NU Online News Service, May 20, 3:11 p.m. EDT
ORLANDO, FLA.--Insurers must be bold in the recession and not let fear govern their decisions during the economic downturn, futurist David Smith told an industry conference here.
In a keynote address at the ACORD-LOMA Insurance Systems Forum, Mr. Smith, chief executive officer of Global Futures & Foresight, said the worst thing insurers can do in this economic downturn is fire talent, cut back on technology investments, reduce new product development, and replace growth-oriented CEOs with cost-cutting CEOs.
During the previous recession, many companies that were top 10 in their sectors dropped off the list, and less than 10 percent of those companies subsequently made it back on the list, Mr. Smith explained. "This is not a time to do nothing," he warned.
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