A range of themes emerged from the recent conferences. Here is a quick list, I shall expand on them later.
- Telling your story: the importance of story telling as the central task for good marketing. The challenge to make technical knowledge meaningful in practical terms. This was a theme from several of the advisers who spoke with me after the risk masterclass in Rotorua, but also from the speaker Don Connelly.
- Telling our story: several journalists, most recently Jenée Tibsharaeny, then also Susan Taylor at FSCL, and the insurance industry in the UK are encouraging insurers to get better at telling their story. After all, if we don't explain how insurance works, we are in danger of having it designed by people who don't know.
- The need for a common language: understanding requires a common language, yet so often, we find that clients, regulators, insurers, and advisers can often use the same words and mean different things. You think you're talking the same language, but when you dig deeper - you find you aren't.
- A claim form is a great marketing tool: hat-tip to Jeremy Bernstein for this gem. I shall definitely revisit this theme.
- What would the world look like without insurance? How would we manage and share risks? How would that affect our ability to live, work, and build businesses? Would you like to go back to that world?
- Ideal is full indemnity, what do we need to consider in order to arrive at a robust calculation? Is it simply the largest number you can apply for - or are we prepared to consider the costs and hazards of over-shooting the indemnity number?
- Uncovering our un-examined assumptions: considering the assumptions beneath the products you never sell and what you would you nearly always recommend. How these have been formed is based on experience - but we tend to assume that our experience is representative.