How to make purpose pay in a changing world.
From good to growth, the surprising connection between purpose-driven business and sales success.
Insurance has a trust issue.
It’s true – studies like the Edelman Trust Barometer 2019 have pointed out that, while trust is growing as a whole, insurers remain among the least trusted businesses across all sectors. Our industry being stigmatized in the same way as used car sales doesn’t help you make sales, but there is a solution – purpose. To build authentic trust in today’s world, you need to do more than provide quality insurance products and service. You have to look at the big picture and aspire to provide real value – to those around you and the planet as a whole. Leading with purpose and letting the profits follow is the only way to prevent your business from going extinct in the coming years.
If you think it’s just a trend, you’re wrong. At the 2019 Business Roundtable, 200 CEOs representing the largest companies in the country signed a statement declaring the old ways of business are on the decline – and purpose needs to become a core tenet of their businesses. These leaders have seen the writing on the wall, and know that embracing this new model has unprecedented benefits.
Making purpose your focus has immediate, long-lasting results. Your customers will trust you more – 72 percent of Americans believe that companies working for good care more about them and their families, according to the 2019 Porter Novelli/Cone Purpose Biometrics study. The same study showed that those customers are vastly more likely to recommend you to their friends and family, leading to a steady stream of referrals and business. And it’s not just new clients you’ll find, you’ll also be able to more easily attract and retain top talent for your business. Trust, loyalty, talent – they all lead directly to business success.
If it sounds like a daunting task, don’t worry: Assurity is already doing it. It’s been part of our mutual heritage for 130 years, and now we want to help you get here too. You can use what we’re doing as a roadmap to success, or as a starting point to forge your own path to purpose.
Start by considering how your decisions affect those around you – not just your clients, but your community and the planet as a whole. If you’re not making a positive impact, rethink what you’re doing.
Along the way, pick a cause you’re passionate about – one of Assurity’s passions is sustainability and the environment. We built our headquarters with this focus in mind, and made it as eco-friendly as possible. For us, following our passion meant installing zero-waste systems for water and electricity and designing purpose directly into our Lincoln, Nebraska home. For you, it might mean volunteering regularly at a local soup kitchen or joining a trash pickup group. Maybe you reach out by helping to build affordable homes or coaching a little league team. The important part is to make your purpose a big part of what you stand for, and to do more than just write a check. Authentic engagement resonates.
Last, bake purpose into your DNA. Formalize it by telling your story to new clients and inviting prospective talent to volunteer with you or tour your green office space. Be present in your community, talk to your neighbors and take every opportunity to spread your purpose – you’ll be networking and prospecting along the way, too. Assurity committed to purpose by becoming the first major insurance company named as a Certified B Corp. That means we’re bound to look beyond short-term gains and instead work toward making the world a better place, and it’s a public signal that we’re working for the betterment of society as a whole. You can do the same.
So go ahead. Demonstrate your purpose. Show your clients the good you and their carrier are doing beyond the policy’s pages. You’ll earn more than just another sale – you’ll earn their trust and a better future for everyone.
For a more in-depth guide on how you can thrive with purpose, and what Assurity is doing, get a copy of our Five-Step Guide From Good to Growth.