Transformation Starts from the Top
Empowering Insurance Executives to Lead Digital Transformation
Capability academy approach for IT executive education
The digital revolution is upending many industries, including insurance. Rapidly evolving technologies, an explosion of data, and customers with new expectations for the speed and ease of insurance services are reshaping business models and driving innovation in every area of the business. There is a broad recognition that wholescale digital transformation is now an imperative for insurance firms.
Early in its digital transformation, a leading global property and casualty insurance company recognized a fundamental fact: transformation starts from the top of the IT organization. Quickly realizing a technology-enabled vision and reaping the benefits of digitization requires IT executives and senior managers to develop new capabilities and work differently with the business. To be successful, IT leaders need to have a common lexicon and understanding of leading-edge technical knowledge, a shared vision for change and, most critically, a people-first approach that empowers the organization and creates a digital culture.
Target Areas for Digital Transformation
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API & MICROSERVICES
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DEVOPS
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CLOUD & SERVERLESS
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DATA ANALYTICS
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ARTIFICIAL INTELLIGENCE & MACHINE LEARNING
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LEADING DIGITAL TRANSFORMATION
Bringing Insights from Working with Digital Natives
The client asked EPAM to ensure its top IT leaders have the technical, data and leadership capabilities necessary to navigate their digital transformation journey. EPAM was selected because we’re a leading software solutions firm, not a training company. In 25+ years of working with the world’s most advanced companies, we have learned a lot about what IT leaders must do to make their organizations fast and agile and how to build a culture that attracts and retains top technical talent. The client asked for a learning and advisory engagement that shared our insights and on-the-ground experiences.
Target Areas for Digital Transformation
- Increase IT leaders’ technical and leadership capabilities in the five target areas.
- Galvanize and motivate the organization for change.
- Foster a culture of learning.
- Drive implementation and problem-solving via an outside-in perspective and provide insights from insurance and insurance-adjacent industries.
Leveraging Capability Academies Approach
Leading digital transformation isn’t a simple skill that is easily trained. It is an incredibly complex meta-capability that requires mastery, synthesis and prioritization of several mutually dependent capabilities. Moreover, there is no one path to digital transformation—each organization has a unique combination of strategic imperatives, goals and culture—but there are many ways to get it wrong.
To address this challenge, EPAM’s Client Learning & Talent Enablement used a cutting-edge, research-based learning approach called a capability academy. Academies combine carefully designed learning experiences and resources with activities that are grounded in business strategy, unfold over time and predict tangible business outcomes.
Integrated Consulting Team
Senior technologists
Insurance experts
Learning experts
CIO advisors
Organizational change consultants
IT Executive Learning
Program Highlights
Every aspect of the engagement — from content to coaching to workshops — was tailored to the client’s strategy, language and organizational context.
- Specialized content. Interactive, self-serve online content, developed by IT leaders for IT leaders, distilled EPAM’s insights and lessons learned from decades of experience with digital natives.
- Reflection and organizational evaluation. Leaders were guided in assessing organizational maturity in each target area and then provided with options and considerations regarding the key technologies, processes and organizational changes required to move forward.
- Implementation advisory. EPAM experts met individually and in small groups with the client’s IT leaders to address the most critical aspect of the engagement: implementation. Current and future implementation challenges and considerations were raised, and the groups worked together to ideate solutions, trade-offs and remediation activities.
- Action-planning workshops. Cohorts of client leaders met with our senior technology and transformation experts to develop concrete, individual action plans aligned to their technology strategy.
- Knowledge and efficacy assessments. The program began and ended with individual, scenario-based knowledge assessments. Participants were also asked to rate their confidence in implementing the organization’s tech vision.
Learning How to Lead Digital Transformation
Since implementing the learning program, the client’s IT organization has achieved the following results:
22%
average growth in knowledge
>90%
of IT leaders reported they felt better prepared to lead the transformation
Identified gaps in strategy and critical areas for attention
Deepened collaboration across the IT organization
Coordinated concrete action plans for each IT leader that align with the technology vision
Increased velocity and engagement in other initiatives related to the technology vision
“EPAM’s analysis presented a more dynamic service model, flexing around customers' needs to reduce queue time, increase overall capacity and, most importantly, improve customer experience. Changes were implemented in December 2021 with encouraging early results despite another pandemic wave.”
COO, Sr. Director of Technology
GET IN TOUCH
To learn more about how we can help you establish the right capabilities, the right way, and get results, contact us at LearningPractice@EPAM.com
