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@AgencyNation
Why Failure Is an
Option for the
Insurance
Industry
Fail fast.
Fail fast.
Fail often.
Fail fast.
Fail often.
Fail forward.
The sexification of failure has been
popularized by start-up culture
permeating every business community
in America.
How can this be? How can failure be a
positive for our
business?Is failure really the
key to success in the
modern marketplace?
The
Failure
Culture
The Failure Culture is a phenomena in defiance of
perfectionism and
bureaucracy.
Only by doing the thing
will we ever really know if it’s good for our business.
If you’re not failing, you’re
not going to innovate.
The Failure Culture teaches us to fall in love with
performance,
not process.
Without process, our work becomes
inefficient and ineffective.
But process without a focus on performance
leads to stagnation.
Falling in love with performance obliterates stagnation…
and this is our goal.
Action
Trumps
Failure
In order to perform,
we must take action.
If we take enough action, it’s
inevitable, we are going to fail.
A tactic won’t work.
A strategy won’t yield ROI.
An advertisement won’t convert.
At different degrees, there
are many ways to fail.
But “fail” isn’t the proper terminology.
These are tests.
The real failure is when these
actions are not taken.
“I don’t like the word ‘fail.’ It leads to a negative reaction. It’s about having a hypothesis, and
testing it. If the results don’t match your hypothesis, you’ve
got data. If the results do
match your hypothesis, then
you have a discovery.”
- Rob Shelton, global innovation chief for PwC
Innovation should follow a
more scientific process.
Failure is simply new data
informing our next action, moving us one step closer to
discovery and success.
How Failure
Fits Insurance
In the insurance industry, we don’t sell shoes or smartphone apps.
We sell a legal contract.
We can NOT fail at…
• front line underwriting• servicing client policies• processing claims
But when it comes to
sales, marketing and
customer experience,
failure should be an everyday part of growing your insurance business.
Failure does
not have to be
forever.
When we fail with intention,
(think testing ideas, concepts and strategies), we’re not actually failing.
We’re creating
learning experiences
to inform our next action.
Action
Action
Failure
+
Action
Learning
Failure
+
+
=
Action
Learning
GROWTHFailure
+
+
But the only way to learn what
works is to take the leap.
Stop worrying about
what can go wrong and jump into action.
Ready to fail
take action?
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