Why Failure is an Option for the Insurance Industry

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Why Failure Is an Option for the Insurance Industry @AgencyNation

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Fail fast.

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Fail fast. Fail often.

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Fail fast. Fail often. Fail forward.

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The sexification of failure has been popularized by start-up culture permeating every business community in America.

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How can this be? How can failure be a positive for our business? Is failure really the key to success in the modern marketplace?

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The Failure Culture

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The Failure Culture is a phenomena in defiance of perfectionism and bureaucracy.

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Only by doing the thing will we ever really know if it’s good for our business.

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If you’re not failing, you’re not going to innovate.

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The Failure Culture teaches us to fall in love with performance, not process.

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Without process, our work becomes inefficient and ineffective.

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But process without a focus on performance leads to stagnation.

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Falling in love with performance obliterates stagnation… and this is our goal.

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Action Trumps Failure

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In order to perform, we must take action.

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If we take enough action, it’s inevitable, we are going to fail.

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A tactic won’t work. A strategy won’t yield ROI. An advertisement won’t convert.

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At different degrees, there are many ways to fail.

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But “fail” isn’t the proper terminology. These are tests.

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The real failure is when these actions are not taken.

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“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

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Innovation should follow a more scientific process.

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Failure is simply new data informing our next action, moving us one step closer to discovery and success.

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How Failure Fits Insurance

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In the insurance industry, we don’t sell shoes or smartphone apps. We sell a legal contract.

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We can NOT fail at… • front line underwriting • servicing client policies • processing claims

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But when it comes to sales, marketing and customer experience, failure should be an everyday part of growing your insurance business.

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Failure does not have to be forever.

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When we fail with intention, (think testing ideas, concepts and strategies), we’re not actually failing.

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We’re creating learning experiences to inform our next action.

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Action + Failure

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Action + Failure + Learning

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Action + Failure + Learning = GROWTH

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But the only way to learn what works is to take the leap.

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Stop worrying about what can go wrong and jump into action.

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Ready to fail take action?

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