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This fall, I’m headling a major retail event in Las Vegas – Xcelerate 2017! Details are here.

 

There’s a lot of change underway – and certainly, the Amazon/Whole Foods situation is a wake up call for everyone. I’ve been speaking about the decline and transformation of traditional retail for over 20 years. In the 1990’s, I even wrote a book about e-commerce that was translated into German and Russian, as well as being picked up and distributed by Visa USA to it merchants.

Retailers must scramble to keep up with fast paced change. Maybe that’s why Godiva Chocolates has had me to Europe twice this year for insight on what’s going on.

Here’s the description for my September keynote.

The Disruption and Reinvention of Retail: Aligning to the World of Speed  

It’s hard to discount the speed of change occurring in the world of retail and consumer products. Consider this: E-commerce could be 25% of the retail – grocery and convenience — experience by 2021. Shopper marketing,” which combines location intelligence, mobile technology and in-store display technology for a new form of in-store promotion, continues to move forward. Mobile payment involving Apple Pay and disappearance of the cash-register, providing opportunity and challenge with loyalty, infrastructure and disruption. Then there is Amazon Alexa, AI and shopping bots! Simply talk and products are added to your shopping cart, and delivered within an hour! Let’s not stop — there’s also the rapid installation of “click and collect” infrastructure (i.e. an online purchase, with same day pickup at a retail location). And last but not least, the arrival of active, intelligent packaging and intelligent (“Internet of Things”) products, collapsing product life-cycles, rapid product obsolescence and the implications on inventory and supply chain!

We are going to see more change in the world of retail in the next 5 year than we have seen in the last 100. Savvy brands, retailers, shopping mall and retail infrastructure companies are working to understand these trends, and what they need to do from an innovation perspective to turn them from challenge to opportunity.  Futurist Jim Carroll will help us to understand the tsunami of change sweeping retail.

When the GAP went looking for a trends and innovation expert to speak to a small, intimate group of senior executives, they chose Jim Carroll. He has been the keynote speaker for some of the largest retail conferences in the world, with audiences of up to 7,000 people in Las Vegas, including Consumer Goods Technology Business & Technology Leadership Conference • Subway • Multi-Unit Franchise Conference Las Vegas • Produce Marketing Association Fresh Summit • Consumer Electronics Association CEO Summit • Retail Value Chain Federation • Yum! Brands (KFC, Taco Bell, Pizza Hut) Global Leadership Conference • Burger King Global Franchise Meeting • VIBE (Very Important Beverage Executives) Summit • Manufacturing Jewelers Suppliers of America • National Home Furnishings Association • Do It Best Corporation • US Department of Defence Commissary Agency • Readers Digest Food & Entertainment Group Branding/Retail Summit • Professional Retail Store Maintenance Association • National Association of Truck Stop Operators • Convenience U annual conference • Point of Purchase Advertising International Association • Chain Drug Store Association of Canada • Canadian Council of Grocery Distributors • Canadian Federation of Independent Grocers

 

I spend a huge amount of my time dealing with senior executives in global companies; just hit my client list for a sense of what I do. This usually involves a lot of conversations with CEO’s of Fortune 1000’s, startups, and other C-suite executives.

With that, I’m always fascinated by the public promise of a company, and the eventual reality of what is delivered.  With that, I give you the public promise of Sir Richard Branson of Virgin when it comes to his staff:


That’s a good message for a CEO to promise. Treat people as you would like to be treated.

Sir Richard, maybe you should make sure your staff treats potential business partners with the same degree of respect. Just a thought…..

As a global expert on trends and innovation, I often see the dichotomy between the promise of a brand and the reality. So here’s a story for you to ponder. Is the promise above real?

Maybe not, from a recent experience of mine. Listen in: it’s not much a story, but I  find it interesting and want to get this off my chest…. and you might find it to be so too.

It was a thrill for me back in February of this year when I was contacted by the office of Sir Richard Branson to see if I might contribute to a “book”  his office was putting together, specifically:

Virgin is embarking on a project to consider the future of UK work and business 20 years from now. We’re keen to bring together some of the best minds in the country – to form predictions on the most pertinent emerging trends and recommendations for how we best work towards a thriving 2037.”

Their ask  was to see if I could contribute to a section on the future of the workplace, as in:

The How you Work chapter will focus on working environments, communication with colleagues, access to the office, commuting, global vs local, access to support communities”

The idea was that they would deliver this sometime towards the end of this month, with a number of contributors participating. They indicated that given my background with speaking and writing about the future of the workplace, workforce and the organization that I would have some ‘powerful’ insight.

