The Third Question

In the September 21/28, 2009 edition of ComputerWorld, Thorton A. May writes about organizational perspective in a column titled “Beware Neglect of the Future.” The theme of the article is the need to balance operating the company today while simultaneously preparing for the future.

What popped out for me were the three questions that Mr. May says the CIO of NetJets – Alan Cullop – asks himself:

  1. Where is the organization making money?
  2. Where is the organization spending money?
  3. And how is that changing?

Insurance companies – whether Life & Annuity or Property & Casualty – ask the first two questions. But I would find it almost impossible if someone told me that insurers continually asked themselves the third question and enhanced their strategies or altered their tactical plans to meet the answers they would get from asking the third question.

If they did ask the third question, then insurers who offer products and services in Minority-Majority states would be going-to-market with materials and service (from business acquisition to customer service to claims management) in the native languages of the consumers in those states. The insurers would have marketing materials that were not just a simple translation from English to Spanish. Agents. brokers, customer service representatives and claims adjusters would be proficient in the native languages and preferably from the same cultural background.

If they ask the third question, increasingly more insurers would be leveraging social networks to reach out to their customers and producers. They would understand the intricacies of mySpace, FaceBook and Twitter … and yes, even be experimenting with 2nd Life.

If they did ask the third question, Life insurers would offer retirement products including annuities that had few, if any penalties, for early withdrawal.

If they did ask the third question, insurers would …………….?? Well, what do you think they would do?

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Published in: on September 25, 2009 at 11:46 am  Leave a Comment  
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