Gino DiGregorio and Michael Reilly are managing directors in Accenture Property and Casualty Insurance Services.

There are two basic components involved in running a successful company: Strategy and execution. For P&C insurers, a sound business strategy sets forth the carrier's plan to generate revenue. It reflects market trends and articulates the insurer's deliberate decisions regarding multi-year business objectives, the value that must be delivered, value to deliver, customers to target, products and services to offer, and go-to-market approaches.

With the strategy defined, insurers need a robust operating model to lay out the tactics needed to execute that strategy. The operating model defines the allocation of the organization, people, processes, and technology resources to implement and delivery on that strategy in an efficient manner.

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