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1 July 2024 | Article
The challenge of leadership in the insurance industry: balancing financial performance and human well-being
The challenge of leadership in the insurance industry: balancing financial performance and human well-being
How do you find the right balance between financial performance and the human aspect, is a question contemporary companies are increasingly asking themselves. Companies often focus so much on achieving results that they are less concerned with the human aspect, which is at least as important. At first glance, this balance seems contradictory, because how can you prioritize the well-being of your employees and customers in a sector where numbers often take center stage? A company can only be sustainably successful when financial performance and the human aspect are combined. Leaders must keep the long term in mind: how do you create an environment where both the company and the people can grow? The answer lies in continuously seeking a balance between automation, human contact, and empathetic leadership.
What you will learn in this blog
How to find the balance between financial performance and the human aspect
5 best practices to achieve this balance
What about the future?
In our podcast, Jan Van Autreve, top executive from the insurance industry, shared his insights on how he manages to maintain a healthy balance between business success on one hand and the well-being of employees and customers on the other. He emphasized the importance of a balanced approach where business goals do not come at the expense of the human aspect. Below you will find some essential tips and valuable insights for leaders struggling with this challenge, striving to balance results with the well-being of their employees and customers.
5 Best Practices for balancing financial performance and human well-being
1. Honesty is the best policy
The first principle that emerged was honesty. Transparency ensures that employees feel taken seriously, even when delivering a tough or difficult message. This means not only being honest about the successes achieved but also about the challenges and tough decisions that need to be made. The CEO emphasized, "Say it like it is, even if it's a hard message."
2. Be respectful in difficult times
The second principle of good leadership that came up was respect. It is essential to continue seeing the person behind the employee during times of restructuring or layoffs. The CEO mentioned that even with difficult news, you can treat someone with respect. While financial measures are often necessary for the continuity of the company, these decisions must be made with empathy and understanding.
3. Demonstrating empathy in your leadership
The third point is perhaps the most challenging: empathy. In a fast-paced and results-oriented environment, it can be difficult to put yourself in someone else’s shoes. Yet this is crucial when working and communicating with your team and customers. The CEO admitted that this is something he had to learn: "You often work and think from your own role, but putting yourself in the shoes of the person across from you is essential."
4. Communication is a two-way street
One thing that should certainly not be forgotten is communication with your employees and customers. Communication is more than just conveying information—it must be a two-way street. Especially in the insurance sector, where long-term relationships with customers are central, it is essential to listen to what the customer has to say, even if it turns out to be negative. Additionally, feedback from employees can provide valuable insights internally and lead to improvements.
5. Technological innovation and the human aspect
The insurance sector is currently undergoing significant technological changes, such as digitalization and AI, which can take over many administrative tasks. While this offers opportunities for more efficient work, the challenge remains to maintain human contact as much as possible. "There must always be a ‘red button’ that customers can press when something goes wrong," according to the CEO.
Did you find the right balans?
The insights and concepts presented here are applicable in any sector. Honesty, respect, empathy, and communication are universal values that strengthen an organization and its leadership. It’s about not just focusing on the numbers, but also keeping an eye on the well-being of your people and customers. For the future, this means that leaders should not only focus on business results but also on how they can have a positive impact on the well-being of their employees, customers, and the world around them.
Want to know more about how to maintain the balance between the financial and human aspects? Or rather what changes are currently taking place within the insurance market? Then be sure to listen to our full podcast or any of our other podcasts on Spotify.