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Reaching the Inflection Point in the Insurance & Financial Service Industry

Best Seller TV, the only show dedicated to covering today’s best-selling business books on C-Suite TV, is announcing a new episode featuring Troy Korsgaden, author of Inflection Point: Redefining Your Role in the Insurance and Financial Services Industry When the Existing Model No Longer Works.

Korsgaden wrote the book for everyone in the financial industry – whether you are a team member, agency firm owner or a broker. However, this book is specifically for carriers. He defines those as everyone within the industry – regardless of the type of insurance provided. Carriers are the ones, he says, that are retooling business models to make an industry traditionally slow to adapt to change and become more customer-centric.

Korsgaden says, “We’re all in the same game, it’s just that we’re all in a different inning.” The goal of this book is to encourage carriers not to take a 7th inning stretch, but instead stay in the game and retool your business model.

While many industries have been quick to pivot in order to become more customer-centric, and customer-driven, the insurance industry has lagged behind in some aspects. Korsgaden says, “There’s a tsunami of change just in the last year and a half.” The change taking place is in the way the industry delivers the product, the way they underwrite the product, and how that product is marketed. He continues, “Ideas are awesome but you have to get them to the public and this is what inflection is all about. The customer is in control, the customer has the keys to the kingdom, just like they do in retail.”

Throughout the episode, Korsgaden offers practical advice that can be applied to any organization or industry. Here are three key insights:

  • The pivot is to stop and assess where you are
  • Everything we need to do is put customers first
  • Every interaction must be a meaningful interaction

With customers demanding companies deliver on every promise, Korsgaden makes the case for more personalized transactions as “meaningful interactions create revenue because people connect and they buy more in person.”

Korsgaden believes the industry, overall, has a bright future ahead. It’s not just about offering a product anymore. It’s about saying you have a great product, showcasing the entire portfolio of products and services and admitting your product is better. It’s about letting the customers make decisions that are based on facts, not emotions.

 

All episodes of Best Seller TV air on C-Suite TV and are hosted by TV personality, Taryn Winter Brill.

Best-selling author, speaker, and former Fortune 100 CMO Jeffrey Hayzlett created Best Seller TV to give top-tier business authors a forum for sharing thought-provoking insights, in-depth business analysis, and their compelling personal narratives.

“Any business who hasn’t changed their business model by now, is no longer in business. It’s that simple. This episode reiterates the need to adapt and change, while ensuring the customer is always in control,” Hayzlett said. “The old way of doing things may be comforting, but it doesn’t work. Troy brings years of expertise to the table and great insights that can be applied to any industry.”

For more information on TV episodes, visit www.csuiteold.c-suitenetwork.com/tv and for more information about the authors featured in Best Seller TV episodes, visit www.c-suitebookclub.com.

Keira Rodriguez
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