Post by account_disabled on Jan 1, 2024 11:16:01 GMT 7
LIMRA joins BCG to release new survey results Indicating that senior executives have changed views on priorities The survey, which is conducted every two years, reveals that Change Management has become the top challenge for senior insurance executives around the world. Followed by improvements in customer experience. As economic, technological, regulatory and consumer changes pressure insurance companies to reevaluate their business models, LIMRA and Boston Consulting Group (BCG) surveyed more than 500 senior life insurance executives in 62 countries. Nearly 1 in 5 is the CEO or managing director of a company. To find the most challenging External drivers that have the greatest impact on business and future priorities The survey results are presented today in the report "What's On the Minds of Life Insurance Executives: Managing Change in a Customer-Focused World."
Change management is the greatest challenge within organizations for life insurance Buy Bulk SMS Service business executives who must develop their organizations to keep up with rapidly changing business conditions. The survey found that 1 in 3 executives view change management as their greatest challenge. This is a significant change from survey results in 2015 and 2017, where most executives viewed managing top talent as their top challenge (Chart 1). Dr. Alison Solka, senior vice president and president of Director of LIMRA Research said, "Amidst the current business conditions Executives are realizing that having a talented workforce is not enough to deal with the external drivers of changing business conditions. To change the entire organization Executives must cultivate an organizational culture to fully support change. and be able to cope in the long term" in order to better manage changes in the organization.
Life insurance companies must improve the customer experience. Nearly one in four executives say that improving the customer experience is the top challenge for their company. Major companies are now using cutting-edge IT and data capabilities to analyze customer behavior. Adjust products to meet customer needs and sell related products Other companies are acknowledging the need to invest in these technologies to compete for customers' attention. Tim Calvert, managing director, partner and global head of BCG's life insurance business, said: "Life insurance executives have long recognized that Organizational changes must be made and new digital technologies introduced. Let's use it to improve the customer experience. Raise the level of operations to be more efficient Including developing products that better meet customer needs. And the survey shows executives are ready to act.” External challenges drive change. As life insurance companies prepare to change that There are external factors that stimulate change as well.
Change management is the greatest challenge within organizations for life insurance Buy Bulk SMS Service business executives who must develop their organizations to keep up with rapidly changing business conditions. The survey found that 1 in 3 executives view change management as their greatest challenge. This is a significant change from survey results in 2015 and 2017, where most executives viewed managing top talent as their top challenge (Chart 1). Dr. Alison Solka, senior vice president and president of Director of LIMRA Research said, "Amidst the current business conditions Executives are realizing that having a talented workforce is not enough to deal with the external drivers of changing business conditions. To change the entire organization Executives must cultivate an organizational culture to fully support change. and be able to cope in the long term" in order to better manage changes in the organization.
Life insurance companies must improve the customer experience. Nearly one in four executives say that improving the customer experience is the top challenge for their company. Major companies are now using cutting-edge IT and data capabilities to analyze customer behavior. Adjust products to meet customer needs and sell related products Other companies are acknowledging the need to invest in these technologies to compete for customers' attention. Tim Calvert, managing director, partner and global head of BCG's life insurance business, said: "Life insurance executives have long recognized that Organizational changes must be made and new digital technologies introduced. Let's use it to improve the customer experience. Raise the level of operations to be more efficient Including developing products that better meet customer needs. And the survey shows executives are ready to act.” External challenges drive change. As life insurance companies prepare to change that There are external factors that stimulate change as well.