Episode 53: Transforming Insight at Lloyd's Register

In this episode, we dig into the transformative power of integrating various disciplines within data analytics to answer complex business questions. Drawing from Caroline's experiences at Prudential and Lloyd's, we discuss how combining data analytics, client research, marketing, and competitive intelligence can lead to more comprehensive and impactful insights. Furthermore, Caroline delves into the unique challenges and rewards associated with expanding into customer experience (CX), including the methodological hurdles and emotional dynamics of delivering feedback.

Lastly, we examine the intricacies of excelling in customer experience roles, especially for analytical and introverted individuals. We emphasize the need for high interpersonal energy and empathy, understanding that business decisions are often driven by emotion. We advise on the value of being honest about one's strengths and weaknesses and the need for a balanced team to complement those areas. Lastly, encouraging leaders to think bigger and aim higher, we explore the exciting opportunities that come with an expanded scope in insight roles.

Topics Discussed

• From Historian to Insight Specialist (01:11 - 03:37)
• Building Insight Capabilities for Success (07:56 - 10:18)
• Importance of Cross-Disciplinary Data Analysis (14:35 - 16:05)
• Navigating Career Growth in Insight (20:13 - 21:56)
• The Role of Complete Leaders (26:01 - 27:17)

Highlights

• “So the core purpose of Lloyd's Register is to make sure that ships and other maritime assets are really fit for purpose. So we assess the designs to which they're built, we set standards and then survey vessels and assets to make sure that they continue to operate safely and effectively, and that really means protecting people's lives, protecting the environment and protecting commercial assets”(04:28)
• “The other thing I think about starting from a very, very low base is that almost anything you do deliver is seen to be amazing. That's really very life-affirming. So you know, the bar gets higher and higher the longer that you're in, and you expect that” (10:49)
• “When I look back at the days when, the days before we started doing client experience, it was very difficult at the time the insight piece to build that and you're all working very hard, but in hindsight it seems that that was the easy bit. So really, the problems that we were facing there were largely methodological problems, which problems we're very comfortable with as researchers” (18:52)
• “I think that as I've grown older, more of my inner empathy has come out, come to the fore and that's become a stronger suit. But you know, if you do shy away from confrontation, I think it may not be the best choice for you. You need to be pretty robust, I think, and resilient, and also remember that 90 to 95% of business decisions are made emotionally, not rationally” (22:47)
• “I think no one is the complete leader. You want to have people around you who really make up for your weaknesses, you know, have a complementary balance of skills and personalities across your team.” (26:04)
• “I think that we have the potential as Insight people to paint landscapes instead of painting miniatures. And if we choose to think more broadly and to increase our scope, we can genuinely change the course of a business. We can genuinely improve the lives of our customers and our colleagues.” (27:36)

This is episode 53 of the Transforming Insight podcast.

If you have the ambition to transform your Insight team and the role it plays in your organisation, please tune in to future episodes. Not only will we explore the 42 secrets of successful corporate Insight teams as outlined in the Transforming Insight book, we will also talk to senior corporate Insight leaders, delve into books that have inspired us, and discuss new best practice research carried out with the IMA’s corporate members.

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About James Wycherley, the author of Transforming Insight

James Wycherley was Director of Customer Insight and Analytics at Barclays from 2005 to 2015 when he became Chief Executive of the Insight Management Academy (IMA). A popular keynote speaker and acknowledged expert on Insight leadership, strategy, and communication, he is the author of the book Transforming Insight: the 42 secrets of successful corporate Insight teams, and over 35 IMA publications. He has provided thought leadership in the UK, Western Europe, the USA, Canada, Australia, India, and the Middle East, and regularly hosts the IMA’s Insight forums - London, Manchester, UK Online and US Online.

The Insight Management Academy is the world’s leading authority on transforming Insight teams.

Resources:

If you would like more information on any of the ideas discussed in this episode of the Transforming Insight podcast, please visit www.insight-management.org

Copies of James Wycherley’s book Transforming Insight: the 42 secrets of successful corporate Insight teams can be purchased direct from www.transforming-insight.com

Disclaimer

The Transforming Insight podcast is published by the Insight Management Academy and produced by Zorbiant.

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