Re/insurers with their sights set high must substitute old habits and ways of working with brave strategic thinking if they hope to join the ‘power curve’ club of top profit makers. Intelligent Insurer reports on significant new research from McKinsey.
“Chains of habit are too light to be felt until they are too heavy to be broken,” Warren Buffett has been quoted as saying, perhaps referencing older words of wisdom.
“Actively moving sufficiently large amounts of capital does require you to make some quite hard decisions on businesses which might be your current focus and bread and butter.” Kapil Chandra
With re/insurers and brokers habitually counting profits in the millions and billions of US dollars, euros and other currencies, it’s perhaps no surprise that the industry is not known for its fondness of radical change.
McKinsey & Company, Insurance, Reinsurance, Property and Casualty, Life Insurance, ROE, Merger and Acquisition, Underwriting, Kapil Chandra, UK