Editor's note: Charlie Mihaliak is an executive director in Ernst & Young's Financial Services Office and is located in Hartford, Conn. Raj Sharma is a principal in EY's Financial Services Office and is located in Redwood Shores, Calif. Bill Smith is a principal in EY's Financial Services Office and is located in Los Angeles, Calif.
As insurers invest considerable resources in large-scale, technology-enabled transformation programs, organizational change management (OCM) helps them avoid common risks and pitfalls such as sub-par adoption of new technologies and lack of organizational alignment around new processes.
Given that new product development, new systems deployments, and claims, policy and billing transformations can command budgets in the tens of millions of dollars, project teams need to use every tool at their disposal to drive faster, more predictable results. OCM, historically seen as the responsibility of business leaders, is important to IT because proven techniques can drive faster execution, lower costs and better outcomes throughout a project lifecycle. Further, OCM can help IT organizations transform and mature their capabilities over the long term, increasing IT's value to the company.
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