What Happiness Looks Like For The Insurance Industry

Happiness has been the topic of continuous study, research, and general interest in the last few years.

In his book, The Happiness Equation, Neil Pasricha observes:

“But after years successfully helping people lead teams, lead businesses, and lead organizations, something slowly dawned on me.

Hardly anyone was happy.

Every conference lunch was filled with conversations about struggling to find balance, feeling too busy, and keeping up with others. So many leaders said they didn’t have space in their lives, were stressed about time and money, and felt burdened with endless decisions and conflicting advice.”

But what does happiness look like for the insurance industry?

One thing for sure, it can’t be just a one sided happiness scenario while the other is bitter and frustrated.

How can the industry turns its biggest fears into its biggest successes?

Here’s a simple formula from The Happiness Equation:

A never ending loop ensues once you’ve dropped the mental barriers that block your creative and innovative drive.

I believe that necessary to achieve this, at the center of it from a Carrier’s point of view, is the sincere belief that they’re there to provide a service when required for their policyholders, and not the other way around.

In other words customers are not there for carriers. Carriers are there for customers.

Building a happy client or customer base is the only way to ensure a strong and thriving hundred year plus business.

A satisfied client, just like a wife or husband, doesn’t look for options elsewhere.

And as Seth Godin recently put it:

“If you want to create satisfaction, the two elements are:

Make useful promises
Keep them

Price is unrelated, except for one thing:

Charge enough that you can afford to actually keep your promise. The thrill of a low price disappears quickly, but the pain of a broken promise lasts a very long time.”

An interesting piece of advice for carriers isn’t it?

Being that an insurance policy is a promise. And the part about keeping that promise is what carriers specialize in, which is the Claim process.

I believe happiness in the insurance industry is defined as a claim being successfully handled and happily paid by a carrier … While the policyholder moves on with his/her life, stoked with the speed and quality of the service provided and telling all their friends about it.

It’s really that simple.

The rest is noise, misprioritized tasks, and poor execution on the things that matter most.

If you would like to know how our innovative claim process can help you make effective real time decisions, maximize control and minimize costs relating to your claims. Click here to schedule a brief chat with me or David!

Would love to know your take on the topic, if you’d like to chat, once again you can set up a time right here.