P772 - PROGRAMME ON MANAGING TURBULENT BUSINESS ENVIRONMENT (NON-LIFE)

 Before you can win in the marketplace, you have to win in the workplace changing thinking before changing things

 Background

The insurance industry landscape is fast undergoing change. Today the industry boasts of 24 life insurance players and 34 general insurance players. The industry landscape has undergone rapid changes in less than two decades since liberalisation.  The general insurance industry is a highly competitive market with private players having exceeded the market share of government owned players. The loss ratios of govt. players are considerably higher than that of private players.  The players also carry a disproportionate share of the negative underwriting experience. Many of the private players have merged and the some of the government players are also slated to merge which will create its own set of issues around different cultures, skill sets, approaches to technology etc. The market has recently seen the entry of digital players like Digit Insurance and Acko that are redefining the industry. Other private traditional private players are adopting the norms and practices of these players.

The insurance marketplace is characterised is incredibly complex and chaotic. The markets are now customer led rather than seller driven or monopolistic. Data is becoming a key organisational resource to gain competitive advantage. Fully digital offerings from companies like Amazon, Flipkart, and Uber have totally changed the customer expectations. Interestingly the rate of technological change is faster than the capacity of people and systems to collaborate. Besides leading to governance gaps, many managers experience a sense of disorientation or being overwhelmed.

Traditional insurers are struggling with enormous complexity, plethora of regulations, products, customer segments, risks, distribution channels, technologies etc. Insurers have also focussed more on internal organisational efficiency metrics like market share, revenues, costs etc. Customers are usually not concerned with these metrics. As a result, insurers are generally not meeting new customer expectations.

To compete effectively in the changed marketplace, senior leaders need to think differently, engage differently and act differently. Every manager needs to become a change-agent by consistently updating understanding of the changed environment, and build adaptive, cognitive tools that enable them to perceive, contextualize, communicate, and act with new levels of agility and depth. The programme seeks to provide approaches that participants can use to identify outdated mind sets, new mind sets, factors preventing change and how those can be overcome. The programme will share practical approaches and techniques to initiate new conversations so as to lead and manage change in their work units/organisations.

Objectives

By the end of the two-day training course, the participants will have:

  An appreciation of the nature of numerous changes in the marketplace and their impact

  The prevailing limiting beliefs/mind sets and organisational practices that may not be suitable for the changed marketplace

  The new mind sets and organisational practices that are required to survive and thrive in the changed marketplace

  Identify factors that prevent change

  Identify ways they can develop new mind sets and help team members cope with change

 Contents

  Nature and characteristics of turbulent business environment

  Common mind sets and organisational dysfunctions that prevent change

  New mind sets and organisational practices for market success as well as change management

  Insights from Neuroscience and other fields on change

  Reasons people do not effectively participate in organisational change

  Lessons from change management

 Participants Profile: Officers in the Scale III, IV, V in the ROs, HO

 Duration:       2 days

 Dates:             21.07.2022- 22.07.2022