Maurice Tulloch Aviva CEO  recognises that digital disruption can change the dynamics of an industry. Where will innovation most likely spring from?

  • Consumer software- Apple, Google, Amazon
  • Autonomous auto software- Mobileye, Delphi, Huawei?
  • Insurtech- Lemonade, 360Globalnet, Trov?
  • Autonomous car manufacturer- Tesla, BMW, VW-Audi, Toyota, Jaguar?
  • Insurance Carrier- Aviva, Allianz, State Farm, Allstate?

Jaguar investing in Lyft, BMW & Mercedes in a consortium to buy and exploit Nokia's mapping solutions , Autoliv & Volvo, BMW-Intel-Mobileye-Delphi, Tesla bundling insurance with cars!!

The partnering combinations grow every day and every insurance carrier and broker must choose the right partners to have the competitive advantage to be a winner. These changing dynamics will lead to some leading incumbents large & small falling by the wayside in the same way that Kodak market leader failed.

See "Avoid the fatal Kodak mistake"

New winners will rise to the top of the food chain. The best way to ensure being in  that group is to:-

  1. Partner with insurtech winners today to win in the short and medium term
  2. Chose strategic partnerships that will own the industry stack in the longer term

For priority one set a key strategic goal - prioritise the issues you want to address e.g. 

  1. Achieve the FAST settlement of claims like Insurtech rival Lemonade delivers and still have the time to detect fraud?
  2. Deliver an Airbnb class digital experience to customers from inflexible, complex legacy core systems?
  3. Compete with agile single product insurers like Lemonade when we have complex product & geographical portfolios to manage?
  4. Plan better customer journeys & experience when our data is in multiple silos, mostly unstructured and inaccessible?
  5. Improve customer satisfaction which implies more costs and strip out operating costs at the same time?

It's fine if you could just tear up current processes and start again. Then you could plan and implement optimal customer journeys that have more sparkle than Lemonade. 

Well there is a way forward.  Forget the Lemonade fizz.  Put zest back into your customer’s journeys and user experiences despite the limitations of core systems of record. See “The Single Digital Record”

This is the key to delivering a new customer journey and experience to your customers; quicker, more engaged, and certainly the digital experience millennials and older customers yearn for.