PHILADELPHIA — An evolving risk environment means insurance professionals need to rethink their approach, according to Adam Grant, organizational psychologist and best-selling author.

Grant spoke Monday in Philadelphia as part of RISKWORLD, the annual conference for RIMS, the risk management society®.

Companies such as Borders, Blackberry and Kodak — all groundbreaking until they weren't — had a common problem, Grant said. "They all had leaders who were good at thinking but too slow when it came to rethinking," he said.

As risks continue to evolve, Grant said insurance leaders can better adapt by taking the following key steps:

  • Build a challenge network: Instead of a support network of agreeable people, leaders need to surround themselves with a team of thoughtful critics who can help point out blind spots and share unpleasant truths.
  • Build psychological safety: In organizations where there is little psychological safety, mistakes get covered up and bad ideas are never shot down. Leaders need to create organizations where critique is welcomed.
  • Turn critics into coaches: Instead of asking critics for more feedback, which focuses on things that have already happened, ask them for constructive advice, which helps improve the future.
  • Rethink your mindset: Companies perform better when they approach issues with a scientific mindset, which means an openness to experimentation and making decisions based on performance.

About 10,000 risk and insurance professionals are attending RISKWORLD this year. The four-day event includes more than 150 learning opportunities, keynotes and events, plus a Marketplace expo featuring hundreds of solutions providers.

The event also features award presentations for notable insurance professionals, including RIMS' most prestigious honor, the Harry and Dorothy Goodell Award, which was presented to Nowell Seaman, who recently retired from Federated Co-operatives Limited.

(Featured image credit: mandritoiu/Shutterstock)

NOT FOR REPRINT

© Touchpoint Markets, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to TMSalesOperations@arc-network.com. For more information visit Asset & Logo Licensing.