Someone recently asked me what it takes to put together a hit insurance operation in today’s marketplace, so we put together the following recipe…
Take the following ingredients and mix well:
- 500 cups of Market Reach (Online is best, Offline will no longer suffice alone)
- Make sure you have plenty Agility (insurance is a changing beast, you need to be able to adjust your products and fast)
- A dash of Cost (and not one jot more – less if you can get away with it)
- 100 kg of MI Data and Reporting (or as much as you can get)
- 1 ton of Customer Service (you must offer competitive levels of customer service and measure it every day!)
- A dash of Compliance (salt to the taste of your regulators)
- Bind it all together with good quality Software (this must be ripe and ready, don’t use anything that’s not up to the job)
If you can’t find everything above in abundance, I suggest you try broth instead, insurance is probably not your thing.
Throw it all in a saucepan and bring to the boil (or just fry it?). If you have trouble getting it to set, you could try the quick-mix version.
(Note: Please excuse the shameless plug, but how can I avoid it this time? Insurance without software these days just isn’t funny.)