Yesterday’s chief executive officers achieved success overseeing an organization in a fairly predictable environment. On well-understood business platforms, they had clear sight into market challenges and operational problems, guiding the right decisions to solve them. Time was on the CEO’s side to make these determinations.
Executive SummaryChange is in the air in the property/casualty insurance industry as a crowd of new CEOs coming on board in late 2015 and 2016 take the top spots facing a changing political climate, a war for talent and industry competition that now has InsurTech startups in the mix. Journalist Russ Banham reached out to management experts to provide a guide for new CEOs in any environment, identifying common mistakes from CEOs that rush to make their marks.
This is no longer the case today. The blazing pace of change ignited by the technological revolution has muddied the waters. Many CEOs cut from the old cloth feel ill-equipped to make quick and insightful decisions. The incoming crop of CEOs who are new to their companies are not immune to the challenges.
Some new insurance carrier leaders climbed the corporate ladder the traditional way; others were recruited from another carrier. In some cases, they were brought in from outside the insurance business. In an industry long resistant to change, all are being tasked as change agents.
One reason is clear. Property/casualty insurance carriers confront growing competition today from nimble insurance technology startups armed with sophisticated concepts and tools, lower operating expenses, no legacy technology, and a consumer populace eager for alternatives.
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