Article ti&m special: Metropolis digitalizes public transport

ti&m special
2016
TOTAL DIGITALIZATION
the networking of things
Tobias Ehret, Deutsche Postbank
Revolutionizing traditional innovation management
Mario Crameri, Credit Suisse
“The whole of society is being digitalized”
Markus Staub, LGT
SmartBanking: the digital future at LGT
Oliver Werneyer, SwissRe
Revival of Life Insurance
Stefan Rüesch, ti&m
Digital onboarding – the new standard

able the processing of transactions through an absolutely trust-
worthy but public platform, and this will raise serious questions
about the role of banks.
Mobility and the sharing economy: Actively networked, autono-
mous electric cars, which are used but no longer purchased and
can be ordered and paid for via smartphone, will not only solve
some of our environmental and traffic problems but will also
have an enormous impact on all of the industries involved. Far
fewer cars will be needed, and ad hoc rental and insurance con-
tracts will be concluded automatically and directly between mo-
bility providers and customers on the basis of up-to-date informa-
tion. The entire mobility ecosystem, with all of its suppliers and
service providers, will undergo lasting change.
Insurance versus prevention: In the traditional model of insur-
ance, policyholders are indemnified against the financial
consequences of an event. Loss prevention on the oth-
er hand, which is actually in everyone’s interests,
has yet to be discussed. Wearables-based health
monitoring, automatic recognition of risk pro-
files and high-risk behaviors, or even protec-
tion of valuable goods using IoT devices,
will give rise to new models of insur-
ance and new providers to go with
them.
Logistics and maintenance: In
the future, servicing, warranties,
and spare parts management, for
instance for complex industrial
plants, will be organized autonomous-
ly as far as possible. Data about loca-
tion and condition will allow for highly
optimized service over the entire life cycle.
Data is the new currency
Businesses that are able to generate or
acquire the appropriate data and build
their core offer around it will be a step
ahead of the competition in the markets
Dear Reader,
According to current projections, the year 2020 will see one billion
PCs, five billion smartphones, and an estimated 50–100 billion or
more networked things1
. The Internet of Things (IoT) includes all
physical objects that can participate passively or actively in net-
works and perform tasks autonomously or semi-autonomously.
It anchors digitalization in the physical world and is set to perme-
ate all areas of life, bringing about lasting changes in society. Giv-
ing digitalization eyes, ears, and hands,
it closes the gap between the virtual
world and the real, physical world.
The basic parameters of numerous
products and markets will be rede-
fined. Vast amounts of data are being
generated, which are available for eval-
uation anytime, anywhere, enabling bet-
ter-informed decisions – by people or
even by networked computers. These
are crazy and exciting times that we
get to live in and shape.
Processors and intermediaries
compete with P2P solutions: P2P
solutions are challenging the po-
sition of banks and insurance
companies as service proces-
sors and intermediaries. Paymit
in Switzerland was the first to
showcase this successfully with its
system for direct, non-brokered pay-
ments between accounts. The IoT, in
the form of personalized wearables,
will make lasting changes to the authen-
tication and authorization of payments.
Eventually, things themselves will know
what they are worth, and customers will
authorize P2P payments using semi-au-
tonomous wearables. The next step will
be for technologies like blockchain to en-
of the future. But it will be no small task to balance what is tech-
nically feasible against individual security needs and regulatory
requirements.
Redefining one’s identity
How does a business redefine itself when existing markets are on
the verge of eroding and new opportunities have barely been ex-
plored? How do we deal with this uncertainty and develop ap-
proaches that will offer a chance of success in the new environ-
ment? In short, how do we innovate? I hope you will all know my
answer by now: rent a ti&m garage – we will realize your future!
An innovation is the realization of a (good) idea. We achieve inno-
vation through garage projects and guarantee product launch
times from 6 weeks up to a maximum of 9 months. Time to mar-
ket takes priority.
As people integrate computers into their routines and computers
integrate people into their processes, the real and virtual worlds
are becoming increasingly intertwined. The garage approach to
realizing innovation cannot solve all of the problems brought on by
digital upheaval; there are still social and ethical questions to be
answered. Looked at from a historical perspective, technological
revolution has always created more prosperity and work than it has
destroyed, and I am convinced that the Internet of Things will be no
exception. We are doing our part to support the debate on values
by broadening our Hack an app youth camp to include a smart-
phone-led IoT Lab, with the aim of promoting a lasting expansion
of young people’s knowledge and capacity for sound judgment.
Lawyers, doctors, craftspeople, indeed everyone will need to have
a basic understanding of how devices, wearables and the Internet
of Things work in order to be responsible users who benefit from
its advantages and avoid potential disadvantages.
Get inspiration for your own projects, form networks, and have
discussions. The challenges of digitalization cannot be met in
splendid isolation. Here at ti&m we are happy whenever we can
get a discussion going, and we are always ready to contribute our
ideas and experiences.
With digital regards, Thomas Wüst
1
Andelfinger V., Hänisch T., Internet der
Dinge, Springer Gabler, Wiesbaden 2015
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Publishing details
Editorial 2016
Total digitalization –
the networking of things
Editorial by Thomas Wüst, CEO and founder of tim AG
2 3

4 5
tim – We digitalize your company.
tim stands for technology, innovation and management. The name reflects our systematic
focus on innovative solutions based on future-oriented technologies and agile methods.
The 100% independent company is majority owned by founder and CEO Thomas Wüst;
minority stakes are held by the tim management. tim has offices in Zurich, Bern, Lausanne
and Frankfurt am Main, and currently employs over 220 outstanding engineers, designer and
consultants.
Talks about...
6 Revolutionizing traditional innovation management
Tobias Ehret, Member of the Direct Bank Executive Committee at Deutsche Postbank AG
28 Out of the garage and into the winners’ circle
Marcel F. Komminoth, CEO of CB Financial Services AG
34 “The whole of society is being digitalized”
Mario Crameri, CIO, Swiss Universal Bank Division, Credit Suisse
50 No danger of spinning in circles
Jan-Hendrik Pelz, Freelance Artist
Perspective
8 Innovative business models for the IoT
Markus Weinberger, Director; Dominik Bilgeri, PhD candidate, Bosch IoT Lab
10 FinTech – All hype or credible threat?
Stefan Rüesch, Principal of Digital Banking, tim
Nico Meier, Head Zurich, tim
13 Strategists turn to maps
Daniel Krebs, Director of Strategic Management, PostFinance AG
20 Evolutionary and disruptive all at once
Beat Walser, Head Digital Insurance; Nico Tschanz, Head Consulting, tim
24 tim selfie
Walter Strametz, CTO, tim
Market Trends
12 Digital Is Changing our World. So What?
Michael Bednar-Brandt, Director Digital EMEA, Oracle
14 Things are speeding up: Who will make the curve?
Mathias Wegmüller, Co-founder and Director of Business Development, Qumram
16 Digital onboarding – the new standard
22 Why do banks need FinTech hubs?
John Hucker, President, Swiss FinteCH
29 Fuel for startups
Michele Forte, Principal, tim
32 Revival of Life Insurance
Oliver Werneyer, Innovation Manager, SwissRe
36 hack an app goes IoT
Martin Fabini, Head Project Management, tim
38 The digital accident in Silicon Valley
Heinz Hoffmann, Head of E-Business, Suva
42 Security, the killer app for the IoT
Harald Böttcher, Principal Security, tim
48 tim is growing – Switzerland and beyond
Samuel Scheidegger, Head Bern, tim
Klaus Röhr, Regional Sales Director Germany, tim
Jacques Valente, Regional Sales Director Suisse Romande, tim
Real World Applications
18 People, paper, scissors: tools for innovation
Jana Lév, Dip. Ing.; Jürg Meierhofer, Dr. sc. techn. ETH, executive MBA iimt, Die Mobiliar
39 The IoT and custom manufacturing
Hans Kull, CEO, Inmatic
40 SmartBanking: the digital future at LGT
Markus Staub, CIO, LGT Group
44 Healthcare: license to disrupt
Dr. Evangelos Avramakis, Head of Cross-Channel Management, Helsana
47 Metropolis digitalizes public transport
Peter Affolter, Electrical and Software Engineer, Solace Systems
Contents

