100: TIBP 100th Episode - The Human Element of Insurance with Steve White, Peter Blanc and Sam White

<p>Is an over reliance on analytical and logical thinking stifling innovation in insurance? How can we help clients become more emotionally invested in the insurance they purchase, and why should we?</p> <p>Welcome to the 100th episode of the Insurance Broker Podcast, and the first to be recorded live! This week, we are celebrating this milestone by tackling some big questions with three titans of the industry – Sam White, Peter Blanc, and Steve White! In conversation with Boston Tullis’ Sarah Myerscough, they discuss the dichotomy of ‘left brain’ (analytical, logical) and ‘right brain’ (creative, emotional) thinking. Bemoaning the industry’s general reliance on the former, they highlight the need for emotionally driven engagement with customer needs for insurers and brokers alike to truly innovate. Touching on all the major problems facing the industry today, including new regulatory pressures, the cost-of-living crisis, and recruitment difficulties, each of the guests emphasise how tapping into emotionally driven thinking can provide an alternative perspective from which to understand and tackle these issues.</p> <p>Quote of the Episode</p> <p>“Fundamentally, people don't care about insurance. And that's our fault. If we can't get people emotionally invested in what we're doing, then they do just think, [‘I’ll buy] whatever is cheaper’… Somebody will buy a life insurance policy online, just as a kind of, ‘I’d better grab that’. We need to learn how to evolve the product so that we can really get people to understand what they're buying in a digital world, as well as face to face.”</p> <p>For many people not well-versed in industry jargon and technicalities, an insurance policy is often considered an grudge purchase. Despite the fact that policies are taken to protect their lives and livelihoods if disaster were to strike, there is often an emotional disconnect between the purchasing of a life insurance policy, for example, and an in-depth consideration of the reasons why one needs it. This is becoming increasin