High expectations exist for a new health insurance CIO. From the C-suite to the technology team, everyone expects the new CIO to come in and transform the organization.
But a lot needs to happen for that transformation can occur. Here are 7 tips for success for a new health insurance CIO:
Understand Your Role
The CIO role may have very different responsibilities depending on the organization. For some, the role focuses only on the IT function. Others have additional oversight over project management. Some will oversee the product team, while others are responsible for business growth.
Fully understanding your role can help you identify:
- The core competencies you’re team requires
- Your core KPI metrics and goal orientation
- Key initiatives that will help achieve those goals
- Internal resources to prioritize for relationship building.
Your direct manager and executive peers are good places to start understanding your role. Additionally, introductory meetings with direct reports can help you assess their understanding of your role as well as their roles. The goal is to listen, understand their role, current projects, challenges, and goals.
With your executive team, aim to understand department priorities as well as their perception of your team and role. Be sure to ask about their expectations so you can gain insight into priorities. Design these meetings so you’re listening more than talking. Don’t make commitments, yet.
Organizations frequently sell new hires a different job during the hiring process than they experience once on board. Your goal early in your tenure should be to understand expectations so you can set appropriate goals.
Understand Current Technology Priorities
As CIO, you’ll likely retain responsibility over technology projects. Early in your tenure, aim to understand the current technology projects in place.
Begin by requesting an overview of the high-level project portfolio. That should at a minimum include a brief description, the project manager, the business owner, the status, any key milestones or deadlines, the budget, resources, and any other data (like the original business case, ROI expectations, dependencies, etc.) that will help quickly get you up to speed. Consider using project management tools and document repositories to obtain knowledge.
Once you have a high-level understanding, schedule meetings with project managers and have them explain their project plans. Don’t be afraid to ask why the project is a priority, the current status, roadblocks, and successes.
Meetings with business sponsors can also deliver insight into the business need for the project. Meet with the technical resources to review architecture, technical debt, and other items. One-on-one or team meetings can also help provide project feedback.
Review the Strategic Plan
As a new CIO, you want to drive the organization’s success. You would like others to perceive your team as a strategic business partner, not a cost center. Start by reviewing the organization’s strategic plan.
Here are some questions to get you started:
- Does the IT strategy clearly articulate how it supports and enables the overarching business mission, vision, and long-term goals (e.g., revenue growth, market expansion, customer satisfaction, operational efficiency)?
- Can you draw a clear line from each major IT initiative or investment to a specific business outcome?
- Or are you building “technology for technology’s sake?”
- Does the plan demonstrate an understanding of market trends, competitive landscape, customer needs, and regulatory requirements that impact the business?
- Is the IT budget clearly defined, justified, and aligned with the strategic priorities?
- Is there a breakdown between “run-the-business” (operations) and “grow/transform-the-business” (strategic initiatives)?
- How are technology investments prioritized?
- Are the highest-priority business needs receiving adequate IT investment?
- Are there any areas where the strategic objectives require IT investment that isn’t adequately budgeted or resourced?
- Does the plan acknowledge the current technology landscape, including legacy systems, technical debt, and existing infrastructure capabilities?
- Is there a clear vision for the target technology architecture (e.g., cloud strategy, data platforms, application modernization)?
- Does the plan consider how emerging technologies – AI, machine learning, IoT, and blockchain – could create competitive advantages or efficiencies?
- Is there a strategy for evaluating and piloting emerging technology?
- Does the plan identify the critical skills and competencies needed within the IT organization to execute the strategy? Does it address talent acquisition, retention, upskilling, and reskilling?
- Does the current or planned IT organizational structure support effective strategy execution and collaboration with the business?
- Does the plan define clear, measurable KPIs to track progress toward strategic goals and demonstrate value?
By answering these questions, a new CIO can quickly assess the maturity, relevance, and viability of the existing strategic plan. After evaluating the plan, you can take steps to address any deficiencies or execute the existing plan.
Evaluate the Team
Next, evaluate your team. Armed with your understanding of the strategy, in-flight projects, and planned projects/pilots, judge whether you have the necessary team to execute the strategic plan and achieve company goals.
Start by identifying individual strengths and development areas. Mapping each individual’s strengths, skills, skill gaps, and areas for professional development can help. Also consider what individuals have growth potential and those who could take on expanded roles.
Evaluate the team’s dynamics. You want a team that can effectively collaborate. You need to eliminate silos. Examine how knowledge is shared. See if the team leverages each other’s strengths.
The most successful companies share a common purpose and hold each other accountable. Rate your team on those attributes and brainstorm ideas for improvement.
Identify team inefficiencies or bottlenecks. Examine the tools and technologies in place to determine if they can alleviate inefficiencies or bottlenecks. Look for automation opportunities.
Morale also matters. Ascertain whether the team is motivated and engaged. Check for burnout, disengagement, and conflict. You want a collaborative and supportive environment, not a competitive and blame-oriented one. Consider how the team is valued and recognized.
Check for goal orientation. Ensure the team understands the objectives and their contributions to the broader organizational goals. Eliminate any competing priorities and unclear direction you find.
Build Relationships with the C-Suite
Your relationship with your fellow C-suite peers can go a long way toward ensuring success. Build strong relationships with the team using these tips:
Start by listening. Schedule brief, informal introductory meetings and come prepared. Before formal meetings, understand your peers’ functional priorities and the specific challenges or opportunities facing their departments. After those initial introductory meetings, schedule periodic check-ins to continue the dialogue.
Focus on the business. Frame discussions in terms of business value, ROI, risk mitigation, revenue growth, cost reduction, customer experience, or competitive advantage.
Be a partner. Be available. Respond. Be proactive. Bring ideas to your peers about how technology can solve business challenges.
Most importantly, deliver results. Do what you say you’re going to do. When you solve problems or experience success, share those successes with your peers. For every success, highlight the quantifiable impact, like “reduced customer churn by 10%.”
Identify Quick Wins
After you’ve wrapped your arms around the job, your team, your peers, and your strategy, spend some time identifying quick wins. Look for immediate, impactful changes you can make that will show early value and alleviate some of your team or peers’ frustrations.
By initially listening and asking probing questions, you likely have developed a list of the significant, recurring problems plaguing the organization. Find a couple of high-impact, low-effort projects that can hopefully deliver tangible value to the business, your team, or a specific C-suite member.
Consider Your Communication Strategy
Often overlooked but vital to success is your communication strategy. As your job experience grows, this task takes on greater importance.
A new CIO’s communication strategy is critical for building trust, establishing credibility, aligning stakeholders, and setting the right tone for the IT organization. It’s about being seen as a transparent, collaborative, and strategic leader.
First, consider your channels and cadence. You’ll need to communicate with the C-suite and the board, with your team, and other business units and stakeholders. Each of those groups will likely involve different communication channels and cadences. For example, you’ll likely leverage team meetings and one-on-one meetings with your team, while the C-suite and board might have less frequent meetings, but require more frequent briefings. You may attend joint steering committee meetings with other departments and stakeholders. Create a plan or outline of your communication methods and cadences to each of these audiences.
Don’t forget about your communication principles. For example, you may prioritize transparency and authenticity in your communications. Having principles can help you question each communication to see if it’s living up to those principles.
Consistency is also key. Be consistent in your principles, but also in your cadence. Inconsistent messaging can be a team-killer.
Finally, tailor your communication to your audience. Your message to the C-suite is likely to be much different from that of your highly technical team members. Have a clear target audience and communicate messages to that audience.
Certifi’s health insurance premium billing and payment solutions help healthcare payers improve member satisfaction while reducing administrative costs.
