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Last year brought some big mergers in the industry, notably MetLife (Research)'s $11.5 billion purchase of Citigroup (Research)'s Travelers Life & Annuity business as well as Lincoln National (Research)'s $7.5 billion acquisition of Jefferson-Pilot.

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Changing and Succeeding PDF Print E-mail

Our Iceberg is MeltingJohn Kotter and Holger Rathgeber have produced a funny little book with great insight and wisdom "Our Iceberg Is Melting". The book reflects that the change process takes time and goes through several different phases. He states that "In a successful change effort and that a mistake made during any phase of the change effort can have a negative impact on the organization" 13. Kotter outlines an eight step process (see process below) with suggestions to help organizations transform.

Kotter’s model is useful for Financial Services and Insurance companies to understand that the change process takes time and is not something that happens overnight. It is essential for managers to understand that the steps needed to support any transformation initiative take place during all phase.

 

 

 

Step 1: Create a Sense of Urgency
Help others see the need for change and the importance of acting immediately.
  Step 5: Empower Others to Act
Remove as many barriers as possible so that those who want to make the vision a realitycan do so.
   
Step 2: Pull Together the Guiding Team
Make sure there is a powerful group guiding the change – one with leadership skills,
credibility, communications ability, authority, analytical skills, and a sense of urgency.
 Step 6: Produce Short Term Wins
Create some visible, unambiguous successes as soon as possible.
   
Step 3: Develop the Change Vision and Strategy
Clarify how the future will be different from the past, and how you can make that future a
reality.
  
   
4. Communicate for Understanding and Buy In
Make sure as many others as possible understand and accept the vision and strategy.
  

 


Step 7: Don’t Let Up
-Press harder and faster after the first successes.
-Be relentless with initiating change after
change until the vision is a reality.

Step 8: Create a New Culture
Hold on to the new ways of behaving, and make sure they succeed, until they become
strong enough to replace old traditions.

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