I don’t mind saying that being involved in such a project would certainly be a thrill and probably one of the highlights of my global career, next to such things as doing talks for Disney, NASA and the Swiss Innovation Forum!

With that, an exploratory call was arranged by the folks at Sir Richards office to discuss my potential contribution. I took the call while out on a ski hill, and we kicked ideas back and forth for about 1/2 hour. The call certainly seemed to go well, and they indicated they would get back to me within a week to talk about ‘next steps.’

And then, silence. Nothing. So I followed up with an email. Then another, and then another. And ….nothing. Complete and utter — and baffling — radio silence. Not a simple, single response to several emails asking if the project was moving on. Not even anything telling me, ‘thanks for the exploratory call, but we’ve moved in other directions…..”

To this day, I still don’t even know what happened with the project. Who knows — maybe we’ll see something in the next few weeks, and I will know that I didn’t make the cut.

So what? Well, here’s the thing: what I see from Virgin in this case is complete disrespect from Sir Richards staff. The complete and simple lack of the courtesy of a response to several inquiries, following up on our original conversation. How do you square that with the promise of a CEO to treat his staff with respect? If that very staff can’t treat potential external business partners with similar respect….?

This isn’t sour grapes; it would have been a lot of fun to participate. Heavens knows I’ve got plenty of other things to do….

But what gets me is this: Sir Richard is known for establishing companies, and a culture, that thrives on the utmost of respect and service. Virgin Airlines, for example, can put many other companies to shame for its ability to be relentlessly customer centric. His promise in a quote such as above is to excel in establishing a staff culture based on respect…

Yet that respect doesn’t seem to trickle down from his office….

My question to Sir Richard is this — why can the staff in your office not carry the same attributes? It might be time for you to ask a few questions….

Just wondering.

I work with many of the world’s leading bureaus, one of who is the Washington Speakers Bureau. They represent such people as Condoleeza Rice, George W. Bush, Tony Blair, John Kerry, Magic Johnson, Terry Bradshaw — global political, sports and other leaders. They’ve just run a blog post that I wrote on trends in the speaking industry. (Many of the worlds leading bureaus book me ; not only Washington Speakers, but also National Speakers Bureau / Global Speakers; Gail Davis & Associates; Leading Authorities; the Harry Walker Agency; Keppler Speakers ; Executive Speakers and many more!)


You can’t open a newspaper without seeing an article on the impact of ‘disruption.’  We now live in a period of unprecedented change in which your business model and the assumptions by which you operate are set to be forever disrupted.

In my own case, I spend a tremendous amount of time with different organizations in a vast range of different industries and professions, helping executives to understand and respond to the disruptive forces around them. And in the last several years, I’ve noticed some pretty significant changes in the speaking industry as organizations struggle with disruption.

If you are someone on your team responsible for organizing corporate or association meetings, you need to think about and react to the trends and forces at work. Quite simply, change is occurring several ways: with the speed with which speakers and topic experts are being booked, the topic areas that insight is being sought for, and the short time frames that everyone is working within.

As a speaker who focuses on how to link trends and innovation, my tag-line has become ‘the future belongs to those who are fast.”

The world is speeding up – and organizations need to respond faster

Consider the changes that everyone is impacted by today. Business model disruption. The rapid emergence of new competitors. The challenging impact of social media. Products that are almost out of date by the time they are brought to market. The digitization of everything and the impact of the Internet of Things.  All of these trends — and more — require that organizations pick up the pace when it comes to their strategies, actions and innovation efforts.

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So I golf. Not well, but I have goals. Which makes the fact that the PGA of America has invited me in to keynote their organization twice all the much more remarkable.

This shot is from my keynote for the PGA Merchandise Show — I was invited in for a keynote on how technology could be used to help to grow the game. You can watch the entire keynote online. I also led a panel with senior executives from tech companies in the golf industry, including one of the fastest growing and most infleuential in the sport, TopGolf.

I slice often. But not always. And it won’t be forever. So it is with innovation – you can try and fail. Not always. And it won’t be forever if you keep at it!

A few months ago, I opened this conference with a resounding call to action — there are tremendous opportunities to reinvent and transform manufacturing in North America through advanced methodologies, automation, IoT (Internet of Things) factory digitization, additive manufacturing and more!

It’s captured in my blog post, Trend: Why Manufacturing Needs to Reinvent Itself, Fast! That post is a must read for anyone who wants to understand the reality of what manufacturing needs to do today to compete on a world stage.

