Hugh Terry, CEO & Founder of The Digital Insurer moderates this panel discussion with Simon Phipps, Founder of The Digital Insurer, Sara Roberts, Founder & Principal Consultant at Kettlewell Consulting, and Malini Nagaria, TDI Academy Programme Director. Dive into: – Digital Tipping Point changes everything – Practitioner perspectives – Learning and development (L&D) design perspectives for the TDI Academy

Transcript

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[Music]

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hi welcome to this 30 minute session on culture and reskilling in a digital

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world as part of the insurtech connect global tour my name’s hugh terry and i’m a founder

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and ceo at the digital insurer the digital insurer has the world’s largest

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knowledge base on digital insurance and our purpose is working together to accelerate the digital transformation of

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insurance this topic of culture and reskilling in a digital

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world is one that’s very close to us we’re really looking forward to this

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exciting fast-moving panel today we’re going to look at consumer change how the digital tipping

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point changes everything and simon will cover that then we’re going to take some practitioner perspectives and sarah is a

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very experienced l d professional in financial services it’s going to give her point of view then we’re going to

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sort of narrow down and focus on l d design perspectives and some of the things that we’ve been learning

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at the td tdi academy which is our business school focused on digital insurance and then we’ll end uh with a

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little bit of a call to action so let’s get going it’s great pleasure to hand over to uh simon my fellow founder at

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the digital insurer simon over to you well thanks you and hi everybody uh and

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i wanted to start this discussion really by reflecting on recent challenges that the industry has

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been sort of facing really on the back of the kovit 19 pandemic and and we tdi issued a fairly stark message

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earlier this year and it’s not something we do that often and this message was entitled industry warning digital

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tipping point is approaching insurers faster than expected and we we issued this with really the

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intention of criticizing nobody but challenging everybody and in particular we wanted to try and

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encourage executive teams to step up their digital digital transformation efforts so i guess the question is well

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why would we want to do that and the next slide um sort of attempts to explain that

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and what you see here is that i guess consumers around the world

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outside of insurance and literally across all parts of the world

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are increasing their adoption of digital this year as a result of uh kind of pandemic induced uh needs to sort of

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live and survive and still try and thrive i guess in this world and i the general consensus really

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coming into 2020 was that the world was still a couple of years away from what we call the tipping point of consumer

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adoption of digital and tipping point is really the point at which things become mainstream and there’s no going back

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so as i said really before we came into this year that the world was a couple of years away from the tipping point but

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what we’ve seen in 2020 is an accelerated adoption of digital and technology by consumers

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not just the consumers that are already using digital to some extent but perhaps more significantly

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new groups of people whether they be the very young the very old uh the very rich the very poor

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so this was one consensus i guess coming into 2020 that actually the world was a little bit off tipping point but our

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view is now this is being accelerated the other generally recognized sort of i guess um

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observation in respect of insurance specifically is that insurance as a sector was lagging behind a lot of other

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sectors so you can see on this visual the little blue dot in the middle on the left there where consumer adoption was

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pre-crisis and the fact that it’s now moving above the tipping point during during the course of this year but

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insurance down in the bottom left the green dot was actually lagging behind the rest of the rest of the market

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and the big concern we have is that actually if insurers don’t recognize this and do something about it then they’re going to

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be left further behind when we come out of this crisis and it’s quite natural

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for insurers to focus on kind of immediate crisis management and curtail discretionary spend and really fails a

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reset strategy but our big concern at the digital insurer was if they do all of those things and don’t

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further increase investment in and accelerate digital transformation as an industry we’re going to be left

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further behind coming out of this next year so our conclusion in this report was really insurers have lost a couple

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of years off of their transformation road maps and really need to step up their efforts now what goes with that

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then is another warning and a big concern next slide please view which is that actually if you look at digital

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transformation efforts almost all of them fail this is i think some recent research by

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mckinsey showing that over 75 of digital transformation efforts fail

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and of course if we need to accelerate those efforts we want them to actually make a difference and kind of stick

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so you then get into the question of well if we need to accelerate transformation and they’re mostly failing why are they mostly failing and

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the next slide starts to get to this and this is an interesting sort of excerpt from some research from bcg

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which shows that actually of the successful digital transformations and the companies that

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are winning in digital transformation they all focus on the culture of the business and the people side of their

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business as a key part of transformation and pretty much every time insurers and other companies

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try to digitally transform without focus on people those efforts fail so the 25 that are winning are doing

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something right in the people space and getting into the culture moving the needle along the way the business is

