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Maintaining Stakeholder Trust in Difficult Times: Some Fundamental Reflections in Light of the Credit Crisis

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  • Kai-Uwe Schanz

    (Dr. Schanz, Alms & Company AG, Dufourstrasse 24, Zurich 8008, Switzerland.)

Abstract

Against the backdrop of the credit crisis, the paper looks into the crucial role of trust and reputation in the insurance industry. We also offer some specific recommendations for management to consider in order to preserve these indispensable intangible assets in times of evaporating confidence, freezing credit markets and contracting economies. Admittedly, compared with banks, insurers are less vulnerable to a life-threatening, sudden withdrawal of trust as policyholders pay premiums upfront and, generally, exercise no direct influence on the level of claims. However, from a longer-term perspective, maintaining trust in the industry in general and in their respective company in particular can be viewed as the most fundamental objective an insurer's management has to meet. The Geneva Papers (2009) 34, 260–270. doi:10.1057/gpp.2009.4

Suggested Citation

  • Kai-Uwe Schanz, 2009. "Maintaining Stakeholder Trust in Difficult Times: Some Fundamental Reflections in Light of the Credit Crisis," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 34(2), pages 260-270, April.
    • Handle: RePEc:pal:gpprii:v:34:y:2009:i:2:p:260-270
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    Cited by:

    1. Joan Marques, 2010. "Spiritual Considerations for Managers: What Matters Most to Workforce Members in Challenging Times," Journal of Business Ethics, Springer, vol. 97(3), pages 381-390, December.
    2. Christophe Courbage & Christina Nicolas, 2021. "Trust in insurance: The importance of experiences," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 88(2), pages 263-291, June.
    3. Meynhardt, Timo & von Müller, Camillo, 2013. "„Wir wollen Werte schaffen für die Gesellschaft“ – Der Public Value im Spannungsfeld zwischen Aktienwert und Gemeinwohl. Eine Fallstudie am Beispiel der Deutsche Börse AG," ZögU - Zeitschrift für öffentliche und gemeinwirtschaftliche Unternehmen, Nomos Verlagsgesellschaft mbH & Co. KG, vol. 36(2-3), pages 119-149.

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