LOS ANGELES, Oct. 1 /PRNewswire/ -- Nothing is more pressing than growth. That was the keynote speech given by Julie Davis at the September Chapter Meeting of the California Women's Network. During the keynote, Davis commented, "Many organizations in the insurance industry have cut costs to survive. But we are moving into an era where firms must grow or they will not survive. Growth continues to be sluggish for many insurance agents, brokers, carriers and wholesalers."
Davis shared thoughts for future growth in the insurance industry:
- There are two paths of growth: acquisitions and organic growth. But many agents, brokerage and wholesalers are not poised to undertake acquisitions. This leaves organic growth as one of the few options left. Yet so many of those firms don't hold talents and skills to develop untapped markets. Fewer have the technology and social media skills to establish new niches and drive revenue growth.
- There are many new legislative issues pending. The challenge is to understand which will be most important to your clients and targeted segments. Davis said, "Currently, the focus is on healthcare reform, but there are additional legislative issues pending."
- Davis believes few firms in the insurance industry are studying how the recession has changed customer and prospect behavior, stressing that it will be imperative to be nimble enough to spot trends and shifts before your competition.
- The combination of recession, the continued soft market and pending legislative changes could cause large-scale re-structuring in the insurance industry, stressing the importance for firms to think closely about their position in the marketplace.
- Value propositions come in all shapes and sizes. But Davis stressed the need to readjust value propositions to include shifts in customer thinking and changing needs.
- Davis touched on the role of "experimentation" in the insurance business, stressing that "2011 will be about experimentation with new products, services, niches and new approaches to growing revenue. Large budgets are not needed - but progressive attitudes, research skills and the ability to attract quality production talent are a must. "
- Technology and social media skills are key to developing strong "communities and followers." These skills will help target audiences more precisely and provide ideas for innovation.
Anna Smith, President, California Women's Network, concluded, "Julie has been a great model for growth in the insurance industry. Springing from a strong track record in new product introductions and revenue growth, she left Aon Corporation in July 2010. An entrepreneur at heart, she established a non-profit, RiskCommunities, grabbed her camcorder and began working. Using the power of technology and social media, RiskCommunities conducts risk management interviews, tutorials and interfaces with higher education and key community influences -- with a philosophy that those insights will be important to driving future innovations and responding to changes in customer taste."
Information about RiskCommunities can be found at http://www.riskcommunities.com and video interviews can be found at http://www.riskcommunities.com/interviews-with-cool-friends/
Photo of Julie Davis: http://www.ereleases.com/pic/Julie-Davis.jpg
Anna Smith, President, California Women's Network Group, firstname.lastname@example.org
SOURCE California Women's Network