I’d claim that the most disruptive force in (personal) insurance is the online aggregators that – to me – are online brokers, granting customers free access to quotes of ordinary car insurance products and maybe doing so in a freshly designed way - why don't we see more successful real insurtechs?
More and more managers turn to a new management style; management by WhatsApp, and there’s both advantages and disadvantages by doing so. Leaders will know the difference
The end of a project war room is the beginning of a new, more quiet, phase in the team - however, it's important to keep up the feeling of success and to prepare for the next phases of business and process development
With Amazon, Google, Tencent (WeChat) etc. as major distribution channels, the future of the traditional personal insurer is uncertain – add to this that one of the major product lines most probably will become obsolete during the next decade and you have all ingredients to promise the incumbents a bumpy ride going forward. This white paper discusses what incumbent insurers can do
What we’re in essence looking at is a fantastic product with a proven international track record being introduced too late into a market that never really was prepared for it before it was rendered outdated. Seriously interesting times ahead of us…
Literally hundreds from my network and from all over the world have asked me "how the war room looks" so I made a picture showing the structure and brief explanations describing the contents and purpose of the room
Your colleagues are customers too, so these are the very people that disrupts your markets and driving profound changes in the way you need to create your future products and services. But internal disruption is not high on the management agenda
It’s no news that there are tensions between a company’s business development / digital innovation and the day-to-day business operations. On one side, you have a team of enthusiasts focusing on the Big Next and on creating the digital future of the company – and on the other side, you have the operations focusing on delivering on financial targets and complying with regulations while providing excellent customer service daily
This Thursday October 26th, 2017, another line of duties was added to my responsibilities so I'm now also holding the position as Executive Vice President, MENA Motor Claims for personal and corporate lines for the QIC Group, which I'm very happy with and proud of. I believe it makes perfect sense to combine the business development of the commercial side with the claims side of the business
One of the most interesting topics is the discussion about top-down or bottom-up processes, i.e. should the Board set the targets and let the units plan how to meet them or should the units report in what they think is possible to reach?
It's not "like that" to disrupt an incumbent organization over night - but if you want your company to survive, you nevertheless has to begin - this is one way of doing it
The insurance industry is moving at three speeds today. Insurtechs are moving at hyper-speed, innovative incumbents at medium speed and the rest of the industry at very slow speeds. At the same time, the insurance markets, grounded in the ongoing changes in the users’ needs and expectations, are moving at hyper+ speeds - this creates a blue ocean opportunity
The first step to creating a culture ready to dealing with disruption is therefore to align the targets and the performance management towards the disruptive – and commonly shared – goal
If you insist on only looking at what your best close competitors are doing, you’re “comparing your horse to other’s horses and ignorant to the car being introduced next door”
If you could choose only one core competence for your company, what would it be? And who would you partner with to secure your future success based on that single core competence?
Customers want experiences and entertainment regardless of industry, and if you don’t react to this, someone else will
Do not compare yourself with your peers, it is the recipe for disaster. Company complacency is the biggest threat to companies today. Being happy and contempt with what you’ve got creates a company blind spot so big that no one will see the real threat before it’s taken a significant chunk of the market, if not all
It’s many times more difficult to change an organization and the people than it is to get approval to spend millions on ‘IT or digital transformation projects’ with a promising return on investment. It’s just a shame that so many really ignore that the return on investment only comes when people are regarded as the key critical success factor
Hiring top talent is a two-way commitment; the organization must be able to cope with the high-flyer and the new talent should be able to navigate the culture. This does not always happen and the results are devastating. Both parties must work for a way out to succeed
A lot. But a lot of the wrong things. Imagine for a second you’re part of an organization without a clear strategy – for sure the company would have a high-flying vision as they all do, but the vision is not translated into goals, meaning, targets and action plans for the units and employees
So what happens?