You likely did not wonder, and you certainly didn’t ask, but my literary recommendation for the week ahead is “The Gift of Fear” by Gavin de Becker. This non-fiction treatise on the power and relevance of the ‘fear gene’ we each possess makes for a fascinating read and, coupled with Clare Talbot-Jones’ inspiring TEDx talk on pursuing fearlessness, invites a genuine reassessment of the nature of fear.
Speaking with Clare, I was fascinated to hear her reminisce on an early brush with the less ethical side of the insurance industry as a marketing advisor, following an industry event, posted that the best way to sell insurance is through fear. It reminded me of a conviction I myself held before becoming an insurance journalist – that a life spent in risk management could cheerfully translate itself to a life lived in constant apprehension of the worst-case scenario.
Working alongside the insurance profession has firmly dispelled this belief as I speak daily with individuals who have started up firms, changed professional direction, and battled everything from cancer to the loss of a professional partner (at the same time, in the case of Jackie Hyde).
There is no doubt that fear can be a valuable thing, it is indeed a gift. Fear is what keeps us away from cliff edges and encourages us to listen to our intuition even when logic dictates that the way ahead is clear. But it cannot be allowed to have the final word. As brilliantly surmised by Clare, when it stands between you and the future that you want to live in, fear must be put in its place.
Because, despite its value, fear works best in small doses and can be both addictive and contagious. The COVID crisis has made it very easy to be afraid and very difficult to justify leaving your comfort zones. As brokers, however, now is not the time to be afraid, now is the time for them to fulfil the unique role that they play within local communities. These communities are going to need their support, and they are going to need their expertise to determine where they currently stand as well as the best path forward.
COVID-19 has been a time of upheaval in every sense of the word, and its emotional, financial and, for many, physical reverberations will be felt for many years to come. Every community is facing the mammoth task of picking itself back up and getting on with the race after a year of waiting for the starting pistol to sound.
Guidewire’s Paul Mang recently made a brilliant point when he highlighted that, while innovating to outlast the COVID crisis, many SMBs have pivoted the nature of their business offering and the SMB sector is likely to look very different going forward. The insurance industry is going to need to adjust to the new risk management, risk transfer and insurance solutions required by these businesses, and it is up to brokers to communicate these changing needs to insurers and MGAs.
The broking community runs on the rocket propellent of powerful and long-lasting relationships. This is the sector’s unique selling point and, as such, it needs to be carefully nurtured. Fear is not the foundation of insurance broking. Supporting individuals, businesses and communities in managing their fear is that foundation. Every truly great innovation that has moved humanity on to the next stage of growth, from the wheel to the aeroplane to the rocketship, started with overcoming fear.
In this context, fearlessness is not the absence of fear but the refusal to let it overrun its purview. Post-COVID, as brokers are free to visit client sites and host face to face consultations once more, they need to have fearlessness in mind and ensure that this fearlessness is evident. It needs to be inbuilt into every interaction that they hold, so they can empower their clients to opt for the road less travelled and explore new opportunities.
Not every idea is a great one, not every innovation is a necessary one and not every risk will pay off. But while there’s little comfort in the inanity of the phrase “at least you tried”, there’s actually quite a lot to be found in the self-realisation that it is, in fact, fearlessness and not necessity that is the mother of invention.
