Last Thursday, Celent organized an event in London with the goal of raising questions around digital and social innovation and how it challenges the insurer business model. In order to get some fresh views about this topic, we invited some speakers who are not directly involved in the financial services industry and insurance.
In the first presentation, we learned how
Chris and Manjit explained the audience how AXA determines individual digital profiles, defines target challenges and identifies solution generators using three dimensions: business model, servicing customers and products/services. This analysis has allowed AXA to identify technology options for solving key challenges. Among others, Chris and Manjit identified interesting tools to leverage, such as insurance claim validation systems and iPhone applications improving driving efficiency. According to AXA, deeper digital customers will force insurers to deal with unfamiliar technology solutions and risks.
The next speaker was Shaun Gregory, managing director of
Engaging with customers the Google way was the following presentation. Jo Hind, head of finance at Google, reminded the audience about some of the key innovations Google had contributed to bring to the market to make it one of the most innovative firms on earth nowadays. According to Jo, digital means interactivity and addressability. Interactivity is one of the core offering of Google and the company tries to identify all the times how technology via social media notably can address the need for more interactivity among individuals. Insurers can leverage these new tools, and Jo made a special example about how companies can use intelligent billboard in advertising campaigns. UK insurer Hiscox is one of the first insurers who has already used this technology.
The final presentation before the panel discussion was given by Rafe Offer, who is an entrepreneur and industry advisor. Among others, Rafe has worked for Facebook and other innovative companies active in the digital and social media industry. Rafe captivated the audience with a simple and straightforward message: “The digital revolution is not about technology but it is about the culture of innovation”. Through different examples such as
The event ended up with a fruitful discussion panel composed of Paul Wishman, e-commerce director at LV=, Manjit Rana, Jo Hind and Celent SVP Craig Weber.
For more information about the questions that were discussed during this session, I tweeted them during the discussion panel. To view them, click
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Craig Beattie is an analyst in Celent's London Research Group.
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