It seems that the only constant in the insurance industry these days is change. The emergence of new technology and “big data” are altering the way insurance carriers conduct business. Long gone is the time where people relied on an agent to buy an insurance policy.
In several of our recent engagements we have witnessed first-hand the enormous amount of pressure on CEOs to meet the stringent demands of both stakeholders and customers. One such demand that continues to be a top priority for executives is employee productivity.
Many major banks are suffering declines in trading revenue amid an environment of tranquil markets and stringent regulations.
Organizations dealing with rapid changes are often plagued with inconsistencies that limit production and produce erratic results. So why not devise a plan to stop wasteful practices and become more productive? Sounds easy enough, however gaining employee acceptance of a new approach can be extremely challenging. Two key elements must be considered for a large-scale project such as this to be a viable option: behaviors and change management.
Every year hospitals waste millions of dollars on misused or overused items, such as disposables, general supplies, laundry, uniforms and food. Changing a wasteful culture starts with identifying and correcting processes that that are detrimental to the inventory management process. However, this type of change is easier said than done. It is often difficult for hospital executives to implement a new framework of operations on every floor – they neither have the time nor the resources to execute a plan of this size and scope.
It seems obvious enough that excellent customer service is something every bank, or any public-facing business for that matter, should strive for. With so many options for customers to choose from, customer service is the "x-factor" that banks need to stand out from the crowd. To the average person, banks all look the same from the outside, but it's what's on the inside that will keep them coming back for more.
Recently, members of the Alexander Proudfoot North American team had the privilege of working with the United Way of Greater Atlanta to assist homeless veterans living in Atlanta. The joint team's objective was to assemble "welcome home" kits for local vets in the process of moving into transitional housing. It was an extremely rewarding experience for everyone involved.
Due to the influx of patients caused by health care reform, doctors barely have enough time to see patients let alone pharmaceutical sales reps. Since the chances of spending quality time in front of a doctor are now few and far between,
Over the years, many chief executives have voiced their frustration with the process of transforming a vision into reality. One CEO in particular compared it to a high-performance sports car without any gas. By the same token, the "fuel" is often missing from an executive's ability to drive multiple initiatives that move a company forward. The key is overcoming gaps that exist between a company's current state and desired future state.
Understanding why so many change programs fail is an important step in driving successful change.
