You’re invited to an exclusive conversation with Financial Services leader, Kyle Loades and Gallagher Bassett Partnerships Manager, John White, as they explore how insurers can prepare and adapt for a challenging future.

As a reader of Insurer Insights, you get a preview of what Kyle and John will discuss. Make sure you register today to get access to the live webinar on September 7 at 1pm (AEST).

John White (JW):       Kyle, what do you see as the biggest future challenges facing Australian companies?

Kyle Loades (KL):       Companies operating in Australia will need to address less loyal customers, the rise of international and national competitors utilising the modern armoury of technology, data and innovative business models as well as the ongoing impact COVID-19 will have on both our workforces and our customers. We should also expect to deal with a rising tide of ESG expectations from employees, customers and investors.

All of this means it certainly isn’t the time to be complacent. Leaders that will thrive in the future are those that are purpose and values driven, have high EQ, are resilient and agile, and bring out the best in high-performing teams.

JW:      How do you think technology will shape the way we do business and look after customers?

KL:       The key characteristics of the Fourth Industrial Revolution, including AI, robotics, Internet of Things, quantum computing and machine learning, will combine with data science and technology to be critical enables to a company’s success or failure. COVID-19 certainly pushed this revolution along at a rapid pace, with many businesses finding themselves easily adaptable to, what was previously considered “impossible”, flexible work arrangements. This flexibility has so much potential to change the way businesses manage all stakeholders, beyond their employee base.

At a simplistic level, this technology will allow us to make better decisions, deliver service more efficiently, and modify our offerings to meet ever customer’s desires.

JW:      What steps should organisations take to determine if disruption is possible or already emerging in their industry?

KL:       Disruption is, by definition, difficult to predict or stop. I doubt the taxi industry saw Uber coming, just like Blackberry was likely blinded to iPhone. Every single Australian company and industry has an “Amazon”-equivalent coming for its current and future customers, and the first signs of this can often be detected by observing disrupters to adjacent industries to your own.

As leaders, we’re naturally in the business of managing and identifying risk. Make sure you’ve added disruption as an emerging risk to the company risk register, then you will be forced to identify, mitigate and manage this risk alongside all the other common challenges we see ahead of us.

JW:      What’s your biggest piece of advice for executives heading into a period of change?

KL:       That all too common quote that the “definition of insanity is doing the same thing over and over again, and expecting a different result” will always resonate strongly for me when I consider this question. Change is an undeniable, permanent characteristic of business now. Leaders must understand and embrace this change or know that they will be left behind. It’s crucial, though, that we don’t forget lessons learned from the past in our bid to shape the future.

You must fuse the best of the company’s past with the best of what’s coming in trends and opportunities, continually adjusting your strategy and execution to fit what’s on the horizon. To do this, it’s a necessity to have a high-performance team around you which challenges the status quo and has a well-managed risk-taking culture.

To hear more from Kyle Loades, Chairman and Non-Executive Director & Advisor with more than two decades of experience, register for your free ticket today.

Blog Author

John White

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