6 7INTERNET OF THINGS
tim: Mister Ehret, at Postbank you are talking about revolu-
tionizing traditional innovation management. What was your
motivation for taking a new approach?
Tobias Ehret: The operating environment for banks is changing
radically as society digitalizes. New technologies allow people to
access comprehensive information (location, activity, etc.) while
communicating globally, directly, and interactively in a way that
was once only possible at a local level. As a result, the USP of
banks is undergoing a dramatic shift toward a digital customer
experience. This in turn leads to new providers exploring the po-
tential of new ideas in this area, and fundamentally redefining the
competitive landscape. Innovative services are being brought to
market in very short product cycles and are holding their own
against the competition. Some survive to define new and suc-
cessful business models; many others go down in history as fail-
ures. In the context of a company’s innovation management
function, this means that traditional, incremental innovation
which improves upon existing products and services is not
enough. Innovation today is disruptive, and is based on a com-
pletely new premise. It has the potential to transform entire mar-
ket segments and ultimately to create new business models. If a
business wants to – and needs to – get involved in this, it urgently
needs new ways of thinking and acting.
What do these new approaches look like exactly?
We have developed a centralized mechanism to help us come to
grips with disruptive innovative thought: the Postbank Ideas Lab.
Here we’re developing new ways of understanding innovation
leadership and using creative thinking to promote a culture of in-
novation across the whole company. Staff from different busi-
ness segments are brought out of their day-to-day environment
to the Ideas Lab for several weeks to enable them to exercise
their skills and creativity in an unrestricted environment for the
purpose of developing new and innovative products. The goal is
to get from idea to MVP, or minimum viable product, within this
time. The best MVPs are implemented immediately and tested
with customers on the Ideas Lab platform (ideenlabor.postbank.
de). This results in innovations for Postbank while also promoting
intrapreneurial thinking.
What kinds of methods and ways of working have you estab-
lished at your Ideas Lab?
There is a whole range of methods, such as Scrum, Kanban, Cre-
ative Thinking, and others, that can make a contribution to cre-
ative and innovative working. Nor should environmental parame-
ters be underestimated, for instance workspace, rooms for
spontaneous discussion, and boards for recording and visualiz-
ing ideas. Our studios offer teams the space to exchange ideas
and communicate spontaneously. Ultimately, however, this is only
a vehicle for embedding Lean Startup principles in Postbank. So
we take product ideas from the Ideas Lab repeatedly through the
Build-Measure-Learn loop, focusing on minimum functionality
and rapid delivery. We live a startup management culture based
on trust, confidence, and individual accountability.
What have reactions been like in your environment?
Reactions have been hugely varied, of course. On the part of em-
ployees, we have had extremely positive reactions from colleagues
who have discovered a new way of advancing their ideas and who
are bringing incredible motivation and dynamism to the Ideas Lab
as a result. On the other hand, anyone who wants to bring about
profound change has to be fully aware that he will not be univer-
sally popular. The instinct to protect vested interests or preserve
comfort zones, or simply the fear of change, are all natural reac-
tions. You just have to live with it and deal with it. Successes make
About
Tobias Ehret
Member of the Direct Bank Executive
Committee at Deutsche Postbank AG
Tobias Ehret joined Deutsche Postbank in 2000.
Between 2008 and 2013, he was responsible for the development and
expansion of online and mobile channels, most recently as Senior
Director of eFinance. Since July 2013, Tobias Ehret has been a Member
of the Direct Bank Executive Committee. Since May of this year, Tobias
Ehret has also been in charge of e- and m-payment as well as the
digital customer experience and innovation management.
it easier. Publicizing these successes and continuing to demon-
strate that we are on the right path – in other words, using the
normative power of the actual – remains the key to success.
What results have you had from innovation management up to
now and how will the Ideas Lab continue on?
The results are convincing, and we shouldn’t underplay that.
Alongside innovative solutions such as fingerprint-based transac-
tions in our “Finanzassistent” (financial assistant) app or the
“Sparhelfer”(savings support) function, where you can get togeth-
er with friends, for instance in a Facebook group, in order to save
toward a common goal, we have also made great strides in intra-
preneurial thinking. New workspace concepts like New@Work or
hackathons with internal and external participants have taken
root in our organization and have shaped the business. And it
should go on like that – with the aim that of ensuring that our in-
novation processes permeate every new solution so that we can
maintain innovative content and ensure the highest possible cus-
tomer relevance.
Do venerable institutions like Postbank stand a chance against
the young, fast-moving, and hungry FinTech Startups?
Yes, definitely. The FinTechs’ startup mentality is currently
pitched against the might of corporations built up in traditional
markets. Customer access, customer confidence, accumulated
knowledge, and experience, for instance with regulation, are as-
sets on which we can (still) capitalize. If we now have the courage
to rediscover ourselves, we can bring the best of both worlds to
bear, and we will be doing well. I am highly optimistic, because at
Postbank we have a high level of top-management commitment,
we have always been innovative players, and we have already
been successful with our first few steps on this journey.
What will Postbank look like ten years from now?
What Postbank will look like ten years from now, I don’t know. One
thing is certain: not the same as it looks now. Our product and
service innovations in the last month alone are a testament to
that. We are proactively shaping our transformation in every part
of Postbank. From in-branch sales to customers on the ground to
Postbank online banking accessible anywhere, we will integrate
customers’ personal and digital worlds more and more fully.
A personal question: what are the most exciting and motivating
aspects of your job?
Like most people, I bring a high level of self-motivation to my work.
And motivation feeds on success. Success for me means visible
results both internally and externally. So I enjoy those moments in
the Ideas Lab, when the creative juices really start to flow and you
can see the fun and motivation written on our employee’s faces. I
am inspired by their willingness to take an active and creative role
in shaping our future. But to be honest, I also enjoy those moments
when our competitors recognize that Postbank doesn’t just gener-
ateideas,italsobringsthemquicklytomarket.Thefingerprint-based
transactions that I mentioned earlier were introduced just six weeks
after the launch of the relevant iPhone. It’s only now – almost twelve
monthsbehindus–thatanotherdirectbankhasmanagedtofollow
suit and provide a comparable function for customers.
Revolutionizing traditional
innovation management
Deutsche Postbank // Postbank in Bonn is redefining itself.
And the key to successful transformation is a whole new
concept of innovation.
Interview: Markus Nigg, Martin Fabini, tim
The Postbank
Ideas Lab
promotes a
new culture of
innovation

