You’ve made it to the final instalment of the business leadership series. Your business model is sound, the vision is set, and the operation is running – but how do you keep your people motivated and ready to do their best work, day after day, month after month, year after year?
Parts 1-5 of this business leadership series helped you set the foundation to run the business successfully. Now you are ready to zero in on the challenges and opportunities that will have the biggest impact on your customers and on your bottom line. It’s time to put words into action and start running the business each day.
In part 1-4 of this business leadership series you’ve investigated the business structure, identified the gaps and communicated a clear and vivid vision. Now, it’s time to start thinking about how you can improve the financial results of your business. In part 5, you will analyze and identify what you can (and should) focus on in your business to make it profitable. In other words, you have to find the key levers that drive results and that you have control over.
As you reach step 4 of this business leadership series, we return to the idea that every business has several key constituents. And, importantly, these constituents all have a different focus.
Absolutely essential in your role as business leader is inspiring everyone involved in your company to achieve higher and higher levels of success by: creating the vision. After implementing part 1 and part 2 of this Business Leadership Series, you now have a solid understanding of the company, and should be ready to paint a picture of the future.
The second instalment of the Business Leadership Series offers a structured guide to go deep and get a good, close look at the current state of your organization from a number of different perspectives. Now that you’ve got a grip on the business model, based on part 1 of this series, and a high-level view of the organization, it’s time for a more detailed look at what’s happening.
I’m excited to introduce our latest blog series – this time, we’re giving a crash course on business leadership, geared toward intermediate level professionals. Imagine you were suddenly promoted from your current role to running the entire business – this series will provide a step-by-step guide and tried-and-true strategies for how to succeed and lead from the top. It also provides a great refresher for business leaders moving to a new organization or seasoned executives looking to get back to basics and direct their company toward an ambitious goal. We’ll help you understand how to run your profit and loss (P&L) center – and provide tactical steps on how you can do it successfully.
As much as technology promises to be a boom to the life and health insurance industry, our business is a still very much a people business. While Artificial Intelligence (AI) offers opportunities to streamline our risk management processes and improve the customer experience, the core of what we do is driven by humans handling complex decisions and nuanced interactions.
The insurance industry is undergoing rapid digital transformation fueled by the average consumer’s desire/willingness to engage online. In a study released by EY Global, 80% of customers said they were willing to use digital and remote channel options for different tasks and transactions.
Digitization has the potential to dramatically increase customer engagement at a lower price point – both perennial challenges for the industry. It also has the potential to improve the underwriting process, leading to a better overall customer experience. Nevertheless, digital transformation requires more than simply applying technologies to current processes.
Managers tackle diverse responsibilities and competing deadlines – but the most important thing they manage is their team. In order to get the best performances from individuals and create a unified team, managers need to be well-versed in effective feedback strategies. Connecting with people and providing feedback that resonates is a critical skill to achieve your goals and get results.