There is great potential for the insurance industry to utilize its own workforce
As one of the oldest, most established and data-rich industries, the insurance industry has a lot of internal data at its fingertips. It is accepted practice to use external data to help customers understand and make strategic decisions. However, if it is not prioritized at strategic level, internal data and its intrinsic value can remain within an organization. In a report by Accenture Strategy, "Putting Trust to Work. Decoding of Organizational DNA: Trust, Data, and Unlocking of Value at the Digital Workplace." Accenture refers to this captured data as organizational DNA.
Defining Organization DNA
The data generated in real time by humans and their work reveals the DNA organization. These tasks can help insurance managers better understand what makes their business tick. Every business tool ̵
Example of unused data
Data can only be given meaning and have value if it is broken and interpreted correctly. The following areas of an organization have the potential to provide game change data.
- Work Processes
- People Performance
- How People Collaborate With Intelligent Machines
Why Organizational Data Are Important
If Leaders can successfully decode data within their organizations, they have the ability to start innovation, improve agility, strengthen cyber security and encouraging employee performance and commitment.
Organizational data: do the leaders see the possibility?
In our recent survey of 1,400 C-level business executives in 13 major economies, it was found that more and more companies are committed to using workplace data. No fewer than 96 percent of insurance participants realized that new sources of workplace data could be used to unlock value that is currently "captured" in the company.
If leaders agree that organizational data can unlock the value, what holds them back? In my next blog post, I will discuss the intersection of workplace information and trust – as well as some strategies for navigating in that territory so that everyone in the business benefits. If you want to get started with the organizational DNA strategy for your business, contact me.