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.