News

The BIG Decisions

16 April 2013

Last year Zurich issued an interesting study 'Big Decisions, Risk and choice in the 21st Century' - http://bit.ly/PzuSz5.

There are two points that are particularly pertinent at the moment. Firstly, according to the report, the majority of us have a short definition of what counts as a long term future. We rarely think further than ten years ahead and don't take life-long impacts into account when making big decisions. In fact, only 10% of people questioned consider the life-long impact of their decisions. Most people want to remain flexible in the decision making as long as possible. With the current focus on lack of pension provisions, this is a trend that needs to be changed.

Secondly, the report points out that whatever the approach to decision making, almost all of us turn to a range of trusted sources for advice along the way, but finding trusted advice is deemed to be more difficult than ever. The sad statistics are that 79% will turn to family or friends but only 45% to professional advisors. Lack of trust is a huge issue.

Our view:

It isn't surprising given the executive pay scandals, the financial meltdown, and one banking horror story after another that consumer trust for our Industry has gone. It will not be easy to win it back - but win it back we must with a collective objective of turning these statistics round. Friends and family are great - but rarely when it comes to sound financial advice!

This finding underlines two responsibilities for us in Financial Services.

Effective technology is essential to deliver both these objectives. Total Systems have developed our software for speed and flexibility and to deliver solutions that can help educate as well as engage the customer. Results can speak for themselves:

Creativity is essential in Financial Services to start to win back the trust and attention of prospective customers. Here at Total Systems, we recognise you have the ideas - but we have developed our software to ensure you can deliver quickly, effectively and economically.

Latest Blogs

2017

October

What does the future hold for commercial insurance?

September

Insurance is changing – time to adapt and survive

August

Does AI deserve the headlines?

May

Seeing through the eyes of the customer

April

Insurance technology – simplify the complex

March

InsurTech, ignore it at your peril!

2016

December

It’s Crystal-Ball Gazing Time Again

November

How ready are you to combat fraud?

October

Actions speak louder than words

September

Efficiency, agility, and profitability

How can you be more customer-centric?

August

Old Technologies - It is OK to plug the gaps

New Technologies - Same Old Systems

June

Running to stand still

May

Is your business ready to adapt?

March

No, seriously, what can you claim about your claim systems?

What can you claim about your claim systems?

February

It's people that have the ideas

January

Separating the Movers from the Shakers in 2016

2015

November

The challenge to be different – it’s all about the people

September

Security, Simplicity and Speed - the future of Financial Services

July

The New Breed of Quote and Rating Modules

June

INSURANCE INNOVATION SUMMIT 2015 - Hosted by Ingenin Ltd

April

Speed and Personalisation – aspiration or reality?

March

Team spirit is an illusion glimpsed in the aftermath of victory... or is it?

January

David or Goliath?

2014

December

What's your New Year resolution? Here are three of ours

November

2014 Insurance Technology Event - Championing Innovation - Hosted by Post Events

The maverick in the ranks - how do we deal with the talented non-conformist?

September

Are you Responsible, Chilled, Sociable, or Happy?

August

A Customer for Life

July

Being different

June

Cloud computing – a huge opportunity for the Insurance Industry

May

Past failure is a threat to future success

April

It isn’t broken yet - is change too risky?

March

Today’s word is ENABLE

What is Value for Money?

February

How to make vision a reality – it’s not that difficult

The Challenge IS the Opportunity

January

Instil a culture of innovation and creativity

Three steps to success in 2014

2013

December

What customers want from the Life Insurance industry

Themes from Insurance Strategy Insights event

November

The need for competition

Insight must lead to action

What is disruptive technology?

October

Closing the insurance delivery gap

September

Reliability much more important than price

August

Where has all the creativity and innovation gone?

Is there too much fear in business?

July

"Simplicity" is not as simple as it looks

Time for Innovation

Standing out from the crowd

June

Insurers need to innovate and excite - or die

May

The danger of business inertia

April

The BIG Decisions

The work/life balance

Coping with exploding data

March

Trust and loyalty go hand in hand

February

Bold and brave

January

To stand still is to go backwards

2012

December

The year ahead in Financial Services

Love it or hate it, you can't ignore the influence of Twitter

When is it better to 'start again'?

November

Differentiation is the key

October

Solvency ll - may be delayed but certainly won't go away!

Better by the bundle?

Insurance and the net

Personalised technology

September

USA leads the way

August

Technology gold medals

New is not always better

Stand still and get left behind!

July

Social media blamed for poor data flow

Banks will abandon 50 per cent of branches in 8 years