500 people showed up for the conference in Philly!! This was typical of the many manufacturing keynotes I did last year – I had 3,000 in Chicago, and hundreds more at various other small and regional events in the sector.

There is a passion and purpose by senior executives throughout the industry, and a hunger for knowledge, on how to re-compete on the world stage, with real innovation, as opposed to “wishful thinking innovation.”

Have a watch — and listen to the folks in the room. Share this video!

In my keynotes, I often talk about how the rate of change — whether with business models, product life cycles, the rapid emergence of new competitors, business model disruption, skills and knowledge and more!  — is speeding up. With such change, there’s a lot of uncertainty within many industries as to what to do next: a senior executive of one client commented to me from his perspective, “….entities are engaged in survival tactics because they don’t know what to do next ….”

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Here’s a simple reality: Innovation is all about adapting to the future — and if the future is coming at you faster, then you need to innovate faster.

Given that, innovation shouldn’t be about trying to survive the future — it should be about thriving.

At a recent keynote to senior executives, I outlined some truths as to the future:

  • It’s incredibly fast: Product life cycles are collapsing. It’s said that half of what students learn in their freshman year about science and technology is obsolete or revised by their senior year. There are furious rates of new scientific discovery. Time is being compressed.
  • It involves a huge adaptability gap: Earlier generations — boomers — have had participated in countless “change management workshops,” reflecting the reality that many of them have long struggled with change. Gen-Connect — today’s 35 and under — will never think of change management issue. They just change.
  • It has a huge instantaneity: The average consumer scans 12 feet of shelf space per second. Most news becomes old hat within 36 hours of emerging. Rapid prototyping, 3D printing and the maker community mean that a product can go from conception to reality in a matter of weeks – if not days. We live in the era of the rapid idea-cycle.
  • It hits you most when you don’t expect it: Every organization must deal with two realities: the rapid emergence of new technologies, and the sudden adoption of old-hat ideas. If you want to understand what comes next, study Gartner’s concept of “hype-cycles”
  • It’s being defined by renegades and rebels: Increasingly, the future of many an industry is being defined by industry expatriates. When a real innovator can’t innovate within a company, they step outside, form a startup, and spark massive industry change on their own. Before you know, they’ve reinvented you, whether you like it or not
  • It involves partnership: Old business models involved asking, “what can we do to run our business better?” The new business model is this: “What can we do to run our customers, suppliers and partners business better?
  • It involves intensity: 80% of the revenue from the typical video game is earned within 4 to 5 days of release. That’s becoming the norm in many industries — although not in days, but perhaps months. Companies are discovering their new reality involves short, sharp shocks of revenue, followed by a need to constantly re-asses and reinvent. We must learn to run our business at video-game intensity: in fast paced markets, we need fast paced business capabilities!
  • It’s bigger than you think: I used to joke, back in 2003,  about a futuristic GoogleCar, and an era in which Silicon Valley would become the new centre of the automotive universe. With self-driving cars and other efforts, its not a joke anymore. Every industry is witnessing similar levels of disruption and acceleration. Complacency is a dangerous thing, particular when every organization is faced with constant, relentless external innovation from unexpected competitors.
  • It involves innovation intensity: With rapid change, everyone in an organization must innovate. Some years ago, I appeared on a the CNBC Business of Innovation show. It featured a lot of “innovation elitists” who seemed to indicate that only special people can “do” innovation. Wrong : thriving in the future has a leadership that involves everyone in innovation. No idea is too dumb, no opportunity is too small. In an era of fast change, organizations must be relentlessly innovative, and that requires drawing on the skills and creativity of everyone
  • It comes from experiential capital: With a fast future, you must learn and relearn. Corporate equity isn’t just money: it’s the cumulative experience and knowledge of the team. Yeas ago, Verizon took a lot of abuse from analysts for its’ big fiber optic bet, yet here’s what I see: the CEO stating that the cost of installing fiber dropped 30% in 2005, and that there was a further reduction of 15-20% by  2006. By the end of end of 2006, they expected it to cost 1/2 that of 2005. The more they do, the better they get. That’s experiential capital, and that’s an invaluable asset.

The future is going to hit you whether you like it or not; it’s your approach to it, and how you innovate with it, that defines your future success.

We certainly live in interesting times!

