Library : Forbes – Why Insurers Must Reframe The Paradigm Of Trust For The Digital Age
Executive summary :
Robert Burr, CEO Asia Pacific of iptiQ, part of the Swiss Re Group’s global strategy to make the world more resilient
In Sapiens, Yuval Noah Harari neatly summarises the history of human existence.
According to Harari, a key factor in the survival, evolution, development and distinction of our species is trust. It is the thread from which the fabric of society, and its imagined realties, is woven. Trust plays a crucial role in every economic, political and social network. Financial systems pivot on the trust quotients operating in these constructs.
Trust is the root of all business
On a day-to-day level, I think money is perhaps the most ubiquitous and effective exercise in mutual trust. As Harari states, trust can be considered the raw material from which all money and subsequent value is minted. Money, of course, is more than notes and coins. Shells, beads, silver ingots and even cigarettes have all played money’s role. In fact, today, 90% of money is simply data. It exists on servers, and a payment is just the movement of data from one electronic file to another.
Leadership must learn from the past
Which brings us back to trust and, more specifically, digital trust. Given how much of our existence is contained within the electronic sphere, digital trust is indeed the coin of the realm. This is particularly true for the world of insurance and, specifically, online insurance platforms.
As the regional CEO of a digital insurance solutions provider, I think leaders in the industry need to reframe the paradigm of trust.
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