The other day, I was discussing with a devout insurance industry professional about the need to set up Industry Think Tanks, and the reality that the insurance industry could certainly use such a think tank, and he cited several reasons such as the need for positive PR explaining how the industry assisted folks in transferring risks, thus allowing them to do extraordinary things in human society and civilization, but that wasn’t the only reason he obviously wanted to set up a think tank in the insurance industry, not just for altruistic reasons, and he stated;

“Yes, however not only for altruistic reasons, it is important that ideas and strategies are business ethical in the sense that those companies who may be involved in the above do so as it is a BUSINESS opportunity and that positive gains for the business are achieved.”

In talking with him about industry thinking and strategy groups and the need for all industries to do this, I explained to him that I did enjoy reading the former head of Maersk and his Industry Think Tank for the shipping industry, it made sense. Although it was hard for the industry to grasp the idea, being as it is so competitive and they are a major player – competitor in the industry, but I think what he was doing was wise, even if he had challenges conveying it in his industry at the onset.

Back to the altruistic value, I asked if he was wishing to set up a R&D department think tank in his current corporation, and thus, take an industry-wide rule in leadership – moving to planet-wide new markets, but also solving challenges; water scarcity, food supply, overcoming distribution channels for natural disasters, and allowing for new “very-small business” economic development everywhere.

He agreed that it would be one venue, but also that he felt that the insurance industry could re-adjust things and also help out in fixing some of the economic woes in Europe for bond holders of various nation’s debt, and also assist in helping improve unemployment for industries that had been clobbered by hard economic times. Of course, the insurance industry would be an enabler of the positive and not the negative as they were formerly seen as with the global economic crisis which originated in the US when the real estate market came crashing down.

Now then perhaps, had there been such a think tank in the industry, one well respected and known, participating in DAVOS, G7, and G20 meetings as a research arm behind the scenes – it is possible that the economic collapse of 2008 may never have happened at all, and so I will merely leave you with that thought.