Digital Transformation - January 22 2020
Steve Anderson is the author of The Bezos Letters: 14 Principles to Grow Your Business Like Amazon, published by Morgan James Publishing. Steve has spent his 35+ year career helping the insurance industry understand, integrate, and leverage current and emerging technologies. From business management systems to social platforms, he can analyze what’s happening now and explain its implications for the future. Steve was invited to be an original “thought leader/influencer” on LinkedIn representing the insurance industry and has over 340 thousand followers. He also is a top ten Global InsurTech Influencer. We sat down with Steve to ask a few questions about his new book, the Amazon effect on insurance, and what established insurance organizations can learn from Jeff Bezos’ and Amazon’s successful approach to managing risk.
Steve, congratulations on the publication of your first book, The Bezos Letters, which Forbes recently included on their list of the Top 20 Books You Need to Read to Crush 2020. In the book, which we also reviewed, you analyze the risk-taking mindset that made Amazon the fastest company in the world to reach $100 billion in sales. What can a notoriously risk-averse industry like insurance learn from Amazon and Jeff Bezos’ example?
First, let me say that buying a book on Amazon is not the same as buying proper coverage to insure your home or auto. Yet, each of the 14 Risk & Growth Principles I talked about in my book do apply to the industry.
For example, Amazon’s focus on customer obsession is something that the industry needs to understand. There are many terms we use to describe the interaction agents and brokers have with customers: customer service, customer focus, customer experience, and the customer journey. Yet Bezos, from the first shareholder letter in 1997, always maintained a focus on customer obsession. In that letter, there is a section titled “Obsess Over Customers” (Principle #4).