Whether you are playing a board game at home or working on ways to accelerate your digital insurance strategy, you need to build sound strategies that have proven results against your environmental and competitive threats.
Last year at Christmas time, I wanted to find some unique games to play with my grandchildren, even though they look at me like I am a two-headed alien when I suggest playing anything that doesn’t require a smartphone. While shopping, I came across a gaming store that, to my surprise, wasn’t selling electronic video games but endless board games. I was so excited! I could have bought several board games, but I chose just three;
- Pandemic A board game where teams work together to try to build plans to save the world by stopping a virus from becoming a pandemic. A great test of teamwork, strategy, and swift actionable planning as teams work to gather resources for cures. I know…..kinda eerie… not knowing that months later we would be living during one of the most challenging pandemics of all time.
- 1830The Game of Railroads and Robber Barrons. 1830 is a strategy game where the only element of luck is determined by the initial play order. Players seek to make the most money by buying and selling stock in various rail transport companies to maximize personal wealth before the game ends. It tests the player’s abilities in decision-making, timing, and competitiveness.
- Othello A strategy board game for two players and one of my favorites. The player with the most pieces on the board at the end of the game wins. To be successful at Othello, you need to be able to learn strategies, tactics, and analytical skills.
It may be a coincidence, but all three of these games sharpen the skills that I use in my everyday work life. In truth, many insurance executives leverage these same tactics to drive success in their companies including…
- Critical Thinking Skills
- Decision-Making Skills
- Problem-Solving Skills
- Analytical Skills
- Interpersonal Skills
The Framework of a Winning Strategy
Heading into 2021, similar to those discussed while mastering board games, it will be more critical than ever for insurers to develop winning strategies where they apply these skills to their planning if they want to thrive in the new normal.
One of those winning strategies insurers have already been working on for some time but now need to accelerate; digital transformation. When PWC reported about insurance strategy in a COVID-19 world, they noted that it will be critical to accelerate the digital transformation strategies in place:
- Prior to the pandemic, insurance companies already had a digital transformation roadmap in place and were beginning to act on it. Today, in order for them to stay competitive, their timeline had to be pushed up, giving them just under two years to build a digital ecosystem.
- Technological advancements in content services platforms have made it possible for insurers to be more nimble in addressing the ever-changing landscape including meeting consumers changing expectations and facing the competitive pressures in the market.
Automation tools within these platforms provide a framework insurers can adapt to fit their current processes and increase efficiencies while providing a means to achieve digital transformation more rapidly than their previously laid plans. Modern content services platforms also provide the best foundation necessary for effective integration with modern core system platforms and to adopt new technologies like robotic process automation and artificial intelligence.