Change Management in the Life Insurance Industry

April 20, 2021 at 11:00 AM / by Ibhaze Uduehi  /  3 minute read

Change Management

Change—in the right setting, at the right time, and with the right frame of mind—can be a good thing. Often, it is synonymous with growth, either in personal or professional life. More often than not, though, it can be a struggle to map out the process of going from the status quo to a more ideal situation.

In some business cases, the planning and execution of change can be outsourced. For the most part, bringing in external assistance, if well executed, makes the process painless for all parties involved.

Within the past year, change has been imposed on businesses without the needed time to adjust. Nevertheless, businesses have had to consider doing things differently while facing the reality that adapting to new standards can be an inherently slow process. One tried and trusted model called A D K A R is intended to carve out the roadmap for successful change.

Applying this method to moderate change in any organization is likely to increase the confidence levels among the teams undertaking the transition process. If you are about to embark on a change within your organization or are perhaps refining changes due to the pandemic, consider using this model:

  • Awareness
    • Ensuring that all stakeholders are aware of the change required to evolve from the previous way of business to new business practices.
  • Desire
    • Encouraging the desire to change by motivating all parties involved in the process by showing the value they stand to gain, which will cause them to believe in the project.
  • Knowledge
    • Equipping the teams handling the transition with the necessary knowledge to facilitate the process by training them.
  • Ability
    • Executing knowledge through ability is definitely a success metric of change that sticks.
  • Reinforcement
    • Making effective change necessitates the reinforcement of new and good behaviors.

While current remote working measures can make managing change complex, they can be navigated more efficiently by applying a proven method such as ADKAR. Subscribe to the blog for more articles on change management.

Topics: Life Insurance Business as Usual

Ibhaze Uduehi

Written by Ibhaze Uduehi

Become an industry thought leader. Don’t forget to share.
  APEXA Blog Subscribe

Join Our A-List