ProjectsCreating a governance strategy for insurance company

Creating a governance strategy for insurance company

March 10, 2021 by Marcela Marín Salazar
For centuries insurance companies have been changing the way they work and the way they provide services for their customers.

For centuries insurance companies have been changing the way they work and the way they provide services for their customers. They are one of the oldest businesses in history and had been known as a slow-paced industry, believed to be down by manual and laborious processes. It's a given that the traditional ways are slowly transforming into the digital world as innovation is crucial for any company trying to succeed in this century. These companies need innovative solutions to stand out from the competition, retain customers, and increase customer lifetime value.

One insurance company that has withstand the challenges of the fast-paced societies is now looking for a new challenge. This giant has been known for solving complex risks by merging a strong platform with data-driven insights. They are empowered to deliver exceptional client service. Today, this company stands in front of an audacious adventure in which they are faced with great strategic challenges. Many inquiries have been outlined to reach a solution.  What leadership to promote? What is the strategic positioning of the company in Spain? How the design of the governance model going to be? And lastly How will the team design the strategy?

To solve the mentioned problems above, Opinno will accompany the company in this process of co-creation of governance and strategy, by putting at their disposal Opinno´s expertise and knowledge of strategic design, innovation and transformation, to establish the lines of action that succeed in bringing the strategy into line with the reality of the Spanish market. 

To achieve the main objectives, establish governance and the most important strategic challenges for the brand, there are four steps to follow. The first one consists on the alignment, establishing the focus point of the brand regarding governance and strategy. To do so, it is essential to understand the company's context in depth to be able to adapt the session design to the circumstances of the company. To follow, there is the design, creating a first trial model for the governance approach of the brand in Spain. It also includes designing the dynamics of the co-creation session to gather all the necessary ideas from the people involved in a first strategic vision and governance model.

Design Thinking Opinno 
The third step, and one of the most critical, revolves around a session of Design Thinking to involve the offsite participants in the design of the strategic plan and governance model through the contribution of inputs. Lastly, the finishing step belongs to the Model Definition phase, which has the objective of analyzing all the information produced during the co-creation session and create the final model, corroborating the results with the decision-makers in order to adapt it as much as possible to the reality of the company. 

Through the steps mentioned, the company is able to establish the line of action that allows them to implement the strategy and be relevant with the reality of the Spanish.