Insurance leaders are well aware that their firms need well-defined strategies to succeed in an increasingly competitive marketplace. That message is trumpeted in countless books and articles published every year. But there is comparatively little practical advice for both executives and managers to understand what role they should specifically play in executing strategy. What is the most effective way for leaders to ensure that their plans cascade throughout their organization and earn support at all levels?
Executive SummaryLike the ringmaster of a modern-day circus, P/C insurance executives should allow the spotlight to fall on middle managers when it comes to moving a strategy forward.
This execution stage is clearly a concern for C-suite professionals.
• A joint report from the Project Management Institute and The Economist found that 61 percent of the nearly 600 senior leaders and C-suite executives surveyed felt that their firms struggled with executing on the daily facets of strategy. (“Why Good Strategies Fail: Lessons for the C-suite,” available at www.pmi.org in the Learning section under the Thought Leadership tab.)