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sort of living and breathing not just focusing on the tech and there’s plenty of evidence for this

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beyond the bcg report the next slide just shows i guess a couple of images which which show

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firstly i guess that you know there’s a lack of broad staff involvement in digital initiatives this research is

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from capgemini figure 4.4 here you know less than 40 of staff are involved in

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digital projects and and programs and figure 6 shows that organizations are

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just not working enough to close the skill gaps and develop talent for um for

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the future so insurers need to accelerate transformations but these efforts to be more effective they need to focus much

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more on the people side and it’s a combination i guess of upskilling and changing the culture for the better

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aligning more with digital so that brings us really to a phrase that we use quite a lot at the digital

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insurer on the next slide which is really the need for insurers to move digital from the few to the many and

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what we mean by that is it’s time that engagement in digital projects and awareness of digital and what it can do

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for customers moves from digital leaders tax specialists to everybody across

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insurance whether it be you know a head of claims a head of underwriting or somebody in the sales function

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all of us need to understand more how technology can help us do what we do

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better with customers and it was really with that sort of backdrop in mind that earlier this year

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tdi launched the tdi academy and last quick slide from me hugh thanks uh and

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really our flagship program the associate digital insurer uh mini mba on digital insurance was it was a genuine

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attempt to help the industry get a better understanding of what technology can do and it kind of

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embed and foster more of a sense of enthusiasm i guess for what digital technology can do across the insurance

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business and malini’s going to touch more on this uh the academy and what it what you know where we are in the development of it it’s a bit later but

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few from for now those are my opening remarks uh happy to take any questions yeah simon thanks and you know as you

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know we started work on the tdi academy in that pre-covered um world i mean

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things are changing so quickly now do you think insurers um are going to be sort of taking more seriously now this

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need for introducing the digital culture and reskilling their their teams

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yeah a great question here and i have to say firstly i think on the back of our pov the article we

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just mentioned we had a lot of engagement with executive teams i think i think the pennies really dropped that they need to

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accelerate digital transformation efforts and go beyond the sort of tactical short-term things they did a few months ago

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but i have to say and hence we’re discussing this topic now i think the penny hasn’t fully dropped yet that

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actually it’s all about the people and all about changing culture is such a critical success factor so i think um

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you know i think at one level there’s a lot of lip service to this topic i think executives acknowledge it is really

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important but we’re not seeing it play out as much as it needs to yet um malini again will touch on the program we’ve

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had great success so there are great sort of shoots of early signs of of executive teams moving the right

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direction here but i think there’s more to do here and of course changing the culture is not an easy thing i suspect

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sarah will touch on this next yeah great well don’t come i look forward to bring you back in when we

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have a couple of questions at the end but great segue and uh sarah you know you’ve got vast experience in this area

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can you can you pick that up and run with it and share some of your experience yeah that’s perfect hugh and absolutely

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a great segue and what i’d like to do is is really share a case study um and it’s

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from citibank uh the asia pac business uh and this was when part of my

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portfolio uh was the l d or the learning head for the region and obviously this is an organization

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very large complex geographically dispersed across 16 countries many managers and employees working in

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virtual teams we had in the order of 62 000 employees so i’d like to talk about it in terms of you know what was

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prompting this what was our burning platform and there were there were two elements to our burning platform and

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this was this is important um to the point of culture and reskilling but the things

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that were driving us and creating the y um were around

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the the business driver on sustainable growth so that was really igniting the fire we were moving from a pivot to

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growth into a period of sustainable business growth and the other element

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in a way the accelerant for us was really around digital transformation so we had those two forces playing out and

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the ask of us in that business kind of context was well canoe as a learning organization

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just go ahead change the wings while you’re flying the plane and create

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a digital learning platform and capability that allows for that culture shift and

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the culture shift was for us was around really putting the employee in the learner um in the center in the driving

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seat of their own learning so that shift was around kind of their learners and our employees

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really curating learning that was on a very much more personalized basis for their own needs

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so much more learning as a pull rather than a push a mindset shift in terms of

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moving away from classroom training being the kind of the push option to blended learning and that

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personalized learning and absolutely against the digital digital transformation

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was really accelerating dq and accelerating the capability of the organization to reskill for

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transformation and we felt in that regard as as an organization we also had a moral obligation to support our

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employees to reskill for the future and the outcomes which i’ll touch on but

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i’ll come back to later as well um you know we were very pleased with the success of the outcome in terms of of

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creating that digital shift and as simon rightly says that’s not something that happens overnight this was a journey for

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us um over over a couple of years to kind of drive that that shift over time

