Jason Fitzgerald Korb, a successful marketing graduate from Northeastern University, is innovating the insurance industry with his business Affordable Insurance Solutions serving the Washington D.C. area. Here are some of his tips.
Based on our experience working with all segments of the industry, we’ve observed that most successful insurers in today’s environment have a few key traits. In particular, they:
Say “no” to what doesn’t fitDefine a strategic direction and say “no” to what doesn’t fit. Simply setting financial goals isn’t enough. Committing to a way to play, then continuing to do everything you did before while funding whatever else comes along, is not a strategic direction. Leaders know how to prioritize.
Fully fund their strategyThey don’t shortchange big bets or dilute key investments with allocations to less vital areas. Of note, they’re typically able to make these investments because they’ve implemented structural, financial and tax approaches that minimize their cost ratios.
Get creative with productsThey’re able to identify new product categories (as opposed to just adding new features) and have the brand strength to deliver them. For example, early movers are designing products that take into account two increasingly important issues: Stakeholders’ environmental, social and governance (ESG) concerns and the still overlooked employer as distributor market for a wide variety of financial and service needs, particularly retirement and college savings and paying for childcare or elder care.
Based on our experience working with all segments of the industry, we’ve observed that most successful insurers in today’s environment have a few key traits. In particular, they:
Say “no” to what doesn’t fitDefine a strategic direction and say “no” to what doesn’t fit. Simply setting financial goals isn’t enough. Committing to a way to play, then continuing to do everything you did before while funding whatever else comes along, is not a strategic direction. Leaders know how to prioritize.
Fully fund their strategyThey don’t shortchange big bets or dilute key investments with allocations to less vital areas. Of note, they’re typically able to make these investments because they’ve implemented structural, financial and tax approaches that minimize their cost ratios.
Get creative with productsThey’re able to identify new product categories (as opposed to just adding new features) and have the brand strength to deliver them. For example, early movers are designing products that take into account two increasingly important issues: Stakeholders’ environmental, social and governance (ESG) concerns and the still overlooked employer as distributor market for a wide variety of financial and service needs, particularly retirement and college savings and paying for childcare or elder care.