Copy
View this email in your browser

2016: Time for a change?

You can't connect the dots looking forward; you can only connect them looking backwards. So you have to trust that the dots will somehow connect in your future. You have to trust in something - your gut, destiny, life, karma, whatever. This approach has never let me down, and it has made all the difference in my life.
- Steve Jobs
In 2016 many insurers will be making big strategic decisions that they hope will bring them success in a highly competitive market. 
 
Somewhere, buried under the actuarial calculations and financial reports, all insurers have a unique purpose, a reason for being. Finding it and putting it at the heart of the business can be transformational. Initially, it helps you to stand-out in a commoditised me-too world, but keep going and your focus switches to being about the future, not the past, where commercial success follows from trusting your commercial instincts. You will think longer-term, and because you know what really matters you won’t snatch at short-term gains or do things that might damage the business. Over time you systematically reduce the risk of failure and increase the chance of success, while your competitors continue to take one step forward and two steps back.
 
Success therefore should be seen as a by-product of why you do business not a result of what you do.
 
So in 2016 I’ll be hoping to see more insurers focusing on what one of our clients calls “the emotional quotient”.
 
Happy New Year

SOCIAL MEDIA IS EFFECTIVE:
SO WHY AREN'T MORE LONDON INSURERS USING IT?

We are now regularly asked about what types of marketing works best. Apart from our stock answer, ‘it depends on what you’re trying to achieve’  there is one channel that London insurers aren't using but should be, Social Media, according to our research, the most cost-effective and impactful untapped medium for insurers.
 
Typically ‘marketing’ has meant large sports sponsorships, with all the accompanying corporate entertainment.  Insurer websites are typically ‘brochure-ware’ and definitely not state-of-the-art, so the valuable intellectual capability of the insurers ends up hidden from view. 
 
Social media is an effective, timely and easy way to distribute information about your business, but currently very few London insurers use it at all, let alone effectively. Most of the resistance appears to be cultural, although there are legitimate concerns about risk, but these are often overplayed and can be overcome, as they have been in other financial services businesses.
*‘Impact’ is a measure of the correlation between recall and levels of recommendation e.g. high impact is where recommendation is high compared with recall.
 

In addition to its excellent ROI, it is being used more and more by brokers, with brokers’ awareness of social media content growing 20% between 2012 and 2014.  At the same time other more traditional media channels are shrinking.
 
And if that isn’t enough to get you going then you might want to know that the medium is currently dominated by Hiscox, which it so happens is one of the strongest insurance brands out there.
 
In 2016 we’ll be doing more work on the effectiveness of marketing and communications for commercial insurers and especially on the shift to digital.

 

NOTEWORTHY UNDERWRITERS 

Before Christmas we rewarded London's top 150 underwriters as voted in 2015 London Leading Underwriter report with a bespoke notebook and handwritten certificate recognising their standing in the underwriting community. 

IN THE NEWS

In the news this month: the coming impact of the Millennial's, Bowie's and Aviva on Innovation.

IBM: The real story behind Millennial's in the workplace
http://bit.ly/1YK7lSw
Forbes: Social Media is no longer a marketing channel, its a customer experience channel
http://bit.ly/1YK7lSw
FT: 'Bowie Bonds' blazed a trail through capital markets
http://bit.ly/1YK7lSw
Goldman Sachs: Coming of age of Millennial's 
http://bit.ly/1YK7lSw
Aviva: Launches a 'digital garage' in Singapore to collaborate and test new insurance ideas and services.
http://bit.ly/1YK7lSw

In other news if you have been interviewed by us recently please look out for our respondent summary which will be coming out next week. 
W E B S I T E
L I N K E D I N
T W I T T E R

Copyright © *GRACECHURCH 2015*
All rights reserved.


 unsubscribe from this list