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we absolutely accelerated our digital capability and therefore impacted kind

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of innovation and digital transformation and we also had some hidden benefits but i’ll come back to those later so if we

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can move to the next side hugh and i’ll tell you a little bit more about um some

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of the specifics of this initiative um we had to take in terms of context we

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also had to take the the aspect of the modern learner into account because many employees

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are overwhelmed with the kind of massive things that they have to deal with so we wanted to create this initiative which

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we termed my career it was a branding exercise for us but we created an initiative that took

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into account the learner experience and that was something that really kind of drove our thinking around what we

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created so so what were the core components of my career um

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one key component was senior sponsorship and when you think about culture for us that was very critical because our

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seniors were sponsoring this they were behind this and what that said in terms of the culture was this is very important for

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us the other elements were around content we had no issue in the organization with

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with content in fact our issue was there was too much content and it was all over the place and it was not easily

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accessible so we used our what our website is the repository for kind of learning content

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and that was the base that our employees went to to then kind of personalize their content we didn’t have to create

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that no new content it was around the way we kind of organized it and personalized it the other element that

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we had which was very important we had a collaborative platform which was like ms teams

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and yammer kind of mixed together and that was really important from the learner experience and the employee

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experience to be able to blend the right context and write content for them what

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they needed when they needed where they needed it and how they needed it but also to build in that collaboration and

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create learning communities so they were our key contents you can see a little bit of a timeline here so

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i’ll step through some of the things that we introduced along the way so we we launched back in q1 2017

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um we worked with arctic shores to bring some gamification tools to us to help

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our employees to kind of understand their own strengths their gaps so they could use that to

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start to personalize their learning we had challenges we had a 30-day challenge we created an internal

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marketplace which was kind of like our own internal linkedin that allowed employees to again

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drive their own career outcomes as an enterprise we purchased the rights to licenses to

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degrade and that really was a great accelerator for us in terms of content

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you can see the the fluffy kitten there and if anyone is attempting to do something of this nature we work very

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closely with our tech teams but interestingly one of the concerns that they had was if we were going to

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open up access to channels like youtube would our employees stop work and spend their time kind of watching fluffy

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kittens but what that meant to us was really around the cultural element of trust we had to trust our employees we were

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bringing the opportunities to them for them to personalize and our trust was that they would use

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that opportunity to get themselves fit for the future but our tech

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our tech support folks you know had a serious point they wanted to raise also around just managing bandwidth because

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we were introducing um amazing kind of content that needed the right kind of bandwidth and support

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we introduced streaming capability we streamed sessions to about 14 000 employees across the region

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um and a number of our businesses kind of used the platform to introduce some of their fintech um kind of outcomes the

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workforce of the future we supported everything that we were doing through communication and branding career

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stories videos celebrating successes uh if you can move to the next slide hugh and i’ll just talk a little bit

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about kind of outcomes and some of our key insights i think we were very pleased with the

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outcomes in terms of creating a very learner-centric environment that was really from a culture perspective what

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we were keen to drive we made it fun we made it very focused on employee experience and as you can

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see from the insights on the right hand side that was really driving the cultural aspect so it was really around

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creating that learning culture creating learning in the flow of work so moving from learning directly into

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application applying it to the key kind of work requirements making it relevant and

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personalized easy to access and absolutely critically important that collaboration engagement

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we accelerate dq and some of our hidden benefits were really around increased employee engagement which we

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were able to determine through our surveys we increased career mobility which reduced external hiring costs and

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we increased retention so we were very uh pleased with the outcomes we achieved over time and i think again coming right

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back to the beginning it was business driven and it was about culture and reskilling yeah thanks sarah thanks for those

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insights what i’m going to do is bring you back um for questions at the end and i’ll now sort of get it a little bit

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deeper and sort of hand over to molina molini’s our tdi academy program

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director and malini maybe you can just share um your thoughts or you know about when the tdi academy was created and

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some of those design principles um that were followed yeah thanks thank you and uh

17:38

hi everyone and uh you know happy to be here so um yes so we launched uh tdi academy uh

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back in january of this year but you know it was um uh sometime in the making before that um

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before we before we even launched it and you know it’s when we were going through the planning phase it was very much

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based on um you know how can we bring most value to people we saw the

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need for a learning and development capability and it refers back to simon’s earlier as points on uh you know the

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need for upskilling people within the industry to help accelerate uh digital

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transformation um and when we were going through the planning process there were a number of

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um design principles i guess that we had in mind and it’s good to see that actually sarah touched on on a number of

