A recent study reveals that insurance chief executives believe that creativity is more important than rigor, management discipline, integrity and vision in a company's ability to remain competitive and successful.
The study by IBM was performed through face-to-face interviews with over 1,500 CEOs, general managers and senior public sector leaders, including 78 insurance respondents from 28 countries.
Sixty-eight percent of respondents expect the level of complexity within the industry to increase significantly over the next five years, but only 53 percent feel they know how to deal with it successfully. Meanwhile, 82 percent of insurance CEOs said increased government regulation was a major source of uncertainty within the new economic environment.
Strategies to help overcome complexity and yield competitive advantage include the redesign of operational models for ultimate speed and flexibility, as well as taking advantage of global efficiencies while addressing local needs.
Fifty-five percent of CEOS are focused on simplifying their products and operations, while many are taking advantage of technology to help improve customer service.