Actuarial and finance modernisation is a critical transformation for many organisations, but it's important to remember it's not just about technology and processes. It's also about empowering people to use technology and processes to make better decisions and deliver better customer outcomes.
Welcome to the fifth instalment of our series on modernising the actuarial and finance function, where we dive into the critical role of people when it comes to driving successful transformations.
Here are key strategies to ensure the people agenda is at the forefront of your modernisation journey:
1. Engage your team early
The people working in and around your actuarial and finance team are at the heart of your transformation. Engage them from the project's inception to maximise their involvement in delivering change. If necessary, back-fill positions to create the capacity needed for this initiative. By involving your team from the outset, you can harness their expertise and gain their commitment to the transformation.
2. Explain the why, what and how
Transparency is crucial. Take the time to clearly communicate why the transformation is happening, what changes will occur and how they will manifest. Emphasise the benefits for your team members, such as shifting from low-value processing tasks to higher-value activities and what this means for their roles. Be precise about the impact on individuals, ensuring you allow them to ask questions so you can address any concerns and uncertainties.
3. Embrace new ways of working
Help your team understand the impact of new ways of working. Encourage collaboration and leverage technology to transition them from data processors to data users. Such a shift should empower your team to focus on analysis, insights and strategic decision-making.
4. Learning and development (L&D)
Develop an L&D agenda that aligns with your modernisation plan. You'll need to equip your team with the skills required for the digital age, including proficiency in new technologies, advanced analytical capabilities and enhanced communication skills. Promote collaboration across the organisation to foster a culture of knowledge sharing and continuous learning.
5. Expand horizons
Encourage your team members to look beyond the confines of their function and help them gain a broader understanding of the organisation as a whole. This knowledge enables them to become valuable business partners and advisors, shifting from simply supplying information to delivering critical insights that drive you forward.
Incorporating the people agenda into your modernisation strategy is not just a nice to have; it's essential for achieving lasting success. By engaging, empowering and upskilling your team, you create a workforce that’s not only prepared for the changes ahead but actively champions and contributes to the transformation.
Stay tuned for the final part of this series, where we'll look back at everything we've covered so far and pull out some of the critical lessons you can take forward on your modernisation journey.
Empower your team for modernisation
If you're considering modernising your actuarial or finance function and want to ensure your team is fully prepared for the journey, Brighter Consultancy is here to help. Our experienced consultants can assess your current team's capabilities, develop tailored L&D plans and support your workforce throughout the transformation.
Contact us today to learn more about how we can empower your team and drive successful modernisation.