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those as well and we seem to be so fairly fairly aligned even in the case study uh that she shared but just sort

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of you know calling out a few of those um you know we wanted to create something that um had obviously sort of you know

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great content but also in terms of the actual uh user experience as well so combining those uh two capabilities but

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also making sure that when people go through the program um that it’s you know highly relevant for them it’s

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something that they can um you know consume but also take away and implement

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within the organizations and i think that was you know a key factor for us to making sure that that applicability uh

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was there because you know when we were researching um the market beforehand what we saw was that there was you know

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plenty of choice out there for insurers or you know businesses for for skills uh training but creating that applicability

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where um you know people can actually go away and implement what they’ve learned was was really key um and in order to do

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that we had to create something as i said that was relevant um with great content but also taking into account you

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know the new sort of needs and requirements of people you know everyone’s got busy

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lives um they’ve got home lives work lives and then you know when you introduce learning into it as well it’s

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another factor that you have to consider so we wanted to make sure that we’ve created something um you know that’s easy to access that’s

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convenient um and that’s you know not traditionally uh classroom based but something you know

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that’s fun um immersive and people can sort of you know do alongside uh their uh

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working lives as well so our content is um you know fairly short it’s broken

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down into lessons and we’ll move into that in a minute but um it’s um you know designed for busy people

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um and to fit in uh within their schedules now obviously simon mentioned us or flagship adi program

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that is more involved and there is obviously a certain degree of commitment that is required from people who go

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through the program um but all in all we wanted to make sure that um you know it’s it’s it’s it’s easy for people they

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can do it alongside their work and then they can go back um consume the learnings and go back into their workplace and implement those

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so i’ll just move on i think to the next next slide here

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um so here just focusing on what our core curriculum looks like um

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and as you can see here it’s it’s it’s fairly broad and that’s you know deliberately but we do go into um you

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know a certain amount of depth as well um i think the key thing here is is um

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as you can see there’s there’s seven courses that we cover um and that core curriculum is at the heart of sort of

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all of our programs um and then the experience is what kind of slightly differentiates you can see at the top

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there that some of the programs that we have the the adi and and the cdi but this really sort of core fit forms the

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core of of the content and um and what participants will learn um and you can see there that underneath

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the seven uh courses we have each course has eight lessons um each lesson is about as i said about an

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hour long so we do have you know it’s 56 hours worth of content

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which uh which is a lot but because we’ve broken it down into those one one-hour sessions it’s fairly easy to

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consume and it’s a combination of video and slides as well so it’s quite engaging um and

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the order of the courses as well is um again quite deliberate so we start uh

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with the sort of the basics with courses one and two there’s of course one in particular is is a scene setter um and

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then two goes uh is more in introduction introducing the uh the technologies and

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then we sort of move along into into going into different more specific areas of of the business

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um and we do collect feedback um after every single lesson so it’s really important to us to ensure

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um you know what what value participants are getting and also to collect their own feedback so

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after each lesson um participants have to complete feedback and i have to say we’re you know really pleased so far

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with the feedback that we’ve got we’ve um we’re running two cohorts at the moment for our adi programme um and we’ve got a

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third one starting um later this year and we’ve also got a number of people

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going going through our cdi program and so far the feedback has been really really

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positive um we measure it sort of on an mps level um and the so far the feedback that

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we’ve got you know puts us very much in in the excellent range so that’s great

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for us and i think just you know sort of validates goes back to sort of those design principles um that we’d produced right at the

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beginning of when we were going through the planning phase and just getting that feedback validate um our progress and that we’re

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on the on the right track so i think that’s probably where i will

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pause there um just on on on the curriculum uh and is it back to back to

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you now i think for some discussion yeah thanks um thanks um uh

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molini for that and getting into um you know some of those design principles for learning and development

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which is of course the sort of actionable end of digital culture and reskilling um but but i want to bring us

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back and start with yumalini just um to this issue right so we’ve got two objectives right one is to create a

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digital culture the other is to look at reskilling or upskilling you know what’s what’s your opinion on which of those is

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most important it’s a tricky one um because they’re not

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mutually excuse exclusive and they you know i think they reinforce each other um however i think if i had to pick one

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um i’d probably choose culture um because i think if you have the right organization

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organizational culture for digital change and transformation and the reskilling of employees comes naturally

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as part of that and that need is sort of inherent within within the culture um so my view is you know culture is all about

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you know the way that we do things here and the mindset of employees and therefore if that culture is is open to

24:50

change and has sort of you know digital running through its dna then that reskilling becomes sort of an obvious

