The insurance industry is a rather traditional industry. Major transformation was not an important issue for decades. However, this is going to change now. Among the transformation drivers are changing regulations, the financial crisis, changing customer perceptions, and digitalization – just to name a few. In this article we present results from explorative studies with industry experts and consultants. We discuss major challenges for insurance companies which are dealing with two very different markets, with a very special product and with IT innovation as a constant challenge. We outline types of transformation that we have encountered, e.g. industrialization and standardization, outsourcing and acquisition. Finally, we sketch some fields where insurance companies need to engage in order to achieve transformation readiness, including reduction of complexity, governance, and incorporating appropriate human transformation resources. Continue reading
This month’s case offers you to find out how more than 9,000 insurance sales agencies are transformed to be more customer-oriented. Additionally, learn about the sales transformation at Allianz! Continue reading
Allianz SE is the largest insurance group in Germany. To keep its leading position, Allianz Germany has committed to Pro3, a program which will bring customer-oriented consulting to a new level. The reasons for this step are the ever changing circumstances, new media and technologies, as well as increasingly discerning, responsible, and highly involved customers in a saturated market. Those customers want financial service providers who are genuine, unassuming, and down-to-earth, but who also align their services entirely on the ideas, visions, and aspirations of the clients. The transformation of the biggest German sales organization has just recently begun.