6 MINS READ
The TCS 2021 Global Leadership Study also compared the strategies of two subsets of insurance firms: “Leaders,” which had both superior revenue and profit growth from 2015 to 2019 compared to other insurance companies, and “Followers,” which reported inferior financial performance during that time. The logic: The second half of the 2010s was a highly digital era, and insurance companies with the best financial performance did many things right, so they are the ones to learn from, especially when compared to those with less stellar financial performance.
Even though “innovation” was named the leading cultural trait needed for insurance firms in meeting the demands and opportunities of the next few years,
only the industry’s “Leaders” — even more than Leader firms in other industries — are prepared to do the work to succeed in the new digital landscape on the horizon. That’s because unlike their industry peers, these Leaders’ executives expect the greatest competition to come from outside the bounds of the traditional insurance industry.