Guest blog by Eric Hall, Executive Vice President of The Rough Notes Company
Today the world is defined by the term ‘Information Age.’ All businesses, both large and small, require effective and efficient business communication solutions. They must have relevant and trusted methods for communicating their unique value proposition.
Sarcastically, as is often the case in the insurance business, it may be best for one to start at the end of the communication process as opposed to the beginning. It is hard to argue with this as our point of origin, as the insurance industry's reason for being is to make money and predominantly does so by looking into the past performance of actuarial results.
Yes indeed, it is all about the bottom line. But today, because of the emphasis on bottom-up thinking, the industry appears to have gotten lost on the way to the summation.
Because many understand that what happens above the bottom line directly affects the financial result, there appears to be an increased amount of attention being given to squeezing the margins. And furthermore, there is added complexity dominating many discussions in the name of digital delivery...to which I say, wait a minute.
Are the proposals and promises of efficiency really all that profitable...or are they costly experiments that sacrifice unrecognized value by corporate career executives who are evangelists leading those who will follow down the road of enrichment in the name of a better way?
Truth is, many don't know, and thus, without an understanding of the elements of the ‘uniqueness’ in their value proposition, the result is, wait for it...marginal thinking.
Might it be that in the next half decade or so, history will provide us actuarial evidence of the true delineation in the meaning between prophet and profit?
Questions raised and unspoken are the vehicles that have impacted most outcomes. And today, more than ever, in an environment that moves at the speed of thought, may we always make time for questions. There are explicit tradeoffs that are the variables in most business decisions and without taking the proper time to weigh the net effects of those decisions, all of us in business at this time of the informational age run the risk of ‘unrealized capital gains.’