Download - 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
