Insurers and brokers face a potentially more serious problem than a Royal Commission or any of the risks highlighted by recent industry reports published by the Big Four accounting firms or other industry analysts.
It's never been more difficult to win and retain customers. Nor has it ever been more important to be good at it.
For some time now, the Big Four and mid-tier professional services firms have enjoyed meagre - if any, organic fee growth. Most expansion having come by way of acquisitions of or mergers with other firms. If firms aren't able to reacquire the dark arts of rainmaking, they will be highly exposed in the event of a significant downturn or other shock.
The Challenger Sale introduced the concepts of rational drowning and emotional impact, and how to use them to shake buyers from their comfortable status quos. Used astutely, they're powerful tools in engaging and persuading prospects.