A new report based on a series of in-depth interviews with the Chief Executives of co-operative and mutual insurers from around the world, was published yesterday.
Produced by the International Co-operative and Mutual Insurers Federation (ICMIF) for its members, Chief Executive Insights highlights the issues, the challenges and characteristics of mutual leaders.
The CEOs of 34 co-operative and mutual insurers from 21 countries were interviewed, with half of those leaders of businesses with premium income of more than USD $1 billion, including the world’s largest financial mutual, Zenkyoren in Japan.
The report, available only to ICMIF members, looks at CEO views on innovation, strategy and leadership itself.
It includes fascinating insights into leadership in particular, revealing their styles of leadership, working life and concerns. The highlights include:
• CEOs lead by listening closely to their stakeholders and working collaboratively with their management teams, which enables them to make time for strategic work
• Professional development for CEOs has been most effective through previous experiences of others’ leadership styles, working overseas, having a mentor and contact with peers in other industries.
• CEOs spend most of their working time meeting people and communicating, with 25% of their time spent dealing with regulators
• CEOs were kept awake at night by regulation, staff issues, the economy, and unpredictable external events such as flooding or weather
• They advised new CEOs to start by talking and listening, and not making any strategic decision in the first months
• Integrity, courage and honesty were viewed as the essential attributes of a good leader
The report was launched in Cape Town, at ICMIF’s biennial conference.