Here’s what I’ve noticed in this new era of hyper-turmoil and uncertainty — many organizations are turning off their innovation engines, waiting to see what happens next in a world in which volatility is the new normal.

bigbolddecisions

The New Yorker had a great article in 2009 after the financial meltdown, “Hanging tough,” that outlined  how some companies choose to ensure that they stay innovative in recessionary times – while others did not. In the context of the uncertainty of today, it’s worth a read. For example, they contrast two cereal companies: one that chose to focus on innovation despite uncertainty, while another did not.

“You’d think that everyone would want to emulate Kellogg’s success, but, when hard times hit, most companies end up behaving more like Post. They hunker down, cut spending, and wait for good times to return. They make fewer acquisitions, even though prices are cheaper. They cut advertising budgets. And often they invest less in research and development. They do all this to preserve what they have.”

My recent discussions with Fortune 1000 CEOs and senior executives in both UK and the US certainly indicate that this is happening again. Post-Brexit, uncertainty and aggressive indecision is roiling the C-suite in the UK — deferring decisions has become the norm. In the US, the never-ending election has placed a pause on most big decisions — inaction has settled in like a wet-sponge!

Big question – in this context, is the UK done? Can America innovate again, or is this a cultural and leadership ‘new normal?’ Here’s what I know – the winners and losers of the future are being determined right now!

Yet history has taught us, over and over again, that those who are aggressive with innovation, and who align themselves to future trends in times of uncertainty, are those who win in the long run. For years, I’ve talked on stage and in my leadership meetings of the key observation by GE’s Chief Innovation Consultant. Simple, powerful guidance: breakthrough performers manage to accomplish great things because of a decision to focus on innovation right in the middle of an economic challenge or an era of uncertainty– rather than waiting till they came into a recovery phase.

The research found that during the oil shock of 70’s, 80’s and 90’s recession, and the 2000 dot com bust, of those companies surveyed, 70% of companies barely survived, 30% died, but 10% became breakthrough performers. Noted the GE head of innovation: it was explicitly “…because of choices they made in the recession.”

So it really comes down to this: when do you innovate? Are you going to wait until you are comfortable that an era of uncertainty is over? Bad decision — because economic and political volatility is the new normal!

Everything we have learned has taught us that the winners were those who decided that it was an important thing to keep moving ahead despite massive amounts of uncertainty. Get out of your future-funk! Try this clip from a keynote I undertook on stage after the meltdown of 2008-2009. “Innovators get out in front of the recession“.

Consider this: the New Yorker article is pretty blunt with it’s findings on innovation-losers:

  • “numerous studies have shown that companies that keep spending on acquisition, advertising, and R. & D. during recessions do significantly better than those which make big cuts”
  • “a McKinsey study of the 1990-91 recession found that companies that remained market leaders or became serious challengers during the downturn had increased their acquisition, R. & D., and ad budgets, while companies at the bottom of the pile had reduced them”
  • “Uncertainty is always a part of business, but in a recession it dominates everything else: no one’s sure how long the downturn will last, how shoppers will react, whether we’ll go back to the way things were before or see permanent changes in consumer behavior. So it’s natural to focus on what you can control: minimizing losses and improving short-term results.”

Innovation winners?

  • “Kraft introduced Miracle Whip in 1933 and saw it become America’s best-selling dressing in six months; Texas Instruments brought out the transistor radio in the 1954 recession; Apple launched the iPod in 2001.”

Read the article. It’s powerful stuff!

Given that, what do you do? Change your culture and set out to achieve breakthrough results despite uncertainty!


Here is some more innovation-soup for your innovation-soul!

I spend my time providing guidance on future trends & innovation to some of the most fascinating companies and organizations in the world, such as Disney, NASA, BASF and IBM.

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Often these are in the form of offsite senior executive leadership meetings …. where a team gets together to examine the deep, substantive changes that must be made in order to move forward. I lend my insight in terms of highly customized talks that focus on future trends affecting the industry in the room, and deep insight into innovation ideas and methodologies that move us forward.

It’s a proven model that has a track record of 20+ years — and I can see many organizations where I’ve made a meaningful impact….

Over those 20 years, I’ve noticed that at times, companies tend to go into an innovation funk. They defer decisions; they lose their focus on the future; they drop their innovation spark. It usually happens during economic downturns and recessions. Fair enough – they’ve got other things to worry about!

But today, we aren’t in a recession. The global economy, although uncertain, is doing ok. And yet this seems to be one of those times. I’m seeing the resurrection of aggressive indecision  (That’s a phrase that I coined years ago ; see below for articles and video on the topic…) — yet this it seems to be driven by a culture of inaction at the top! The CEO has, it appears, gone into a state of inaction!

