Insurance Looks to the Future ; City Comment
Evening Standard - London › November 07, 2007
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Summary
JUST as the Monarch yesterday outlined the challenges faced by the Government in the Queen's Speech, Lloyd's of London chief executive Richard Ward today did something rather similar for the insurance industry at the annual Xchanging conference albeit with rather less fanfare and, unusually given the insurance industry's traditional attitude to change, with no one wanting to walk backwards.
What he said could usefully be applied to all businesses. First he highlighted the fact that "people have never been more sophisticated, more individualistic or more knowledgeable about the choices they make in their daily lives", and he picked up on a point made forcibly in Mark Penn's recently published book on microtrends, that small numbers of people can have a massive impact.See the full content of this document
Extract
Insurance Looks to the Future ; City Comment
The world's second-largest bank, HSBC, recently dropped plans to charge interest on student overdrafts after an explosion of protest on Facebook. It gives validity to Penn's assertion that "it only take 1% of people making a dedicated choice contrary to the mainstream's choice...
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