There are numerous buzzwords in use in 2017 (and have been for some time) which a lot of us really do not understand. These words represent some of the most important concepts, ideas and laws which will affect our lives over the next decade.
These complicated ideas being bandied around reveal two problems:
- Ordinary people, like you and me, do not have the subject matter expertise to fully understand how these things will affect us.
- The proliferation and usage of these terms by individuals who simply want to be a part of the latest trend - much like when 'FinTech' first became a buzzword - serves to drown out the experts and further confuse the general public.
Some clarity is needed. Clarity stemming from real expert insight rather than generic, tabloid-fuelled noise. For example, expert insight would help start to lift the cloud of confusion and mystery surrounding so many of these terms and what they really mean for the everyday man or woman.
I feel that we are all a bit too afraid to admit that we maybe do not completely understand what something is and how it might affect us. This is part of the reason why educational forums, like InsTech London, provide such a key resource: they help introduce rather complicated topics in a digestible manner and bring together disparate aspects of technology under one roof, all with the aim of educating and improving the London Insurance Market.
Equally, this abject need for explanation is the reason why businesses should be taking advantage of the opportunity to assert and make known their expertise in the crowded marketplace. This is crucial in growing the brands of the individual and firm alike.
So, why communicate loud and clear?
- Customer retention: you give them a reason to stay on board. You are providing them with more than just a transcational service: explaining how legal changes / developments will affect them; the effect of upcoming technology might improve services for everyone.
- Customer attraction: you give them a reason to come on board in the first place. You become the go-to expert!
- Adding value to the user experience: the two factors above come together to mean that you can add more value than your competitors!
There is equally a lesson from all of this: stick to what you know. The lack of authenticity and the lack of subject matter expertise will be quickly revealed upon any level of investigation.