Laggard Industry

Laggard Industry

An industry that may be growing but not as quickly as the economy at large. A laggard industry may be outdated or it may be simply out-of-favor.
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McKinsey and many other adept organisations and industry experts have succinctly highlighted how inefficient we are as an industry compared to others; we are often termed the laggard industry (Reinventing Construction: A Route to Higher Productivity, McKinsey ).
The industrialisation of construction
"People pick on insurance for being a laggard industry, which is totally not the case," he says, noting that the first insurance software broke onto the scene in 1963.
Technology helps insurance weather the storm: the industry knows how to write policies, but can it create efficient policies for its own business processes?
Insurance, not an industry to embrace change, quickly became a laggard industry."
Innovation
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