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Hiscox COO Michael Gould took the helm at the group's operations in 2008. From the outset, he made significant changes to the culture, processes and systems of the flourishing specialist insurer.
The South African is no stranger to transforming business models. His impressive résumé includes stints at American Express and at Aon, where he successfully turned around the fortunes of its struggling business division.
Hiscox is a customer-obsessed organisation: delivery is both predictable and right first time and the brand is based on trust and consumer confidence. Michael had to preserve and develop this legacy.
He began by forming a group operations strategy, setting out a clear, overarching vision: to become synonymous with the words "nimble, responsive and efficient" within a period of three to five years.
Against the backdrop of a still-reverberating financial crisis and sluggish global economic recovery, this was always going to be an ambitious undertaking. Paradoxically, unprecedented growth across Hiscox's specialist retail businesses made the task of doing more with less all the more difficult.
He inherited an organisation of talented and driven people, with a 'can do' approach to business and a highly entrepreneurial culture. This workforce is Hiscox's greatest asset; yet Michael admits that it's also a challenge as employees are often guilty of trying to tackle too much. Many would think this a rather good 'problem' to have, but Michael strongly believes that all organisations should focus on doing less and doing it better.
"lean process review"
Michael has achieved a crucial balance between being both customer-oriented and efficient by embedding a philosophy of Operational Excellence across the group. Last year Michael's team conducted lean process reviews in a number of key areas to accurately measure performance and strip out non-value adding processes. The results? Impressive savings, a fall in customer complaints, and consistently positive net promoter scores.
But for operational discipline to become an integral part of a companies' mindset, Michael believes strong direction and leadership are required.
"Start off with a clear vision and ensure people are compelled and motivated by that vision. Being able to mobilise people at all levels of the business can be extremely powerful."
Michael admires and has learned from the success of American Express,-particularly the strength of its values, brand and people. He also believes that we can learn a great deal from best practice across a range of industries.
Today's financial services companies face an increasingly competitive landscape. Insurers and banks are often viewed as slow adopters of technological innovation, and are often criticised for not responding quickly enough to shifting consumer behaviour and expectations. Michael concedes that Hiscox is a fast follower rather than an early adopter. But, he's far from complacent when it comes to new developments such as social media, and their potential impact on financial services organisations.
"From a customer perspective, social media gives [consumers] even more power than the internet. It exposes a company; you can't say one thing and deliver another without being caught out."
It's now more important than ever that organisations are as good as their word; a maxim Michael applies to the day-to-day work he does at Hiscox. He also believes that a clear social media strategy is essential.
Michael has created roles that focus on specific areas of innovation, in order to anticipate and even influence future consumer behaviour. Keeping pace with customers is essential; but true to his word, Michael believes that businesses should focus on being true to the brand and on what differentiates them from the competition.
"as good as our word"
This is the mantra that underpins the Hiscox brand and all the activities the organisation carries out.
"It is what we want to achieve for our customers, employees, the regulator and our shareholders."
