Leadership Critical During Transformational Change

The insurance industry is experiencing significant change: core transformation efforts are on the rise, the demographics of the US workforce and customer base are shifting, and InsureTechs and new technologies are changing the way people engage with insurance. Having skilled and committed leaders pushing a carrier forward is always important, but it is especially critical in times of transformation and organizational change.

One key skill that great leaders share is transparent communication. Demand is increasing, in particular among younger employees, for frequent updates, interactions with leadership, and opportunities to get involved in a company’s broader mission. Employees also seek bi-directional communication, where their feedback and ideas have value.

This need for alignment extends past IT to the business as a whole. CIOs should consider how to articulate the importance of IT’s role and how it directly supports the company mission overall. If IT and business leaders can develop a true partnership, others in the organization can follow their example. Novarica continually sees successful IT initiatives characterized by this sense of collaboration, having a clear articulation of target value and benefits, consistent executive support, and effective multi-stakeholder communications.

Management and technical skills are equally important, and carriers need people with both skillsets to succeed. However, not everyone is comfortable in a leadership role, and not everyone is highly technical. Recognizing the individual skills and assets of each team member and placing them accordingly is critical to building an effective team. Creating career paths that allow for growth in responsibility, education, title, and salary for every skillset can allow people to flourish and contribute to their fullest.

Senior leadership has great power to define company culture and drive productive innovation. Setting the appropriate tone for the working dynamic will pay dividends in employee satisfaction, productivity, and commitment. This includes encouraging and promoting a healthy work/life balance, especially when employees’ time is strained during a transformation. Employees need to feel safe and comfortable taking risks in front of their supervisors and peers. Leadership should encourage this by sharing ideas and feedback and by separating innovation from “business as usual” activities.

Communication, empathy, and the ability to relate to all employees on a human level requires an authentic approach from leaders with keen emotional intelligence coupled with business acumen. Leadership during business as usual is a driving force; leadership during times of great change can be the difference between gaining competitive advantage and becoming obsolete. To learn more about the leadership tactics necessary to realize transformational change, see Novarica’s recent brief, IT Leadership and Transformational Change: Key Elements.

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