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Informal Transactional/Effectual Networks and Entrepreneurial Innovation in Response to Uncertainty: A View on the Global Insurance Industry

Nicos A Scordis (Tobin College of Business, USA)

Informal Networks in International Business

ISBN: 978-1-83982-879-9, eISBN: 978-1-83982-878-2

Publication date: 5 August 2022

Abstract

The procedures and rules the insurance industry writes in the polices it sells amount to a form of private legislation enforced by the state. Such authority creates a powerful lever for social change, from easing the diffusion to new technologies to slowing climate change. What maintains a sense of fairness in the way insurance firms shape society is an informal but stable network that interconnects them around the globe. A handful of specialist firms occupy key notes in maintaining this network. While these specialists aggressively compete over market share and profits, they also prioritize long-term relationships with their clients and competitors.

Keywords

Citation

Scordis, N.A. (2022), "Informal Transactional/Effectual Networks and Entrepreneurial Innovation in Response to Uncertainty: A View on the Global Insurance Industry", Horak, S. (Ed.) Informal Networks in International Business, Emerald Publishing Limited, Leeds, pp. 75-90. https://doi.org/10.1108/978-1-83982-878-220221008

Publisher

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Emerald Publishing Limited

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