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Why Failure is an Option for the Insurance Industry

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Fail fast.

Fail often.

Fail forward.

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

How can this be? How can failure be a positive for our business?

Is failure really the key to success in the modern marketplace or is it as Forbes describes, just “Trendy Mythology.”

This is the failure culture.

Published in: Business
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Why Failure is an Option for the Insurance Industry

  1. @AgencyNation Why Failure Is an Option for the Insurance Industry
  2. Fail fast.
  3. Fail fast. Fail often.
  4. Fail fast. Fail often. Fail forward.
  5. The sexification of failure has been popularized by start-up culture permeating every business community in America.
  6. How can this be? How can failure be a positive for our business? Is failure really the key to success in the modern marketplace?
  7. The Failure Culture
  8. The Failure Culture is a phenomena in defiance of perfectionism and bureaucracy.
  9. Only by doing the thing will we ever really know if it’s good for our business.
  10. If you’re not failing, you’re not going to innovate.
  11. The Failure Culture teaches us to fall in love with performance, not process.
  12. Without process, our work becomes inefficient and ineffective.
  13. But process without a focus on performance leads to stagnation.
  14. Falling in love with performance obliterates stagnation… and this is our goal.
  15. Action Trumps Failure
  16. In order to perform, we must take action.
  17. If we take enough action, it’s inevitable, we are going to fail.
  18. A tactic won’t work. A strategy won’t yield ROI. An advertisement won’t convert.
  19. At different degrees, there are many ways to fail.
  20. But “fail” isn’t the proper terminology. These are tests.
  21. The real failure is when these actions are not taken.
  22. “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
  23. Innovation should follow a more scientific process.
  24. Failure is simply new data informing our next action, moving us one step closer to discovery and success.
  25. How Failure Fits Insurance
  26. In the insurance industry, we don’t sell shoes or smartphone apps. We sell a legal contract.
  27. We can NOT fail at… • front line underwriting • servicing client policies • processing claims
  28. But when it comes to sales, marketing and customer experience, failure should be an everyday part of growing your insurance business.
  29. Failure does not have to be forever.
  30. When we fail with intention, (think testing ideas, concepts and strategies), we’re not actually failing.
  31. We’re creating learning experiences to inform our next action.
  32. Action
  33. Action Failure +
  34. Action Learning Failure + +
  35. = Action Learning GROWTHFailure + +
  36. But the only way to learn what works is to take the leap.
  37. Stop worrying about what can go wrong and jump into action.
  38. Ready to fail take action?
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