3 Truths of Operational Excellence in Insurance

646x224On October 26 through 28, some of the leading minds in the Insurance industry will gather to discuss, brainstorm, and debate topics related to Operational Excellence. As the primary sponsor of the Operational Excellence in Insurance Conference, we have had the opportunity to engage with the Process Excellence Network in shaping the subjects and speakers. What we learned through this experience has validated and confirmed a lot of our findings this year, including:

Everyone struggles with sponsorship and leadership when it comes to implementing change and making it stick. In 2015, NEOS conducted two informal surveys through various LinkedIn groups, asking practitioners to cite their biggest challenge in implementing new processes or executing large-scale programs. An overwhelming 73% of respondents chose sponsorship as the most likely reason for the failure of an initiative. As we spoke to prospective conference-goers, the questions, “How do I engage an executive sponsor?” and “What makes an effective sponsor?” rose to the top of the list. There will be several panel discussions and presentations touching on these and related questions.

Linking operational excellence initiatives to strategy is hard to do. In our webinars and as part of the intelligence-gathering for this conference, we heard loud and clear that leaders in the insurance industry want to learn how to effectively link initiatives to overall business strategy not only at the beginning of a program but throughout its lifespan. It seems that no one has cracked the code on how to crisply define program milestones in terms of the value they deliver in relatable business terms. During the conference, this theme will thread through many of the presentations.

Digitalization of process is unavoidable, especially for “analog” organizations. The Insurance industry is not known for its agility or cutting-edge technology, but it’s going to have to get there. Disruptors like Google and Amazon are beginning to play in our space, and Geico and Progressive have proved that disruptive technologies can be successfully deployed. Several sessions on the conference agenda will focus on technology trends influencing operational performance.

The OPEX in Insurance Summit will bring together speakers from across the industry to address these and other challenges Representatives from Guardian, Lincoln, AXA, TIAA-CREF, Blue Cross Blue Shield, EmblemHealth, Chubb, and XL Catlin (and others) will share their experiences and lessons learned through discussion, workshops, and presentations. As a member of the NEOS community, use the discount code NEOS20 to receive 20% off your registration. Visit http://www.operationalexcellenceinsurance.com/ for more information. We hope you’ll join us!