24:55

requirement in order to facilitate uh the change that’s required

25:01

yeah sarah what about you yeah totally agree um

25:06

yes no no i’m i’m there with molini and i think it is whilst they are kind of very much intertwined i think culture

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sets the purpose that kind of sets that real tone in terms of what’s really important in the

25:18

organization and then from that you can flow through to the kind of re-skilling and getting the the workforce fit for

25:24

the future simon hopefully i disagree with both of them

25:32

no i just but you know maybe just to try and add something different and another layer of sort of insight on that i mean i came

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across a phrase a long time ago with regard to cultural change which is that you act into a new way of thinking

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you don’t think into a new way of acting um and what that means is you can’t just

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leaders can’t just issue a note saying hey now we’re going to be a square not circle or we’re going to become customer focused and people sort of get up the

25:57

next day and think right i must put customers first and foremost to change the way people are behaving in

26:03

organization and the dna of an organization you’ve got to break that down into changing the behavior day to

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day and then eventually everyone wakes up one day and realizes they’re doing things differently so if you’re going to

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change behaviors and become a more digital first organization it’s not just about deploying tech people need to know

26:19

how to you know leverage that tech use it differently for the benefit of customers so i think you won’t change the culture

26:26

without re-skilling people as part of the journey but the kind of holy grail the outcome

26:32

the primary thing you’re looking for is clearly shifting the culture and reskilling is just part of the journey

26:37

in my opinion yeah yeah thanks simon um we’re getting a little a little bit short um on time um

26:45

but so let’s just do a sort of a rapid a rapid round uh if we can on just this

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question of you know if we get back down into l d and and some of the

26:56

innovations that we’re seeing and it’s all opening up because face-to-face is no longer available right so we’re in a

27:01

time of rapid innovation is there a particular area that you’re really excited about in

27:07

terms of that can make an impact in terms of that learning uh process maybe

27:13

if we could start with sarah on this one yeah i think it’s totally related to

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digital transformation and kind of developing kind of innovation and digital capabilities and

27:24

i think the the great thing is that there have been some dramatic shift in terms of some of the tools the tools

27:30

that can help you to achieve that so you know you can have kind of virtual based kind of webinars

27:36

where you’re kind of engaging teams and leveraging tools like myro to kind of use kind of virtual post-its to really

27:43

get that kind of innovative thinking going kind of customer experience focused innovative learning so i think

27:49

there’s plenty of scope yeah simon briefly from you

27:54

yeah i mean you know i i agree that you can’t successfully transform the business digitally without getting into

28:00

culture so to get into culture you’ve got to reskill you’ve got to upskill people ultimately though you we won’t be

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talking about digital in five or ten years time it’ll just be part of business as usual the thing that is

28:11

still the point of differentiation is customers and companies should focus on being customer obsessed

28:16

through technology rather than competitor obsessed that’s why two pennies worth as jeff bezos said a few

28:23

years ago yeah thank you simon malini last words from you uh yeah i think just you know picking up

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on on sarah’s point there around you know what sort of exciting um you know tools and stuff they’re out there

28:35

that you know in in the l d space and uh sarah mentioned a couple there and i think i’d just like to sort of uh call

28:41

out that you know even in in our programs you know we’ve been experimenting with you know how do we make learning more engaging more more

28:47

fun again coming back to some of those design principles and um you know one thing that we’ve been um experimenting

28:53

with is you know using virtual networking software um and we’ve been using that now for for a few months now

28:59

and you know that’s gone down really well and i think you know obviously in today’s today’s climate um you know that

29:05

face-to-face physical interaction isn’t as easy to to make happen but you know now the technology is there that enables

29:12

us you know still you know we’ve got people from different countries being able to get together and still network

29:17

together in a in a fairly you know sort of um you know it’s imitated in a physical

29:24

way which uh which i think is brilliant and i think you know that we’ll see more and more of those types of solutions uh developing as we as we move forward

29:31

yeah thanks thanks melania and thanks thanks to the panel we’re sort of up and out of time and i guess you ended their

29:36

millennial with the point about how we can use digital to bring in the human touch and i think that’s

29:41

something we all really want to look forward to in this uh and this uh and these times as well so um just just

29:48

really sort of wrapping up um here um to thank everyone for their time um uh

29:55

and if you need to get in touch with any one of the panelists we’ve just got the emails there if you’re interested in

30:00

finding out more about the tdi academy you can see the link and the qr code so thanks to the

30:08

panel again thank you to everyone for listening hope you found this useful and interesting

30:22

you

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