Leadership & Culture The 40 European insurers were also examined across a number of dimensions involving leadership, governance, culture, diversity, and decision-making. Once again, the Superior Performers demonstrated several skews from the study average. Governance Structure Centralized Decentralized Federated 90% 10% 70% 20% 10% 80% 10% 10% Superior Performers were more likely to adopt a Centralized governance model, and eschewed a Federated structure entirely. CEOs at the helm of companies in the top performance tier were more likely to be promoted from within the organization than recruited externally. CEO Recruitment Internal External 90% 10% 70% 30% 80% 20% The typical CEO profile among Superior Performers also tended to include: • Business/technical experience, rather than sales/marketing • Insurance-specific background, rather than outside the industry • Five- to ten-year tenure in role — long enough to understand legacy, but new enough to be open to change • High approval rating from employees EUROPEAN INSURER VALUE ANALYSIS 11