Insurance leaders trying to learn the secrets behind successful business strategy should consider a classic lesson from TV’s “Seinfeld.” To reword slightly, “See, you know how to create the strategy, you just don’t know how to hold the strategy, and that’s really the most important part of the strategy—the holding.”Executive SummaryFollowing a strategy effectively means keeping it top of mind and being willing to make tough decisions. If the strategy is well developed and defined, be confident in it and hold on to it—that’s the most important part.
This is something we’ve watched rising insurance leaders learn firsthand in The Institutes’ Management Education program, hosted in partnership with the faculty at the Wisconsin School of Business, University of Wisconsin-Madison. Part of the program includes an interactive exercise where we organize attendees into different teams to develop a strategy for a hypothetical insurance company. The teams then implement the strategy by making product management decisions around pricing, acquisition expenses and underwriting selectivity.