The COVID-19 crisis is making demands of CEOs that few people could have predicted just months ago, and in many ways, has already redefined leadership. Every person, business and country has somehow been impacted by this pandemic; all are at different stages. For many, uncertainty is the only certainty.
In an effort to bring some clarity to the complex world we find ourselves in, KPMG interviewed thousands of CEOs from many of the world’s largest companies, first in January and then again in July and August, to get their perspectives and to understand how their priorities have changed. We asked about their confidence in the future and examined how they are approaching this once-in-a-generation crisis.
We analysed the insurance data cut form the global survey and created the following points of views based on the most significant data points coming out of the results. What we have been provided with, is a unique snapshot of the views of insurance CEOs, their current mindset, business concerns and priorities at this unprecedented time.
In the third and final of our three-part series, we share insights on the subject of being Purpose-led, pandemic ready: Three-quarters (75%) of Insurance CEOs say their purpose provided them with a clear framework from which to make quick and effective decisions. Eighty-two percent say their purpose helped them understand their stakeholders’ needs and more than half report they let their purpose dictate their stakeholder response. Its clear Insurers are looking to their purpose to help guide them into the new reality.
So, where does purpose tend to fall apart? It is most when the 'tone in the middle', either by words or actions, does not reflect the messages at the top. It often comes down to culture, to the heart of the organization.
Leading CEOs have shared with KPMG what they say about being purpose-led, pandemic ready (see below).