Innovative business models for the IoT
Visualization // Businesses that want to take advantage of the Internet
of Things have to understand complex ecosystems involving many
different stakeholders. Visualization tools can help to break the
process down into operational steps. The IoT Business Model Builder
guides the user through a ten-step process.
The integration of the digital world with the physical world, often
called the Internet of Things (IoT), enables businesses to offer
new, innovative product solutions and to continue to interact with
customers long after the point of sale. In this environment, busi-
nesses are called upon to evaluate promising IoT technologies
and develop sustainable business models for them. This second
task, the formulation of new business models, presents major
challenges for many companies. The leading players need to un-
derstand and manage complex ecosystems involving a range of
stakeholders, create sustainable value for customers and diverse
partners, process data reliably and take advantage of digitali
zation to strengthen their own competitiveness.
A host of (visualization) tools is available to help businesses
break down the abstract ‘business model innovation process’
into operational steps and master it successfully. The IoT Busi-
ness Model Builder, developed collaboratively by the Bosch IoT
Lab at St. Gallen University, ETH Zurich, and Bosch Software
Innovations GmbH, takes managers through a model ten-step
process focused on real-world scenarios (www.iot-lab.ch).
Using a networked ebike as an example, these ten steps de-
scribe various tools, from the brainstorming of IoT applications,
Markus Weinberger, Director, Bosch IoT Lab at St .Gallen University
Dominik Bilgeri, PhD candidate, Bosch IoT Lab at ETH Zurich
to the formulation of a business model/case, on to business
model evaluation.
The IoT Business Model Builder takes into account that in
practice, technical innovation can often prompt business models
to evolve. With ebikes, for example, the starting point might be
the availability of new sensor and control technology, which can
be used for transmitting real-time data (measurement of posi-
tion, speed, etc.) and for remote access (analytics in the Cloud,
motor shut-down, etc.)
These and other technologies enable a whole range of inter-
esting applications, such as fitness and loyalty programs, novel
Author
Markus Weinberger
Markus Weinberger, Director, Bosch IoT Lab
at University of St .Gallen
Markus Weinberger’s work is focused on IoT
applications in relation to smart home technology and connected
mobility, and on IoT business models. He has a PhD from the
Technical University of Munich.
Author
Dominik Bilgeri
Dominik Bilgeri, PhD candidate, Bosch IoT Lab
at ETH Zurich
Dominik Bilgeri’s research interests lie in the field
of digital business model development, in particular in relation to
the IoT. He holds an MSc from Erasmus University, Rotterdam
“Visualization tools break
down the abstract business
model innovation process into
operational steps”
insurance benefits, fleet management, or anti-theft systems. But
which business model is best suited to market a particular appli-
cation? In order to answer this question, businesses are first
asked to outline in general terms all potential applications of an
agreed idea and then to select one. Alongside traditional KPIs
such as return on investment, it is also worth considering less
conventional criteria such as effectual logic, a concept discussed
in startup literature.
Given the extreme uncertainty that characterizes new IoT
markets, effectuation uses a company’s existing resources as
the basis for decision-making. As a next step, a stakeholder net-
work diagram can be illustrated to help the manager get a grasp
of all major players in the corresponding ecosystem as well as
their interconnections. Ultimately it is up to the company con-
cerned and its key partners to prepare the business model and
the business case, and to bring together the insights acquired
through the process.
In the spirit of the popular Lean Startup methodology, build-
measure-learn, businesses should ensure they review their past
assumptions on an ongoing basis throughout the innovation pro-
cess, including input from internal and external contacts.
PHOTO:PHOTOCASE.COM/KALLEJIPP

Three things make the banks of today vulnerable:
1.
Technology is rendering the banks unnecessary in their
roles as intermediaries (for payment transactions or interest
rate differentials). “Machines” can mediate much more effectively
between investors and borrowers, and can include price formation
mechanisms. In addition, blockchain technology eliminates the
need for accountants to keep centralized ledgers of transactions.
2.
Technology is facilitating the disaggregation of the value
creation chain. This means that components of value cre-
ation (sales) are being provided by other players and the banks
are being driven back into the role of product suppliers or liqui-
dators.
3.
Banks no longer have a monopoly on the financial services
customer interface. High traffic platforms, such as Face-
book, Google, etc., are becoming a real threat. They have access
to a seemingly unending number of customers and nearly in-
exhaustible knowledge about those customers.
FinTechs atomize the banking business
But just how do these FinTech businesses work? What makes
these start-ups such a threat? Ultimately, it comes down to four
developments:
1.
No FinTech in the world wants to be a universal bank. Inst
ead, they atomize banking services into their component
parts. Here a distinction can be made between vertical and hori-
zontal disaggregation. The mostly younger companies seek to
provide an individual service or a single link in the value chain
better, more efficiently, and more conveniently – and always
more affordably than established service providers.
2.
Banking is on the verge of a technological reformation. The
business of banking is scarcely any different today from
when it began. To be fair, processes have become more efficient
and automation levels have increased – but business models
and mechanisms in banking have not changed in their essenti-
als. Now, however, this is exactly what is happening with new
solutions like P2P lending, crowdlending, and blockchain. Banks’
core business of deposits, loans, and investment is under threat.
3.
Technology has significantly lowered the barriers for new
entrants. As long as they conform to regulations and do
not contravene a banking license, new offers can be launched
quickly and simply. At the same time, it is often possible for inter-
mediaries and aggregators to fly effortlessly below the radar of
regulators.
4.
Risk capital is widely available worldwide at present. Com-
panies with profitable ideas have no problems getting fun-
ding. Now that digitalization has revolutionized one sector after
another, young engineers and venture capitalists have focused
on the banking sector in hopes of finding the Next Big Thing.
Decline in business volume and margins
These developments will not usher in a golden age for banks over
the next five to ten years. For one thing, innovative offerings will
bring a decrease in business volume – current estimates say
30%. Margins will also come under extreme pressure as a result
of increased competition. Apart from this, the major players
(Apple, Google, Facebook) will try to crowd the market, particular-
ly where payments are concerned. Peer-to-peer lending could
potentially undermine banks’ balance sheets, and blockchain will
Author
Stefan Rüesch
Principal of Digital Banking, tim
Stefan Rüesch has been digitalizing different
business segments for 17 years. Since the start of
his career, he has dedicated himself to the digitalization of financial
services: as head of a digital unit at a bank, as a strategy consultant, and
as banking manager for an internet company where he established new
business segments, and now as Principal of Digital Banking at tim.
Author
Nico Meier
Head Zurich, tim
Nico Meier is Head Zurich and responsible
for the areas Agile Projects and Java Front/UX.
He benefits from an interdisciplinary expertise gained in various
roles as a software developer, project manager, and IT consultant.
Nico studied business informatics and holds an MAS in business
analysis.
reconfigure global payment flows. It is a safe assumption that
the banking sector will undergo dramatic change in the medium
to long term, and there will be both winners and losers among
the Swiss banks. This is something new for most Swiss banks.
In the past, banks that had a handle on basic market risks (inte-
rest rates, markets, maturity transformation) could expect to see
stable business. Most banks continue to benefit from high mar-
ket share in their home territory, and in practice most Swiss
banks have a territorial strategy. But now some fundamental
strategic questions arise. Every bank needs to evaluate the
above developments, and use that evaluation as a starting point
to develop an independent strategy.
However – as with all change, this process will offer oppor-
tunities to those who are courageous enough to play an active
role in shaping their own future. The fact is, banking will always
need providers who can offer customers...
... simple explanations of complex financial issues;
... a compass to navigate the tangle of offers and (smaller) provi-
ders that will come their way in the future;
... speedy assistance with financial constraints;
... support with investment decisions.
The management board and board of directors of each bank
will have to arrive at their own assessment of the future of ban-
king, the role they envisage for their institution, and how they will
need to position themselves.
FinTech – All hype or credible threat?
FinTech // Banks are lumbering, doomed entities – brought down by
smaller, more agile FinTech companies that do everything better. This
is the impression you get if you read the trade press and specialist
blogs. But what is the reality behind the trend? Is it all hype or is there
a credible threat?
Nico Meier, Head Zurich, tim
PHOTO:PHOTOCASE.COM/NADINEPLATZEK
The course is being set
It is essential that banks take on an active role and not just submit
passively to the changes in their environment. This will require a
culture of agility to enable banks to learn and react quickly, and IT
and software architecture that will support this approach.
Moreover, it is important not to sit alone in quit rooms developing
sophisticated strategies. Banks should open the windows, let in
new influences, seek out collaboration with FinTech companies,
and let themselves be inspired by FinTech’s spirit of enterprise.
This could lead to a whole range of benefits:
1.
Learning and understanding about new applications de-
veloped by FinTech, and integrating these applications into
banks’ own portfolio of solutions.
2.
Cooperation with FinTech in order to keep close tabs on
promising developments.
3.
Transformation of the sluggish processes that characte
rize core bank systems into agile and short cycles, which
allow people to learn quickly and make rapid progress.
The banking landscape will experience a wave of consolida-
tion over the next 5–10 years. Only those who chart the right
course today will emerge as the winners.

