“Work-Outs” and “Rapid Results Initiatives” are now a natural part of the language of the U.S. insurance professionals working for XL Group, where a culture of collaboration has taken hold over the last three years, according to the chief executive.
Executive Summary
"Work-Outs" and "Rapid Results Initiatives" are now a natural part of the language of the U.S. insurance professionals working for XL Group, according to Seraina Maag, CEO of XL's property/casualty insurance operations in North America, who describes examples of how XL has used the two GE-style methods, along with other steps she took to shake up the culture of what she calls an "underperforming and shrinking business" back in 2010.Seraina Maag, CEO of XL’s property/casualty insurance operations in North America, explains that changing the culture was part of her mandate when she signed on to grow what she describes as an “underperforming and shrinking business” back in 2010.
Work-Outs, more commonly associated with General Electric Co. and Jack Welch, the former chairman of GE, and Rapid-Results Initiatives (RRIs), a similar business strategy method developed by Schaffer Consulting, were part of Maag’s culture-building toolkit, as she participated in them during a prior position at Zurich Insurance Group.
