In the three months since I launched Alea Risk I’ve had a great time – and am already proud to bear many of the scars of proof of business ownership. The good days are really good and the bad ones – well thankfully there’s not too many of them!
I thought it was worth reflecting on my original statement – “I’m on a mission to make buying insurance easy” and focus on why I chose one word in particular in that aim.
Easy – not cheap
A slightly cheaper price won’t mean more people get insured. And yet most businesses (IFAs, other distributors, insurers and reinsurers) are more focused on squeezing costs and risk controls to make it cheaper to buy insurance (or to make them more profit). That doesn’t seem terribly clever – we should be focusing more on making it easy to buy insurance – on doing something to get more people insured.
Easy – not complicated
It should go without saying – but given my background in underwriting and my current role in consultancy I probably need to! Underwriters have been responsible for adding complications to the sales process since insurance began. There are plenty of consultants whose attempts to “add value” come through adding words, features, complexity (and powerpoint slides) rather than by making things as easy as they could be for the customer. Once and for all – that is not why I’m doing this!
Easy – not simple
An admission here – I don’t understand people’s obsession with making Simple things. As a customer I find the term patronising as it suggests to me that I am missing out on the best things that are reserved for clever people. I don’t need everything to be made simple, but I do really want things to be easy for me when I am buying something.
Sometimes the right way to make something easier may be to make it simpler, but that doesn’t mean that simple is always right, or that it should be our objective.
Easy – not easier
I don’t want customers to say “that wasn’t as bad as I thought it would be” (which I actually think is pretty common feedback). I want them to say “that was easy”.
Many good things have already happened to make things easier than they were – and that’s all good. But it hasn’t unlocked the door to getting more people insured, or getting people to buy more insurance – so easier doesn’t seem to cut it.
Ultimately – and even acknowledging the above – I’m a pragmatist! So if I say easy and someone else says complicated then I hope we can haggle and reach agreement somewhere closer to easy than complicated!
I’m really looking forward to the next three months of my business journey and to working on more projects that make it easy for people to buy insurance.
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