Perhaps you have been in this situation:
You are in your office, not bothering anybody, when the meeting invitation hits your mailbox “Strategic planning” is the subject, with the usual suspects on the attendee list. This meeting has happened before. Last time the discussion was about finally getting a claims system that created some true efficiency. Or was it that top-secret marketing project that was supposed to really shake up the market? Either way, it translated into impossible timelines, insufficient resources and another missed opportunity. The time before that the project made it through, but only because the new CIO was going to get a data warehouse no matter what.
Nothing about this process seems to relate to anything “strategic,” nor does it feel like “planning ” When it comes to the insurance industry, change represents risk, which is the best way to stop a viable but unproven idea in its tracks.
To help reduce risk, let's focus on three key areas to better understand the control and flexibility challenges facing insurance companies: underwriting, compliance and customer service.