yasir-andrabi-yasir-andrabi-insurance-strategy-and-solutions-leader-genpact
Yasir Andrabi, insurance strategy and solutions leader, Genpact
9 June 2021 Insurance

Why today’s insurance companies need to be purpose-driven

Understanding your company’s purpose and embodying this in a guiding statement is more than just a trendy tick-box exercise. Done right, it can energise your teams and drive measurable improvements across a range of variables.

According to Deloitte, purpose-driven companies have 30 percent higher levels of innovation and 40 percent higher levels of workforce retention than their competitors. They have also been shown to have higher productivity and to outperform the financial markets by 42 percent.

Yasir Andrabi, insurance strategy and solutions leader at global professional services firm Genpact, was involved in the definition and subsequent launch of Genpact’s purpose statement: “ The relentless pursuit of a world that works better for people”. He says a key factor in making this a meaningful process was that it was not a top-down exercise: it took in the views of customers and employees at every level.

“It was eye-opening,” Andrabi says. “First, 600-plus employees participated in discussions about what makes Genpact different and what makes them proud to be part of the firm.

“Lots of them spoke about what we do for our customers: for example, facilitating speedy claims processing so that policyholders can get back on track. People also spoke a lot about the corporate social responsibility (CSR) initiatives that Genpact runs.”

The conversation was then broadened to draw in views from Genpact’s clients, and the same themes emerged.

“One of the most fascinating things for me was learning that a majority of the population thinks alike when it comes to Genpact’s purpose, which is that we make a difference to human lives,” he says.

He believes the exercise came at the right time, as consumers increasingly seek purpose-driven companies that offer more than just a product or service, but a whole ethos they can identify with.

“With Generation Z, consumer behaviour is not about just buying because you need to consume something,” he says. “Gen-Zers are more aware of themselves and of factors such as the environment. As a company you have to have a purpose that aligns with the consumers you want to do business with.”

Already registered?

Login to your account

To request a FREE 2-week trial subscription, please signup.
NOTE - this can take up to 48hrs to be approved.

Two Weeks Free Trial

For multi-user price options, or to check if your company has an existing subscription that we can add you to for FREE, please email Elliot Field at efield@newtonmedia.co.uk or Adrian Tapping at atapping@newtonmedia.co.uk


More on this story

Insurance
2 June 2021   Wholesale distributor Amwins’ purchase of Worldwide Facilities brings its total to 52 acquisitions.
Insurance
2 June 2021   Data can help meet the industry’s needs and customers’ demands, says Brona Magee of SCOR Global Life.