Five golden rules for a high performing culture in the insurance industry
In a period of unrelenting change, culture can be your greatest ally or your biggest enemy. How can you actively shape your culture and use it to your competitive advantage?
Organisational culture can sometimes seem like an afterthought, when there are so many economic, structural and market challenges to contend with. But to tackle these transformational issues most efficiently a corresponding change in culture is required, by which we mean ‘how things are done around here’.
Indeed, a more agile, innovative, risk-conscious and customer-centric culture is set to be the primary competitive differentiator in the new landscape – if you want to spur real change and deliver real value, look at your people and the environment in which they operate. Moreover, while regulators were once reluctant to impinge on culture, it’s now at the top of their agenda as they seek to instil greater risk awareness and tighter safeguards for customers.
‘Insurance 2020: Unleashing the value from values’ explains that you have to identify people’s most telling habits and routines and actively shape them. The key to achieving these are what we believe are the five golden rules of a high-performing culture.
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