The Power to Perform
From conversations with our own clients, we know that insurers want more details on the risks and their impacts on the business – not only at a granular level, but also with pinpoint accuracy. This is as true of the board as it is throughout the company. They want to meet exacting deadlines, and to be confident in the data they are producing - whether that's for underwriters, the board or for any different number of regulators in any number of jurisdictions. Confidence in that data is paramount. For operational purposes, the value of a common approach can never be overestimated. Consistency is key to minimising error, misunderstandings, or other potential problems. For regulatory purposes, the value is arguably just as great, and certainly more complex.
At the same time, technological capabilities are moving fast, giving staff at all levels the power to perform what were once time consuming tasks and complex calculations in an instant. But to make full use of this transformational influence, users must have all the know-how to truly understand the myriad capabilities they now have at their fingertips. If staff can't keep pace with technological change, then the organisation cannot keep pace with innovation, and with so many organisations undergoing wider digital transformation, this is becoming a critical issue. But as personnel risks go, it might be one of the more straight-forward ones to address.
The challenges of the increasingly digital workplace are not restricted to insurance. Many businesses are struggling to adapt. According to a recent report from the Open University, senior management admit that they may not be doing enough to address their digital skills shortage.
The OU’s ‘Leading in a Digital Age’ report at the same time identifies a clear and compelling link between business performance and leaders who are equipped to manage digital change: some 88 per cent of 1,000 CTOs and senior leaders who had received digital training in the past year went on to demonstrate organisational growth, compared with just 49 per cent who had not received any training. Other benefits included improved productivity, greater employee engagement, enhanced agility, increased profit and improved staff retention.
Having the requisite skills to manage in the digital age appeared to be the main sticking point, however, and a staggering 78 per cent believe they would benefit from more digital training. The effect is self-perpetuating, too, according to the OU's report, with the results seen to cascade through the organisation at all levels. A similar study, this time from the Chartered Institute for Professional Development, suggests that just 28 per cent of employees have received training to prepare for role changes due to digitisation - which suggests that so much of the new power that we have some technology is going to waste.
Training and upskilling must also be tailored to the specific needs of different markets and jurisdictions. At RNA, training with our experts guarantees users access to the very latest technological capabilities -- with both a global perspective and local precision. We know from speaking with our own clients that having access to expert local guidance, delivered via a consultative approach will expedite software integrations to drive measurable ROI, faster.
As a commercial enterprise, we understand the need to scrutinize any and all investment. An investment in technology, and the know-how to get the best out of it is -- as the figures show -- a low risk speculation that pays dividends quickly, and perpetually. RNA Analytics are pleased to announce we are again holding regular training courses in 2020, given the current circumstances around COVID-19, these courses will now be held online. Please note that these courses are designed for licensed users of the software.