Our noble purpose is to protect those who need us

Our noble purpose is to protect those who need us

Since ancient times insurance has played a vital role by providing financial protection when people need it most. For us working in the industry, we know that insurance is a noble profession. It is important that our customers and society should feel this as well. Nobility means virtue, integrity, honesty, and truthfulness. Insurance offers a noble value proposition for customers. Its main objective is protecting people, businesses, and communities in time of need to provide a “halo effect” that establishes the foundation of a noble purpose.

Activating a noble purpose

“Noble Purpose” is not a value statement, code of conduct, pay-off line or social responsibility initiative. Rather, a noble purpose is standing for something bigger than your business. It is a mindset. It is your reason for existing and your company’s vision for the future. A noble purpose involves activating a customer-driven methodology to assist where you are needed and fast-track revenue growth. Ultimately it leads to increasing competitive differentiation and ignites emotional engagement.

In business, every employee should be in the service of adding value for customers. Our noble purpose strives to improve the customer’s condition, ask questions and have internal conversations about customers. We need to ask questions like “how can we have a bigger impact on our customers?”, “how we can deliver more value?”, “what is the next big new thing our customers will need?” or “what will make a difference to our customers?”

A noble purpose is to have an agenda to make a difference to customers, to improve customers’ lives and to change society.?I believe innovation is not created by people with the sole objective of profit, but by those who work with a transformational purpose.

Innovate around customer value.

It is important for insurers to understand the new challenges and changes customers face and to gain insight into the impact of what we do on customers’ financial, physical, and mental health. As customer needs continue to evolve, insurance companies can simultaneously evolve to provide protection for those needs.

The demand for new protections and financial well-being solutions cannot be ignored. Millennials and Gen-Zers increasingly desire seamless user experiences, omni-channel, multi-channel, and real-time interactions integrated with their digital platforms. They want digital offerings that include other products and services that they can use to manage their lives. It is important to remember that the customer and employee demographic combination will change dramatically between now and 2030, when digital natives will make up half of the adult population of the world.

Insurers will need to balance the needs of this new and younger generation with those of older ones, including the Gen-Xers and baby boomers who do not have the same preferences or aptitude for digital interactions. It must be seized vigorously and creatively, with new solutions and distribution options that are aligned with their needs and preferences. It is the moment of truth to introduce to this generation the value of insurance and prepare for future financial shocks, and to lay the foundation for long-term relationships.

This rapidly changing nature of home, work, business, and family is erasing the conceptual lines that kept insurance “traditional”. This new generation has made significant lifestyle shifts and choices, which are outpacing the older generations in all aspects. This will require very diverse risk needs that need different insurance solutions.

The greater purpose of insurance

American carmaker Henry Ford was quoted saying that: “New York is not the creation of men, but that of insurers. Without insurance, there would be no skyscraper, because no worker would consent to work at such height, risking a fatal fall and leaving his family in poverty. Without insurance, no capitalist would invest to build such buildings, which a simple cigarette butt can burn to ashes.”

Insurance is not just protecting people, businesses, and communities in time of need, but its greater, noble purpose is to ensure that those it protects can carry on contributing to society.?

Cover Magazine October 2022 https://magazine.cover.co.za/october-2022-edition/our-noble-purpose-is-to-protect-those-who-need-us/

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