This week I spoke at The Future of General Insurance event about our latest Insurance Industry Technology Trends report at Endava. Here’s a brief summary of the presentation.
Endava works in many industries, and we can see what companies outside of insurance do really well, that insurers can learn from. We have found 20 ‘trends’, of which we covered five most relevant ones to general insurers at the conference:
IoT (Internet of Things) are slowly redefining how consumers perceive ‘insurance’
Moving to mobile first interfaces
Using social media
The use of digital marketing in the insurance industry
One of my favourite annual Internet reports is out. It’s the KPCB report, from the Venture Capital company based in the US.
It’s 196 pages of fact-packed charts, and here are my favourites.
The US makes up ‘only’ 10% of the 2.8bn online users. 73% of the World has a phone, of which 40% are smartphones. So there are 2 billion smartphones.
The top 15 Internet companies (by capitalisation) consist only of American and Chinese companies.
The only company featuring in the top 15 companies in 1995 and 2015 is Apple, which has increased its capitalisation by over 190 times! The combined capitalisation of the top 15 has increased by 141 times.
Here are the best articles that I’ve read during the last week:
Warc – Measurement issues hit TV– regular readers will know my frustration with measuring TV audiences. Their time has come, just as they are reporting a sharp decline in audiences. But in an industry based on advertising revenue, the measurement companies are being urged to create ways of showing increasing audience sizes. Bizarre but inevitable.
Many organisations are finding themselves asking “What is Digital?” It’s a difficult question which sounds easy at first. After all, isn’t everything that we do today that involves electronics, digital in some shape or form?
If an organisation has a CTO (Chief Technology Officer), why does it also need a CDO (Chief Digital Officer)? If an organisation already has an IT department, why does it need a digital one too?
Whilst doing some research at work on innovation within the Publishing industry, a colleague of mine found a leaked report from the New York Times from March this year (the full article is at the end of this page).
At 94 pages, it’s a must-read for anyone within Publishing. I took 11 key points from the document:
(page 16) Hallmarks of disruptors… number 4: “Initially inferior to existing products.” This is so true. Almost every time we work on a new innovative project, there will always be someone criticising that product A does things better, or product B is more comprehensive. The answer is twofold – firstly, you can have something more superior, but it will take a lot longer and cost a lost more money; and secondly, it’s part and parcel of developing something new. Remember Twitter’s outages? Remember how basic Facebook looked?