Its The Management, Stupid

McKinsey has cottoned on to what I have been saying for several years. The insurance sector’s obsession with data and analytics is irrelevant if the management of the businesses aren’t willing or able to change their beliefs and attitudes.

www.mckinsey.com/insights/financial_services/what_drives_insurance_operating_costs?cid=other-eml-alt-mip-mck-oth-1507

In a year when weekly landmark deals have rained down like confetti in all corners of the industry, it raises the following questions:

  1. Why is the industry is so in love with hiring C-level executives from within?
  2. If so many leaders are poorly qualified or unwilling to address business complexity, operating models, IT and performance management as McKinsey suggest, why aren’t Board Chairs and shareholders more assertive in casting a wider net?
  3. What would it take to attract leaders with the skills and volition to challenge widely held beliefs and make meaningful changes that transform insurers’ operating performance?

Therein lies the key future challenge for the sector and the experts who are able to help answer those valuable questions will be able to charge whatever they want.

© James Berkeley 2015. All Rights Reserved.

 

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