The industry must not forget “times gone by”
When the clock hits midnight on New Year’s Eve, the first thing I do – after raising a glass with my family, watching the fireworks, and belting out “Auld Lang Syne” – is open the front door of my home to welcome in the New Year. I do this after first sharing a toast with them, then viewing the fireworks, and last singing “Auld Lang Syne.”
When one door closes, another one always seems to open. This proverb is attributed to Alexander Graham Bell.
The Scottish poet Robert Burns penned the song “Auld Land Syne” in the latter half of the 18th century. If the insurance industry is looking ahead to the year 2023, I would suggest that they consider openings and closings through the prism of Burns’s poem.
The words “old long since” or “times gone by” closely translate to what “Auld Lang Syne” means. The following verse is what kicks off both the poetry and the well-known folk song:Should the old friend be forgotten about?
And it was never brought to your attention?
Should the old friend be forgotten about?
And auld lang syne?As we prepare to enter a new year, it raises the question of whether or not the “old long since” or “times gone by” will be forgotten. In light of everything that has transpired between 2020 and 2022, I don’t think we should let “auld lang syne” slip our minds. The insurance sector must maintain its traditional values even as it adapts to rapidly changing market conditions.
The global COVID-19 pandemic and the associated socioeconomic issues that came with it have been a drag on the world’s economy and society for the past three years. Despite the fact that several countries have emerged from the COVID tunnel, others, such as China, are still securely ensnared inside its grasp. In the process of laying fresh groundwork for the future, the insurance industry must remember the valuable lessons it obtained as a result of the pandemic.
COVID had an effect on a wide range of topics, including the economics of the entire world and worldwide supply chains. It brought to the attention of people and companies all over the world the precarious nature of “normal” existence as well as the significance of resiliency, risk reduction, and the efficient transfer of risk. That is a window into significant learning opportunities that the insurance sector should never, ever, and permanently shut.
The epidemic also altered the ways in which policyholders interact with their insurance companies, particularly personal policyholders. People are looking for digital insurance solutions at a higher rate than ever before, and they are becoming more at ease with the idea of using insurance apps on their mobile phones to carry out basic administrative responsibilities.
In addition, new innovations in insurance technology are creating waves in the commercial lines sector, and this trend will continue in the year 2023. In spite of the fact that each year ushers in fascinating new technology developments, those working in the insurance sector would be wise to keep in mind the fundamental promise that the industry was founded on.
Insurance is about providing financial security and assisting businesses and individuals in navigating through the dangers of everyday life. This value proposition is enshrined in the song “auld lang syne,” which serves as a touchstone for the industry. This remains the same from year to year, regardless of how much progress has been made in the sector. As the business world prepares to start on some very exciting new endeavors in the year 2023, this is yet another door that cannot be shut or ignored.
Another domain in which this concept is applicable is that of talent. In 2023, it will be of the utmost importance for the insurance business all over the world to attract new talent, train existing talent, and keep existing talent. Although many businesses are striving to open new doors in order to attract new talent, it is essential that the legacy of talent that has come before not be forgotten.
“Old acquaintance” is not something that “should be forgot.” In the year 2023, it will be more vital than ever before to seek the direction, assistance, and mentoring of experienced insurance professionals and to offer these services to less experienced coworkers if you are in a position to do so.
In conclusion, the year 2023 may very likely be one marked by shifting conditions in the market. Rates appear to have leveled off for commercial lines of business until 2022, which means that insureds are no longer confronted with significant consecutive premium hikes upon policy renewal. Despite the fact that this is good news for insureds, the industry should not close the book on the difficult market chapter just yet. There is a significant amount of effort that has to be done in order to win back the trust of insureds who are frustrated by ongoing premium increases and coverage limitations.
In the year 2023, I believe that will present the insurance business with a significant opportunity. The insurance sector has the potential to create an exciting and adventurous future for itself if it draws wisdom from “old lang syne,” draws on the experiences of others, and uses innovation to bring about positive change within the industry.