INTERNET OF THINGS 12 13
Author
Daniel Krebs
Director of Strategic Management,
PostFinance AG
Daniel Krebs’ areas of responsibility include trend
monitoring, strategy development and portfolio management. Until the
end of 2014 he was Head of Payment Solutions Product Management.
He began his career with the Swiss Bank Corporation. Before joining
PostFinance he worked for PricewaterhouseCoopers Management
Consulting.
And Digital is not going away – actually we see increasing mo-
mentum as multiplying effects kick in and new trends emerge.
Let’s look at some key dynamics and review the implications:
1.
The New Ease: Digital technology has taken away many
hurdles of global trade, allowing the sourcing of virtually
any goods or services from the convenience of your office desk
(or bedroom, or garage). It has never been easier to launch into
new markets, to reach new customers, to spin up a new business.
This applies to anybody – from startups to your fiercest
competitors. And to you.
2.
Customer Centric Value Chains Redefine Industries: We
see increasing evidence that a new breed of organizations
are starting to lead: platform based businesses. These are
companies that strive to becoming the sole contact for all business
cateringtoaspecificcustomerneed.Digitalleaderslookatcustomer
needs and re-invent the value chain from there. Small difference in
perspective, yet likely a very big change for your company.
3.
All Markets Are Undergoing Change: Change is coming,
and if you don’t see it then you are probably looking in the
wrong direction. Like utilities are challenged by the tidal shifts in
how we create, distribute and consume energy, or banks by the
global avalanche of FinTech startups and peer-to-peer services
re-inventing how to solve consumer needs. And the same
happens everywhere. All markets are changing, including the one
your core business is in. And you are part of this change, either
actively or a passively. Choose wisely.
4.
Constant Innovation: One of the most profound changes
in the Age of Digital is the sheer speed of innovation taking
place. As technology has dramatically lowered the barriers to
accessing customers, to deploy new services and to change
existing processes, the pace at which new initiatives are
launched into any market has improved big time. Fast paced
constant innovation without fear of failure is mastered today only
by few organizations. Become one of them.
5.
The Agile Enterprise: So far the main focus of large
corporations was scale – the ability to sell, deliver and
maintain any products or services to as many customers as
possible. The Agile Enterprise needs to add other characteristics
by embedding agility – the ability to effortlessly manage change
– at all levels of an organization. The agile enterprise requires
full end-to-end digitation of processes in agile ways, not only to
deliver faster to customer requests – but to allow for very fast
rewiring of any processes as opportunities arise. Become digital
and agile.
And now: Execute
We see that most large organizations do not struggle with creat-
ing ideas, they struggle with the execution. Bringing ideas to mar-
ket fast is the really hard piece. And as the pressure to deliver
keeps increasing there is a new rule for survival: You can’t afford
to build what you could just consume. Even if you have the money
you simply don’t have the time anymore.
A solution lies with the maturing of Enterprise Cloud techno
logy available today. And by Enterprise Cloud we mean a large set
of easily available capabilities providing open API’s, ultra scalable
architecture, high levels of security, and modern ease of use –
supporting nearly any field of business.
Oracle Cloud: Here to Make Your Life Easier
This is where Oracle has set it’s strategy to become #1 in the
Cloud across all levels. Or to put it in other words: This is where
Oracle provides you with a fascinating and vast, yet easy to use
and seriously engineered toolbox supporting your digital inno
vations. And the focus, momentum and traction of Oracle Cloud
services is increasingly mind-blowing for me. Worth taking a
deeper look? I definitely think so.
Author
Michael Bednar-Brandt
Director Digital EMEA, Oracle
He is driving Digital Transformation across EMEA:
from Strategy to Internal Enablement to Strategic
Customer Engagements. Special focus on SaaS PaaS, combined
with a strong history on CX Mobile.
Digital Is Changing our World. So What?
Digital // A lot has been written about the time we live in, about the
technology fueled change that is impacting the way we live, work
and socialize – at unheard-of pace and scale.
Michael Bednar-Brandt, Director Digital EMEA, Oracle
The
New Ease
Customer
Centric
Value
Chains
Markets
are
Changing
Need for
Constant
Innovation
Agile
Enterprise
A business without a clear direction and signposts is difficult not
only for customers to classify but also for employees, and risks
losing its identity. Even if their goals are vague, businesses have
to find their path to the future. Diversions, forks in the road, mer-
ging lanes – and sometimes even dead ends – should not be
closed down, but welcomed and pursued. Businesses need more
flexibility. Strategies can no longer be set out for decades ahead.
In my view, you are on the right track if you have a clear vision
and an idea of what entrepreneurial spirit is. Part of having an
entrepreneurial spirit is to embrace the possibilities of digitaliza-
tion, which permeate entire businesses.
The customer as business partner
We have the chance to support our customers in a much more
vigorous, reactive and personal way. It is increasingly important
for us to work more closely with customers and involve them at
an early stage in the development process. Digitalization not only
helps us to understand customer needs better and faster, but
also improves the day-to-day efficiency of the business – and the
latter has an impact on the development of strategy. Effective
implementation of strategy, though, has to be undertaken on a
firm footing. This means that businesses need to get their proce-
dures, IT and network connectivity into shape for digital services.
Going forward, they will then be able to produce at a variety of
speeds, and adapt flexibly to new circumstances and providers.
Renovation and investment
One of the classic skills is to be able to adapt to a changing en-
vironment. Offers and services have to be renovated and, in the
same way as model upgrades for cars, should regularly be
brought up to date. In this respect, financial services have real
potential and offer particular opportunities for reducing comple-
xity. Investment in new business segments can only be made
using income from traditional business. Development of this
potential from within established product and service ranges is
essential if progress is to be made.
To ensure the long-term stability of a business, investment
needs to be made in new and disruptive solutions. However,
these kinds of solutions can only be provided internally on a par-
tial and limited basis. Every business needs to think about how to
buy in knowledge and ideas externally. Google has been an out-
standing example of this for a long time.
Strategies must therefore include statements about digitali-
zation in every area: in traditional business, future business, ope-
rations, and in communications with customers. The interplay of
all these areas will bring greater success. Let’s all take a map and
pick an amazing destination...
PHOTO:PHOTOCASE.COM/LUXUZ::.
Strategists turn to maps
Processes // In strategic processes the various stages are usually defined as
clearly as possible, from development through implementation to strategic
control. Is this still possible in the age of digitalization? The most important
thing for businesses is to have a clear road map.
Daniel Krebs, Director of Strategic Management, PostFinance AG

14 15
Whole industries are being revamped and turned upside down
– in other words, disrupted. The decade of disruption is in full
swing, as evidenced by the redefinition of the music industry by
iTunes and Spotify, the taxi market by Uber, and the hotel indus-
try by Airbnb. But what defines disruption? Technology is the
starting point, or at least the baseline for the revamp. Wikipe-
dia’s definition of disruptive technology offers a clear explana-
tion: “A disruptive technology... is an innovation that has the
potential to completely displace an existing technology, product
or service.”
Implications for the finance sector
The finance industry is being put to the test. Customers are
leaving their banks after years of loyal patronage. The main rea-
sons for this are loss of confidence and image problems. Costs
are rising, especially to cover the demands of ballooning regula-
tory requirements. As a result, margins are contracting for es-
tablished financial services providers. This problem is com-
pounded by young, creative, aggressive competition from
FinTech providers.
Unmistakable signs of disruptive development in the finance
sector can be seen in financial market statistics. Even though
FinTechs’ overall market share can still be measured in thou-
sandths, investment tripled in the last year, from USD 4 to 12 bil-
lion. Two points are worth emphasizing here. First, the greatest
increase in investment was in Europe, and second, FinTechs
received more in investments from crowdfunding platforms than
from traditional sources of venture capital.
In addition, regulators have been overwhelmed by this disrup-
tive wave and are lagging behind current developments. This is
exactly what has happened in the taxi industry, in many western
societies. All taxi drivers are required to take an aptitude test and,
for the most part, must be state-registered – except for Uber
drivers. Or in the hotel industry, where all established operators
have to collect and pay tourist taxes and submit all sorts of
paperwork and money – except for Airbnb.
Who will win?
Will the FinTech pirates win? Will one of the young pups emerge
as the new top dog of global financial services? Or will hugely
differing national rules prevent the emergence of a global winner
but allow any number of national or continental winners? Or will
the empire of big established banks strike back? Time will tell,
and we will all be able to watch as events unfold live over the next
five years.
It is vital for the larger, more experienced players to embrace
digital transformation before it swallows them up and they disap-
pear. New arrivals will have to grow up before a serious mishap
occurs and customer data and funds are lost, taking customer
confidence with them.
FinTech companies are subject to compliance. Regulators
should be prepared to help them and provide appropriate ser-
vices. An excellent example of good practice is the Innovation
Hub run by the Financial Conduct Authority (FCA) in London.
It has a dedicated team of seven people focused on FinTech
issues, and is able to keep its finger firmly on the pulse of this
rapidly developing sector.
Author
Mathias Wegmüller
Co-founder and Director of Business
Development, Qumram
Through Qumram, Mathias Wegmüller offers
solutions for automated compliance, fraud prevention, and improved
CX. He is responsible for expansion into the UK market. “We are
helping longstanding FinServs with digital transformation, and
FinTechs with compliance automation.”
Things are speeding up:
Who will make the curve?
FinTech // Driven by the digital transformation of society,
the world is changing at unprecedented speed. A minority of
businesses will take the lead, some will try to keep up, and
many may disappear. Will they? Or is it more complicated than
it seems? A FinTech company offers its perspective on the issue.
Mathias Wegmüller, Co-founder and Director of Business Development, Qumram
PHOTO:PHOTOCASE.COM/KALLEJIPP In March 2015 the British government
published a report on how the finance and
science sectors could work together to
strengthen London as a financial center.
Digitalization and the FinTechs will play
a central role in this. A whole chapter is
devoted to the future of financial regulation.
Its key findings can be grouped into three
categories:
1. Data-driven regulation and compliance
The focus is on standardizing the process
of identifying and reporting information and
transactions, particularly across national
borders. The conclusion is that compliance
tools will also need to be standardized. The
report refers explicitly to new approaches
and predicts big opportunities for FinTechs.
To ensure that these are implemented with
sufficient speed and practical relevance,
the report recommends close collaboration
between the innovative FinTechs and
regulators.
2. Regulatory infrastructure
Emphasizes the need for an infrastructure
that can handle unprecedented quantities of
real-time data and deploy the latest analytics
tools, such as machine learning and deep
learning. Due to the complexity and quantity
of data involved, the report stresses the
importance of visualization tools to ensure
that the recommendations and decisions
based on data and algorithms can be easily
understood. Science is identified as a catalyst
for promoting digital transformation in the
RegTech arena.
3. Training and education
Includes the recommendation to establish
specific Financial Data Research Facilities.
The report states that close cooperation
between regulators, business, and academia
will be central for an effective system in
the future. London’s FCA Innovation Hub is
the first concrete result.
Britain leads the way
INTERNET OF THINGS

