Munich Re Group Annual Report 2006 (PDF, 1.8

Munich Re Group Annual Report 2006
most successful way of differentiating yourself from competitors,
to achieve a unique profile. If you leave the mainstream
and do something a little bit different. We decided
to do primary insurance along with reinsurance, and I have
constantly been faced with comments like: “Why do you
do it?” and “Don’t do it!” Now, as then, I am absolutely
convinced this is the right step. Because with this integrated
model, we can best profit from the synergies of
diversification and from the chances in both segments.
We can combine the solutions and open up new business
opportunities. Of course, it will only be possible to judge
the long-term success of this strategy when I’m no longer
in office; but it takes some courage to go your own way,
as it did for the composers.
Kent Nagano_ You bring up a very important point. In
order to persevere, you need at least some people who
understand what you’re talking about. Achievement is a
very public-oriented task. The public in the end will form a
consensus as to whether or not your efforts were successful
or not successful.
Nikolaus von Bomhard_ On the one hand, a good track
record helps. So if you have three good symphonies out
there, you can risk more with the fourth.
If you get people on your side to accompany
you rather than just follow you, then you are
ultimately more efficient.
When I took over my position, I had one main goal: to make
our business profitable by increasing our portfolio quality.
This took time and much effort, and it was and is often
hard to be consistent and let the unprofitable business go.
But now we are starting to harvest the fruits.
Kent Nagano_ In the end, defining a leadership profile
requires strong personality. And it’s only through perseverance
that you can develop a depth of conviction and therefore
a depth of character. The strength of that conviction
and what you are prepared to fight for are the elements
from which we extract personality, character and refine
and focus a sense of will. Personality, character and sense
of will are integral parts of leader functions. If one is to
assume the responsibility of leadership, it almost implies
that you must have the skills which are only brought about
through vision and perseverance.
Nikolaus von Bomhard_ One might say that all the
really important achievements in human history have been
accomplished thanks to people who persevered. Of course,
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some failed badly, even though they were great leaders
and had the right ideas, but they just could not prevail in
their time, so their ideas were not recognised until later.
Having said that, I think perseverance can be the more
efficient approach. If you get people on your side to
accompany you rather than just follow you, then you are
ultimately more efficient: you save time, energy and
resources by concentrating your forces to come up with
what you finally want to achieve.