Example: I’ve had a number of situations where I’ve had extensive exploratory calls with clients about coming in for such a session. They’ve expressed to me that they need to deal with business model disruption; the impact of technology on their industry; the rapid emergence of new competitors; or other countless challenging issues.

And then it has gone to the CEO for approval, and word comes down — “it’s not the right time to do this.”

Really?

Why is this happening? I think that it relates to the current uncertainty with the upcoming US election – and the uncertainty that has brought to many an organization.

Which makes me wonder — if now is not the right time to focus on the future, and what you need to do as organization to align yourself to fast-paced trends, when  is the right time?

History bears out the lesson that those who focus on big ideas and big opportunities during times of uncertainty are those who win in the long run. The head of innovation at GE did a study years that looked at the history of innovation in times of concern — particularly, during previous economic downturns. He found that real innovation breakthroughs came from those who stayed relentlessly focused on ideas and the future, despite that uncertainty. I often tell this story on stage to spur people into action.

The fact is, there are countless examples where history has shown us that it is those organizations who focused on ensuring that they were still actively pursuing innovation — whether through product development, the exploration of new business models, external partnerships, the pursuit of new markets and customer groups — were those who managed to achieve the greatest success in the long run.

The fact is, in todays fast-moving world, the greatest mistake any organization can make right now is to do nothing.” If you don’t do something today, you can be sure that others in your industry are!

So what do companies need to do to make the most of this period of election-driven uncertainty? First, accept reality and uncertainty, but make a determined effort to move along. Those unable to move past shock, denial and anger through to acceptance will be innovation laggards a. Unfortunately, that may be too late.

Be prepared to keep your idea factories running (perhaps not at full tilt, but running nevertheless) in the face of uncertainty. Know that there is still a place for innovative thinking despite what is really a bizarre state of affairs.

Inertia — real or implied — establishes a culture of inaction, and that can lead to another slippery slope.

oday, innovation isn’t simply an option — it’s critical because it is the best way to gain traction.

#brexit #uselection #economic meltdownWhat should you do? Here’s some video guidance for your innovation soul!

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It’s been a fun week, with keynotes in Dallas and Napa Valley – one on the future of education, and the other involving the future of manufacturing.

Yet my talks don’t just include keynote presentations — I’m often engaged to come in to small, intimate leadership meetings to help senior executives understand some of the trends that will shape their world. This week, that included a presentation to a group of CEO’s at an off-site event in Colorado Springs. The event was organized by a private company that has equity interests in the organizations in the room — representing some $10 billion worth of value.

World of money

“At one event I spoke at, it was suggested to me that some $10 trillion of wealth was represented in the room”

My talk focused on the trends that will provide opportunity and challenge in the future — ranging from business model disruption, to the Internet of Things, the impact of the next generation, accelerating science and the new R&D, and many other topics.

In these situations, I don’t provide insight on particular stocks to invest in — but do provide guidance on the trends that will shape our world on a 5,10, 15, 25 year basis.

And it is clear that with an increasing number of these bookings, private equity managers have come to rely on my insight in a way that helps them to assess where they are going with their own investments and interests.

What’s interesting is that through the years, I’ve done quite a few of these presentations for very-high net worth families and firms. It has included such groups as the Wrigley family foundation and companies that manage the Rothschild wealth.

And in one of the most fascinating events I’ve participated in, I was invited to Athens to address several hundred representatives of what are known as  ‘family offices’ — organizations that manage the wealth of the world’s wealthiest. While I did not get a complete list of attendees, I do know that some of those in the room represent and manage the wealth of folks such as the Bill & Melinda Gates family office; the Accellor-Mittall families, those of the founders of Google and many, many others.

It was suggested to me that some $10 trillion of wealth was represented in the room.

What’s common to all of these talks?

Viewpoints on the trends that will define our world, and which will spell opportunity in the future!

 

Last week, I was the opening keynote speaker for a small insurance industry group — and had senior executives of quite a few major property & casualty and life insurance companies in the room.

As always, I undertook an extensive amount of detailed research on the latest status of innovation within the industry. In addition, I looked back on my research and interview notes for previous keynotes for CEOs and other executives for the largest insurance companies in the world.

