Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By...
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![Page 1: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/1.jpg)
By Prof Waswa Balunywa
Managing in a Changing Economic Environment: The Insurance
Perspective
By
Prof Waswa Balunywa
![Page 2: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/2.jpg)
By Prof Waswa Balunywa
Paper FormatWhat is changing?Changes in the insurance
industryDrivers of changeDrivers of change in the
insurance industryManaging the changeThe change modelsChange skills
![Page 3: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/3.jpg)
By Prof Waswa Balunywa
What is ChangingPopulationPeopleTechnologyCultureProductsEverything is changing
![Page 4: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/4.jpg)
By Prof Waswa Balunywa
Changes in the Insurance IndustryNature of riskThe skill setThe financial sectorThe population/consumer needsTechnological changesRegulation and compliance lawsFinancial reporting
![Page 5: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/5.jpg)
By Prof Waswa Balunywa
Drivers of ChangeTechnologyCompetitionMacro economic policiesTalent and skillsLaws, rules and regulationsleadership
![Page 6: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/6.jpg)
By Prof Waswa Balunywa
Drivers of Change in the Insurance IndustryNature of riskTechnological changesCompetitive pressuresRegulations Customer experience
![Page 7: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/7.jpg)
By Prof Waswa Balunywa
Managing the Change/Change Models
Muddling through
Strategic planning
Organizational Development
Change orchestration
![Page 8: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/8.jpg)
By Prof Waswa Balunywa
Change OrchestrationVisionSharing a visionAdopt new rulesAdopt new technology
![Page 9: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/9.jpg)
By Prof Waswa Balunywa
Vision The dream, seeing differentThe challenge, the decision to
succeedThe passion, the interest and
love to achieveUnfortunately you have no
choice, you have to play the game
![Page 10: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/10.jpg)
By Prof Waswa Balunywa
Sharing the VisionGenerate ideas and sell themPurposeful search for changeChallenge othersGet commitment of others
![Page 11: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/11.jpg)
By Prof Waswa Balunywa
New RulesIf it works, its obsoletePast success is your worst enemyLearn to fail firstFree your imaginationFocus on your customers’ future needsHave a new big pictureSolve tomorrow’s predictable problem
todayReinvent yourself and reinvent your
organization
![Page 12: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/12.jpg)
By Prof Waswa Balunywa
New TechnologiesExpert systemSocial mediaDistributed computingRobotics Fuzzy logic
![Page 13: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/13.jpg)
By Prof Waswa Balunywa
Effects of Technology on the Way we LiveInternetEmail Paperless officeEase of travelLaser technologyModern housing and transportGenetic foodReady made foodMicrowave oven
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By Prof. Waswa Balunywa
Risk ManagementIt’s the readiness and
effectiveness toReadiness and effectiveness to
manage riskApproaches to managing a
contingent risk management
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By Prof. Waswa Balunywa
Business StrategyImproving the customer
experienceManaging informationMergers and acquisitions
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By Prof. Waswa Balunywa
Operations Transforming billing and
paymentsImproving the claims functionMonitor technological change in
industry
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By Prof. Waswa Balunywa
Financial ReportingReadiness for the new standard
valuation lawsReadiness for principles based
reservesInsurance contracts exposure
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By Prof. Waswa Balunywa
Compliance
What are the laws in place?TaxCompany actSpecific laws in the industryProcurement
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By Prof Waswa Balunywa
Skills needed for changeAnalytical skillsIT skillsCommunication skillsLeadership skills
![Page 20: Managing in a Changing Economic Environment: The Insurance Perspective By Prof Waswa Balunywa By Prof Waswa Balunywa.](https://reader035.fdocuments.in/reader035/viewer/2022062417/551684035503469d698b5f0b/html5/thumbnails/20.jpg)
By Prof Waswa Balunywa
The winning / Changing OrganizationA visionary organization/ DreamsWalk the talkFocus on customersAdopt technology/ innovationContinuously reinvent the
organization
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By Prof Waswa Balunywa
Responding to the challenges in the insurance industryFocus on customer needMonitor changes in the financial
sector to understand trends and manage the risks
Invest in human resource to build skills
Leverage technologyResearch into regulation and
compliance