View from the top: Rebuilding after the riots

The recent rioting in some of Britain’s towns and cities generated wall-to-wall media coverage. Once again, the insurance industry was thrust into the spotlight as our customers faced what, in some cases, was devastating damage to their businesses that threatened their livelihood and those of the people they employ.

Insurers get heavily criticised when customers are seen as being the innocent victims of financial services ‘chicanery’. If the industry is honest with itself, there have been times when it has shot itself in the corporate foot, only to reload and shoot itself in the other one.

For at least 20 years, insurers have bemoaned the fact the industry does not do enough to get positive messages across about all the good work it does in helping to pick up the pieces following major losses.

I see the riots as an opportunity for the industry to show just how much we have learned about our customers’ needs, and how we bring assured decision making and deliver effective solutions when dealing with problems that can at first appear insurmountable due to their severity and complexity.

In short, the industry needs to work hard to get our riot-affected customers back on their feet as quickly as possible. If we cannot get the publicity we sometimes deserve via the media, let us aim to turn our customers into ambassadors for the industry using the oldest form of advertising — word of mouth — to help shape our reputation as both customer-focused and professional.

Professionalism starts with giving people the right level of training and setting standards for them to follow. It takes long-term commitment if a company wants ‘professional’ to be a value that sits at the heart of its business and not just a word on a mission statement.

The Allianz Underwriting Academy this year celebrates its 10th anniversary with our Claims Academy not far behind. I am extremely proud of what they have achieved, not only when it comes to developing our people, but also in how they have shaped our reputation as a business staffed by professionals.

When the Aldermanbury 
Declaration was published in March 2010, the members of the Insurance Profession Task Force called for firms throughout the general insurance sector to 
commit to a common framework for professional standards. Giving this call the overwhelming long-term support that it deserves is a key building block in improving our industry’s reputation.

Andrew Torrance
Chief executive officer, Allianz Insurance