Novarica’s Weekly Virtual Town Halls have become a great way for us to bring our insurer client and Council community together. We are encouraged by the positive feedback received and the lessons learned along the way.
Novarica will continue these sessions every Tuesday from 1-2 PM EST through midyear. Each week’s Town Hall focuses on new and emerging issues, including what a return from “work from home” may look like and the impact that COVID-19 is having on insurers’ digital strategies.
Last week, two Novarica VPs were joined by a panel of insurer CIOs to discuss the ways in which IT leaders could drive change during a crisis. The conversation began with comments regarding the initial impact of COVID-19 and the transition to remote work. Our panelists remarked on the successful aspects of their virtual pivot, as well as the impact their quick actions had on future IT expectations and the success of their business partners. Insurers’ ability to adapt to the changing work environment gave many IT leaders a better seat at the table in recognition of the vital role technology plays in supporting critical operations, particularly in unusual circumstances.
Research Council members shared that CEOs and other leaders have become “addicted” to the speed at which new capabilities are being stood up and collaboration tools adopted, with CIOs and their teams as driving forces for change. Moving to remote communication was a chance for many IT departments to demonstrate their abilities and pleasantly surprise their business counterparts.
The conversation also touched on an increase in tactical strategy discussions that prioritized IT capabilities. Our panelists felt that their departments were no longer being seen as a tool to keep old systems running but more as a partner that could help shift and guide the company forward. The largest concerns panelists expressed included:
- How do we sustain the change that has occurred?
- Concurrently, how do we maintain the visibility and prioritization that IT has gained?
Since memories can quickly fade as new priorities emerge, it is crucial that IT leaders strike while the iron is hot. As our panelists shared, this is the time to build on the momentum created in the pandemic environment; it is not a time to rest on their laurels.
Another change from COVID-19 that our panelists remarked on was the clarity around the company’s overarching mission. For many insurers, it started as simply staying afloat and providing the best service for policyholders. The pandemic has forced insurers to refocus their strategy and review business initiatives separately, making sure each is pulling down hard on one of the Three Levers of Value.
Insurers also commented on how this crisis has opened their eyes to other possible situations and inspired them to think of scenarios they never thought of in the past. While insurers have seen productivity and collaboration improve during this crisis, panelists discussed ways IT could learn to influence strategy and help foster better, bigger, quicker outcomes for their organizations.
Next week, we will discuss “Changing Notions of Strategic Partners: Suppliers in the Future.” The new normal is coming fast… no time like the present to start getting ready.
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