InsurtechFintechRevolution with Patrick Belton: Recent Episodes
Patrick Belton
Interviews, solo shows with experts worldwide regrding Insurance & Financial Industries with subject material relevant to your organization's value chain and business model. We discuss: innovation, emerging technologies, digitization, the ecosystem economy, political economy, partnership economy, subscription economy, political economy, culture and society impacting your organization and its survival.
Business use cases of artificial intelligence, machine learning, deep learning. Major types of machine learning. Definitions of deep learning, machine learning, artificial intelligence.
Companies need to meet customers needs anytime, anywhere in the digital economy. Firms continue to be challenged to devise the perfect cross-channel experiences for their customer base. We are witnessing the radical integration of the consumer experience across physical & virtual environments. Tools and standards are changing faster than companies can react.
Consumers are moving outside the traditonally conceived purchasing funnel and this is changing the way they research and buy your products. If your marketing at your firm has not changed in response already, then it needs to going forward. Why the "funnel" is less relevant than in the past for marketers. The out-dated funnel concept fails to capture all the touch points and critical purchasing factors resulting from the explosion of product/service choices and digital channels, coupled with the emergence of an increasingly discerning, well-informed consumer.
Examples of machine learning. Why is it important? What are popular machine learning methods? What are the differences between data mining, machine learning and deep learning?
Features of chat bots. Some features explained such as voice bio-metrics, speech analytics, speech recognition.
The things your staff need to discuss and agree on before choosing your bot platform. Wht does your company want a bot? What are the benefits of bots? Why does a customer want a bot?
Examination of the global marketplace for Bots. General overview of the market for bots. What are they? What types exist? what can your company achieve through the use of chat bots?
Rei-imagine your insurance business model by thinking and acting like a retailer. The importance of building for trust.
The historical weakness of the insurance sector. 5 reasons how and why your firm must engage customers digitally.
Components of a healthy data culture and how this leads to success or failure. The fundamental objective in collecting, analyzing, deploying data is to make better decisions. Develop and implement a data culture that stays very true to the business problem you want to solve. Analytics capabilities cannot be isolated from the actual business. Focus on and identify possible social, ethical and regulatory implications of your initiatives involving data and analytics. The need for people who can bridge both worlds, that of data science and that of on-the-ground operations. Such individuals are your agents of change.
Basic pitfalls that companies must avoid. What digital strategy is not. What is digital? What does it mean? Why are so many digital strategies failing? The new economics of digital. Digital is destroying economic rent.
Your organizational culture can accelerate the application of analytics, amplify its power, and steer you away from risky outcomes.
The do's and the don'ts. The things you must battle through are fear, ignorance, diffusion and guesswork.
Digital strategy at your firm – the challenges you will face. Trends. The do’s and the don’ts. Where the digital economy shapes your business. Face the demands of digital on your business model and value chain. The wilfull ignorance of insurance leaders.
Why Behavioural Science is relevant for your firm. Behavioural Economics, Relational Transactions, Cognitive Language of the Consumer, Subscription Economy.
Establish rules together to govern innovation efforts. Here are suggested rules. Create safe space for exchnage of ideas and debate and challenging orthodoxy. Find balance with constraints and channeling.
What is the purpose of an innovation centre? Consider these five behavioural actions of your innovation centre.
Internet of Things fosters winners & losers & disruption. Shift to outcome based deliverables.
Basic concepts & definitions you need to understand. What are? Deep learning, smart contracts; blockchain, artificial intelligence, ecosystem, platform, IoT - Internet of Things, machine learning, cognitive computing.
What your firm must understand about the digitial economy. Assumptions to take into account. Where you organization needs to mobilize.
Machine Learning - what it is and why it is important to your business. Popular machine learning methods. Difference between deep learning, mahcine learning and data mining.
Innovation Centres - the harm caused by immature operations leadership. Questions to ask yourself. Focus on process or orginality or disruption? Focus on innovation or execution? Isolation & exclusion versus inclusion. Immature leadership do not embrace counterfactuals. You will fail at innovation if....
Partnerships are critical to your firms success in the ecosystem economy. Do not adhere to traditional boundaries. Move from being risk aggregators to that of risk preventers. You are being targeted in your (traditional) value chain.
What and how is geography relevant to innovation at your organization? Agglomerate economies, foreign direct investment, social networks, spatial clustering, why location matters with innovation, knowledge leakage,
Shift your persepctive - your firm among digital ecosystems. Aovid passivity towards your customer base. Is your firm facing extinction? The mobility ecosystem and traditional insurance organizations business models and vlaue chain. For most firms - yo must abandon the personal insurance auto sector. Carriers are advantaged over the brokerage channel. Be realistic about what you can achieve.
Customer relationships in the ecosystem economy era. Focus on the brokerage channel. Develop digital ecosystems. Defend your turf. Erosion of profitability. Reconceive your customer relations. Employ a data strategy.
The paradigm shift: the way forward for your organization in the ecosystem economy. Your organization's existence is threatened. The societal backgrou.
What is blockchain? How might it impact your insurance firm? Risks, dangers, problems and challenges associated with Blockchain. Risks to the brokerage channel. What might blockchain related transformation look like?
What your firm needs to do to survive. The challenges your business faces in the digital economy. What is your action plan for survival?
Trends in mobility and the impact of mobility on the insurance and financial industry. The implictions of mobility for your life and society.
Trends seen in IoT and that are affecting the business landscape. Challenges for the insurance industry stemming from IoT.
The threats that your insurance organization faces in the ecosystem economy and what your leadership must do about it.
The challenge of insurance organizations reimagining their business model in the ecosystem economy.
Basic economic principles we have grown up with no longer apply in the digital age. In this episode we hi-lite economic rent, winner take all and first movers. Digitization is destroying economic rent and driving winner takes all economics.
What are the keys to innovation? Keywords to keep in mind when establishing your insurance organization’s innovation hub. Where firms often miss the boat in creating their innovation hub.