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Forbes
30-04-2025
- Business
- Forbes
The 5 Keys To Success In Insurance
The insurance industry is unlike any other—it doesn't sell a physical product but rather a service that underpins the entire economy. Each year there are about $7 trillion in premiums alone. The purpose of this article is to better understand the engine that drives insurance both for CEOs in and outside the industry, as insurance impacts every CEO. Below are insights from four of the top insurance leaders; they share the fundamentals to excel: insurance companies must prioritize problem-solving, simplify the customer experience, leverage technology while focusing completely on culture. These boil down to the five keys to success in insurance. 1. Communicate the Insurance Narrative J. Patrick Gallagher, Chairman of the Board and CEO, Gallagher Insurance is often misunderstood. Pat Gallagher, Chairman and CEO of Gallagher (NYSE: AJG), puts it best: 'Insurance is the oxygen of commerce. Without it, the economy cannot function.' Many insurance firms still focus on selling products rather than solutions/benefits and the important central function of insurance. Scott Berlin, Head of New York Life Group Insurance, emphasized the need to shift the focus from products to impact. 'There can be a misconception about what insurance really does,' he said. 'When we talk about our products, it's important to highlight the value insurance provides.' Berlin pointed to examples from the life insurance space—helping families stay in their homes, sending kids to college, and securing financial futures. By centering the conversation on outcomes, insurance companies can better connect with their customers. 2. Solve Problems, Don't Just Sell Policies The essence of insurance is risk management—spreading the losses of a few over many. But solving problems extends beyond the fundamental principle of insurance; it should be embedded in the way companies operate. Bill Madison, CEO, Insurance, LexisNexis Risk Solutions shares his philosophy as leader and carries it down throughout his organization, 'I tell my team, don't just tell me about the challenges you see, give me real solutions.' FM as industry leader insures over 10 trillion square feet of commercial space; they utilize the unique model of having a culture of engineers. FM's Chairman and CEO Malcolm C. Roberts shares, 'Our engineers are completely focused on solving problems and our philosophy is always to start with clients in everything we do; this focus has led to over 50% of our clients being with us for 20 plus years.' Bill Madison, CEO, Insurance, LexisNexis Risk Solutions shares his philosophy as leader and carries it down throughout his organization, 'I tell my team, don't just tell me about the challenges you see, give me real solutions.' 3. Leverage Technology to Elevate Service The future of insurance lies in data-driven solutions and AI-powered tools. Gallagher shares, 'Our hottest product right now isn't a product—it's Gallagher Drive, which helps clients determine whether they are getting a good deal'. Roberts explains that data is essential for clients, 'In today's world climate data is critical with far reaching implications.' AI and predictive analytics are also being used to simplify decision-making for customers, narrowing down their options to just one or two tailored solutions. Technology can significantly help simplify insurance. Madison shares a vision for the industry, 'We, as an industry, need to narrow the options … so the question is, with data and technology, can we actually just give customers one or two options that, fits their needs opposed to leaving it to chance that they are getting the proper coverage?' Berlin points out, 'Digital tools are easy to replicate, but people are not.' This means that while technology is crucial, companies must focus more than ever on building trust and delivering human-centered service. 4. Build a Culture of Trust and Service The key to provide exceptional service is your culture as the customer ambassadors. Madison reinforces, 'The success of the organization begins with how we treat our customers.' The strongest insurance companies are those that prioritize service excellence and trust. Berlin is proud of New York Life's culture: 'Everyone's job is to build trust every day.' Gallagher reinforces the importance of culture, stating, 'The single most important component of success in all human enterprise—including your family—is culture.' His company follows 25 guiding tenets that have been in place since 1984, serving as a 'North Star' for their 50,000 employees. 5. Prepare for the Future The insurance landscape is evolving, and companies that facilitate the process for customers will be the winners. Roberts suggests that by 2035, there could be a standardized value system for insurance, making it easier for consumers to understand their options. Meanwhile, Berlin cautions against complacency: 'If you think you're on top and going to stand still, you're going to lose ground every day.' Conclusion Success in insurance isn't about selling more policies—it's about making a meaningful impact on customers' lives. By communicating the narrative, solving problems, leveraging technology, fostering a strong culture, and preparing for the future, insurance companies can position themselves as essential partners in their clients' financial well-being, and in strengthening the fabric of our economy. In thinking about the next step in incorporating these five keys, Roberts emphasizes, 'We start with the client in everything we do,' and that is at the first step of long-term success.
