© 2011 oliver wyman financial services 26 january 2012 placing strategic bets what might the future...
TRANSCRIPT
© 2011 OLIVER WYMAN
FINANCIAL SERVICES
26 January 2012
PLACING STRATEGIC BETSWhat might the future hold for the insurance CIO?
2© 2012 OLIVER WYMAN 19 April 2023
Our panellists
Bill Ball AVP-Inforce Operations and Financial Control, John Hancock Life Insurance
Dan Greteman, Senior Vice President and CIO, Nationwide Insurance
Tsukasa Makino, Manager, IT Planning Dept and Corporate Planning Dept.,Tokio Marine & Nichido Fire Insurance Co., Ltd.
Craig Weber, CEO, Celent
Moderator - Catherine Stagg-Macey
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Section 1
THE INTERNET OF THINGSHOW WILL THIS IMPACT THE INSURANCE MARKET?
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The number of things connected to the Internet is greater than the Earth’s populationThat’s not just phones and tablets…
20032010
2015
2020
Connected things
People
Source: Cisco, 2011
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20 houses today generate more traffic than the entire Internet did in 2008“Every year people share twice as much online.” Zuck’s Law
2012 2008
Source: Cisco, 2011
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If data is increasing so rapidly in volume and velocity…
…how prepared are you to manage your business real-time and on a micro level?
…what would it mean if a competitor got more data, quicker than you?
…what could this mean for customers, agents and the propositions on offer?
…what should IT be doing now to help the insurance business to evolve?
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Section 2
FUTURE PARTNERS AND SOURCING STRATEGIES
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Your partners share the same vision
Note: Word Cloud created using data for the 2011 PAS RFI responses in 2011 from both GI and Life..
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If your partner is unable to offer you anything unique today…
…is the choice of core solution now just a commodity purchase?
…if so, where will you invest to differentiate your propositions?
…what’s more important in the long-term: the solution or the partner?
…if the partner, is that partner working with you today?
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Section 3
THE FUTURE OF THE CIO
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The Future of the CIO
Operational Strategic Disruptive
IT Environment Description
• In-house data center and network
• Maintenance activities > 60%
• Limited contracted application maintenance
• Legacy modernization underway or complete
• Outsourced network, operations, app development
• Expanding channel options
• Application of technologies that change business models
Skills • Operations management
• Build and manage IT organization
• Technical IT expertise
• Contract management
• Peer relationship management
• Vendor relationship management
• Change management
• Integrate business and IT strategy
• Manage large scale transformation
• Negotiation
• Coaching
• Communication
• Develop business and IT strategy
• Partner risk sharing management
Behaviors • Steady hand
• Detail – oriented
• Values extensive planning
• Adaptability
• Collaboration
• Politically astute
• Influence without authority
• Externally focused
• Take and manage professional risks
Personality • Technician
• Production Manager
• Change agent
• Air Traffic Controller
• Visionary
• Entrepreneur
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CIO role questions…
…do CIOs have a role in developing business strategy?
…how can partners assist CIOs with meeting the disruptive needs of the insurance organization?
…how balance operational and leadership skills and behaviors appropriately?
…how are CIOs building tomorrow’s skills in your successor(s)?
13© 2012 OLIVER WYMAN 19 April 202319 April 2023