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How Habits Stifle Strategy

Last week, we discussed a major strategy issue for insurers: What happens when we have the knowledge to move forward but are stymied by a Knowing/Planning/Doing gap? It can be difficult for insurers to get from the point of knowing to the point of planning, let alone doing. We dipped into a relevant book by Stanford professor Jeffery Pfeffer, titled, The Knowing-Doing Gap: How Smart Companies Turn Knowledge Into Action. And we drew on Majesco’s findings in our most recent thought leadership paper, Strategic Priorities 2017 — Knowing vs. Doing.

So, if insurers know what needs to be done and aren’t doing it, what is standing in their way? Is it possible that the organization has built its own barriers to progress?

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