Six Things Newsletter | July 6, 2021

In this week's Six Things, Paul Carroll reviews seven business models that should dominate in the next decade -- creating a host of opportunities for insurers. Plus, how life insurers can reach millennials; benefits of deploying a hybrid cloud; the importance of captive insurance; and more.

In this week's Six Things, Paul Carroll reviews seven business models that should dominate in the next decade -- creating a host of opportunities for insurers. Plus, how life insurers can reach millennials; benefits of deploying a hybrid cloud; the importance of captive insurance; and more.

The 7 New Business Models

Paul Carroll, Editor-in-Chief of ITL

While those pressing for innovation often focus on the unbelievable speed of technology change, perhaps the more important issue is the pace at which business models can change.

After all, increases in computing power have been running at the rate of Moore’s law since Intel co-founder Gordon Moore formulated it in the 1960s — processors have roughly doubled in power every 18 months at no increase in cost. But the pivotal moments came when that exponential improvement allowed for a new type of business model: e-commerce in the late 1990s; internet search and social media in the 2000s; data-heavy, asset-light platforms like Uber and Airbnb in the 2010s.

Last week, futurist Peter Diamandis shared his list of the seven business models he believes will dominate the next decade, and they sound roughly right to me, so I’m passing his writeup on to you.

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Inventive Insurers focus from the outside in on the customer - their needs, expectations, and experience. Read the latest blog to find out what is needed to be a truly customer-centric organization. 

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Why Weak Signals of Disruption Are Key
by Amy Radin

You must commit to a process that more closely resembles an anthropological journey than a traditional strategic analysis. Here are four steps.

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How Life Insurers Can Reach Millennials
by Samantha Chow

Millennials already understand the need for car and home insurance. The pandemic has given life insurers an opportunity.

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Benefits of Deploying a Hybrid Cloud
by Gary Kay

Hybrid cloud models smooth digital transitions because they can easily operate their existing on-premise infrastructure during the shift.

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How Digital Health, Insurtech Are Adapting
by Alexander Kulitski

Due to the spread of the COVID-19 pandemic, the digital health and insurtech sectors have developed rapidly in multiple directions.

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The Importance of Captive Insurance
by Jason Mandel

Policies that insure a person in spite of the absence of bodily harm, that exist because of the threat of reputational harm—these policies are hard to find.

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2-Speed Strategy: Optimize and Innovate
by Denise Garth

Success in moving from the past to the future of insurance requires a two-speed strategy: Speed of Operations and Speed of Innovation.

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How to Increase Profits With Connected CX
sponsored by Statflo

Fostering connected experiences is vital to meeting customer expectations and succeeding in a technology-centric world.

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JULY FOCUS: Customer Experience
This month sponsored by Statflo

Insurance companies are finding that they have to reinvent chunks of their businesses to really get the customer experience right. Yes, they have to focus on the ways that they touch customers, through agents and brokers, through call centers, through adjusters and through an increasingly broad array of electronic means. But a customer doesn’t just experience a company through a direct communication. Customers also experience, for instance, how long and painful an underwriting process or a claim is.

And here’s the thing: This emphasis on customer experience requires a revolution for companies.

Keep Reading

A Conversation on Workers' Compensation, with Kimberly George and Mark Walls

As the world starts to emerge from the pandemic, ITL Editor-in-Chief Paul Carroll sat down to discuss the new normal for workers’ comp with two of ITL’s most widely read contributors: Mark Walls, VP of communications and strategic analysis at Safety National, and Kimberly George, global head of innovation and product development at Sedgwick.

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Insurance Thought Leadership (ITL) delivers engaging, informative content from our global network of thought leaders and decision makers. Our content contributors are transforming the insurance and risk management marketplace through knowledge sharing, big ideas, innovative technology, and real-life applications.

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