[author: Andrew Munzberg]
In an article for Financier Worldwide, Andrew Munzberg of the Global Insurance Services team at FTI Consulting shares five fundamental steps in developing the right operating model to execute insurer strategies.
This is an excerpt from Financial in the world, first published in May 2021. The full publication is available at https://www.financierworldwide.com/what-it-takes-to-navigate-the-insurance-strategy-to-execution-gap # .YQv8gIhKg2x
“Develop a realistic long-term strategy
This year’s pressures are forcing insurers to prove their support for sustainability standards and tackle issues of environmental and social injustice in addition to the challenges they regularly face. Insurers have also had to deal with the coronavirus pandemic (COVID-19). In addition to the considerable human cost, the pandemic has had a profound impact on consumer behavior and their view of insurers. It has also accelerated the adoption of digital channels by customers. New and emerging technologies and improvements in mobile connectivity have disrupted insurance operating models, with many insurers constrained by investing in existing systems.
This article has been reprinted with kind permission of Financier Worldwide.