Adverse events have buffeted the insurance industry for over a year. If making connections was easy, all businesses - long-tail, short-tail, government agencies or general insurance companies - would be communicating, cooperating and collaborating. One thing that needn’t stand in your way is outdated practices and systems.

This is where the big picture comes in. It used to be that an insurer’s strategy was set for a long time. It might be tweaked occasionally, but the business environment was well-known and reasonably predictable, and anyway, the business of insurance is to manage risk, right? Now, “the ‘new normal’ is disruption”, so strategic thinking must be nimble, flexible and innovative. 

At Procensol, we’ve seen both spaghetti and strategic leadership over our decade-plus involvement in the industry. While most ‘start small’ projects are successful, the real benefits lie in taking them further by acknowledging the long-term importance of the foundations that insurers are laying, to achieve growth, digitalisation and efficiency – the three things that CEOs want.