Strategy in 20 Minutes: How to Be Decisive with Your Future

by Tom Scales, November 10, 2015
Operations/ Benchmarking
Global

Abstract

Celent drives a session on strategy in 20 minutes.

These are turbulent times for the insurance industry. Consumers are looking for alternatives to traditional agent-driven sales. Competitors are entering the market from other industries. Technology is continuing to advance at a blinding pace. In this world, insurers are behind other financial services companies, and even farther behind other industries. Celent believes the insurance industry needs new approaches to deal with the chaos.

Celent recently led a session on digital strategy. In the workshop, four teams were asked to build a digital strategy, and present it, in 20 minutes. The teams followed two different organizational scenarios, and the participants were a mix of life and P&C/general insurers.

The results are interesting, and could easily be the top five digital initiatives for any insurer. Given the tight time constraints, this is an impressive result, all driven by teams that had met just moments before the exercise.

The value in this report by Tom Scales, research director in Celent's Insurance practice, is not in the results, but in showing how to implement this concept in your insurance company. Celent discusses the technique, the teams, and the process. Celent’s recommendation is not to replace your traditional planning methods, but to augment them with a process that is faster, more agile, and more reactive to the rapidly changing insurance industry.

This 25-page report contains 8 figures.

Celent is a research and advisory firm dedicated to helping financial institutions formulate comprehensive business and technology strategies. Celent publishes reports identifying trends and best practices in financial services technology and conducts consulting engagements for financial institutions looking to use technology to enhance existing business processes or launch new business strategies. With a team of internationally based analysts, Celent is uniquely positioned to offer strategic advice and market insights on a global basis. Celent is a member of the Oliver Wyman Group, which is a wholly-owned operating unit of Marsh & McLennan Companies [NYSE: MMC].

Media Contacts

North America
Michele Pace
mpace@celent.com
Tel: +1 212 345 1366

Europe (London)
Chris Williams
cwilliams@celent.com
Tel: +44 (0)782 448 3336

Asia (Tokyo)
Yumi Nagaoka
ynagaoka@celent.com
Tel.: +81 3 3500 3023

Table of Contents

Executive Summary

1

 

Key Research Questions

1

Introduction

2

 

Key Research Questions

2

The Scenarios

3

The Results

5

 

Team 1 — Scenario 1

6

 

Team 2 — Scenario 1

8

 

Team 3 — Scenario 2

10

 

Team 4 — Scenario 2

14

Common Themes

16

 

Direct Sales

16

 

Customer Self-Service

16

 

Social Media

16

Implementing in the Real World

17

 

Who

17

 

What

17

 

How

18

 

Why

18

Conclusion

19

Leveraging Celent’s Expertise

20

 

Support for Financial Institutions

20

 

Support for Vendors

20

Related Celent Research

21

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