The Insurance Industry Makes the World Safer and More Resilient
The insurance industry’s role in making the world a better place goes well beyond the “repair-and-restore” phase of a crisis.
- Tony Kuczinski
- August 2022
In my last column, “Insurance Industry Offers a Noble Value Proposition,” I suggested we need to spread the word about insurance as an excellent career choice. Like many of my colleagues, I did not set out to work in insurance, but I am very glad I made the decision to do so. In my experience, those of us who work in the industry truly enjoy our profession for a number of reasons detailed in that last column, including our commitment to making the world safer and more resilient.
Over and over again, we hear that prospective employees—especially young people—want more than a salary and benefits. They are looking for purpose. As a result, they seek positions where they will feel connected to something larger, and insurance is an excellent option. Our industry has a long tradition of positive contributions to society, even though it's largely unseen and often unacknowledged.
The insurance industry's role in making the world a better place goes well beyond the primary aspect we play in the “repair-and-restore” phase of a crisis. Yes, a fundamental piece of our value proposition is helping with the rebuilding of lives, businesses, communities and societies. But we are also significantly involved in ways that are not as well known. Our efforts begin long before a devastating event—predicting, preventing and minimizing potential damage, making the world safer and more resilient.
Statements such as these—“building safer and more resilient societies” or “making the world a better place”—may sound like inspirational headlines or a collection of “feel-good” buzzwords. However, every day the insurance industry quietly influences many areas, including improving road safety, rebuilding critical infrastructure and increasing environmental resilience. We are an integral part of a much larger group focused on these ambitious goals, including federal and state government agencies, local communities, regulators, financial institutions, nonprofits, global charities and other members of the private sector.
The opportunity to be part of the solution to some of the world's most serious problems is a very attractive element in “the war for talent.” The insurance industry has a significant impact in making the world safer and more resilient in several ways:
- driving behavior through general risk awareness and education, with a focus on the benefits of prevention.
- investing in innovative and cutting-edge technology to create “predict-and-prevent risk” products and services.
- sharing our data-driven knowledge and insights to better understand various risks and mitigation methods.
- partnering with public entities, nonprofits and academia.
- conducting research and thought leadership.
- supporting nonprofits such as the Institute for Highway Safety and the Insurance Institute for Business and Home Safety.
- monitoring key legislation that promotes resiliency.
We all know insurance is a very competitive business, but when it comes to the industry's reputation, it should not be about selling a product or one company taking market share from another. From this perspective, we are not competitors.
We need to come together to advocate for our industry to spread the word about the noble cause that we support and how we attract new talent.
Best’s Review contributor Tony Kuczinski is chief executive officer of Munich Re US P&C Cos. He can be reached at email@example.com.