(Last December, I was the opening keynote for the annual Insurance Executive Conference in New York City; in the room was the CEO for Transamerica Life, among others; this is typical of many talks I’ve done within the industry over the course of 20 years)

"Kicking off Executive Leadership Council meeting with our friends @GAMAIntl  & keynote @jimcarroll in Amelia Island"

@IntellectSEEC – “Kicking off Executive Leadership Council meeting with our friends @GAMAIntl & keynote @jimcarroll in Amelia Island”

Let’s face it: the trends are real. The industry will be disrupted by tech companies. Existing brokerage and distribution networks will be obliterated as more people buy insurance direct. Predictive analytics will shift the industry away from actuarial based historical assessment to real-time coverage. Policy niches, micro-insurance and just-in-time insurance will drive an increasing number of revenue models. The Internet of Things (iOt) and healthcare connectivity will provide for massive market and business model disruption. I could go on for hours!

To gauge the current thinking within the industry as to “how to deal with what comes next,” my session included some hands-on, live interactive text-message polling.

Right out of the bat, I asked the participants if they felt ready for the massive disruption now underway in the insurance sector.

And the fact is, they are not:

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Having said that, they know that they are in the midst of some pretty significant change — the majority indicated that they believe that the insurance industry will not look anything in 10 years like it looks today.

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The reaction in the room parallels that of a recent Accenture study that I referenced in my keynote:

  • CSO’s at global companies and 94% of CSO’s at insurance companies agree that tech will “rapidly change their industry in 5 years”
  • fewer than 1 in 5 CSOs in insurance believe their companies are prepared
  • fewer than 1 in 10 believe their companies are “high value achievers”

A similar observation was found in a recent PWC study on the insurance industry:

  • “Nine in 10 insurance executives polled by consultant PwC reckon at least part of their business is at risk over the next five years – a greater proportion than in any other area of finance”

Clearly, these executives know that something needs to be done to deal with the potential for business model disruption in the industry. Yet is the industry prepared to deal with it?

Not really:

  • “Fewer than 50 per cent of respondents in the life and general insurance sectors said they would increase IT spending to help them access new customers.” Fintech is booming – but where are 
the insurance tech startups? 
29 September 2015, City AM

Here’s the current problem: there is tremendous potential for complacency to seep into the industry, particularly as Google has pulled back from its’ Google Compare initiative. (This service let people use a Google tool to do comparison shopping for insurance policies from major carriers; the CEO of Google Compare also spoke at the New York event last December).

  • “Google’s initial failure shows technology firms won’t necessarily have “an easy road” to success in the new sector.” Beating Silicon Valley to the Punch; Digitizing Insurance, 11 March 2016

Is the complacency warranted? Not in my view — I think most tech companies, when disrupting an industry and suffer an initial setback, come back in a bigger and more significant way. It’s most likely that when Google, Amazon, Apple and other tech companies  come back in to disrupt insurance, they won’t be working with major carriers to do it!

  • “Expect that when the megatechs enter the insurance space, they will insist on taking control of a much bigger portion of the sales journey, positioning themselves as an alternative end-to-end solution provider, not just a lead generator.” Life Insurance Disruption, Asia Insurance Review, June 2016

Does the insurance industry have the innovation culture necessary to deal with the potential for what comes next? My next poll gave me a pretty stark response — the industry continues to be bound up in some pretty significant organizational sclerosis.

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Is there a way out of this mess? Can the industry fix the clear strategic mismatch which exists?

In my keynote,  I suggested that disruption in such a significant issue that it really needs to be dealt with at the level of the Board; strategy needs to be kicked up a notch; clear responses and actions are warranted.

Quite clearly, specific responsibility needs to be put in place to implement a  disruption-strategy. Back to the Accenture report:

  • “Companies that have put in place chief digital officers and chief innovation officers and who report directly to the CEO tend to have a dedicated focus on technology-focused initiatives …. That’s a sign that they and C-level peers are taking technology-disruption seriously.”

Industry insight also clearly shows that insurance companies must “partner-up” to deal with the fact they simply don’t have the technology expertise to compete with Google, Amazon and others.

  • “an overarching theme …. not least among them insurers .. is that they cannot face technology driven innovation by themselves” – “How to disrupt the high-tech disruptors”
National Underwriter & Health
September 2016

Are many insurance companies following the path to partner up? Sadly, no:

  • “Only 28% of the respondents said they explored partnerships with fintech companies and less than 14% actively participated in ventures or incubator programmes.” Insurance Companies Slow in 
Bridging Fintch Gap, Mint, July 2016

I’ve been providing strategic level guidance to senior executives in the global insurance industry for over 20 years.

The issues, challenges and opportunities are stark. They’re real. They’re not going away.

Will most companies survive? Maybe not. Stay tuned!

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