Tips on articulating the value of insurance

04 July 2018

Insurance conversations should be tailored to the goals of each internal and external stakeholder.

From fire and flood to supplier collapse and cyber attack, insurance and risk management are essential business survival tools.

But, to ensure they’re used as effectively as possible, it’s important to articulate their value throughout your organisation and beyond.

This exercise can be a challenge. Insurance isn’t always regarded as the most exciting of topics but, by getting the messaging right, it’s possible to demonstrate the benefits of managing risk to everyone in your business.

First, think about the language you use when talking about insurance. Thanks to jargon such as deductibles, excesses and policy limits, insurance language can be impenetrable to anyone outside the sector.

On top of ditching this terminology, tailor the language and message to the different people within the business.

Aligning insurance to their goals will secure more interest and, potentially, more budget and support.

For example, a managing director may be interested in seeing how insurance can improve balance sheet efficiencies, ensure compliance and safeguard the long-term future of the business.

Conversely a sales director may have a more short-term view, preferring to hear how insurance and risk management can overcome operational challenges and ensure customers’ orders can be met.

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Talking insurance

As well as gaining support from other board members, it’s also worth highlighting the importance of insurance and risk management right across the workforce.

A bit of creativity can work wonders here, with everything from intranet sites and blogs to competitions helping to engage employees and get your message across.

It’s worth doing, too. By creating this communications channel, you can share information that helps to reduce risk.

For instance, by keeping employees informed about the latest cyber threats, they’re much less likely to open a malicious email attachment or reply to a scam email requesting money.

Similarly, when they understand what you do, they’ll be much more likely to share relevant information that could significantly reduce risk.

By articulating the value of insurance in this way, as well as securing more support for your activities, it will also make risk management integral to the business’s operations.

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For more information, please contact Hamish Roberts, Senior Partner on +44 (0)20 7528 4141 or email hamish_roberts@jltgroup.com