How do insurance company leaders keep their companies current while facing rapid and fundamental changes in their markets? Think strategy.
Executive SummaryGetting there is more than half the battle when it comes to developing a strategy document, insurance industry advisers at Hanover Stone Solutions suggest. While the strategy document is the end deliverable, it is the process of thinking strategically that can propel growth and success, they write. Here they provide a step-by-step template that can lead to an informed and well-considered strategy.
Accelerating changes include:The digitization of business processes. The profusion of rich external data and customer-centric content.
In addition to technology, executives must consider social changes driving customer behavior and preferences led by millennials; evolving uncertainty in global economies impacting supply chains and business exposure; emerging risks such as cyber crime and extreme weather events driven by climate change; and pandemics coupled with vaccine immunity, as experienced with this year’s deadly flu strain.