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The road to reform in China is paved with detours and dangerous curves. Among the hazards are the traditional values that thrived under state run rule, but which now serve to slow progress. Looking at the case of CINCO, one of China's oldest and largest insurers, Sarah Meegan and Professor Steven White show how the best intentions can be stymied by intractable cultural norms and varying players with vastly different goals.

The case of Allianz Group's drive to break away from the competition illustrates the positive impact inter-firm competition can have on overall firm strategy.

Note: This is an edited excerpt of a case study written by the Allianz Management Institute with Christoph Lechner, Karolin Marx and Günter Müller-Stewens of the University of St. Gallen. It was originally intended for classroom discussion but in this form, supplemented by a new commentary from Friedrich Wöbking, member of the board of Allianz Versicherungs AG and Dresdner Bank responsible for IT, it provides key insights into change management, strategic decision making and corporate venturing. In particular, readers might like to reflect on what differentiates a highly successful development process from a moderately successful or unsuccessful one. The full version of this study is available at the European Case Clearing House, www.ecch.org.uk