Once upon a time, before free wi-fi, businesses would make an investment in something and build it. People would come, use it and pay for it. This, of course, contradicted one of marketing’s basic principles – establish a need for something, then make it. Still, it worked for some and served many well.
If you build it, they will come.
A similar mantra inspired Kevin Costner, in Field of Dreams, to construct a baseball diamond in a cornfield. Build it and people will come. It’s about believing in something and trusting your instincts.
Belief and trust.
These tenets remain as pertinent as ever. It could be argued they have never been more important, particularly when it comes to the new, digital era of insurance and unlocking the opportunities therein.
There is no doubt that insurance needs do more to fulfil its responsibility; meet rapidly changing customer needs in an uncertain world; and deliver on its potential. A cursory glance at the growing protection gap tells us that. For health protection, in Asia, the gap is USD 1.8 trillion wide. For mortality protection, it’s a chasm that stretches to USD 83 trillion. Almost half of that is in China, the highest among all Asian countries, where nearly 70% of protection needs are unmet.
As it continues to play a major role in our lives and the economy, digital will enable us to reduce this gap. It’s not enough, however, to simply build a digital platform and they will come. To do it most effectively and efficiently, digital must overcome a matter of its own.
It’s a matter of trust. Digital trust.
The world is in a state of information bankruptcy. There is distrust and scepticism around much in the digital realm. Privacy and security concerns inhibit acceptance and growth. A recent survey by the Swiss Re Institute, on the mortality gap in Asia, found 73% of people were happy to search online for information regarding life insurance. Yet only 11% of transactions were made digitally. Agents and brokers remain the most trusted channels. What’s more, it’s true across many sectors and ecosystems. According to Edelman’s Trust Barometer 2021, businesses are trusted above Governments, media and NGOs.
The responsibility for building trust, it would seem, is incumbent upon business.
Digital trust is critical to growth. It binds relationships. Without it, businesses and entire ecosystems falter. In a recent study, BCG Henderson Institute found trust issues to be a major cause of failure. Typically, they were a dominant factor in success. With trust, more opportunities can be realised, particularly in the realm of insurance. New levels of protection can be delivered to more people in more innovative, engaging ways.
Build trust, and they will come.
This trust will need to be raised on pillars of transparency, quality, integrity, and accessibility. The later, of course, goes beyond simply providing convenience. To be trusted, a business must be known and believed to be independent; neutral when it comes to advocacy and efficacy; extol the highest standards; consistent in the pursuit of quality; and continually deliver against customer expectations
iptiQ is committed to that.
iptiQ has Swiss DNA, it can’t be anything else. It’s powered by Swiss Re so, you know, it has to be. As Carl Jung said, you are what you do, not what you say you’ll do. And Swiss Re has been doing it for over 150 years, trusted, around the globe for compliance, quality, integrity, and world-class underwriting.
Trust has been systematically and specifically woven into the fabric of its being.
Imbued with that, iptiQ is bringing dynamic capabilities and true innovation to the digital landscape, closing the protection gap. Working with like-minded partners, iptiQ is building an all-rounded ecosystem for the industry, digitally – top to bottom, in mindset and action – to cope with the changes and challenges of an uncertain world. Trusted by over 40 distribution partners today, it’s striving to unleash the potential of digital technologies and make insurance more assessible and affordable – in a secure and accountable manner – for people and their families in more than 10 countries across the world. Systematically and specifically, it’s building new models of insurance and accelerating market standards to deliver the protection customers need.
In short, iptiQ is building trust. If you build that, after all, they will come.