Insurance is a business as old as business itself, expertly greasing the wheels of commerce by absorbing risks that would otherwise slow down the engines of growth. Insurance companies have long sold a promise—”We will take the financial hit for you so you can do what you do best”—and made good on it.
Executive SummaryInnovative mindsets are lacking in today's insurance leaders, a consequence of many companies bringing their CEOs up through the ranks rather than hiring an outsider who may bring a different perspective. The industry's inherent conservatism may be hindering insurers' efforts to be competitive.
But when you’re a business this old, dust collects. The industry’s inherent conservatism encumbers out-of-the-box thinking—not a good thing in an era remarkable for its entrepreneurial breakthroughs, technological innovations and disruptive new ways of providing service.
Obviously, the buck stops with insurance company CEOs. The question is: Do they have what it takes to lead their companies to be competitively unique and successful?