16INTERNET OF THINGS
Issue Impact
Video identification vs. online identification Video identification requires appropriate infrastructure (internal or external). It enables dialog with
the customer, where initial needs can be clarified. Online identification is easier to implement and
therefore less expensive.
Overall level of automation The process can be automated to a large extent across all channels. This requires links to other
systems and integration of all KYC data sources.
Digital signature of contracts There must be a legally valid signature. Signed contracts must be saved and archived in such a
way that they cannot be amended after the fact.
Interfaces with core system and archiving
system for (automated) data transfer.
The substantial efficiency gains of onboarding are only possible if data is transferred automati-
cally and relevant products are triggered automatically. This requires the appropriate interfaces.
KYC systems connectivity (identity
verification, PEP, FATCA, credit rating)
Substep, which enables efficiency gains within the “normal” onboarding process.
Systems are available on the market; integration is usually trouble-free.
Outsourcing of customer identification by
video
Outsourcing of video identification allows this process step to go live rapidly; however, integration
of the overall onboarding process should not be underestimated.
The onboarding process is paradigmatic in nature, demonstrating
why digitalization matters for banks: digitalization has an effect
not only on the customer relationship but also on processing.
Banks have to decide for themselves where to place the empha-
sis. Before tackling the issue, banks will need to consider one or
two strategic and tactical points.
• Should they look at this kind of project primarily from the cus-
tomer’s perspective, trying to provide onboarding programs that
customers can access at home without media discontinuity?
• Or do they seize the opportunity and optimize onboarding pro-
cesses across all channels, achieving maximum efficiency gains?
• Do they want to wow customers by opening their accounts and
allowing them to be used while the onboarding processes are still
ongoing? Or do they presume that the customer can live with the
account being ready for use one or two days later?
• How important is it to have a dialog with the customer and ad-
dress the customer’s needs in the course of that dialog?
• Should banks view the onboarding process a core function? Or
is it a downstream function that can be outsourced? If yes, should
the entire process be outsourced? Or just identification?
A project like this will look completely different depending on the
answers to these questions. A short checklist of the most import-
ant issues can help.
Digital onboarding – the new standard
eBanking // Once a company has established the basic conditions,
it can initiate customer relationships over digital channels without
any media discontinuity. Digital onboarding will soon become the new
standard that no bank will be able to ignore.
Author
Stefan Rüesch
Principal of Digital Banking, tim
Stefan Rüesch has been digitalizing different
business segments for 17 years. Since the start of
his career, he has devoted himself to the digitalization of financial
service providers: as the manager of a digital unit at a bank, as a
strategy consultant and banking manager at an internet company
where he established new business segments, and now as Principal
of Digital Banking at tim.
Key issues
We at tim have developed a solution, within the tim channel
suite, that covers the onboarding process from the customer’s
perspective, which means it turns prospective customers into ac-
tual ones up to the electronic signature of contracts. The process
also integrates all relevant KYC checks. In addition, interfaces
with core and archiving systems ensure first, that process effi-
ciency is as high as it can be, second, that the process is used
across all channels, and third, that banks have as free a hand as
possible in designing their onboarding processes – at the lowest
possible cost.
tim channel suite
More information: ti8m.com/channelsuite
You decide:
Modular or all-in-one.
tim social center
tim secure document store
tim digital signature
tim secure chat
tim digital onboarding
tim mobile banking
tim analytics
tim cash manager
tim financial calculators
tim newscaster
tim robo advice
tim digital mortgage
tim virtual meeting room
A flexible, technological toolbox to help you implement
your individual digitalization strategy.
Your customer relationships digitalized:
fast, simple and efficient.

