The insurance industry needs to radically change its behaviour to be the best, the Life Cycles and Performance workshop was told.

PMI Management Consultancy chief executive Rolf Gerritsen said the insurance industry showed many of the key behaviours seen in dying organisations.

He said ageing industries were held back by the “this is the way we've always done it” attitude, while industries such as ecommerce burgeoned because they were not restricted by strict organisational rules and regulations.

Growing industries worked on intuition and function rather than form, he said, while ageing industries were concerned by function and had a management controlled by the system.