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5 Ways to Stay True to Your Mission

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What You Need to Know

  • Think about your core purpose
  • Hire well.
  • Be there for your customers.

Despite common misconceptions, the life insurance industry has been in a state of change for some time, as organizations have needed to adapt accordingly to attract new customers and service existing ones.

I’m at Boston Mutual Life Insurance Company, which has transformed countless times over the last 130 years, through shifts in the industry, consumer behavior, and other outside factors — like a global pandemic — to ensure that we’re serving the working Americans of today and tomorrow.

In my 30-plus years with the company, I have learned several important lessons on embracing change while remaining focused on the path forward. As the world transitions into the “next normal,” here are my top five takeaways for insurance leaders in the industry.

1. Keep your mission and core values at the forefront.

In all things that you and your company do, it is critical to factor in your core purpose and values. Keeping these in mind will keep you aligned with the values on which your company was founded while simultaneously transforming your company to fit the world we live in today. Finding a balance between staying true to your mission and acting in the best interest of your stakeholders will guide the decision-making that comes with changing times. Doing this, whether it’s through training, enterprise-wide education, new hire orientations, or executive communications, will help keep everyone grounded through changing and turbulent times.

2. Invest in your people.

I fully believe that a successful business begins with hiring good people and making sure that their needs are being met by creating a positive work environment with ample opportunities to learn and grow. With investments in people, you can then leverage opportunities in your processes and technology. When leading a brand, you want your employees to be proud to represent it every day. Investing in your employees will dramatically improve every aspect of the company and therefore have a positive effect on all of your stakeholders.

3. Prioritize a personalized customer experience.

In an industry that is there for individuals and their families in some of their toughest moments, focusing on a personalized customer experience is an essential aspect of supporting them. Life insurance can be intimidating for those policyholders with little background in the space, so going the extra mile to ensure a smooth process is what will make your business stand out from the rest. And when working with your producer partners, they will appreciate the additional care and attention to support them, too.

4. Continually strive to be progressive.

Life insurance has been around for centuries. Its longevity is impressive, but the industry is not as stagnant as people might think. It is critical for carriers to change with the times to best serve today’s customers and integrate that with other strategic long-term plans. Today, diversity and inclusion should be top of mind. Inviting different voices and perspectives will not only create a more enriching work environment but elevate the level of service to customers. In addition, embracing innovation — even implementing teams or entire departments dedicated to new solutions and product development — can enable your company to provide products designed for customers that fit the lifestyles of today.

5. Be an active member of the communities in which you live and work.

Getting involved in the communities that your policyholders, partners and employees are a part of through charitable giving and volunteerism is an impactful and simple way your company can live its brand every day. The pandemic has further highlighted how important it is to be a good corporate citizen and pay it forward to those in need whenever you’re able to do so.

Your Roots

The coronavirus pandemic has changed the way we work and how we do business. These changes, on top of the many other innovations the insurance industry has undergone over the past several years, are likely here to stay. As the world begins opening back up and we enter the “next normal,” we should welcome these changes and adapt to fit the evolving needs of our customers as we continue to move forward with other planned updates and innovative initiatives.

Representing your company’s roots, remaining focused on your mission and striving to be the solution provider of today and tomorrow, will keep you on a focused path forward.

Life insurers like Boston Mutual have weathered many storms, but through it all, we have remained true to our core mission — and for that, I am proud.

Paul Quaranto Jr. Paul A. Quaranto Jr., MBA, LLIF, is chairman, CEO and president of  Boston Mutual Life Insurance Company. He serves on the board of directors of the American Council of Life Insurers and is the chairman of the Life Insurance Association of Massachusetts.

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