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Oliver Wyman

Oliver Wyman is our official partner for the APAC Insurer Innovation Awards.

Oliver Wyman is a global leader in management consulting. With offices in more than 70 cities across 30 countries, Oliver Wyman combines deep industry knowledge with specialized expertise in strategy, operations, risk management, and organization transformation.

The firm has more than 5,000 professionals around the world who work with clients to optimize their business, improve their operations and risk profile, and accelerate their organizational performance to seize the most attractive opportunities. Oliver Wyman is a business of Marsh McLennan [NYSE: MMC]. For more information, visit www.oliverwyman.com.

Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology intensive and converging industries. We navigate our clients through changing business ecosystems to uncover new growth opportunities. We enable our clients to build innovation capabilities and transform their organizations. Our consultants have strong practical industry experience combined with excellent knowledge of key trends and dynamics. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

FINNOVATING

Finnovating is a Matching as a service platform that enables X-Techs from all around the word to connect , collaborate and get the funding they need to grow from investors and corporations globally. The Finnovating platform is a space were the key players of the Tech industry can connect together easily and boost global Tech innovations.

SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

Looking to digital ecosystems for next waves of change – Accenture

Article Synopsis :

As digital ecosystems like precision agriculture, the industrial internet and smart cities get closer to reality, organisations must evaluate how they can capitalise on these disruptions to derive optimal value for them.

 The Digital Insurer reviews Accenture’s Report on Predictable Disruption: Looking to digital ecosystems for the next waves of change

New digital ecosystems . . . which waves will you ride?  

In “Predictable Disruption: Looking to digital ecosystems for the next waves of change” Accenture explores emerging digital ecosystems and their contribution to potentially major technological and economic disruption.

The report suggests these ecosystems are already creating a foundation for new types of services. For example, in insurance, driving data from connected car platforms enables new services like autonomous driving and pay-per-mile insurance for players like Google, Tesla and Metromile. This also poses tough new questions for insurers and regulators such as who is at fault when two autonomous cars hit each other? Does personal auto insurance even exist for autonomous vehicles?

These ecosystems, due to their inherently asymmetrical growth, provide an opportunity for established industry players to re-imagine growth trajectories and explore new business opportunities, as depicted in the below diagram:

Though no doubt disruptive, digital ecosystem growth will be slow and in most cases predictable. Industry leaders must leverage this information building services and developing new partnerships to unlock business opportunities in the new era.

The paper sets forth a 465-day plan to help industry leaders understand the disruptive forces and opportunities of emerging ecosystems and take proactive measures:

Phase I (100-Day Plan)

  1. Appoint a C-suite sponsor to oversee a team responsible for championing your new ecosystem and digital partnership strategies.
  2. Take an inventory of the ecosystems related to your business and prioritize the list according to those with the greatest potential for impact on your organization. Leverage external industry experts to provide fresh perspectives on growing digital ecosystems.
  3. Have your team develop innovative ideas for how the organization will leverage emerging digital ecosystems. Envision your competitive position, new value chains, and new use cases for the ecosystems where you plan to compete.
  4. Craft a strategy that will bring these ideas to fruition. Start aligning resources, stakeholders, and investments necessary to forge this new path.

Phase II (365-Day Plan)

  1. Build partnerships supporting your ecosystem strategy. Identify key players in targeted digital ecosystems, choose your preferred alliances, and hold initial discussions.
  2. Pilot an initial foray into a digital ecosystem. Pick the one business process, product, or service that is best aligned with your prioritization of potential disruptions.
  3. Create new metrics to determine success in digital ecosystems. Develop these by tracking the progress of your pilot and use those insights to uncover potential indicators; iterate this process until you find metrics that can reliably measure success.
  4. Identify new skills demanded to support the expansion of your digital ecosystem strategy. What new technology skills are needed? Does your organization need experience in a specific industry? Develop a plan to acquire these high-priority skills.

 

Digital Insurer's Comments

Digital blurs the boundaries between industry insiders and outsiders. Insurers for example are exposed to threats not only from industry peers but also FinTechs, InsurTechs and ex-industry players such as Google, Facebook and Amazon.

Insurers undoubtedly own a dominant position in the means to produce insurance – financial capital, regulatory regimes, actuarial expertise, distribution and claims-processing networks.  Digital natives, however, increasingly own the means of reaching people who buy insurance.

Given the constraints on both sides it seems partnership is the optimal way forward. The framework suggested in this paper is an excellent guide for leaders weighing options.

Link to Source:: click here

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