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

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

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10 November 2015
Tom Scales

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.

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