Disruptive innovation through digitalization is the topic of the
hour, providing the intellectual framework for countless conferen-
ces, associations and journals. But what exactly do we, an in-
surance company with a (still young and developing) innovation
department, mean when we talk about this wide spectrum of
topics? Higher operational efficiency? More flexibility when app
roaching potential partners? Modern services for the customer?
None of that, yet all of it, we believe.
The path to innovation is an experimental one, characterized
by short iterations and by the constant involvement of users. For
this to be successful it takes a number of factors which we will
examine below based on our own experiences. The strategic fo-
cus and objective of digitalization first need to be defined from a
methodological perspective. That can range broadly from diffe-
rentiation, through optimization, all the way to completely new
business models. The key question is: what can help us generate
the greatest added value for companies and customers? To ans-
wer this question, we applied various co-creation methods to put
ourselves in the user’s shoes. However, empathetic understan-
ding alone does not make for innovation – it must be tangible in
order for it to be clear whether you are on the right path or
whether another iteration loop is needed. This is where card-
board, paper and scissors come in: to create the first prototypes
that satisfy an identified need, prototypes that emerge from a
dialog with users. We design, experiment and test in a process of
intense co-creation with the users right from the very beginning.
These could be colleagues from another department in the com-
pany who know as little about the project as possible, hand-
picked lead users or randomly selected people on the street – the
type of user is dependent on the particular project phase.
Failure as an objective
One objective of the early integration of potential users is to fail
– as fast as possible, and in a way that enables as much as pos-
sible to be learned from it. The other objective is to live by the
principle “kill your darlings”: to quickly come down from that
rose-colored cloud where you float full of ideas and head back to
Earth and to the facts. Feet firmly on the ground, we can harness
real opportunities that arise from constructive feedback, gained
from a dialog with users, and go on to capture the market. The
sooner this happens, the faster we know what we really need in
order to achieve the disruptive breakthrough, the faster we know
which value proposition we can use to wow our users (and make
them more loyal to us) – and ultimately where it is worth inves-
ting money and casting aside cardboard and scissors. This
knowledge compensates for the frequent failures and helps us to
develop the business case with the real scenario in mind and al-
ways with the focus on fulfilling the value proposition. Only at
this point do we take parts of the solution and put them into the
digital “cooking pot.” This way, using iterative development and
testing the added value for users and companies, we gain
insights into the challenges of developing bits and bytes and
service operation. The end result: we are able to produce an
extremely reliable business case.
Experience has also shown that the sooner we put the busi-
ness case in concrete terms, the better we can think and calcula-
te using tried-and-tested methods. The implementation of the
project then only serves to fulfill the plan. The more open we are
and the broader we think, the more we can distance ourselves
from the old and familiar, and look instead toward new ideas. The
diverse, iteratively executed tests make this new idea calculable.
These tests help us to be better able to overcome emerging chal-
lenges, to describe the tools we need for the implementation and
to calculate the associated costs. What initially seemed a caco-
phony of individual elements – the trio of desirability, feasibility
and viability – reaches a beautiful crescendo at the end of a lear-
ning phase in a three-part harmony of innovation. This is a pro-
cess that can take several months.
One solution in this scenario may move us some distance
away from the original idea – yet with the certainty of being on
the right track. The question remains for us as a company: does
it fit in the core business or do we release this new offering into
entrepreneurial freedom where it can flourish even further?
We find ourselves on a path of continual learning with this
whole approach, and many experiences are still to be gained.
Over time we have discovered very promising solutions and, on a
Author
Jana Lév
Dipl. Ing.; Die Mobiliar
In her various projects as service designer,
entrepreneur, lecturer and consultant specializing
in the development of innovative solutions, the customer’s needs are
her constant focus – from prototype to implementation. Currently she
is developing new services in a senior role in Innovation Management
at Die Mobiliar.
Author
Jürg Meierhofer
Dr. sc. techn. ETH, executive MBA iimt,
Die Mobiliar
Service design is the common thread throughout
his activities, from optimization to the design of new experiences,
both in the telecommunications industry and in his senior role today
in Innovation Management at Die Mobiliar. He is on the board of the
Swiss Institute of Service Science and teaches Service Engineering at
the Zurich University of Applied Sciences (ZHAW).
methodological level, have learned a great deal. So to remain
within this framework, we are almost our own rapid prototype,
which is adapted again and again over many iterations.
Our experiences thus far have shown that in a company
there are three levels that are crucial to the implementation of
disruptive innovations with high added value for the customer:
• People: It’s the mix that makes it work, and fortune favors the
brave: don’t think, just do!
• Method: The customer is right, analog abstractions are the key,
fail fast, and all of it preferably in a creative environment
• Organization: Find a balance between the core business and
disruption, openness for new directions and (most importantly)
incalculable costs and ROI
The bottom line
We are looking for disruptive innovations to create real added
value for the user in an experimental way. We see early failure as
an opportunity to reach the right value proposition quickly in
short iterations. This way, we create the business case, including
quantified costs and benefits, only after we are sufficiently sure
of the importance and hence the success of our solution.
People, paper, scissors: tools for innovation
Innovation // To achieve successful disruptive innovation, the strategic focus
and goal of digitalization must first be defined. The key question is: what can
help us generate the greatest added value for companies and customers?
Jana Lév, Dipl. Ing., Die Mobiliar
Jürg Meierhofer, Dr. sc. techn. ETH, executive MBA iimt, Die Mobiliar
“The sooner we put the
business case in concrete
terms, the better we can
think and calculate using
tried-and-tested methods” PHOTO:PHOTOCASE.COM/MARGIE

Digitalization is not replacing advisors, but it is changing their
role and what customers expect of them. Digitalization does not
automate existing products and services, it creates new ones.
Digitalization doesn’t replace things, it modifies them. It modifies
roles, segments, products, and processes.
The change that goes along with this is often seen as the
transformation of insurance through reorganization. But this
stops short of the real nature of the issue, which is rather that
the business of insurance needs to be linked in to logic and to
the digital economy. It is a question of broadening the busi-
ness, and this will bring many new opportunities for InsTech
startups and established providers alike due to the novelty of
the relevant technology. Some key shared characteristics:
• Digital Economy: Ability to link services.
• Customer Journey: Seamless customer service both
online and offline.
• Configuration: Modules linked flexibly with packages.
An issue affecting all providers, whatever their size, is how to se-
cure the business model in the context of digital and physical
integration. The established insurers have chosen firstly to
expand their business more generally with a range of digitization
services. Instech, on the other hand, is better positioned to
enhance specific services rather than overhauling the entire busi-
ness. Market positioning will be decisive: standard/direct insurer
or premium-segment provider. Insurers that operate in the premi-
um segment will also have to use digital solutions to broaden
personalized advice, respond to individual customer require-
ments, and integrate this into the personalized advice process.
Digitalization is therefore an evolution as well as a disruption,
and both InsTech and established insurers face big challenges.
The market is shifting
These days, everyone is talking about digital home, wearables,
autonomous cars, etc. The market is waiting for appropriate solu-
tions and offers. There are few end-to-end solutions to be seen
today. Fundamental strategic questions remain for the insurance
market in 2016. Focus groups indicate that the trends presenting
the most exciting opportunities are:
Author
Beat Walser
Head of Digital Insurance, tim
Beat Walser studied business administration
and has more than 25 years’ experience in the
insurance industry. His current focus is digital transformation of
the insurance sector, and he oversees various innovative projects.
His extensive network of contacts means he is always in touch
with current market trends.
Author
Dr. Nico Tschanz
Head of Consulting and Member of the Board of
Directors, tim
Dr. Nico Tschanz has a PhD from the Institute of
Information Management at the University of St. Gallen, where he
previously studied information management and business administra-
tion. Currently, his work focuses on digitalization strategies and
increasing competitiveness through agile business and IT solutions.
Big Data and Analytics:
• Automated underwriting
• Customized product design
• Touch points and customer retention
• Customer satisfaction
• Sales quality – conduct risk compliance
• Targeted marketing
• Transparent client/patient applications
Big data and analytics tools enable insurers not only to access
enormous data sets, but also to link these with data from the net.
This allows existing business to be expanded and new business
models to be opened up. For instance, underwriting is being auto-
mated based on more empirical and more current data. Products
can be designed on a more customized basis. Marketing is better
targeted and more personalized. Relationships with customers
are closer, and risk management and compliance requirements
can be met more automatically.
The Internet of Things (IoT) – new challenges:
• Ad hoc pricing
• Wider opportunities for services and products
• New pricing models
• Insurance as a “product add-on”
• Improved risk management with the IoT
Thanks to sensors and the IoT, it is now possible to perform ad
hoc pricing based on the customer’s location. Further develop-
ments and trends in the health sector will substantially change
and broaden insurance business models.
Omnichannel is a must
• Using and linking all channels
• Expanding and professionalizing the point of sale
• Ensuring consistent customer experience through the
principles of gamification
• Customer-oriented touch points
• 360-degree view for customers
• API economy and sales via and with digital partners
(one-stop shop)
• Convenience, convenience, convenience
Omnichannel solutions have become absolutely indispensable.
Customers can choose when and how to get in touch with insur-
ers. This means all information has to be current and available on
all channels at all times. The internet and personalized advice are
not mutually exclusive; they have to be complementary.
Speed is everything
To meet this wide range of challenges requires correspondingly
agile processes and methods, such as design thinking. Agility and
speed are the most important qualities in the medium term for
holding your own in a changing market. Even the best ideas
amount to nothing if they spend months being written down and
diluted in excessively long concept papers. Fast is better than
perfect. Successful insurers are already using their agility to cre-
ate the right environment. Agility is key for both evolution and
disruption. Insurance is finally putting the customer center stage.
New offers, products, and business models are being developed
for and with customers.
How to? Achieving your goals through agility
When it comes to digitalizing the insurance sector, we are play-
ing to our strengths at tim. Gone are the days when agents
worked with marketing and technicians worked with IT. As a dig-
italization partner, tim is equipped with a comprehensive skill-
set. We are focused on modern, successful, and agile project
methods. Agile projects are closer to the customer and can react
rapidly and flexibly to changing market needs. Our Innovation
Lab, tim garage, helps deliver completely new solutions that
can be integrated into business and IT. With the tim garage ap-
proach, we can develop, test, and market-test ideas at reason-
able cost within four to eight weeks.
In addition, we have developed the tim channel suite to pro-
vide integrated solutions for all of the challenges facing digi-
talized businesses. Here the focus is on orchestrating customer
relationships. “Two-speed architecture” results in prompt and
agile front-end transactions and stable and efficient back-end
operations.
Evolution or disruption: it’s a marathon, not a sprint
Whether you’re large or small, an InsTech or an established insur-
ance heavyweight: if you make the shift to an agile, innovative
organization, are open to an error-tolerant culture, can put aside
existing systems and think from the outside in, you have the best
chance of being a winner in the rapidly changing insurance mar-
ket. Every company that wants to seize the opportunities offered
by digitalization will have to be prepared for a marathon, not a
sprint. The deciding factor will be the pace that can be main-
tained – the individual, not absolute, amount of investment in the
transformation – by individual businesses.
Evolutionary and disruptive all at once
Insurance // There has been a fundamental shift in customer values in
the insurance sector, studies and experts tell us. This is being driven by
technology. As time goes on, customer opinions will no longer be solely
based on brand loyalty and confidence in advisors, but increasingly on digital
social networking and self-service.
Beat Walser, Head of Digital Insurance, tim
Nico Tschanz, Head of Consulting, Member of the Board of Directors, tim
PHOTO:PHOTOCASE.COM/KALLEJIPP

