The new season of Formula 1 has started and watching the preparations on a Sunday evening, almost immediately the Greek insurance market came to my mind. Common features but also diametrically opposed practices emerged almost immediately.
Fierce competition, absolute framework of regulations, regulation of budgets for teams, continuous training in process flow, constant feedback on results, meetings of all involved to update failures and resolve issues. Teams with leaders who have clear goals, vision and passion. Teams that are proud of their creation, even if they know that next year they have to go two steps higher. People who are bound to work with passion for the final result.
The competent F1 regulatory authority as well as the players of the sport have ensured that every legitimate means of promoting the event is used. They effectively utilize every means of communication of their vision, ensure their adequate presence on social media and entertainment-information platforms and do not fail to counter everything that may harm the idea they built. They incorporated unbreakable safety rules, hybrid engines and other very important things, without sacrificing the spectacle. And they support all this with arguments and passion!
The Private Insurance industry is part of the wider financial system and, of course, it is necessary to operate within a framework of regulations. To ensure that there will be proper management of third party funds. To ensure that the complex product that the consumer is buying will be adequately explained, in a simple way. To (re)educate continuously the people who serve the institution, receiving general knowledge as well as special knowledge, proportional to the role that each one has.
Regarding the further penetration of insurance products into the social fabric and the business world, it is necessary to understand the past failures and come back with renewed approaches, with products that fit the profile of each consumer and suggestions that are actually useful. Let's try to restart the market. To create the future of insurance, but without forgetting our history.
The goal is for the insurance market to mature and integrate the concepts of quality and sustainable development. The burden of incorporating the specific "nice" ideas falls on the shoulders of the people in the insurance market, as a whole. Changing habits, structures, processes and automated flows is imperative and must be accomplished with patience, persistence and ground mapping.
Now, in the business world, what matters most is not which organization is the most efficient (largest) of all, but which organization is the most efficient (sustainably growing). The dynamics and ultimately the value of an organization is reflected in its financial figures, in absolute combination with regulatory compliance, environmental and social responsibility, human resources management, transparency of processes and general presence in the wider environment.
If we manage to add to the above mixture service quality, then we could have the insurance market we all dream of. Of course, the perception of the idea of service quality is relatively subjective and therefore alternative and multiple service access possibilities, continuous service availability and applied service innovation lend added value to the insurance product that the consumer buys.
The insurance companies have already begun their transformation, but they have been limited to introverted actions. In my view, each individual organization should contribute to the transformation of the market, either by participating by submitting opinions on the insurance market of the future or by creating a suitable ground for sustainable development. They need to turn the market towards sustainable selling and holding the portfolioAnd to reduce the intensity of inefficient competition. To promote the free flow of information.
As insurance brokers, we must convey our vision of insurance to the consumer public. We need to adapt our daily life model and train ourselves to inspire confidence. To operate with the understanding that, on a daily basis, we have an obligation to improve our services and pursue excellence in our work. We can make our profession charming and to inspire new generations, to make a career in the insurance field.
That Sunday evening I was not able to watch the broadcast of the new year of Formula 1. But I remembered the course of Enzo Ferrari and his statement: "If you dream it, you can do it". Let's dream of an insurance market of quality and sustainable development and chart our course with the aim of this direction. The numbers will come!