Welcome to our third edition of Four For the Week (44TW)! In our first edition, we discussed ideas to weather these challenging times. In our second edition, we presented thoughts on leading through this transition. We continue in this third edition on how to explore opportunities in a post-pandemic world.
1) Opportunity for Re-Invention – A Maestro Without
Strategy & Innovation
Ven Shanmugam, President & COO
The news of different parts of the country re-opening is certainly positive. While there will still be some challenges to overcome in the short-term, many have now started to think of the opportunities that lie ahead in a post-pandemic world. This period presents an opportunity for us to potentially re-think and approach the market in a different way. This concept of doing the opposite of the traditional model is captured eloquently in the Blue Ocean Strategy.
And it is even more beautifully illustrated by the case of classical violinist and conductor Andre Rieu. Classical music mostly has a niche audience, while most others enjoyed other mainstream forms of music. Mr.Rieu was interested in taking classical music more mainstream. And to do so, he needed to re-invent how it was delivered, not just as music but as an experience. He took note of the unique aspects of the traditional orchestra experience, and designed a model that mirrored the opposite. The result was fascinating as Mr.Rieu became one of the highest grossing musicians, across all genres.
2) Triage & claim assignment in the post-corona world.
Decisioning & Outcomes
Undoubtably, claim triage has been on the top of every claims department manager’s mind over the last few weeks. From “How do we extend and enhance our virtual adjusting capabilities?” to “How do we actually, effectively DO virtual adjusting?”, the questions are no doubt being asked in (virtual) boardrooms across the world.
While not directly COVID-19 related, our friends at IAS Claim Services have given us a good level-set on how to look at triage and assignment and how it relates to the P&C claims process. Its a great mental exercise for baselining, and then beefing up your triage processes, and for expanding your assignment capabilities utilizing Claimatic. (cheeky, we know) We’d suggest you have a read.
3) Built in Boston: How 5 Companies Adapted their Businesses to COVID-19
What’s Now & Next
Denis Connolly, VP, Corporate Development
We’ve all seen how companies nationwide have been forced to react to new situations in these unprecedented times, but many companies are using this period as an opportunity to make permanent improvements to their business and cultural strategies. Built in Boston has an interesting article that talks about how businesses in their area are reacting to these changes, and how they are making their plans for the future, including our good friends over at Duck Creek. From integrating more work from home and virtual meetings for day to day ops, to a greater reliance on apps and technology, these companies are rolling with the changes and identifying the ones they think they’ll stick with long term.
4) Resources for Fitness & Conditioning
Technology & Connectedness
Our international friends at AXA Insurance this week invited Andreas Kornmayer, the Head of Fitness & Conditioning from Liverpool Football Club (Soccer) in the UK to demonstrate in LFC Home Workouts how to improve your core strength with a Swiss Ball as we continue to #stayhome during this ongoing pandemic. #KnowYouCan AXA is #OfficialTrainingKitPartner of Liverpool FC