Strategy Makeovers Are the New Normal
According to a recent PWC report called: 10 Minutes on the CEO Agenda: “more than 80% of CEOs said they are doing strategy makeovers driven, in large part, by the changing dynamics between the developed and emerging worlds”.
Digitization of Insurance – Where to Focus
According to CB Insights, on a year-over-year basis, private tech investments involving (re)insurer participation rose 49% in 2016 and 257% from 2014′s tally.*
I recommend placing emphasis on 4 key thematic areas by leveraging a host of partnerships with innovative service providers:
- Big Data and Smart Analytics – including predictive underwriting, prescriptive analytics, AI, NLP, machine learning cognitive computing and Chat Bots.
- Digital marketing and distribution – including new and innovative ways to distribute insurance products.
- Customer experience optimization – value-added service enhancements that provide an ongoing, “sticky” relationship with the policyholder. This area includes: applied behavioral science techniques, connected devices, usage based insurance and lifetime value (LTV) optimization programs that can optimize coverage, premiums and/or products – without alienating the consumer.
- Enabling technology platforms – including online emerging health applications, lending, payments, accelerated underwriting, DIY applications (i.e. needs analysis calculators, chat bots, etc.) and block chain.
Positioning your company to participate in the wider, connected ecosystem will be a key strategic imperative. That is why, over the course of the last several years, I have developed a broad innovation ecosystem of partners to support InsurTech initiatives.
Accelerating Innovation – Organically or M&A
In addition to finding ways to help shape your strategy for organic digital transformation, I bring to my clients over 30+ years of “in-the-trenches” global experience, innovation, strategic marketing, multi-distribution, problem solving skills, talent acquisition, creativity and change leadership.
Some organizations will choose the Mergers and Acquisition (M&A) route to accelerate innovation. My expertise lies in the due diligence of marketing, distribution, data and technology to support a successful M&A transaction.
I work collaboratively with the in house staff of my clients on solutions to help them in thriving, not just surviving, in an increasingly complex, interconnected world.
– Bill Tyson, CEO, Strategic Marketing Plus, LLC
- January 18, 2017, “Where Insurers and Reinsurers Invested in Tech Start-ups in 2016” 2016 https://www.cbinsights.com/blog/2016-insurance-cvc-total/