workshop visualising disruption

© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL

Jamie Macgregor, Celent

Mike Fitzgerald, Celent

WORKSHOPVISUALISING DISRUPTION

2© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL

Recapping on our three key technology themes that will change the competitive landscape by 2022

1 Ubiquitous data

2 User expectations of simplicity and technology doing more of the work

3 Industrialisation of IT at scale

3© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

Revisiting the framework

STATUS QUO

Risk and Compliance

Business model enablement

and partnerships

Market and product agility

Efficiency and expenses

Pre and post sale customer engagement

Liability Management

Improvement

Innovation

Disruptive effect

Growth and Retention Profitability and Control

4© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

Typical change portfolio: Initiative #92

ID Title Detail Driver Investment RoI… … …. …    92 BPM Replace out of support

workflow solution with modern BPM solution. Leverage solution to improve business efficiencies / enable process tracking

- $10m Minimal

… … … …               

5© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

Where should initiative #92 be placed?

STATUS QUO

Risk and Compliance

Business model enablement

and partnerships

Market and product agility

Efficiency and expenses

Pre and post sale customer engagement

Liability Management

Improvement

Innovation

Disruptive effect

Growth and Retention Profitability and Control

Celent’s opinion

Audience

6© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

However, what if...

ID Title Detail Driver Investment RoI… … …. …    92 BPM Replace out of support

workflow solution with modern BPM solution. Leverage solution to improve business efficiencies / enable process tracking

Risk and compliance

$10m Minimal

… … … …               

ID Title Detail Driver Investment RoI… … …. …    92 Customer

directed service

Deliver a multi-channel self-service proposition enabling the customer to manage their products. Use automation to create STP enabling greater efficiency and lower NIGO rates.

- $15m 5 years

… … … …               

7© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

Where should initiative #92 be placed?

STATUS QUO

Risk and Compliance

Business model enablement

and partnerships

Market and product agility

Efficiency and expenses

Pre and post sale customer engagement

Liability Management

Improvement

Innovation

Disruptive effect

Growth and Retention Profitability and Control

Celent’s opinion

Audience

8© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

Pushing the boundaries further…

ID Title Detail Driver Investment RoI… … …. …    92 Customer

directed service

Deliver a multi-channel self-service proposition enabling the customer to manage their products. Use automation to create STP enabling greater efficiency and lower NIGO rates.

Efficiency and expenses

$15m 5 years

… … … …               

ID Title Detail Driver Investment RoI… … …. …    92 Low-cost

temporary insurance for poor risks

Deliver a proposition targeted at high risk low income groups to provide short-term temporary cover via an ultra low cost STP infrastructure. Deliver primarily via mobile platform.

- $20m 4 years

… … … …               

9© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

Where should initiative #92 now be placed?

STATUS QUO

Risk and Compliance

Business model enablement

and partnerships

Market and product agility

Efficiency and expenses

Pre and post sale customer engagement

Liability Management

Improvement

Innovation

Disruptive effect

Growth and retention Profitability and Control

Celent’s opinion

Audience

10© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

But, what about the trade-offs?

ID Title Detail Driver Investment RoI… … …. …    92 Low-cost

temporary insurance for poor risks

Deliver a proposition targeted at high risk low income groups to provide short-term temporary cover via an ultra low cost STP infrastructure. Deliver primarily via mobile platform.

Market and product agility

$20m 4 years

… … … …               

ID Title Detail Driver Investment RoI… … …. …    92 Low-cost

temporary insurance for poor risks

Deliver a proposition targeted at high risk low income groups to provide short-term temporary cover via an ultra low cost STP infrastructure. Deliver primarily via mobile platform.

Market and product agility

$20m

$5m

4 years

2 years

… … … …               

11© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

Typical change portfolio: Initiative #7

ID Title Detail Driver Investment RoI… … …. …    07 Social

Media Monitoring

Monitor activity on social sites of prospects, agents, and policyholders. Better manage reputational risks.

- $0.5m Minimal

… … … …               

12© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

Where should initiative #7 be placed?

STATUS QUO

Risk and Compliance

Business model enablement

and partnerships

Market and product agility

Efficiency and expenses

Pre and post sale customer engagement

Liability Management

Improvement

Innovation

Disruptive effect

Growth and retention Profitability and Control

Celent’s opinion

Audience

13© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL

ID Title Detail Driver Investment RoI… … …. …    07 Social

Media Monitoring

Monitor activity on social sites of prospects, agents, and policyholders. Better manage reputational risks.

Risk and compliance

$0.5m Minimal

… … … …               

April 21, 2023

However, what if...

ID Title Detail Driver Investment RoI… … …. …    07 Social

Monitoring in Customer Service

Use social tools as alternative front-end to customer service systems

Pre and post sale customer experience

$2m 2 years

… … … …               

14© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

Where should initiative #2 now be placed?

Risk and Compliance

Business model enablement

and partnerships

Market and product agility

Efficiency and expenses

Pre and post sale customer engagement

Liability Management

Improvement

Innovation

Disruptive effect

Growth and retention Profitability and Control

Celent’s opinion

Audience

STATUS QUO

15© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL

ID Title Detail Driver Investment RoI… … …. …    07 Social

Monitoring in Customer Service

Use social tools as alternative front-end to customer service systems

Pre and post sale customer experience

$2m 2 years

… … … …               

April 21, 2023

Pushing the boundaries further…

ID Title Detail Driver Investment RoI… … …. …    07 Peer-2-

Peer distribution

Establish a distribution brand based on social media principles where individuals can find and group together with their peers to fund an aggregate deductible and then place the excess layer above with the wider insurance industry

- $2m 2 years

… … … …               

16© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

Where should initiative #2 now be placed?

Risk and Compliance

Business model enablement

and partnerships

Market and product agility

Efficiency and expenses

Pre and post sale customer engagement

Liability Management

Improvement

Innovation

Disruptive effect

Growth and retention Profitability and Control

Celent’s opinion

Audience

STATUS QUO

17© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023

Why use a model?

1 Visualization to identify gaps, clusters and further opportunities

2 Stretching the boundaries to deliver more value

3 Help facilitate discussions about enabling technologies

18© 2012 CELENT, a Division of OLIVER WYMAN CONFIDENTIAL April 21, 2023