for strategic partnerships to make up for organizational gaps.
- DON’T DRINK YOUR OWN KOOL-AID: A focus group of one is going to get you nowhere. Take stock of what’s happening in your industry, assess and test your ideas, and make moves accordingly. Let the market decide your strategy. Talk to your clients. But more important: listen to your clients.
- ALIGN INTERNALLY: Make it known that your organization is change-focused by spreading the messaging across all levels and departments. Align everyone within the organization toward shared goals to achieve business results.
Those who understand the depth, breadth and radical nature of the change and opportunity that’s ahead will be best able to reset their biases accordingly, shape their new world, rise to the new leadership challenges and thrive.