In September, GB hosted transformational financial services leader Kyle Loades in an exclusive webinar covering how insurers must adapt, mitigate and diversify to survive and thrive in the future our industry faces.

John White, Gallagher Bassett Partnerships Manager, covered a variety of topics and audience questions with Kyle and has recapped his key takeaways below.  

One of the many wise words Kyle shared with our audience that has really resonated with me was his identification of the critical component that will shape each and every one of our futures in this industry: values.

While it might seem like a buzzword designed by our friends in marketing, Kyle was firm in his belief that values-driven organisations and leaders are the ones that will survive in a market shaped by antiquated technology and loss of customer loyalty.

Leaders and organisations who have fallen back on firm values to guide their people and profit margins through these turbulent past 18 months are the ones that have risen to the challenge and come through relatively unscathed, but changed for the better.

For us at Gallagher Bassett, a core value for our people is treating every single person who is in the position of injury or loss as more than a claimant – recognising that what we do for them will shape their, and their families, future.  When the pandemic struck, we ensured that core value was conveyed to our people too – whether it was setting up remote workspaces, mental health support or other initiatives to bridge the virtual wedge driven between us all – our values allowed us to adapt, mitigate and diversify.

These three functions need to be at the core of every insurance leader’s toolkit, but Kyle and I both reflected on how complex these terms seem to have become – when really, they can be summarised quite simply:

  1. Adapt: Identify the potential threats or challenges facing your industry or organisation now and in the future.
  2. Mitigate: incorporate the threats or challenges into your existing risk management plan and develop strategies to overcome the threats and leverage opportunities utilising expert partners.
  3. Diversify: As you execute the strategy, continue to keep an eye on adjacent industry trends.

While our market and talent pool might be slimming, and premiums and the cost of natural disasters are rising, it’s not all ‘in the red’ for our industry. Just how we’ve seen our businesses adjust and move on from lockdowns to new normals (and back again), there is no going back now and the future is a challenging and exciting space for insurers.

As leaders, we need to set the bar high and aim to always outperform, to lead and inspire the next generation to generate new and innovative solutions to the challenges we aren’t even aware of yet. As Kyle said, we can’t let COVID-19 get in the way of our goals – but the roadmap to achieve them has certainly changed.

To ensure your business is able and ready to adapt, mitigate and diversify, you must empower your next level of leadership to identify what values and leadership style will drive them and their team through both BAU and significant change. We all must adapt the way we lead, the people we hire and the way we retain talent, to mitigate against changing consumer expectations and diversify our revenue streams in this market.

Don’t let your company fall victim to stagnation and the ‘old’ normal, dive deep into your values and how they will help you survive and thrive in the change ahead of us.

To find out how Gallagher Bassett can support you to mitigate the change ahead, connect with our team today.

Blog Author

John White

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