The 2008 crisis marked a number of major changes for the finan-
cial industry. The most immediate was the damaged reputation
of banks, which was followed swiftly by an onslaught of regu
lation. However, what went largely unnoticed at the time was the
increasing importance of technology, which will continue to re
shape finance in the years to come. 2008 was the beginning of
the end for traditional financial centers and the starting point for
a new world of FinTech hubs.
We can see things more clearly after 2015, midway through
the paradigm shift. “FinTech” is one of the hottest topics in the
startup world as well as mainstream finance. A growing number
of cities are vying to become global FinTech hubs. Not only tradi-
tional financial centers like New York and London, but also new-
comers like Silicon Valley and Tel-Aviv as well as ambitious loca-
tions such as Luxembourg and Singapore want to reposition
themselves. What does all this mean for banks and what is the
place of Switzerland in the new global landscape?
Innovation is increasing developed outside of banks
Banks are under pressure to innovate given the demands of new
regulations, combined with pressures to cut costs, and clients
who expect digital services on par with their iPhone. However,
even the most ambitious banks will admit, it is not easy to inno-
vate from within large organizations. This is in part because leg-
acy infrastructure and systems put limits on change, tie up
resources for maintenance, and often require huge investments
to replace. The challenges also relate to a focus on running the
existing business (i. e. innovator’s dilemma) and corporate
culture (e. g. 9 to 5, hierarchies, etc.).
It is not surprising then, that many of the most exciting inno-
vations are being developed by startups (e. g. P2P lending). Fin-
Tech companies avoid heavily regulated areas of the value chain,
have the freedom to build new systems from scratch, and focus
directly on serving rapidly evolving customer expectations. They
are free to address opportunities without the burdens carried by
well established banks and can aim their resources at developing
innovation more effectively and efficiently. Add to that, startups
are increasingly seen as mainstream, fun places to work which
offer more flexible environments and culture, not to mention the
chance to make you rich.
Much like other industries which have embraced open eco-
systems (e. g. life sciences in Basel region), banks are awakening
to the need to look outside their own walls for innovation.
The war for talent – how to maintain access
Whereas 20 years ago high finance was the most desirable
career path for MBA graduates and other top talents, more re-
cently tech giants like Google, Facebook, and Apple have eclipsed
banks in the war for talent. And it is not just youngsters, senior
bankers have left Wall Street to take high-paid leadership roles at
the Google, AirBnB, DropBox, and some are forgoing salaries to
launch blockchain startups, the latest gold rush. It is notable
then, that even tech companies are now increasingly viewed as
slightly better, but still corporate jobs. Today, many of the most
talented young people want to change the world by launching a
startup. This trend goes beyond the desire to make it rich or work
in an office with billiard tables and pet dogs. The way we work is
changing.
On top of the issues working within the limitations of a large
corporation, banks must also deal with a brain drain which fur-
ther handicaps their innovation capabilities. FinTech hubs are
playing a major role in attracting these talents, young and old,
who want freedom to create and more rewarding careers. The
question for banks is how to access the pool of talent if there are
lower chances to hire them directly.
The answer is to find ways to access talent and startups in
FinTech hubs. It makes sense to start accepting the situation and
find ways to embrace these hubs with open innovation models,
such as corporate venture capital, which has seen major accep-
tance in other industries and is now becoming more common in
financial services (e.g. Citi Ventures, Santander InnoVentures, and
so on). This is not only the latest fashion, experts have noted a
new maturity in such practices in a wide range of industries.
Local competitive advantages
As open-minded bankers start to look outside their firms for
sources of innovation, they can often be overwhelmed by the
proliferation of FinTech hubs which have emerged. It is easy to
name around ten which claim to have global relevance and a new
player seems to appear each month. Some might wonder why
Tel-Aviv is so important for banks or whether there is really a
need to visit so many cities when the digital economy is making
borders and distances less meaningful.
The fact is that those locations which will maintain sustain-
able roles as global FinTech hubs have competitive advantages
which make them relevant for banks. This could be tied to regional
considerations (e. g. Singapore’s central APAC location), the tech-
nological base (e. g. Silicon Valley), or specific industry expertise
(e. g. Switzerland in wealth management). Whatever the case, the
fact is that there is no one global fintech hub or a strict limit to how
many can survive, rather, those which offer real value will become
sustainable, as did financial centers in the past. Those which can
define a competitive advantage will continue to play important
roles. Moreover, banks are discovering the need to be present in a
number of FinTech hubs, depending on their global footprint, tech-
nological needs, and particular industry segment(s).
How Switzerland fits into the global picture
While Switzerland has maintained its position as a top-five finan-
cial center since the financial crisis, the erosion of banking secre-
cy, its historic value proposition, needs to be addressed. This has
been delayed thanks to a buffer created by decades of success,
as well as geopolitical instability which has kept new assets flow-
ing in. However, without a new value proposition for the future,
the negative effects will be felt sooner or later.
In fact, they are already here. Banks have been contributing
less to the economy, paying less taxes, and laying off employees.
FINMA has seen new bank licenses dry up why demands from
the FinTech community are surging. The time is now to address
these historic changes and make a stand as a leading innovation
nation and a global FinTech hub.
The Swiss Finance + Technology Association was created
specifically to foster this new value proposition – reliable innova-
tive in wealth management. Given the capabilities of the country
(e. g. world-class universities such as ETH and EPFL) and the
local expertise in wealth management, we are confident that this
new era will be realised.
Many in the media have asked in 2015 “how can Switzerland put
itself on the global fintech map?”. Truth be told, it is already rec-
ognized as a leading hub. While it may not be on the same scale
as New York, London, or Hong Kong, Switzerland plays an im-
portant role as a specialized hub.
We must now go beyond discussion about whether it can be
done and start to build the new value proposition. Please join in
this journey as members and supporters of the Association, as
we work to create impact in real terms with activities to activate
entrepreneurship, as well as mentor and fund the most promis-
ing chances for successful outcomes.
Author
John Hucker
Co-founder and President of the
Swiss Finance + Technology Association
(Swiss FinteCH)
Most recently, he was on the innovation team at Credit Suisse Private
Banking and previously he worked in Toronto for UBS Wealth
Management and TD Bank. John has an MBA from Said Business
School (Oxford) and is a CFA charterholder. www.swissfinte.ch
Why do banks need FinTech hubs?
FinTech // A growing number of cities are vying to become FinTech
hubs. Not just traditional financial centers like New York and
London, but also newcomers like Silicon Valley and ambitious
locations such as Singapore. What does this mean for banks and
what is the place of Switzerland in the global landscape?
John Hucker President Swiss Finance + Technology Association (aka Swiss FinteCH)
PHOTO:PHOTOCASE.COM/SAJOLA
“Those which can define
a competitive advantage
will continue to play
important roles”

