The etymology of the word accountability is fascinating - as it stands today as the final product of a chronicle that takes the reader through the late Latin history of accomptare (to account), computare (to calculate) and putare (to reckon). For all this, there are few satisfying dictionary definitions of the word, and the best I can find is offered by George Earl who states that “accountability is being expected to prove, in a measurable way, that your decisions are right in order to gain reward or avoid punishment.”
So, there you have it – accountability is about the weight of expectation, and, for many professionals working across the insurance space, though that weight is a familiar burden, it is nonetheless a heavy one. From regulatory pressures, to tax affairs, to the burgeoning dialogue around diversity and inclusion, it can seem that every corner turned brings new responsibilities to the table that cannot and will not be ignored.
Of course, accountability is not just about obligation, it’s also a recognition of the opportunity that we each have to shape the world around us and forge the future that we’re eventually going to have to live in. In few spaces is this clearer than when it comes to our local communities and the enterprises that form them. During COVID, our locality has become our entire tangible world, with visual horizons limited to the bezels of computer screens - and familiarity has not been allowed to breed contempt when we are all faced with so much uncertainty.
All too often, the term sustainability becomes conflated solely with environmental crises, but the reality is that it touches every element of the decisions we make daily. Every choice we make from where we buy coffee, or which supplier we use for stationery, or where we have our hair cut (at last!) is a micro-step towards our future economic environment.
Insurance brokers who are operating in local communities should recognise better than most how critical it is to their continued existence that consumers support local businesses. Through the personal relationships built with customers and the value add of advisory services, referrals are instrumental to building the organic growth which brokers require to thrive. It is also through name recognition in regional villages, towns and cities that brokers have the opportunity to attract new talent.
But this relationship must be a symbiotic one if brokers are going to retain their place at the heart of communities. Brokers must actively seek out every available opportunity to support the local businesses that are their lifeblood, and lead by example by showcasing the advantages of not just going online and bypassing the personal touch. Amazon recently reported that its UK sales increased by 51% and, without turning this into a discussion on why Amazon is a problematic retail choice for a variety of reasons, so many of those purchases will have been made to the detriment of small enterprises.
It has made sense for many during the seemingly endless lockdowns to buy online and cut out the middleman but, with restrictions lifting and non-essential retail opening up, the onus is on each of us as consumers to put our money where our mouth is and support SMEs. ‘Think Global, Act Local’ is the marketing principle that cements the role of localisation in national and international strategic growth, but I believe an updated statement is relevant now. We should ‘Think Global, Act Local and, most crucially, Buy Local’.
We are each accountable for what our town centres and village promenades will look like in the future. As consumers, we alone can keep local bookstores, bakeries, dressmakers and jewellers alive. As brokers, you can support these businesses not just through your advisory services, but also by making the choice to buy from them, and through community work. I recognise that many brokers are already doing an incredible job when it comes to supporting local charities, sporting clubs and care initiatives. Lucy Hodgson’s work with the Rotary Clubs in Yorkshire springs instantly to mind, as do her thoughts on how essential it is for local brokers to be able to relate to their communities.
It has been inspiring to see the work done by so many insurance businesses during the crisis to support their clients and their communities, and it is my hope that this will become the standard going forward. And for those businesses not yet actively engaged with their communities, my message is this – you can start as small as you like, even just by buying milk for your office from the corner-store instead of the superstore – it doesn’t matter where you start, just that you start now.
