Adoption, Adoption, Adoption
With CSRP and PPL now live, SDC into live beta testing in July and the DA Audit and compliance application live too, attention turns to adoption. It is an obvious statement to make that building something in itself is not enough. ‘If you build it he will come’ is not a given.
The ‘Blueprint’ defined the business case behind each of the initiatives at a market level, but that will only be realised if individual market entities, both brokers and carriers, adopt the initiatives.
Adoption will depend on a number of factors within the market firms: ownership of that adoption at senior levels; prioritising adoption over other company initiatives and belief in the business case.
The other factor will be TOM enablement by the software vendors within the market. TOM are undertaking meetings with each of the vendors where they are presenting the business case and explaining timelines. What is being asked of the vendors is: What are your plans? What are your timescales? What do you envisage being the commercial arrangements of TOM enablement? My understanding is the results of this investigation will be publicised including ‘no return’. Therefore, you will be able to assess what your vendors plan to do in this space (or not do). This may be interesting information for companies looking to select a new administration system.
The TOM team also conducted a survey amongst market firms asking whether you planned to adopt the TOM initiatives within your firm? The majority said yes in principle they will, however this was caveated by three issues: conflicting priorities, lack of clear TOM ownership at senior level and low motivation to adopt. All of which does not sound too promising.
TOM have put in place a ‘change tool kit’ to assist firms to manage the change in processes etc that the TOM initiatives will introduce.
The overall engagement process comprises a series of steps: Market engagement – CEO and strategic – then engagement workshop 1 face to face talking detail to allow practitioner to plan and decide strategy – then engagement workshop 2 playback of firm’s intentions and business case help and timeline planning – implementation and change management support such as communication and training – Launch – embedding.
Conversations I have had with carriers lead me to believe there is an inherent assumption that carriers will be ready to adopt initiatives as they come online. Readiness will no doubt be driven by appetite to become ready and that appetite in turn will be driven by a firm benefits case and executive sponsorship.