This morning I read an insightful Harvard Business Review article that was recommended by a member of our DCC Innovators Group—Bringing True Strategic Foresight Back to Business by Amy Webb. (Thank you, Jeff!)
The author identified a major challenge faced by many companies today that is especially relevant to insurance carriers:
“While managing margins is vital, it must be balanced with the pursuit of innovation and growth opportunities to prevent strategic myopia and secure a company’s competitive edge in the future.”
I couldn’t agree more. In this recent podcast I spoke with Chris Burand and Paul Borup about how property & casualty insurers can go about achieving this type of strategic balance.
DCC and Burand & Associates have been working together to identify carriers that excel at balancing surgical expense management with ease of business as measured by the industry-standard DCC Index. In the podcast we discuss what other carriers can learn from our work:
- What does an Avocado Farmer and an Insurer have in common?
- What portions of the DCC Index are most correlated with growth and financial performance?
- Why technology is not the only important thing.
- Expense considerations when evaluating growth strategies.
- What problems underwriting inconsistency creates.
If you would like additional insight into strategies for balancing growth with on-going financial performance, let me know.