Forbes
29-04-2025
- Business
- Forbes
The Five Keys To Success In Insurance
The insurance industry is unlike any other—it doesn't sell a physical product but rather a service that underpins the entire economy. Each year there are about $7 trillion in premiums alone. The purpose of this article is to better understand the engine that drives insurance both for CEOs in and outside the industry, as insurance impacts every CEO. Below are insights from four of the top insurance leaders; they share the fundamentals to excel: insurance companies must prioritize problem-solving, simplify the customer experience, leverage technology while focusing completely on culture. These boil down to the five keys to success in insurance. 1. Communicate the Insurance Narrative Insurance is often misunderstood. Pat Gallagher, Chairman and CEO of Gallagher (NYSE: AJG), puts it best: 'Insurance is the oxygen of commerce. Without it, the economy cannot function.' Many insurance firms still focus on selling products rather than solutions/benefits and the important central function of insurance. Scott Berlin, Head of New York Life Group Insurance, emphasized the need to shift the focus from products to impact. 'There can be a misconception about what insurance really does,' he said. 'When we talk about our products, it's important to highlight the value insurance provides.' Berlin pointed to examples from the life insurance space—helping families stay in their homes, sending kids to college, and securing financial futures. By centering the conversation on outcomes, insurance companies can better connect with their customers. 2. Solve Problems, Don't Just Sell Policies The essence of insurance is risk management—spreading the losses of a few over many. But solving problems extends beyond the fundamental principle of insurance; it should be embedded in the way companies operate. Bill Madison, CEO, Insurance, LexisNexis Risk Solutions shares his philosophy as leader and carries it down throughout his organization, 'I tell my team, don't just tell me about the challenges you see, give me real solutions.' FM as industry leader insures over 10 trillion square feet of commercial space; they utilize the unique model of having a culture of engineers. FM's Chairman and CEO Malcolm C. Roberts shares, 'Our engineers are completely focused on solving problems and our philosophy is always to start with clients in everything we do; this focus has led to over 50% of our clients being with us for 20 plus years.' Bill Madison, CEO, Insurance, LexisNexis Risk Solutions shares his philosophy as leader and carries it down throughout his organization, 'I tell my team, don't just tell me about the challenges you see, give me real solutions.' 3. Leverage Technology to Elevate Service The future of insurance lies in data-driven solutions and AI-powered tools. Gallagher shares, 'Our hottest product right now isn't a product—it's Gallagher Drive, which helps clients determine whether they are getting a good deal'. Roberts explains that data is essential for clients, 'In today's world climate data is critical with far reaching implications.' AI and predictive analytics are also being used to simplify decision-making for customers, narrowing down their options to just one or two tailored solutions. Technology can significantly help simplify insurance. Madison shares a vision for the industry, 'We, as an industry, need to narrow the options … so the question is, with data and technology, can we actually just give customers one or two options that, fits their needs opposed to leaving it to chance that they are getting the proper coverage?' Berlin points out, 'Digital tools are easy to replicate, but people are not.' This means that while technology is crucial, companies must focus more than ever on building trust and delivering human-centered service. 4. Build a Culture of Trust and Service The key to provide exceptional service is your culture as the customer ambassadors. Madison reinforces, 'The success of the organization begins with how we treat our customers.' The strongest insurance companies are those that prioritize service excellence and trust. Berlin is proud of New York Life's culture: 'Everyone's job is to build trust every day.' Gallagher reinforces the importance of culture, stating, 'The single most important component of success in all human enterprise—including your family—is culture.' His company follows 25 guiding tenets that have been in place since 1984, serving as a 'North Star' for their 50,000 employees. 5. Prepare for the Future The insurance landscape is evolving, and companies that facilitate the process for customers will be the winners. Roberts suggests that by 2035, there could be a standardized value system for insurance, making it easier for consumers to understand their options. Meanwhile, Berlin cautions against complacency: 'If you think you're on top and going to stand still, you're going to lose ground every day.' Conclusion Success in insurance isn't about selling more policies—it's about making a meaningful impact on customers' lives. By communicating the narrative, solving problems, leveraging technology, fostering a strong culture, and preparing for the future, insurance companies can position themselves as essential partners in their clients' financial well-being, and in strengthening the fabric of our economy. In thinking about the next step in incorporating these five keys, Roberts emphasizes, 'We start with the client in everything we do,' and that is at the first step of long-term success.
