organization change lloyd case

8/3/2019 Organization Change Lloyd Case

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Jayant Dangwal

Rahul Jha


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y Organizational change is essential to guarantee long-termsuccess within an organization.

y There is little doubt then that managing change is both

very difficult and risky. Changemanagement requires aninterdisciplinary perspective and an understanding oforganisation, strategy, change, psychological andsociological theories.

y

Managers also need the ability to lead the o

rganisation,coordinate, motivate and control people and other

resources. Theymust also be aware of interventionstrategies, alternative solutions and how to overcomeresistance to change.


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y 1.

y The rate of change is going up, and corporationsshould be able to handle large and continuous change.

Discuss how changemanagement is evident at Lloyds.


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y Lloyds started life in a 17th century coffee shop,providing insurance to the growing ship and cargotrade.

y . Lloyds is now the world's leading insurancemarket,providing specialist insurance services to businesses inover 200* countries and territories. In 2008, Lloydsachieved a profit before tax of 1,899m.


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y Lloyds BROKERS bring business into the market on behalf ofCLIENTS/policyholders, and shop around to determine which

SYNDICATES can cover their specific risk and on what terms.

y Insurance is sold (or underwritten) by MEMBERS of Lloyds.

y The members provide the financial backing, known as capital, which acts as

security for Lloyds policies, to help ensure that claims are paid.

y

A member or a group of members form a syndicate; and this syndicate ismanaged day to day, on behalf of its members, by a managing agent.

y The Corporation of Lloyds oversees and provides services to support the

market and promotes Lloyds around the world.


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y Lloyds of London needed totransform itsmanualpractices for processing

claims into a tech-drivenprocess.


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y Richard Ward starts by providing context information about theunsatisfactory existing (pre2007) state of affairs: a manual inefficient claimsprocess that was not responsive and resulted in poor customer service.

y Discussing the change process, he recognises that his first step is to create a

need for change by developing a shared view of dissatisfaction with thepresent state.

y Next, a vision (technology solution) and targets for the change initiativewere defined.

y The change implementation started with success (early adopters) but neededfurther initiatives to drive it through. By praising early adopters and meetingthe resistors and through a variety of carrot and stick incentives heovercame resistance and created the aspiration for change.


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y 2

y What are the various types of change an organizationcan adopt? What kind of change was adopted at

Lloyds? Justify.

organization change lloyd case

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