| According to the U.S. Census Bureau, the population of the U.S. reached 300 million in October of 2006. This is a significant milestone for our country, but the underlying trends behind this number are far more interesting. |
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| Mr. DeHayes was privileged to be in the congregation of the Fifth Avenue Presbyterian Church in New York when Dr. Thomas Tewell, Senior Pastor, delivered a sermon on The Perfect Christmas Pageant. The sermon struck him as containing a message for everyone, especially for executives of companies facing the challenge of accelerating change. Here is a condensed version of Dr. Tewell’s story for your enjoyment. |
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| Stories about companies that do not treat an existing customer as someone they know and value could fill volumes. They also speak of how well companies have to demonstrate that they care about good customers. |
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| High performance companies often have common attributes that explain the reasons for their accomplishments. As an example, four very different, but successful, sales organizations have particular characteristics that suggest a startling model for effective sales management. |
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| Banks experience mixed results in selling insurance: - Programs can launch late and awkwardly.
- Carriers seem inflexible and unresponsive.
- Products are not as good as others available in the banks’ markets.
- Customers aren’t responding to the products as projected, and sales targets are missed.
For the sales that are generated, profitability seems elusive. |
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| In 1994, an insurance carrier that specializes in annuity sales surveyed recent purchasers of its annuity products. Among questions on the survey was one that asked when customers planned to use the invested funds. More than half the customers expected to pass the funds to their heirs. Simply stated, these customers bought products that were unsuitable for their perceived needs. |
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| It started out innocently enough. I began to think at parties occasionally to loosen up, but one thought led to another and soon I was more than just a social thinker. I began to think alone (to relax, I told myself ), but I knew it wasn’t true. Thinking became more and more important to me and finally I was thinking all the time. I even began to think on the job. |
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| For several decades, diversification was the prevailing strategic theme among major corporations in the financial services field. The notion of becoming a financial supermarket seemed to have considerable appeal for corporate executives and the investing public. |
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| The array of challenges confronting life insurers today is truly daunting. The perennial problem of recruiting and retaining high-quality agents and providing competitive products on a profitable basis has been exacerbated by recent developments. |
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| The rapid changes in the health care industry require a vision for the future and a commitment from payers and providers to stay informed and flexible. |
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| Veterans in the insurance and banking industries may remember when they were viewed as being in the most stable and stodgy of businesses. Today that image is becoming a distant memory. |
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| The process of blending two distinct companies challenges even the most progressive of companies, yet it can be a gratifying means to accelerate growth and success. |
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A growing number of CEOs are actively developing and implementing strategies to reposition their organization for the new realities facing financial services industry.
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While the best possible foresight can not realistically predict every development in an industry’s future, it is critical for executives who must manage in a rapidly changing
environment.
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