The Journey to Successful Operational Transformation

In the mid ‘90’s, Peter Walker from McKinsey & Company, wrote a white paper called The Journey that looked at the fundamental drivers of success. These drivers included product management, underwriting, claims, financial discipline, market management and more.

During the past ten to fifteen years, insurers have focused on these building blocks of operational performance but much of the focus has been on transactional excellence in underwriting, claims, financial discipline around geographic and product market management and capital management.

Though product management is a fundamental driver of success, companies have been slow to invest. The winners in the insurance industry will not only need enterprise agility, but also product agility to address the new reality of a rapidly changing environment.

Kathy Woodliff, CEO, Woodliff Global Consulting, has devised a Product Agility Diamond Framework similar to an enterprise or business agility approach that has core components integrated and concurrently managed for successful operational transformation.

To read more regarding her Product Agility Diamond Framework and the drivers to focus on for operational transformation, click here.

As for why insurers have been slow to invest, why do you think this is? Is it because product management improvements are difficult to measure?  Is product growth not a priority?

Though product management is a fundamental driver of success, companies have been slow to invest. The winners in the insurance industry will not only need enterprise agility, but also product agility to address the new reality of a rapidly changing environment.