We’re all aware of how many opportunities there are for us in the insurance sector. But in a large corporate with established systems and processes, effecting change can be difficult. You exist with systems and processes which have served you well – in our case for over 300 years. But those aren’t the same systems and processes that allow you to get new stuff to market.
How can you actually get new initiatives and ideas off the ground? Here’s what I’ve found is helpful.
Establishing an organisational contract
- Have a clear purpose. What’s the specific reason you want your team to exist? Steer clear of distractions.
- Control the important stuff. Don’t rely on the functional structure of your organisation. Instead, request and control the resources you need. Have people who can get things done and move your project forward every day.
- Get executive sponsorship. Keep telling your story and have a body of people at senior level who know what you’re doing, believe in you and are happy to invest.
Setting up the team
- Hire great people. You need diversity, tenacity and commercial sense. Be ruthless if you need to – some people won’t be a cultural fit, so hire for attitude as well as capability.
- Have an end-to-end mind-set. You want a group of people who’ll take ownership of the project – people who are relentless in their pursuit of it and want to be involved throughout the whole process.
- Partner for success. Build up the skills you don’t have – partner with good people and remember what you wanted from the partnership to get the value from them.
Executing the project
- Watch and listen. In this fast-moving world, you need to know what’s going on. But have a focus and don’t get distracted. Organisations often try to do too many things and that slows them down.
- Get a minimum viable product out. Be fast to market, get feedback and evolve and refine along the way. Until you launch, you won’t know which areas need most work.
Manage the corporate antibodies. Be aware that if you’re a part of the organisation that behaves differently to the rest, they’ll subtly try to bring you back in line.