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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 enable our clients to build innovation capabilities and transform their organizations. 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.

The innovation imperative continues

Article Synopsis :

Innovative technologies and business models are changing the way people think about insurance — giving rise to new products, services and opportunities to enhance customer value. To spur innovation many insurers are turning to InsurTechs, via partnerships and/or formal investments.

 The Digital Insurer reviews KPMG’s Report on The innovation imperative continues

Many incumbents are partnering with InsurTechs to spur digital innovation

“The innovation imperative continues” from KPMG offers guidance to insurance CxOs on evaluating InsurTech investments, and innovation in general.  Specific recommendations include:

  1. Define current problems: Too often, companies get caught up in an exciting new technology without looking at how that technology can help them. Before deciding which innovations to invest in, define the problems you want to solve.
  2. Identify InsurTech opportunities: Once the problems have been defined, map to relevant InsurTechs and reach out.
  3. Address integration challenges: Technology is only as good as your ability to implement it effectively. As part of due-diligence, evaluate InsurTech integration with your own operations. This is both a technical and a cultural exercise.
  4. Bring together the right partners: Insurers are looking for innovation; InsurTechs are searching for scale. Many successful InsurTechs have developed strong symbiotic relationships with traditional incumbents. You too can make it work.

Key high-level trends shaping your specific InsurTech strategy over the next 12-24 months include:

  • Technology enablement: Legacy systems are a big barrier to innovation for incumbent carriers, and InsurTechs know it. Expect a wave of technologies – such as application program interfaces (APIs) – aimed at accessing/exploiting legacy systems.
  • Cross-industry applicability: Keep an eye on technology innovations in other fields such as retail, banking and automotive. As these sectors converge with insurance, they’ll provide new opportunities as well as threats. Seek out partnerships.
  • Proactive technologies: Expect a wave of technologies to help insurers provide more proactive services to customers. Examples include Helium, which provides environmental sensors that notify users when conditions change; and Kinetic, which has designed wearable devices aimed at reducing workplace injuries.
  • Improved customer experience: Most insurance companies have immense amounts of data on hand. But they’re not able to use this data to proactively provide tailored services to customers. InsurTechs are targeting this problem, aiming to help insurers vastly improve customer experience through data and analytics.

Link to Full Article:: click here

Digital Insurer's Comments

Insurers need to do more than understand the importance of innovation and the opportunities presented by InsurTechs. They must take the next step, actively identifying, leveraging and integrating InsurTech solutions in their enterprise environment. Given the clash in technologies (new v. old), and cultures (also new v. old), easier said than done.

Insurers able to overcome the significant challenges, able to make the most out of working with InsurTechs, whether through acquisition, direct investment, innovation labs or services agreements, are climbing the steep mountain to market leadership.

Link to Source:: click here

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