Library: Majesco – Strategic priorities 2021: Despite challenges, leaders widen the gap
Executive summary :
Digital transformation, the acceleration of change and the constant threat of disruption have a profound impact on leadership for all companies, including insurance.
2020 saw the constant threat of disruption, expanded and accelerated due to COVID and its continuous ramifications to the economy, businesses and individuals. Now nearly a year after the emergence of COVID, companies – both insurers and their customers – realise it will never go back to “normal.” As insurers step into the post-coronavirus future, they need to find a balance between what worked before and what needs to happen to succeed in the next normal. And that will take leadership.
Digital smarts is essential these days
In the MIT Sloan research report, Leadership’s Digital Transformation, it notes that 93% of workers across industries and geographies believe that being digitally savvy is crucial to doing their job. Most importantly, the idea that effective digital transformation delivers agility, adaptability, and customer centricity is now recognized as both managerial mantra and leadership inspiration.
Andreessen Horowitz, a renowned leader in technology, noted in their blog, “2020 has shown us that every company — no matter their industry or size or age has to become a technology company to survive.” While many leaders are not technical experts, they understand the business value and impact of technology on the business, not just today but in the future.
These examples highlight the imperative for insurance leaders to re-envision their future of insurance by redefining their strategies and priorities for 2021 and beyond. They need to move rapidly from knowing to planning and then doing. Doing the same thing will not move them forward.
The gulf is growing
Our 2021 strategic priorities research, based on post-COVID insurer survey results, shows a dramatically widening gap between Leaders and Laggards – 64%, a year-over-year increase of 20% – when looking at their focus on key strategic initiatives in the past year.
Followers were “treading water” to keep even with the previous year – with a 12% gap to Leaders. Even more striking and concerning is the widening of the gaps between Leaders and the others in their outlooks for their companies over the next three years of 103% and 28% for Laggards and Followers respectively, reflecting a 40% and nearly 10% gap growth for each. These gaps do not bode well for insurers’ ability to create economic value, grow, and remain relevant with the ever-increasing pace of change and disruption.
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