customer centricity

Insurtechs – friend or foe of insurers?

How often have you heard the thought leaders claiming “this time it is different – this time, the insurance industry is REALLY being disrupted.” The latest chapter is the insurtech business – flexible, young startups, using innovative technologies and cool new gadgets. They often find and exploit inefficiencies in the insurance value chain, and their […]

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At The Brink Of Disruption?

When Clayton Christensen first published his theory of «Disruptive Innovation» in Harvard Business Review in 1995 and later in his book of 1997 “The innovator’s dilemma: when new technologies cause great firms to fail”, many understood him to say that new technology was the disruption factor. In his follow up book of 2003 “The innovator’s […]

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Evolve or Die! How Insurance is Being Disrupted!

Connected millennials, empowered consumers, technological innovation, digital distribution, and new competitors — these are all forces for change in the insurance industry. But, what do they mean for the future insurance services? Buckle up! It’s likely to be a bumpy ride! First, the forces for change transforming the insurance industry are likely to translate into […]

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Millennials: The Insurance Customer Has Changed, Will You?

What is the single largest force disrupting insurance?  Millennials! They’re empowered, connected, and leading the charge for change! So, who are they? What do they want? Why do insurance companies have to change to serve them?   Most definitions say Millennials (aka Generation Y) are young adults from ages 18 to 34. They account for […]

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Random Thoughts: Things to Read by IBV

For our Random Thoughts post today, I thought I’d summarize interesting reads my colleagues at IBV published over the last year (and some of mine, too 😉 ). Let’s start cross-industry: About a year ago, Carolyn Baird showed the “Myths, exaggerations and uncomfortable truths” about millennials in the workplace. Not all conventional wisdom about that […]

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How are Analytics Bringing Financial Institutions Closer to Customers?

If customer centricity is the question, analytics is the answer for financial institutions. The insurance industry has entered a new era. Financial institutions (FIs), specifically insurers, are transforming from a simple, one-size-fits all business model to an advanced, data-based approach. Why? They’re eager to improve sales, do more focused marketing through multiple channels and strengthen […]

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Do You Have a Customer-Activated Ecosystem?

Let me tell you a horror story. An insurance horror story. I came across this account on the Internet. So, whether or not the details of the tale are completely accurate is unsubstantiated. But, we’ve all experienced this type of absurdity in our consumer lives, whether it was due to an insurance provider or a […]

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The big insurance picture

As we start the New Year, it’s useful of course to take a step back and look at the “forest” of insurance instead of the “trees” of day-to-day changes and next week’s hot topics.  Perhaps we can identify some nice green meadows instead of trees full of briar patches. Insurers often look at strategy as […]

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How leading insurers communicate

In four weeks, we will be publishing our next IBM Institute for Business Value study. This time, we extensively interviewed 80 insurers, leaders and non-leaders, in four different market types (high and low growth, high and low maturity) to find out what leaders did differently, strategically. So today, it’s sneak peek time. On this blog, […]

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