Disruption: Connectivity will be the tipping point

Insurance is a US$4.5 trillion-a-year global industry! A headline number that engages the interest of investors and entrepreneurs from all backgrounds, acting as “a unicorn magnet” according to CB Insights. Couple this financial opportunity with low consumer trust in the “Insurance” and “Financial Advisory” sectors, along with incumbent insurers who, despite their best intentions, cannot […]

Blockchain: A platform for reinventing insurance

The centuries-old insurance distribution approach is overdue for an overhaul. Dismal customer experience, high levels of distrust and raised expectations make this the perfect environment for a blockchain-based platform which will rapidly redefine the industry landscape. Disruption happens at an industry level Disruption, by definition, affects an entire industry. Economic asymmetries between new entrants and […]

Blockchain: Tailor made to revolutionise insurance

No discussion on disruption in any industry would be complete without considering the impact of new technologies, with blockchain being the most recent. While blockchain has the potential to transform the technology industry itself, its greater potential is the disruption of existing business models and entire industries. Blockchain can enable activity at the market rather […]

Client centricity means giving the customer control – Part 2/2

Evolving the culture towards one that puts the client’s perspective first in every design decision and operational activity is critical to being client centric. However, that is just the start. New skills and capabilities as well as new or transformed products and processes are required to operationalise the client centricity intent. New skills and capabilities […]

Life Insurance Distribution: Scale effectively, or be leapfrogged

In the nineteenth and twentieth centuries, door-to-door salesmen were the primary distribution channel for most products and services – peddlers carried their wares in tin carriers or piled in a wagon. Housewives (usually) answered the unsolicited knock at the door, and bought new and innovative products from agents commissioned by the wholesaler or manufacturer. Insurance […]

Insurance product management – A defensive against disruption

  In today’s era, when self-driving cars are no longer science fiction, attention has turned towards the implications of this technology for insurers. With fewer accidents, no drivers, and ownership concentrated in the hands of a few large companies who self-insure, predictions are that car insurance will become obsolete. At the same time, the sharing […]

Do life insurers have what it takes to innovate?

  Life insurance innovation has often been labelled an oxymoron! By design, life insurance companies are more concerned about stability over the long-term. All decisions are considered from an underwriter’s goal of understanding and mitigating risk. This does not naturally create an environment for agility, a prerequisite to innovation. In addition, legacy systems, high hurdle […]

Insurers underestimate the scope of their innovation challenge

The innovation challenge facing the insurance industry is much, much larger than most insurance CEOs recognise. Too many of the current innovation efforts are still focused on incremental improvements to existing products, processes and systems. Scope of innovation challenge Building cool-sounding lofts or garages and experimenting with blockchain have quickly become table stakes. They are not […]

What has happened to the Value Chain?

The classic example of a value chain is a manufacturing company that buys raw materials, transforms them into an intermediate or finished product, and then distributes them, with each step increasing the value compared to the cost of the original inputs. The great explosion Analysis of the value chain to identify outsourcing has allowed companies to […]