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  • Being “different” and “better”

    01 May 2015
    Horváth & Partners, Member Firm (Germany)

    The insurance industry has been under intense pressure to change for the last few years. This is due to several reasons.

    In addition to profound, regulatory changes, such as the EU Directive on Insurance Mediation and Solvency II, insurers have been troubled by an extensive crisis of confidence regarding financial markets since fall 2008. Furthermore, the industry has had to deal with noticeable changes in client behavior and new technical opportunities (digitization).

    The changing framework conditions confront insurers with increasing strategic challenges and allows the performance of a strategy to be managed. Successful insurers find answers to the current strategic issues in order to make their business fit for the future and above all to differentiate it from competitors – thus to make it “different”.

    Nevertheless, this alone is not sufficient: According to current research results, 80 percent of strategies fail in their implementation. Therefore, successful insurers are not only “different” but also “better”; they realize their strategies in a better way than their competitors.

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