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Run Time: 34:32
in On Point, Podcasts

Insurance Industry: Follow Amazon, Take Some Risks!

Steve Anderson didn't set out to write a book about Jeff Bezos and Amazon's astounding track record of cyclical experimentation, failure, experimentation and success. But in his research of strategic future issues for the IIABA Agents Council for Technology, he discovered some lessons for the insurance industry – taken directly from 20 annual shareholder letters written by Bezos. To truly innovate, the industry first needs to take more risk, and the proper sort of risk, Steve says. "In our industry," he explains, "the core value most would say is, 'We take care of our customer.' At Amazon a customer needing to contact them is a failure, not something of value." Agents should look for self-service options for customers to fix things without contacting the agency. "What can we do to automate, paying attention to when the customer has a problem, and proactively reaching out to the customer and fixing it?" Steve says. In this enlightening installment, he outlines key nuggets from the new book, "The Bezos Letters" – available, surprise, on Amazon.

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