Undertaking a complete management innovation is no easy feat for any firm, especially when you have over 10,000 employees and 100 years of legacy behind you. Signal Iduna’s bold steps to become more agile, symbolizes the importance for incumbents to make the necessary changes within their organization framework to address threats by dynamic, agile and reactive competitors. The struggles they faced along their journey highlight the wide-ranging implications of changing organizational processes. Their solutions to overcome those challenges show that leaflet campaigns and CEO speeches do not suffice to implement such radical change. Instead a holistic approach of management innovation needs to be taken that in turn lays the foundation for successful business model innovation. These processes not only require endurance and active, whole-hearted support by top management, but need to be iterated, developed and implemented in tandem. Dictating change and failing to include key stakeholders will prolong any process of change and harvest resistance instead of support.
Despite Signal Iduna’s great strides in their transformation journey, they are still in the process of transforming their entire organization and intend to be fully agile by 2023. We hope that by highlighting Signal Iduna’s best practices, we may inspire others who plan to embark on such a journey.