When Hiscox talk about credibility others should listen


This is a topic that I have been going on about for AGES and I could have (but didn’t) write the article I have included below. I have oft quoted the Annual Edelman Trust Barometer. But, as Annabel reiterates, the industry’s understanding of their own marketplace is so poor that they would rather SPEND on telling you that they care rather than INVESTING to demonstrate it: RHETORIC WILL NOT RESTORE TRUST, for it does not facilitate transparency!!!

If ever you wanted evidence that an industry doesn’t listen to those that fund it, this is it. Insurers and brokers clearly understand competition and their prevailing model but struggle with the concept of how to move to a new (better) model that is fit for the Digital Age and future financial landscape. One that offers demonstrable customer value: NOT ambiguous strategies, unsustainable pricing and unjustified commission levels.

“It is easier to understand that you face competition than obsolescence”

CHANGE WILL HAPPEN. Business systems that, for whatever reason, fail to adapt to a rapidly changing environment are extremely vulnerable. Those that aren’t embracing and benefiting from meaningful two-way interaction across their business ecosystem, will make it easier for new models to gain the foothold they need to, initially, survive and to thrive in the coming years.

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CII Thinkpiece on networking:: the smell of bs in the morning…no thanks!


imageI’ve been in this business for a long time and, despite there being plenty of people able to bear witness to the fact that I’m a pretty “social animal” the truth is I have always despised networking! I cringe at the type of gathering that has, otherwise typically reserved Brits, feign joy because somebody who sells printing or dry cleaning services has just done some business with the person who sells life assurance or will writing. It’s all…well, how can I say this, FALSE! There is never the enthusiastic whooping and hollering of a Jerry Springer show and I’m sure an awful lot of that is down to the simple fact that most people are there under duress. Their boss or their sales figures sent or led them there out of desperation and the first measure of their success is how many business cards (even compliment slips) they offloaded or collected!

Nor am I keen on engaging with people purely on the basis that there might be some business in it. Exchanging pleasantries and small talk over a glass of wine and canapés whilst trying to ingratiate ourselves to each other would give anyone indigestion.      

If these are the basic ingredients for forming worthwhile, longstanding, business relationships then, to me (because this is only my opinion) the business world (particularly in Financial Services) IS as shallow and undeserving of trust as it has consistently shown itself to be in recent years. The thing about it is that, ALL the people who recognise these scenarios from their own past experiences are both vendors and buyers of a range of different products and services! So, we know bs when we smell it in the room or on our new best friend’s breath. Often it is the smell of fear or business-sponsored insincerity worn like an ill-fitting suit!!!    

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