Several decades of experience are testament to that. But in general, if everything had to be perfect before we start something… then frankly, nothing would get done..!
One of the often-cited reasons for the lack of future-looking approaches in the insurance market is the annual renewal loop. I think we all get it. It’s easier not to break something that is working, but there will come a point where the “ah well, let’s see what happens in the next 12-months” view will have to be broken and fixed.
It may be sooner rather than later.
However, the flip side to “let’s wait and see” is the drive for higher and higher renewal rates.
This seems to jar against the “mañana” or “laissez faire” approach.
Obviously year-on-year growth is desirable for every business. This is as true in insurance as any other sector. So – quite rightly – the desire to win and retain business on an ongoing basis is paramount – if only to make it less of a challenge to grow without first replacing.
So that would tend to suggest that a longer term view is absolutely necessary.
Of course maybe the view of “wait and see” is one where the drive is based on a commission cheque rather than the long term interests of all parties… but perhaps that’s a different debate altogether..!
Anyway, my point wasn’t intended to be a political one, but one that states the obvious.
Today’s business isn’t simply for 12-months… it’s longer term. So, understanding the longer term is crucial. Or at least it should be.
And the impact – in terms of benefit – is the reward for a forward-thinking approach to mitigating risk for your customer.
That feels like a win, win, win.
And to that end, perhaps we can help you understand where to focus.