In the spirit of the holiday season, I have jotted down five New Year’s resolutions for Canada’s property and casualty insurance industry.
In framing the resolutions, I use the personal pronoun ‘I’ for simplicity’s sake, adopting the perspective of an insurance professional. Obviously, some of these resolutions pertain to certain segments of the industry and not others.
1 | I will set a good example for Canadian drivers by focusing on my driving and not texting staff, adjusters, customers, brokers — or indeed anyone — while I am driving. I will remind Canadian drivers that distractions do not stop at mobile use. They include everything from eating or grooming while driving, changing music in the car, hollering at the kids in the back to stop teasing each other, getting the dog to sit in the back seat, etc.
2 | I will become a far-sighted insurance risk counsellor for my clients, offering well-timed, valuable advice on how to prevent risks from turning into claims disasters. This goes beyond simply offering insurance policies as a transaction. Gone are the days when I need to do nothing more for the client than simply arrange coverage and send out the binder notice to the client.
3 | I will meet with a politician and/or a regulator at least once this year to provide insights on how specific government and regulatory actions can translate into lower insurance premiums for Canadians. Governments are making too many policy decisions without the wise counsel of insurance professionals, who are in the best position to know how people’s behaviours increase or reduce risk.
4 | I will invest in tech wisely and thoughtfully. New gadgets must demonstrably improve a core area of my business. It must reduce complexity, and it must open up a new opportunity for me to pursue a long-term growth strategy.
5 | I will take a deep breath. I need to find healthy ways to de-stress so I can provide clear-headed and empathetic advice to my clients. Customers will not be happy with the industry in 2020 because their rates will be higher and they won’t be able to find certain coverages. When their voices get louder, just remember: It’s nothing personal.