‘Leading by insight’ – a buzz ‘sound bite’ that gives the impression of a business that is both strategic and engaged. But too often this is a clever way of inferring that those at the top are basing decisions on research, data and ‘insight’ from the findings when the reality is that the decisions are not being made.
My observation is that very little is being done with the research. Companies certainly begin with the determination to put the customer at the centre of decisions, the relevant statistics are identified and delivered, the findings are intelligently analysed to get to the heart of the issue – but then… nothing happens.
Non-action is endemic in the Insurance industry. Research is becoming an academic exercise rather than a catalyst to spur action. So how can this change? I am sure you all have your own views – indeed you may fundamentally disagree with my original assertion. However, if you will indulge me, here are a few thoughts of mine on how we can start to see insight driving action:
- Start at the top. Involve senior decision makers at the start of the process, not at the end.
- Attention to detail. Ensure the methodology and conclusions are watertight.
- Make the conclusions memorable and compelling. Deliver your findings in and manner that engages your audience. Build a ‘strong story’ using the findings to support clear business recommendations in a creative way using video and images instead of the tired wordy ‘power point ‘presentation.
A good place to start could be disability insurance to take care of the insured and their dependants when they are too ill to work. All the data points to the fact that the ‘woefully few’ working people have this cover, with all the insight at our disposal – what can we do to change that? Creative thinking and agile technology are a good place to start.