Disruptive innovation ahead

At the World economic Forum - WEF 2014, in Davos this spring, technological innovation and disruption was a big theme. Search Disruptive Innovation and it have been a hot spot since 2005.

At the World economic Forum - WEF 2014, in Davos this spring, technological innovation and disruption was a big theme. Search Disruptive Innovation and it have been a hot spot since 2005.

Data from Google Trends “Disruptive innovation"

The Innovator's dilemma

It all started with an article in 1995 and a book 1997 “The Innovator’s Dilemma” by Clayton Christensen regarding the innovation dilemma. If you create something new, creative and exiting you become better in generating revenues. If you start making money, you are vulnerable to copy cats from low cost producers. That undermine the whole market segment - this is what Christensen calls disruptive innovation.

Google "Digital Disruption" and everything has happened the last twelve months.

Digitalisation will affect the life industry as well

We think the digitalisation will hit the life industry as well. A hype or reality?  Bear in mind law Roy Asmara "We tend to overestimate the effect of a technology in the short run and underestimate the effect in the long run." And please also reflect on these words  “When meeting with chief executive officers, “what you hear is, technology is moving three to five times faster than management,” said Dominic Barton, the global managing director of consultancy McKinsey & Co., who is in Davos. “I don’t know whether to be excited or paranoid. It means you can do new things, but it also means competitors can come out of nowhere.” See "Davos Stalked by Tech Disruption as Intel to Wal-Mart Tested"

Is digital disruption a trend? And is it here to stay? There have to be driving forces in place and enablers to define a trend. We think most of it is lined up, are your organisation lines up? At Itello we really think it is time for the life insurance industry to forsake the paper based and manually risk assessment process and become digital completing health declarations on the internet and have an integrated automated risk assessment process. Otherwise an aggregator can now become your worst competitor.

Do you have to convince yourself or anybody else in your organisation? Here are some inspiriting material from the WEF 2014 meeting in Davos.

Disruptive Innovation Ahead

Watch and listen to the panel discussion the many are referring to.

Consequences for Society, Politics and Business—Accenture’s Participation at the WEF 2014

Digital technology has been with us for years, but it is only now that its ability to reshape businesses, communities and policy is being felt. In Davos, Accenture will help lead the debate by publishing research that explores how digital is disrupting traditional markets and dissolving boundaries between industries. Read more

CEO Briefing 2014—The Global Agenda: Competing in a Digital World

Business leaders also understand the significant impact digital technologies will have on transforming their industry and the way they do business. However, they may need to rebalance their digital business investments from improving internal efficiencies to better supporting their growth ambitions by developing products and reaching customers in new and innovative ways. Read more

Read more

A rewarding customer sales experience
Expert underwriting For many customers the thought of the sales process to buy their life or other protection insurance needs[...]
Price comparison sites in the insurance sector is increasing throughout Europe
Price comparison sites in the insurance sector is increasing throughout Europe The number of price comparison sites in the insurance[...]
Seven Benefits of Automated Underwriting
The Nordic Accident & Health insurance market Automated underwriting holds the promise of better process flow, higher customer service levels,[...]

Trophy of the year 2020 – The nominees are
Trophy of the year 2020 - The nominees are... Through Trophy of the year, Itello highlights innovative customer projects that[...]
Folksam is live with Allfunds Orderrouting – saves time and increases security
Folksam is live with Allfunds Orderrouting - saves time and increases security Folksam is live with Itello's Allfunds Orderrouting (Allfunds), which means that Folksam's fund orders are[...]
Cloud financial services – risk or opportunity?
Cloud financial services – risk or opportunity? More and more businesses are starting to adopt cloud computing as a significant[...]