Digital Disruption Drives Innovation in the Insurance Industry

Digital Disruption Drives Innovation in the
Insurance Industry
Belkis Toledo
Executive Programs
Latin-America
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without the express written permission of Gartner, Inc. or its affiliates. © 2016 Gartner, Inc. and/or its affiliates. All rights reserved.
Digital Business Can Help Beat Hard Times
What Is Digital Business?
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20
Things connected to the
internet will outnumber People
by at least 5 to 1.
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2
Average Expected Percentage of Revenue Attributed as
Digital Business Sales Revenue
Source: Gartner Board of Directors Study, 2016, N = 69
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3
What is the Greater Threat to your Organization from
Competition?
Digitally driven from traditional
industry competitors?
42%
Digitally enabled companies
entering your industry from
58%
another industry?
Source: Gartner Digital Business Board Director Survey, 2015
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See How Industries are Transforming Themselves
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H2 Care Service: Wearable Blood
Pressure Monitor
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What Are These Companies Becoming?
Product company or software company?
Retailer or technology provider?
Retail pharmacy or retail healthcare provider?
Auto company or connected car company?
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Digital Strongly Redefines Insurance and
at a Pace Never Seen Before
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And New Business Models are enabled
as a result of Digital Insurance
Timeline for Autonomous, Autonomous
Insurance
2020:
AllEvolution
Models Will
& Driverless
Vehicle
1. The Transition to a Retailer
Exist & Overlap
2. The Shift From Insurance to Life
Event Management
3. Shifting From Risk Response to
Risk Prevention
4. Institutionalizing Data Science
Across the Enterprise
5. The Uncertain Future: A World
Where Insurance and/or Insurers
Are Not Needed
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How to Transform Your Business
1. Technology Venture Investment
2. Digital Suppliers
3. Innovation Competency
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What Type of Leadership Will This Require?
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Gartner’s Recommendations
• Consider a new Board Director knowledgeable in Digital
Business
• Review the executive leadership team and its skills in
Digital
• Bring stories of how other companies are executing on
Digital Business
• … and be ready to tell your success story in Digital
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Innovation is
Thank you!
a Key Competency
to Reinvent the Future,
Your Future!
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