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Insurance & Asset Management

Successful Change Management in the Insurance Sector: Insights from Industry Experts

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On May 23, 2024, the Change Management Institute UK and Trilogy International hosted an in-person event at the Gallagher Office, bringing together leading experts from the insurance industry.

The event centered around a pivotal topic: "How do we land change effectively in the insurance sector and ensure seamless business readiness?"

The event featured an esteemed panel of experts, including:

Facilitated by Dawn Stacey-Bradbury, Head of Change at Gallagher Insurance, our panel explored various key elements of change management within the insurance sector, inviting guests to participate in a live Q&A session, followed by networking opportunities with other industry professionals.

Key Takeaways 

Stakeholder Engagement

  • Approaches: The panel explored various methods for engaging stakeholders, from traditional post-it notes to more sophisticated techniques, to gather diverse viewpoints and achieve desired outcomes.
  • Awareness and Buy-In: The discussion underscored the importance of ensuring that executives, sponsors, and second-line managers understand their roles in the change process. Reporting program progress at the highest levels was deemed crucial for maximum visibility and buy-in.

Blueprint Program & Lloyds of London Modernisation Examples

  • Incremental Successes: The significance of achieving small, incremental successes was highlighted to demonstrate early benefits and gain momentum.
  • Audience Poll: An audience poll on Lloyds of London's efforts to modernize and digitalize the market revealed skepticism, with a majority feeling the goal might not be achievable.

Roadmap and Direction

  • A Need to Catch Up: The panel addressed the necessity for the insurance industry to catch up with other sectors in terms of change capability, skill sets, governance, controls, and frameworks. Setting its own direction and innovating was emphasised to keep pace with the evolving landscape.
  • Clear Roadmap: A clear two to five-year roadmap was stressed, along with the need for agility to respond swiftly to emerging issues.

Culture and Change Management

  • Hearts and Minds: Winning hearts and minds was discussed as a critical factor when implementing new tools and processes.
  • Cross-Industry Examples: The panel recommended looking to other industries, such as oil and gas and banking, for successful change management examples.
  • Multi-Skilled Teams: The importance of having multi-skilled teams capable of adapting to various change methodologies and working across different business areas was highlighted.

Learning and Evolution

  • Continuous Improvement: Emphasis was placed on the need for continuous learning from mistakes and evolving with the business.
  • Embedded Changes: Incorporating regulatory changes into existing business programs rather than creating separate initiatives was suggested.
  • Diverse Techniques: The panel advised incorporating techniques and approaches from outside the insurance sector to broaden perspectives and enhance capabilities.


The importance of stakeholder engagement, establishing a clear and agile roadmap, and fostering cultural alignment by winning hearts and minds was reiterated as key. Additionally, continuous improvement and learning from other industries were emphasised as crucial for successful transformations. These insights will be instrumental as the insurance industry navigates the complexities of change, helping to guide and sustain successful initiatives.

*Special thanks to Madalina Aghinita of the Change Management Institute UK for contributing this article.

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