Insurance, technology & everything in between

It’s no secret that the insurance industry has been hit hard by the coronavirus pandemic. Insurers are being inundated with general inquiries, claims across life and health are likely to bear the brunt of losses as a direct result of the pandemic and there is likely to be significant no-life exposures such as event cancellations and Cyber risks. And with insurers and the FCA in court over business interruption claims, it’s safe to say the insurance industry is under pressure and firmly in the spotlight.

While it would be tempting to freeze investment and cut costs in such a challenging financial year, those that will emerge winners in the industry will do the opposite. They’ll continue to invest in how they operate and create a more agile and digitally-enabled business. Customers expect it — in fact their expectations are higher than ever. New products and services are needed to support risk and deliver services in a new way. Innovation and design-thinking skills are going to be vital for insurance companies as we head into recession, but Innovation skills shouldn’t be limited to those in specialist departments — the insurance model relies on creativity at all levels and functions within the value-chain.

Introducing Mark Allotey, Channels Manager at RSA Insurance. Mark gets it. He recently attended our Innovation Starter Kit course to help him do just that. Curious to find out how he is going to take the training back into the business, Fluxxer Gemma grabbed him for 5 minutes to have a virtual coffee and a natter.

G: What are the challenges facing the insurance industry right now?

M: You’ve already hit the nail on the head. As an industry we’ve been hit hard by COVID on a number of levels. The one I’m focused on right now is transforming our technology and digital adoption, to help our people adapt to the new world of work. Most insurance companies have legacy systems and by its nature means they struggle to change quickly. One thing that lockdown did for many, is accelerated digital adoption, it showed companies can work quickly to change and highlighted the importance of having the right tools to do your job, work remotely and serve customers.

G: It’s a big transition for people but you’re right millions have worked from home overnight and companies have made it happen, quickly. So how are you helping your people make sense of what’s next?

M: As well as supporting our people in flexible working, my focus is channels and digital adoption. More specifically how we get our people to understand the importance of all the communication channels available, getting them on board with, and adopting, the new tools. Sounds easy right? I’ve seen many businesses launch new tools and do very little to help people understand how they use them and how they benefit from them. They spend a lot of money on shiny new things and people don’t get the point of them, and so they fail. People have preferred ways of working and preferred tools, my challenge is to give people tools to be productive, communicate and collaborate remotely in the new world of work, help people understand what’s next and why they should use them.

G: You recently attended our Innovation Starter Kit course, what did you hope to get out of it and are there any gems in the course to help you on your digital transformation journey?

M: I’d heard a lot about design thinking and the methodology behind it and I thought it could help me think differently — a bit more strategically, and also change the way I approach problems and tasks. I honestly learnt so much from it. The relentless focus on customers was a big theme throughout, and how customers should be at the centre of all thinking and decision making. It’s easy to say but it’s also easy to forget.

Some of the techniques were useful too; it wasn’t just looking at a powerpoint, it was about getting your hands dirty. We used live and relevant examples and worked through it step-by-step so it’s really practical, relevant and easy to apply.

G: What’s your biggest take away?

M: It’s ok to experiment and it’s ok to break things. You don’t have to get it perfect the first time.This is a biggie for the insurance world as there’s a bit of a culture of launching stuff only when it’s perfect, and its all about getting it right. The course helped me change my mindset and also to keep asking why, until you find the true answers, rather than doing or building something based on assumptions.

G: What’s the one thing you’ve put into action since you graduated from the course?

M: It’s been a busy time for the Comms Team as you can imagine so it’s been all hands on deck. Now I’m about to start the digital transformation journey project, I can start to really put design thinking and everything I learnt into action. The one thing I’m planning to change is my focus on testing and research. I planned to send surveys and create focus groups to get user feedback but now I know that there are different ways to test things like creating a BETA site or getting out there and chatting to people. Fluxx used a real life example when they worked with MORE TH>N on a new proposition for the Pet business and they got out and chatted to people in shopping centres to get real relevant and interesting insights. It’s given me the confidence to try a different approach.

G: Great to chat Mark, thanks so much for the virtual coffee and good luck with your project.

Head to our site if you’d like to know more about our Innovation Starter Kit training.

Gemma Slater is a Consultant at Fluxx. Stay tuned with all that’s Fluxx by following us on LinkedIn or signing up for our WTF Newsletter. Get in touch at Gemma.Slater@Fluxx.uk.com.