It’s coming up on that time of year when the kids head back to school and summer activities and vacations are winding down. It’s time to settle in for the last push to year end.
Executive SummaryDrawing a distinction between the "what" and "how" aspects of strategic planning vs. annual planning, Carol Williams, a risk management and strategy consultant for P/C insurers and recurring contributor to Carrier Management, offers strategic planning framework that is meant to make the activity of developing the right corporate goals less painless for P/C executives.
In the life of a property/casualty insurance executive, it’s also time to start thinking about strategic goals for 2023 and beyond.
All executives should be thinking about strategy throughout the year, especially around current news and events and their impact to the company. But it’s around late summer and early fall when goals are re-evaluated and plans formalized for the next few years.
Like your last dentist visit, the process is not something you typically look forward to; you just know it needs to happen. Sadly, for a significant number of companies, strategic planning is a fruitless ordeal, with many executives describing it as “boring” and like “being lost in a haze with no way out.”