Commentary: The global insurance industry will undergo an exciting shift in perception

By Olga Collins

As we enter 2023, I believe the global insurance industry is about to undergo an exciting shift in perception through the fusion of talent and technology. For years, our reputation has been tarnished with stereotypical claims of being staid, conservative and faceless. But today we are seeing a new spirit of restless ambition that is challenging this and empowering us to punch above our weight and shake things up.

While digitalization has undoubtedly been, and will remain, one of the biggest influences, even more so will be a renewed focus on talent as the beating heart of our industry. I believe that personal relationships, and importantly the symbiosis between risk and relationships (my version of R&R!), will take center stage in 2023 and increasingly prove to be key to continued success in our sector. On a personal level, my New Year’s resolution is to do my bit in enabling this shift and dispelling the myth that insurance is not a people business.

Communication, collaboration and cultural intelligence are the secret weapons for any successful risk manager. I hope that, through this three-pronged plan of attack, these values will come into play more so that we can break down silos and shift to a more exciting, people-centered business.

Communication

As we look ahead to a post-pandemic world, the need to focus on workforce well-being and instill a culture of care has never been greater, and insurance can play a key role in embedding this. This can be done only if we align relationships at all levels and forge a closer line between risk managers and human resource professionals to ensure that our employees are protected. This also will result in a clearer understanding of the retention of risks and how to differentiate them, in turn elevating the authority and position of the risk manager.

Collaboration

The rise of the global economy, notably the people movement that we see in every corner of the world with employees continually looking for opportunities outside of their countries, presents both risks and opportunities. Expansion will remain a growing phenomenon given the active mergers and acquisition space. This requires careful thought, due diligence and close collaboration from the start. Again, this is where people power and the value of personal relationships will come into play.

Cultural intelligence

The biggest competitive edge that organizations can maintain is their ability to offer clients cultural intelligence, namely the knowledge gained through understanding and embracing differences in ways of thinking and risk tolerance levels, as related to various places around the world.

Placing emphasis on people and where they come from will pave the way to providing a wider choice of perspectives and approaches. This will breed out-of-the-box thinking and innovation, something our industry craves more of. Cultural intelligence will become even more relevant with the ever-changing needs of clients and employees, the continued shift in working patterns, greater focus on health and well-being, and increasingly stringent legislative and environmental challenges.

Looking ahead to a people-centric industry

In my 20-plus years in the industry, I never felt such optimism and appetite for change. Yes, insurance may predominantly be a numbers game, but talented people are behind those numbers, and it’s time we put them at the forefront. Having started my career on the client side, I’m passionate about driving the topic of client-centricity to the top of the global insurance agenda.

The relationships I’ve made around the world are what I enjoy the most about my job and something I want to ensure is a major part of every risk manager’s experience. Next year we are launching our new Client Advisory Council to do just that; by ensuring that we keep our finger on the pulse of what clients want and, in turn, redefine the image of insurance as an exciting, lucrative and personal industry to be a part of.

Olga Collins is CEO of Worldwide Broker Network. She may be contacted at [email protected].