Some easy steps to define your relationship with the data in your insurance industry
As I have discussed in this series, the workforce contains the potential to reveal unused value within the insurance organization and translate into a profit increase. Still, how does the information in the Accenture Strategy report, "Trusting the job, decoding organizational DNA: trust, data and unlocking value in the digital workplace" and my blog posts relate to your practical problems as a business?
Your company collects data. This means that you have taken a position on data, inadvertently or not. Here are some basic questions to ask yourself and your strategic team to help clearly define a staffing approach.
How do you ask permission? Ideally, insurers should ask employees in a way that is clear, free from jargon and not hidden within an employment contract. Permits should also be tailor-made for companies and employees.
How do you protect data? At a time when data is a critical resource, insurers must take all precautions to ensure that security is not compromised. Employees must feel confident that if they share information within the work environment, external parties will not access it without their explicit permission.
How do you communicate with employees about data? It is important that employees understand the life cycle of their data and have a statement about their use.
How do you use measures to anonymize and collect information if possible? It is much easier to secure the collection of employees and protect data if there are systems that remove the personal data from the data.
Database-based decision making
Have measures been taken to ensure that decisions made by AI or human analysis based on data are objective and correct? This may include systems that are built into AI itself, or different employment groups that have a statement about how the algorithms track and summarize data. Employees should also be encouraged to question algorithms if they are not an adequate reflection of the business.
Do employees have tools or other ways to handle their own data? As mentioned in this series, employees should know ownership and agency ownership with their workplace data. Insurers should encourage this and support it with the right digital tools.
Can employees participate in designing or reviewing workplace data and technology initiatives? Employees would be more susceptible to data tracking if they played a role in defining which data is being tracked. They can also provide practical insight into how data should be analyzed to reflect the company's actual status.
Processes for reporting concerns
Can employees report problems or problems with respect
Has your company established clear and fair guidelines on what data which is suitable for use, and how is it with the use of the technology to collect data about them and their work? Do you have regular risk analysis and response plans?
Are you hiring etchists? This is a decision that depends on the size of the organization and the extent of the data being tracked. However, using an ethics or ethics committee is a great way to ensure the integrity of your data usage.
In summary, workplace data will play an important role in your company's future. But the most important action you can take as a leader is to question your current relationship with data and reinvent the employment relationship with a focus on openness and trust. If you use this foundation, you will be equipped to unlock greater financial performance in your business.
Unlocking the potential of your organization DNA is not a journey you need to take on your own. Contact me to discuss your organizational DNA strategy.