Life Insurance has more to learn from Walt Disney than you may think

Walt Disney was able to establish a well-known brand, develop enduring characters, and foster an organizational culture that values creativity, inclusion, and innovation because of his exceptional people-management abilities, storytelling capabilities, and originality.

Customer expectations in the life insurance industry have skyrocketed, and the next generation of consumers are looking for seamless, streamlined sales and service processes. Companies like Disney are setting the bar. 

When individuals enter Disney World, fictional characters and stories can be fully experienced. Every aspect of the park has been carefully considered for the best experience. The My Disney Experience app offers extra features like mobile meal ordering and real-time updates on ride wait times, park activities, and special offers. The smart MagicBands that visitors wear, which also hold their tickets, allow them to easily tap through rides and food orders.

However, in the life insurance industry, applicants may need to wait several weeks before hearing back about their life insurance coverage. Printing out paperwork, going to the doctor, waiting in line to talk with an advisor, and committing to weeks of back-and-forth communication are all uncomfortable demands placed on customers. Much of the time they are even in the dark about the status of their application.

Doug Lipp, the former president of Disney University, was invited by Equisoft to this year's Elevate, the company's flagship client appreciation event, to find out what life insurers can learn from Disney.

Here are the three lessons that the life insurance industry can learn from Walt Disney:

1. Walk the park and take input from all your stakeholders – truly understand what they need.

Walt frequently walked through the Disney park asking guests and front-line staff about their impressions and thoughts while keeping an eye out for issues and potential improvements. How much do you truly know about your customers and employees as a life insurer? How frequently do you inquire about the opinions, experiences, and preferences of your clients?

2. Say yes to the big ideas. Create a culture in which taking risks is not punished and potential failure is accepted in order to grow and thrive tomorrow.

Walt disliked negativity and believed that creativity could fix any problem. One important strategy he used to keep his staff motivated and active was to support ideas rather than shooting them down. He encouraged the use of the phrase, "Yes, if" when discussing ideas in the place of "No, because". As the life insurance industry continues to play catch-up with digitalization and customer experience efforts, we’re in need of bright, new big ideas. And that requires us to adopt  a “Yes, if” mentality will work wonders.

3. You can think big – full digital transformation, access to all data, full integration of all solutions – so long as you start small and start today.

While not every idea will become the next great thing, having the confidence to test original concepts in a safe environment will help you succeed. Walt Disney established his Disney think tank for this reason. When it comes to digital transformation at life insurance companies, executives are bogged down by their fear of discomfort and fear of failure.

The phrase "Think big, act small " can be a game-changer for people who are unable to bridge the gap between vision and action. The larger picture includes a complete digital transformation, data migration, and integration, but how can you start small and start now?

As creator of one of the most loved cartoon characters – Mickey Mouse, and the mastermind behind the “happiest place on earth” – Disney World, we could say Walt Disney knows a thing or two about creating superior customer experiences and meeting customer expectations. How to provide exceptional customer experience and engage the next generation of consumers is one of the greatest problems life insurers are attempting to tackle. Why not take advice from the man who founded the business that has led the way in digital innovation and consumer engagement?