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All rights reserved, Robert C. Wolcott

From Virtual to Post-Virtual

Thriving Amidst Change

Robert C. Wolcott, Ph.D.Clinical Professor of Innovation & EntrepreneurshipKellogg School of ManagementNorthwestern UniversityManaging Partner, Clareo


The Success Trap


Fortification versus Exploration

Tension between defending our existing positions…

…and creating growth through exploring future opportunities.

Fortification

• The Near Future of the

Current Business

• Extending the Current Set

of Products and

Technologies

• Designed to Preserve

Market Share and Sustain

Profitability

Exploration

• The Future Business

• Innovation Beyond

Sustaining

• Designed to Create New

Markets and Generate

Surprising Growth and

Profitability

Sources: James March, 1991; Dr. Michael Clem, J&J, 2005

All rights reserved, Robert C. Wolcott4

Exponential Technologies Relevant for Insurance

Internet of Things

Wearables

Mobile

Cloud

Big Data Analytics

Cognitive / AI

Robotics

Additive Manufacturing

Block Chain

Cyber Security

Advanced Computing

Social

Augmented Reality

Autonomous Machines


Audit Compliance Legal HR

INFLUENCERS: Associations

GOVERNMENT REGULATORS : International, National, Regional, State, Local

RESEARCH GROUPS: Institutes

Capital Product & Marketing

Claims Customers

Capital Allocation

Portfolio Management

Capital Flows

Private Funding

Global Markets

Shareholders

Global Brokers

National Brokers

Marketplace / Online

Re

insu

ran

ce

Internal Services

Business Process Outsourcing

Adjusters

Auditors

Cu

sto

mer

Jo

urn

ey

Intermediaries

Carriers

Sales & Distribution

Policy Servicing

Policy Holders

Research & Evaluate

Purchase

Servicing

Claims

Renewal

Customer Types (Global, SMBs, etc.)

Industry Verticals

Cust. Relationship Management

Forms & Procedures

Audit & Evaluation

Claim Assessment

Claim Processing

Regulatory

Customer Support

Billing & Payments

Contract Administration

Distribution Management

Selling

Customer Onboarding

Customer & Market Insights

Product Development

Marketing

Service Design

Pro

cess

esP

laye

rs

Products & Solutions

(P&C, Liability, etc) Direct Sales

Communications ITCORPORATE FUNCTIONS:

Thought Leaders Public Media Advocacy Groups NGOs

Universities Governments Third Parties

Commercial Insurance Ecosystem Structure

Actuarial

Risk Engineering

Underwriting

Risk Selection

Pricing

Technology


A unified theory of technology &

markets

One of the most powerful forces reshaping business for the

coming generation will be the production and provision of

products and services ever closer to the point of demand.

We call this…

Proximity


TRUE BREAKTHROUGHS

Won’t happen due to doing what we do today

more efficiently.

TH E Y ’ L L H AP P E N D U E TO D O I N G W H AT WAS


HealthCubePRO


32 Instant Diagnostic Tests

Body

Temperature

Pulse Oximeter

Blood Grouping

Blood

Haemoglobin

General Body

Check-up

Pregnancy

Syphilis

HCV

HIV

HbSAg

Reproductive &

Child Health

Heart Rate

Blood Pressure

Troponin

Total

Cholesterol*

ECG (12-lead)*

Cardiac

Vitamin D*

Uric Acid*

Bone

Blood Sugar

Urine Protein

Urine Sugar

Urine

Leukocytes

Urobilinogen

Urine Nitrite

Urine pH

Urine Ketone

Urine Blood

Urine Bilirubin

Urine Specific

Gravity

Diabetes &

Kidney

Malaria

Dengue

Typhoid

Chikungunya*

Filaria*

Infectious

Diseases

HealthCubePRO

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LONGER TERM?(Play these trends out over a generation.)

Today, we have a

global supply chain

optimized for

scale manufacturing

at a distance.


LONGER TERM?(Play these trends out over a generation.)

Today, we have nearly

TA X I A N D L I M O D R I V E R S I N T H E U S .

Sometime in the next

Y E A R S

these jobs will be eliminated.


One future case of paradigm change

Automotive


Key Metric

Unit Sales

EfficiencyPure Electric Cars

http://image.motortrend.com/f/18146676/112_0904_06z+tesla_model_s+front_three_quarters_view.jpg

http://image.motortrend.com/f/18146676/112_0904_06z+tesla_model_s+front_three_quarters_view.jpg


Insights

Customers don’t care about your constraints.

Challenge assumptions.

Scan peripheries.

Create a portfolio of metrics.

Bring the outside in.


t o w a r d t h e

p o s t - v i r t u a l w o r l d


Life in 3b

www.3billionseconds.com

http://www.3billionseconds.com/


a b u n d a n c e

&

h y p e r - t r a n s p a r e n c y


i n v i s i b l e i n t e r f a c e s

&

i n t e l l i g e n c e t o i n t e l l i g e n c e ( i 2 i )

c o m m u n i c a t i o n s


t h e p o s t - v i r t u a l w o r l d

w h a t i s r e a l l y r e a l ?

d e c o u p l i n g


r o b o t a p o c a l y p s e ?


“ t h e r e i s n o o u t s i d e ,

n o i n c l o s i n g w a l l ,

n o c i r c u m f e r e n c e t o u s … .

m e n w a l k a s p r o p h e c i e s

o f t h e n e x t a g e .”

r a l p h w a l d o e m e r s o n


“ a t t e n t i o n e q u a l s b e l i e f . ”

w i l l i a m j a m e s


t h a n k y o u .

#rober tcwolcot t

www.3b i l l ionseconds.com

http://www.3billionseconds.com/

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