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A Gap That Could Lead to Irrelevance

 It is the knowing-doing gap. If we know that changes would be good for us, why are we so bad at acting on that knowledge?

It’s been four months since many of us vowed to stick with our New Year’s resolutions.  How is yours going?  One study showed that more than half of those who made resolutions gave up within six months, and only 9% feel they successfully met their goals by year-end.  We make resolutions because we know we can improve elements of our lives, and that doing so will make us happier, healthier or more successful. So if we know these changes would be good for us, why are we so bad at acting on that knowledge?

Majesco’s recently published research report, Strategic Priorities 2017 – Knowing vs. Doing, illustrates that insurance companies are struggling with their own “resolutions” to respond to a rapidly changing marketplace, and make changes to create growth opportunities. There is a growing gap between insurers that know about the changes and insurers that are doing something about them. Responses to the Strategic Priorities survey reflect an awareness of the pace of change that is unfolding unheralded challenges and opportunities. Unfortunately, turning awareness into doing, with actionable initiatives, is elusive, creating an ever-widening gap between leaders who are taking action and those who are not.

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