May 6, 2010
Health Care Expertise
Characteristics of Successful Companies
At this year's Society of Actuaries Annual Conference
in Boston, we were asked to present our findings on
the characteristics of success for companies in the
mid-market space. Based on the results of our recent
survey of life insurance companies, we identified
seven characteristics that set apart the continuously
successful companies from the rest of the pack.
We found that successful companies:
- Have consistent leadership. Everyone
on the management team shares the same clear
vision of where the company is headed and can
articulate it to others.
- Identify and exploit niche marketing
opportunities. They develop an entrepreneurial
mindset that finds ways to make something work
versus a "why it won't work" attitude.
- Have a pulse on the marketplace through
superior customer intelligence. Be very careful
when people in the company say they know what the
marketplace needs without listening directly to
customers and agents through surveys and other
- Make targeted investments in technology.
They target their investments in technology based on
what is really needed. This starts with understanding
and defining the business requirements and investing
only in those technologies containing features that will
deliver on those business requirements.
- Achieve service excellence. "Easy to do
business with" is not just a slogan; successful
companies are easy to buy from and service is easily
accessible for customers.
- Are nimble and quick to act. They
minimize bureaucracy and have a culture of problem
solving. There are many companies that once
dominated their niche but became so entrenched in
their ways that their competition overtook them.
- Have organizational alignment. The
structure should be aligned with the strategy, with
rewards designed to support the attainment of the
goals of the organization.
With the economy improving, now is the time to
break the down-cycle thinking and confirm that your
people, processes, and technology are ready to
deliver on what customers want from your
Available Now . . .
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