Mark Huxley, our newly installed Chairman of The Forum’s Insurance Special Interest Group shares some thoughts about the state of the sector.
Even to the most casual observer of the insurance sector, it must be clear that the industry is in a period of transition. Many would say that it has lagged behind the innovation curve and the new cultures of buyer behaviour in this online, connected era. However, as is often the case within our sector, if it is slow to adopt, once it recognises its benefits it plays catch up at lightning speed.
The consistently growing numbers of insurtechs, reimagined products & services, levels of inward investment and incubators to nurture them standing testament to this. All supported by the new technologies coming into play and harnessing the plethora of data to help guide intelligent decision making.
With this new dawn so the marketing strategies required to deliver them have fast risen up the corporate agenda to rightly become key to truly differentiating businesses, their products and services and perhaps most importantly how they can be used to build a different relationship with clients and customers. No longer is marketing seen as a function in the business, it is recognised as a deeply embedded strategy.
Of course some sectors have been customer-facing for a long time, particularly those directly selling personal lines products and many have sophisticated techniques. But others that intermediate their products via other distributors or operate in specialty classes are now investing in creating their own, thought through strategies that influence buying decisions in their direction. Like many other analogous sectors they now realise the power of making a positive emotional connection with their clients. Whether this is leveraging their people’s technical expertise or demonstrating how they invest in their operating values/culture, their sincerity is winning through to build brand trustworthiness and creating a genuine shift in the reputational equity they are building.
In my work, whether advising a business upon its strategies, helping a start-up create its proposition or mentoring at places such as the Lloyd’s Lab, I am constantly heartened by the honest endeavours of those involved to want to make a genuine positive difference. This is why I was delighted when The Forum invited me to take on this role. With a genuine desire to embrace change, open minds at the C-level within the businesses and a desire to invest in intelligent marketing where new and innovative opportunities are only limited by imagination, we are in such an exciting era. With the great work The Forum does putting together its fabulous programme of events and thinking it shares, it creates a real opportunity to hear from the best and share knowledge.
I have shared a few of my own opinions, but really want to hear from as many members as I can and am keen to learn from you, so that between us we can help The Forum create the best agenda for us all. Equally, if you are considering joining and want to learn what The Forum does then it would be great to have the opportunity to meet with you.
You can contact Mark at [email protected]
LinkedIn linkedin.com/in/mark-huxley-3510b48
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