From autonomous vehicles to index funds, our world and our industry are changing, and it would seem that people are less a required element. But I’m here to tell you that people—more specifically the relationships between them—are the required element. It’s a truth that dates back to Nationwide’s founding, when farmers in Ohio figured out that together they could create cheaper auto insurance coverage for rural drivers through a cooperative focused on the needs of its membership.

Relationships in the Workplace

It starts in the workplace, where culture can be a powerful enabler that differentiates a good company from an exceptional company. I like to say that culture eats strategy for lunch. You need both components to truly excel, but you won’t have the people around to help you succeed if you focus on process, products and technology alone.

I’ve found diversity and inclusion to be an amazing contributor to a strong culture. But don’t make the mistake of stopping after you’ve successfully filled your pipeline with diverse talent. Hire that talent and include them. Create an environment where people from different backgrounds and points of view are able to build stronger relationships—and ultimately better outcomes.

Being challenged and stretched together can also strengthen relationships within your team. When I became the chief executive at Nationwide in 2009, I asked several members of my leadership team to move a seat to the left and take on new responsibilities. While this leadership shift was initially jarring, it fostered new relationships and new ways of thinking in those leaders. It helped our leadership team learn how to relate to one another in a different way so we could work together more effectively and advance the mission of the company.

Relationships in the Marketplace

Technology is making it easier for consumers to shop and transact. But when there’s complexity, most people still want to talk to someone they trust before they make the decision to buy an insurance policy, an annuity or a mutual fund. If you’re that someone, how are you building that trust?

When we approach relationships with partners—whether for distribution, product creation or innovation—trust is the key to winning. Can you be trusted to keep your promises? Can you be trusted to be accountable? Can you be trusted to deliver consistently? Can you be trusted to partner together so that both parties gain value from the relationship?

Relationships With Customers

And finally, relationships with customers must be at the center of everything.

We exist because of our customers, and so do you—that person depending on coverage when they’re in a car accident or that person depending on an investment product to help them realize their dream retirement.

The importance of these relationships is one reason we made the decision at Nationwide several years ago to change how we refer to the customers who ultimately purchase our products. They’re now our “members” to further demonstrate that just like the early days when we were farmers banding together to share risk, we are all in this together.

Every day we come to work striving to empathize with our members so we can better serve them, anticipate their needs and innovate to create more value for them.

As our industry and our companies adopt new technologies and create new products, services and ways to interact, my advice to you is focus on relationships, the required element of our industry.