Not long ago, I was talking with a gentleman who is forming a think tank for the insurance industry, specifically he'd like to help create new insurance vehicles to transfer risks and enable folks to do more things, upgrade their civilizations, and better their lives. We also discussed some of the challenges, namely that the insurance industry has gotten somewhat of a bad rap over the years. He stated to me:
"I truly believe that people are not fully aware of its social importance and how such transfer mechanisms and various insurance vehicles can change lives."
Well, I guess my comment might be; I think people are aware of how much they pay in premiums and how wealthy some of these insurance companies have become, many have profits exceeding the GDPs of whole nations, and liquid reserves of ungodly amounts, that's what people see, that's what the 99% Occupy Protestors are complaining about here in the US. In many regards governments make rules requiring people buy insurance, and that's a little more than many people can stomach, and as an academic I surely hope my acquaintance can see that.
Indeed, I wonder if he realizes that Adam Smith did warn us about incestuous relationships of industry and government in The Wealth of Nations. Of course, as long as the insurance industry lobbies for more control, power, and regulations that favor that control, we shouldn't expect many folks to be obliged to see the insurance sector in a positive light. Additionally, and realize I am pro-capitalism, we must not unbalance the playing field in this sector if we are to get the most out of it.
My acquaintance then notes; "This perception can be changed by the creation of this type of body and positive media coverage gained by tackling/solving insurance problems that we have briefly discussed." To that I'd state; changing perception to uplift an industry is wise for those in it. How about working to also pony up to walk the talk? Obviously, those who are in the industry or a think tank for the insurance sector will work to control the dialogue to favor the industry obviously, as that is would be their primary goal.
Thus, with regards to "ethics" which I did discuss with my acquaintance, we must also ask; how is your own mirror doing these days? Indeed, maybe it's time for an industry think tank, and maybe this might give them something to chew on in the future? Please consider all this and think on it.
Lance Winslow has launched a new provocative series of eBooks on Strategic Planning. Lance Winslow is a retired Founder of a Nationwide Franchise Chain, and now runs the Online Think Tank; http://www.worldthinktank.net
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