Daily sales & marketing tips for insurance professionals

[image courtesy of gapingvoid.com]

Nice story in the Chicago Tribune (featured today by INN) as the president of Allstate looks to reinvent the insurance industry.

Thomas Wilson, who will take over as Allstate’s CEO in January, spoke to a group of Allstate agents last month and spoke of innovation, research and development, and product differentiation–all aimed at his goal of reinventing the insurance industry and setting Allstate apart from its competitors.

While Wilson spoke about new product innovations (namely identity theft insurance and pet insurance–neither of which is anything to brag about in my opinion), I was impressed to read that Wilson is focusing his efforts on new products, testing their effectiveness (they’re currently selling pet insurance in Canada to see if there’s a viable market for it in the U.S.), and working with a design consultant to change the insurer’s workspace.

From large glass walls (”meant to evoke openness and transparency), to paint, new electronics and extensive play areas for children (see ya fire safety coloring books!), Wilson recognizes and values the importance of an innovative work environment, and the positive effects it has on employees, prospects and clients.

And speaking of clients, Wilson is also passionate about making improvements in the claims service arena. His sister, who became a quadriplegic after a serious car accident seven years ago, had “incredibly bad claim service,” according to the Tribune piece.

“[...] We have a good review processes around timeliness, and [are] complying with the laws and making sure we’re in contact with people,” said Wilson. But sometimes you need to stand back and say from a customer perspective, should we settle this thing?”

And while some of you may criticize this post for being too centered on one particular insurer (which we don’t normally do), I have to tell you that this piece was one of the most refreshing industry-related articles I’ve read in a good long while. And although I think there’s huge difference between “evoking openness and transparency” and actually being open and transparent, Wilson is spot on with his goals.

Reinventing insurance is not some pie in the sky idea. It’s plausible, important, and I’m willing to bet that the insurers that put forth the time and effort to turn the industry around will stand out from the rest–becoming the proverbial purple cow in a field of brown cows–and reduce slow-to-change insurers to grazing on the icky brown grass on the outskirts of the pasture.

(That’s a fancy way of saying those who fear change will most likely perish.)

So thumbs up, Tom Wilson. Thumbs up for being a trailblazer in one stodgy industry. Check out the the full article courtesy of INN here, and until next time…how will you work to advance positive change in the insurance industry?