As I observe and listen to the challenges, approaches and results of social media in the insurance industry, I cannot help but think about the original cast of Saturday Nite Live and their skit called “Landshark”.
While Obama and this administration are going to fairly extreme measures to intervene in the financial services and health insurance industries, the public may have a different view as to their ability to fix the situation.
With ever increasing pressure for companies – particularly publicly traded organizations – to demonstrate return on investment (ROI), it has become evident that the measurements are deeply flawed. That’s not to say there’s one silver bullet for calculating, but with a strategic approach organizations can maximize the accuracy of their innovation efforts.
When insight, or a deep understanding of the public need aligns with an idea to fill that need and effective communication to let the people know, brilliant innovation is born. Perhaps the contingency plans that are already being done by the banks are insufficient for regulators (an idea breakdown) or perhaps they were poorly communicated (a communication breakdown).