Phy-gital Roundtable: Breakfast Roundup from Germany and Netherlands

02 May '15 | Debjyoti Paul

German Shoppers: Meet Them in the Fast Lane to Phy-gital

15 January '15 | Ralf Reich

Shoppers Will Share Personal Information (But They Don’t Want to be “Friends”)

15 January '15 | Anil Venkat

Modernize or Perish: Property and Casualty Insurers and IT Solutions

14 January '15 | Manesh Rajendran

Benelux Reaches the Phy-gital Tipping Point: Omnichannel Readiness is Crucial

13 January '15 | Anil Gandharve

The New Omnichannel Dynamic: Finding Core Principles Across Industries

13 January '15 | Debjyoti Paul

Technology does not disrupt business – CIO day 2014 Roundup

02 December '14 | Anshuman Singh

Apple Pay – The Best Is Yet To Come

02 December '14 | Indy Sawhney

Digital transformation is a business transformation enabled by technology

01 December '14 | Amit Varma

3 Stages of FATCA Testing and Quality Assurance

06 October '14 | Raman Suprajarama

3 Reasons why Apple Pay could dominate the payments space

18 September '14 | Gaurav Johri

Beacon of Hope: Serving Growth and Customer Satisfaction

05 August '14 | Debjyoti Paul

The Dos and Don’ts of Emerging Technologies Like iBeacon

30 July '14 | Debjyoti Paul

What You Sold Us On – eCommerce Award Finalist Selections

17 July '14 | Anshuman Singh

3 Steps to Getting Started with Microsoft Azure Cloud Services

04 June '14 | Koushik Ramani

8 Steps to Building a Successful Self Service Portal

03 June '14 | Giridhar LV

Innovation outsourced – a myth or a mirage or a truth staring at us?

13 January '14 | Ramesh Hosahalli

What does a mobile user want?

03 January '14 | Gopikrishna Aravindan

Insurance and the art of storytelling

Posted on: 29 June '12

Consider for a moment that an office building under construction in your neighborhood fell apart, resulting in human casualties and destruction to property. Also, assume that the contractors had an insurance policy that covers them for all possible types of losses, in case of such an event:

  • The injured construction workers have to be paid treatment expenses and a certain sum as compensation for the days they cannot work. This is workers’ compensation insurance.
  • Vehicles in the nearby parking lot which were destroyed will be covered by auto liability insurance.
  • Delay in repairs could bring about business loss due to non-availability of office space, which is an interruption in business, covered by property insurance.
  • The head office of this branch which had operational dependency on the destroyed office also suffers a setback in business. This is contingent business interruption, also covered by property insurance.

So, coming back to our topic – what is the relation between insurance and the art of storytelling? There is none.

Many consulting engagements usually involve multiple stakeholders spanning technology, business, engineering, sales, marketing, etc. An apparent challenge then becomes the use of common language which everyone understands. With specialists from multiple fields, it is not uncommon to be carried away into a world of jargons which might make little sense to other involved stakeholders. Lack of common verbiage, often leads to confusion resulting in ineffective meetings, despite having tight agendas.

So how does storytelling help?

  • Stories help in binding together a sequential set of causal events where one event dovetails into another. This is often convincing and intuitive – at the least, it should get everyone to think and start asking questions.
  • A simplified story helps set the context of the business problem. It also helps to outline the impacted stakeholders, associated challenges and the intended outcome of the engagement. Remember, collective contribution for solving the problem entails that all parties understand the problem equally well.
  • It provides a frame of reference to go back to. Almost everyone remembers a story!

So what’s your take on this?

  • Amarnath Kamath

    Thanks for sharing such simple words & sentences to explain the different categories of Insurance with simple examples. This creates a lot of interest in the Listener/Reader to know more details on the P&C, Auto & WC areas of Insurance.

    Best regards,
    Amarnath Kamath

  • Subbarao

    after reading your blogpost, i am reminded of a simple advt by UI- send me your email id i can mail you that interesting advt.
    tx
    Subbarao
    http://www.cholarisk.com