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Business Transformation through Value-driven Prioritisation
Business Transformation through Value-driven Prioritisation. Constant change is the only constant! And for an insurance company change is a challenge.
”It’s not necessary to change. Survival is not mandatory”!
This quote by corporate performance and quality guru W. Edwards Deming from the 80’s is a classic but extremely valid even today.
Change is a challenge
Constant change is the only constant! And for an insurance company change is a challenge. Staying profitable and growing the business in a competitive and complex market with constant change makes high demands on the company to start new initiatives and improvement projects to keep the organisation strategically agile and the IT platform fit for fight.
Prioritise on the basis of value
In some cases more radical improvements require major transformations of processes and technical platforms. To be successful it’s important to prioritise those projects on the basis of value they bring to the business both in the short and in the long term while also factoring in the constraint of resources in the organisation. In TIA we often hear of this challenge when talking to our customers. That’s why we have developed the “TIA Prioritisation Framework”.
Maximise business value
The idea behind the Prioritisation Framework is to help insurance companies align their strategy with the initiatives which receive the highest priority within the organisation. Furthermore, these initiatives must maximise business value for the insurance company with due regard for resource limitations.
The driving force behind most transformations can be linked to this set of “Closer to Customer” strategies:
Analysis “feels the pulse”
The approach we use for the Prioritisation Framework is a short, intensive process kicked off by an analysis (questionnaire) which provides input for a workshop. This analysis “feels the pulse” of the insurance company, while also identifying where the company would like to be in 2-3 years, by looking at a number of strategic areas. By asking questions related to operational excellence, product optimisation and customer service in addition to more customer-specific questions, we capture the relevant information to prioritise between the initiatives.
Typical respondents are the insurance company’s senior managers and executives. The results from the analysis are subsequently discussed in-depth in a Prioritisation Workshop facilitated by TIA.
The analysis and the workshop provide valuable input for an insurance company launching a transformation process or having many simultaneous improvement projects planned or active at one time.
The Prioritisation Framework helps you:
highlight the gaps between today and 2-3 years from now
highlight potential differences in opinion between people and departments, and ensure strategic alignment in the management team
deliver a high level business case/value assessment for all major initiatives
facilitate the discussion of and decision on how best to close the gaps and in what order
The results of the analysis are typically presented in a spider web diagram:
After the workshop TIA provides a diagram with recommendations for system enhancements or process actions to build the capabilities and close the gaps:
Help to succeed
In summary, the TIA Prioritisation Framework is a service for TIA Customers and potential customers to help them succeed in the very difficult game of prioritising time, money and resources during a transformation phase or when deciding on a TIA upgrade.
Contact firstname.lastname@example.org for further information on the Prioritisation Framework.