Winning in a Competitive Market
Hiscox Insurance Company is an international specialist insurer with a unique strategy—balancing volatile, catastrophe-exposed insurance and reinsurance with steady, local, specialty insurance. To better support this strategy, Managing Director Robert Dietrich attended the Achieving Breakthrough Service (now titled Transforming Customer Experiences) program at Harvard Business School (HBS) Executive Education. Dietrich, who leads the German management team, describes how the program provided strategies for elevating the performance and profitability of his organization.
Why did you decide to attend this program?
I heard about the program from colleagues that attended in previous years. They gave great feedback about their experience. The CEO of our unit also said that it was one of the best programs he’d ever attended and that it was very relevant to our business.
How did you benefit from bringing a team with you?
During the program, my colleagues and I were able to discuss how to apply what we learned to our work. After we returned to work, we spoke a similar language and were able to support each other as we looked to implement key concepts. We also shared a common view and framework that helped us identify gaps and set goals. It was very powerful.
What concepts did you find most helpful?
There were three in particular. One, I gained a model focusing on capability, motivation, and license, which was useful for determining why one department in our organization was lagging in the quality of their execution. I also used that model to create a plan for overcoming that challenge. Two, I learned the importance of identifying the attributes of products and services that customers value most and then comparing those attributes with what your key competitors offer. It's critical to pinpoint the areas where you want to compete and lead and the areas you don't. Otherwise, you risk being mediocre everywhere. Three, I learned about the distinction between a rules-based organization and a principle-based organization and the importance of clarifying your organization's principles. I'm now working with a team to clarify our principles so we're better able to mediate conflicts in the future.
You also attended the HBS program, Aligning Strategy and Sales. Have the programs complemented each other?
The programs are very complementary. They both offered a strong foundation for being successful in the marketplace. You will learn how to establish a strategy—and then design and implement a service model based on that strategy—that gives you a competitive advantage in a changing market.
Is there anything else you'd like to share about your experience?
I would really like to stress that the learning experience at HBS is second to none. The programs offer great depth, but they're also high energy and fun. I've had a great experience at HBS, and I believe that what I've learned will have a lasting impact on my career. I am a true believer in HBS!