“ Mere words are no longer enough – it’s time for strong, decisive action ”
To make a measurable difference on an industry level, we all need to take a leap of faith and learn to work together more productively. I don’t think anyone would deny that the volume of knowledge and experience available in the industry is tremendous.
But where we fall down is the point at which this invaluable mine of information needs to be shared. All too often insurers suffer from the so-called “knowledge is power” syndrome and pull in their own directions for both commercial and competitive reasons. Certainly we all attend conferences and seminars and roundtable debates paying lip service to sharing best practice,
but could we actually do more on a daily basis?
Joint specialist training sessions; industry-wide peer-to- peer coaching; sharing more of the things that have been successful for us and giving others helpful tips to follow suit - all of these things would be of positive and quantifiable benefit to the insurance industry. On the face of it, it feels like giving away your trade secrets in a fiercely competitive industry. But there comes a point when the petty skirmishes and tussles have to be put aside in favour of a greater struggle. This, I believe, is the only way to achieve the goals we have signed up to achieving through the Aldermanbury Declaration by the end of 2013.
How will we know we have achieved our goal? When insurance industry careers are increasingly in demand, particularly from graduates, and there are more people out there wanting to join the industry than there are jobs available. This state of affairs will mean we have been successful in building the reputation of the industry as a profession to the extent that an insurance career is first choice for a much greater number of job seekers than today. With the changes in the financial services industry, we are seeing the first signs of increased awareness of the opportunities and career paths available in insurance.
But again, more can be done
- and must be done - to attract what BIBA chief executive Eric Galbraith memorably called ‘weapons grade talent’ into our industry.
It’s clear that we all have a role to play in enhancing the reputation of, and raising the bar for professionalism within our industry. The key thing we need to do is simple - pull together and share what we do with colleagues. We must all understand that standing alone we won’t be able to change the future of the industry. If we work together towards the common goals, then we have a fighting chance - and no one can ask for more than that. It’s a simple choice. All the industry has to do is make it - and make it now.
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