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Decoding Organizational DNA in Insurance


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Accenture’s research into collecting employee data can help organizations get the most out of their employees and decode their organizational DNA. To download the full report visit:

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Decoding Organizational DNA in Insurance

  1. 1. Decoding Organizational DNA for Insurance: Trust, Data and Unlocking Value in the Digital Workplace PUTTING TRUST TO WORK
  2. 2. Trust is the Force. Trust is the currency of the digital economy. It fuels growth. It underpins responsible innovation and shared prosperity. But amid the uncertain global markets and the disruption of new technologies, digital trust is eroding. As insurers begin to use workforce data at scale, it’s time to lead a trust turnaround.
  3. 3. What is Decoding Organizational DNA? New sources of data on work and the workforce—from sources like smart sensors, to video or voice recordings, wearables and employee applications—can be converted into insights, decisions or automated actions by applying analytics, artificial intelligence or human judgment. This data reveals the DNA of an insurer. It explains how and why the company works and what makes it tick. It covers work processes, the performance of people and the way they collaborate with intelligent machines. It can boost innovation, agility, cybersecurity and employee performance and engagement at a time of great change in the industry. As with the human genome, companies must learn to decode it, and then to use it to the benefit of companies, workers and society as a whole.
  4. 4. Insurers Are Using New Sources of Workforce Data to Unlock Trapped Value of insurers are using new technologies and sources of workplace data to a large or significant extent. 66% of insurance leaders recognize that new technologies and sources of workplace data can be used to unlock value that is currently “trapped” in the enterprise. say that the volume of data on work, the workforce and the workplace has significantly increased or even exploded in the last 3 years. 96% 50% Top three areas where they expect greatest value: productivity and workforce performance organizational agility and speed. placing the right people in the right roles
  5. 5. of insurance employees say that recent data scandals make them concerned that their own employee data will be misused. Responsibility is Imperative When Leveraging Workforce Data of insurance workers are open to the collection of data on them and their work if it improves their performance or wellbeing, or provides other personal benefits. And yet 89% of insurance workers think collecting new sources of data on them and their work risks damaging trust. 53%61%
  6. 6. Some insurers are leaving value on the table by hesitating in the face of employee sensitivities; others risk damaging employee trust by pressing ahead too swiftly without measures for responsibility: The Risks Go Both Ways of industry leaders say that employee concerns are holding them back from investing in technologies that collect workforce data. 20% are investing anyway and figuring out how to do so responsibly as issues arise. 32% Only 27% of insurance leaders are very confident that they are using workforce data in a highly responsible way.
  7. 7. The Value at Stake: 12.3% of Future Revenues We studied the factors that employees say most influence their level of trust in their organizations and modeled these to reveal the financial impact of failing to decode organizational DNA responsibly. If insurers adopt irresponsible strategies, they risk losing 5.9 percentage points of future revenue growth. However, if they adopt responsible strategies, the trust dividend could be worth as much as a 6.4 point boost to future revenue growth. The value at stake between these two opposite situations adds up to over US$312 billion in global revenues. The Trapped Value of Trust. Implications for Financial Performance. $ $ $ $ $ $ $ $ $ $ $ $ $
  8. 8. Insurance Leaders Lack Confidence In Their Current Data Practices Most are not willing to press forward in these conditions. Just 32% “Executives are entering a new era of workforce data without sufficient tools and strategies to help them drive growth through stronger digital trust. But business leaders can take proactive steps that improve the potential of workers while achieving new business value. A responsible approach will strengthen the resilience and agility of workforces and help CEOs navigate disruption at a time of intense competition and volatility. Eva Sage-Gavin, Senior Managing Director, Talent & Organization, Accenture say they are very confident they are using workforce data in a highly responsible way. Only 27% say they would use new technologies and workplace data as they see fit, without additional measures for responsibility. “
  9. 9. Three Steps to Build Employee Trust with Workforce Data Give Control. Gain Trust. Empower people with greater control of their own data. By providing individuals the choice of “giving” data to “get” particular benefits—and by letting them manage and even own their own data—insurers will earn employee trust and benefit from greater flow of workforce insights with which they can improve performance. Elevate People. Use Tech Responsibly. Use tech in responsible and creative new ways to fix the unintended consequences it creates. Insurers need to use AI and other technologies to open more growth opportunities for employees and improve fairness and diversity. Share Responsibility. Share Benefits. Involve people in the design of data systems. Maintaining employee trust requires sharing responsibility across the C-suite and even beyond the organization—as well as involving employees in the design of the systems themselves.
  11. 11. of employees surveyed want to own their work-related data and take it with them when they leave their jobs—and 64% of insurance leaders are open to allowing them to do so. of insurance workers say that in return for their permission to collect data, employers will have to give them control over how it is used. 69%At a time when companies are using newly available workforce data to drive greater value, responsible leadership is the key to building employee trust. Trust is the ultimate currency—it’s the path to innovation and fuels growth by unlocking people’s potential. Ellyn Shook, Chief Leadership and Human Relations Officer, Accenture “ 61% of insurance workers don’t want employers to collect data if they do not keep it private when the expectation was that they would. Give to Get Co-own Data with Employees Protect Privacy—Together 70% “
  13. 13. 38% plan to do so. of insurance leaders say a C-level executive is accountable for the responsible use of data. Only 26% Create Checks and Balances Co-create Systems with People Just 27% of insurers co-create workforce data policies with employees, although …
  15. 15. of insurance leaders say using tech to identify people’s hidden and adjacent skills would help them reskill and retain displaced workers. Open Opportunities. Don’t Constrain Them. Trust has evolved from a ‘soft’ corporate issue to a quantifiable metric with bottom line impact on revenue, EBITDA and, ultimately, growth through competitive agility. Today’s leaders must put employee and consumer trust at the heart of their business strategies with a clear actionable plan to get it and to keep it. Mark Knickrehm, Group Chief Executive, Accenture Strategy “ 78% of employees say that having reliable data gathered by new technologies will improve fairness in pay, promotions and appraisal decisions. Reduce Bias— Everywhere. 98% of insurance employees say that the use of workplace data will improve their lives and business performance. 58% Grow Talent. Don’t Penalize It. “
  16. 16. Key Contacts To learn more about how Accenture can help your organization unlock the power of data, gain trust and elevate your workforce, contact: Andrew Woolf Global Lead, Accenture Financial Services Talent & Organization Luis Díaz Gutiérrez Accenture Financial Services Talent & Organization, Workforce of the Future Lead Bridie Fanning Accenture Financial Services Talent & Organization, North America Lead Download the full report: Michael Lyman Senior Managing Director, Accenture Strategy Insurance Lead