This year’s “Insurance Banana Skins 2017” report from CSFI and PwC, lists Change Management as the biggest risk to the insurance industry. This is not new news!
Our marketplace has always both reaped the benefits and paid the price of being risk averse and not being the first movers. Where bankers dive in, insurers wait to see the initial results. Maybe being trained in understanding a risk before embracing it inures our executives to potentially rash decisions.
However, you can manage change well without jeopardizing the family silver. The key is to have clear strategy and strong control over the management of how that cascades down through a corporation to become reality. Insurers who have strong management control and reporting systems which provide clarity of leadership from the top and engender support from the bottom up, will always outperform juggernauts who struggle e to turn the direction of their business.
Leading Technology companies have been stressing the critical importance of Agility for some time now. Has the market now finally woken up?
Although Britain’s withdrawal from the EU is still two years away, insurance firms have already started planning for post-Brexit hubs. However, the withdrawal seems to be the least of the industry’s concerns, according to a recent report published by the Centre for the Study of Financial Innovation (CSFI) and PricewaterhouseCoopers (PwC). In the “Insurance Banana Skins 2017” report, insurance practitioners and industry observers ranked Brexit last in a list of the 22 “greatest risks” faced by the industry over the next two to three years. The top five were: Change Management Cyber Risk Technology Interest Rates Investment Performance Results were based on 836 responses from practitioners, regulators and observers of the insurance industry in 52 countries.