** These notes below are taken from the publication entitled “A leadership crisis for top insurance groups” found here: https://go.ey.com/2Jk4FMu **
If you are in the insurance industry I know from working and meeting people in the industry that you are very busy so instead of just sharing the document I am going to highlight some of the key points I found interesting from a leadership perspective relative to this industry.
The Data:
- In late 2016 a survey of individuals in 28 countries 53% said the system was failing them
- 37% found CEOs very or extremely credible
- 35% trusted corporate board members credibility
- Respondents were more likely to trust a peer than a CEO, board member, or government official
- 85% of people are looking to peers for trustworthy information versus the “top of the triangle”
Observations Regarding Leadership
- Leadership is becoming horizontal rather than vertical – the hierarchy is flattening
- Leadership requires the ability to communicate purpose – this is much harder than leading away from something
- Successful leaders have to be authentic – clear honest communication
- New Skills Needed
- Digital expertise – understanding social communication (social media, virtual presence) and work changes (digital services, platform technologies, etc.)
- Agility and Flexibility – ability and willingness to change
- Collaboration is key – working together across multiple areas of expertise
Developing Leaders
This is a challenge with frequent turnover, but if the employer is remembered as a person who invests in his or her people then this will improve the company’s reputation in the marketplace and potentially attract fresh new talent.
There are more ideas within this article if you found what I shared relevant use the link above to reference the entire article.
If you want help thinking into your leadership development or that of your team then contact me so I can be your thinking partner to help you develop yourself and those around you as leaders.