We are Swiss through and through – no farshoring or nearsho
ring. Over the last ten years, we have grown by around 25 percent
per year despite the difficult market environment, and we now
have a team of more than 220 outstanding employees. Although
our motto, “Don’t trust anyone who can’t program,” doesn’t hold
quite as true as it used to, it still gives a sense of our can-do cul-
ture. Good engineers will always find a home with us, where they
can show their mettle through deployable software, not with
Word documents that will be (mis)interpreted and programmed
somewhere else. Software architecture does not come from
PowerPoint; it comes from interfaces, microservices, and other
components. This attitude has allowed us to continue attracting
new talent and expanding our skills base.
Speed trumps all
Actually, we’re doing everything all wrong. The whole world is
talking about focusing on core competencies and outsourcing
parts of the value chain. When we started out as agile program-
mers we took on designers, usability experts, and automated
testing experts; we also took on experts in banking, insurance
and other sectors. But our growth and expansion has just one
goal: speed. We can get all the experts from design, technology,
and business around a table, solve problems quickly, and drive
forward innovation as fast as possible. We have earned our repu
tation through many customer projects, and we are constantly
reaffirming it. We have had the good fortune to apply our enthu-
siasm and skills to the implementation of some of Switzerland’s
most innovative projects, providing our engineers with untold
hours of fun in the process. In this way, our company and em-
ployees have continued to develop while attracting challenging
projects and new talent.
Focus on the essentials
Being fast means you have to concentrate on something and
give it your all. We also ask this of our clients, when we “go into
the garage” with them. A project becomes part of the tim
garage when we develop the product jointly. It’s not custom devel-
opment in the traditional sense, more a question of thinking and
acting within the time available to achieve the maximum benefit
from the software. This helps avoid typical pitfalls, such as:
• Technical structures or in-depth expertise getting in the way of
a solution that offers outstanding usability. Technicians tend to
want to integrate new features while specialists want to map out
the whole complex picture. This can lead to an overloaded or only
marginally useful project.
• Fear of negative customer feedback inhibiting iterative solu-
tions. Going live in the tim garage also means distributing appli-
cations in only a small area or for a narrow customer segment,
for example. The aim is to identify errors as early as possible.
• If you try to match the ideal customer and technology, you’ll
often forget the market. Issues such as the scalability of a prod-
uct, for instance how to establish a database to enable a prod-
uct’s optimal economic development, have to be integrated at an
early stage. Learning and reviewing your own assumptions is
once again to the fore.
The tim garage makes available the widest variety of tools
to participants to help them enhance their own thinking. Design
Thinking helps with understanding the customer. We also use
traditional venture-capital pitch techniques to assess the mar-
ket for a product. What makes the tim garage special is that
this is done jointly by all participants. This means that develop-
ers might find themselves interviewing users at Zurich Central
Station, for instance, or telephoning users who have given an
app a negative evaluation. Everyone does what they can to en-
able speedy communication and decision-making; everyone is
part of the process of making the product a success. The most
important thing is show, don’t tell – we want to build software,
not produce paper.
Products hit the turbo button
What’s the worst thing for a motivated and creative software
engineer? To have to keep solving the same problem! So when
we saw over and over that the interplay and orchestration of cre-
ative services was key to digitalizing customer relationships, we
built the tim channel suite. Experience from numerous digitali-
zation projects flows into a stable yet flexible product that gives
our customers that extra injection of speed. And it’s no secret
that everyone has to be fully authenticated in the digital world.
We built the tim security suite to ensure that authentication is
secure and user-friendly on all channels.
Out into the world
I started out by saying “We are Swiss” – and now we’re going out
into the world? It’s not a contradiction; it’s more about bringing
our story up to date. We remain Swiss in our core values. We are
innovative with a splash of conservatism, both down-to-earth
and internationalist, creative and yet stubborn enough to keep
our ideas grounded. These values will ensure that we can hold
our own in Europe’s financial centers this year. We’re looking for-
ward to it.
Author
Walter Strametz
CTO and Member of the Board of Directors, tim
Walter Strametz developed tim’s garage
approach and, as a Coach, has introduced design
thinking, the art of pitching, and greater agility to projects. He is
responsible for technological direction and for developing the relevant
expertise at tim.
tim selfie
tim // You know tim, and you know what we do (software) and
how we do it (with agility). Read this short article to find out what
drives us, why we are the way we are, and what makes us special.
Walter Strametz, CTO, tim

“Developed for your
digitalization strategy.”
“The Swiss full-service center
for your innovationprojects.” “Innovation with speed.”
Further branches in Europe will follow. The basis of our growth is our strength and values:
courage, a wealth of ideas, agility, and entrepreneurial flair, coupled with sustainability
and Swissness.
tim products enable you to
digitalize your business and
introduce om-nichannel commerce
(B2B, B2C and B2E) quickly and
securely and with maximum agility.
tim channel suite
Your customer relationships
digitalized: fast, simple and
efficient.
tim security suite
Strong authentication for your
digitalized business.
PRODUCTS INNOVATION HOSTING GARAGE
We combine agility with Swiss
quality, security and efficiency to
create full-service packages for our
customers.
Areas
Application management
of mission-critical solutions
Cloud Service Consulting
Engineering
Container based Microservice
Software as a Service
Our garage projects guarantee
deployable products within
6 weeks to max. 9 months.
We make innovation a reality.
We make your future a reality.
Culture of innovation
Quick results
Empowerment
Entrepreneurial thinking
Time boxed co-located
Design thinking
Vertical integration
Outstanding multifunctional teams
Agile software engineering
hack an app
Creative and sustainable development of young talent
is part of our investment in the future. Our coding camp
is an inspiring way to show pupils the immense variety
and diversity IT careers have to offer.
We digitalize your company.
tim – technology, innovation management
We are market leaders in digitalization and security products as well as for innovation projects in
Switzerland and EU financial centers. We offer our discerning clients vertical integration throughout
the IT value chain. At our branches in Zurich, Bern, Lausanne, and Frankfurt am Main, we currently
employ over 220 outstanding engineers, designers, and consultants.
We work alongside you as you
digitally transform your business
models. Identify your digital
potential and leverage it!
Business
Banking
Insurance
Agile methods
Strategy
Digitalization
Change Management
Start-up enabling
IT
Architecture
Project management
Reviews evaluation
Requirements engineering
“Implementation-oriented,
independent and innovative.”
“Innovations through emotions,
creativity and simplicity.”
“Success through innovation,
agility and technological
excellence.”
CONSULTING DESIGN
We offer conceptual design,
interaction design and consulting
for an excellent user experience of
your digitalization projects: Design
as an integral part of successful
innovation.
Skills
RESEARCH ANALYSE
EXPERIENCE DESIGN
USABILITY PROTOTYPING
INFORMATION
ARCHITECTURE
INTERACTION
DESIGN VISUAL DESIGN
PROTOTYPING
RESEARCH SIMPLIFY
OMNI-CHANNEL
SECURITY DESIGN
THINKING
TIM GARAGE USER
EXPERIENCE DESIGN
tim is living strong values
Human strengths as the basis for sustainability
and creative growth. Independence, high personal
commitment, and clear, implementation-oriented
advice in daily business.
Talent before hierarchy.
Team before lone warriors.
Leadership at every level.
These are our values and the basis for tim’s culture.
AGILE PROJECTS
Our approach to projects is
centered on Agile, Scrum and
design thinking. The technologies
and architectures used are
client- and problem-driven.
Together with the client, we define
and implement the best solution
for each case.
Processes
Design thinking
DevOps/continuous integration
tim scrum
Competence Center
CMS solutions
Digital analytics
Java enterprise
Java frontend/UX
Integration (EAI, SOA, BPM)
IoT
Microsoft solutions
Mobile solutions
SAP
Security
Social business
System engineering
art@work
Modern art as a part of daily life at tim and a source
of inspiration. Creativity and inspiration through an
encounter with fine art and as a symbol for the spirit
of invention that makes tim’s innovations possible in
the first place.

tim: What has happened over the last year?
Marcel F. Komminoth: In the past few months we’ve invested a
lot of time in the platform’s infrastructure and further expanded
the social media channel. Our aim in relaunching the platform,
including the finance applications developed by tim, was to
reach the widest possible audience. Now that we have 1.7 million
followers and the largest social media community in the motor-
cycle industry worldwide, we need to be properly equipped. Our
digital identification and payment processing services for CB
Financial Services AG represented a big step into the FinTech
scene for us. We hope to gain one of the biggest Swiss banks as
a client before the end of 2015. We are also in discussions with
other financial institutions, which makes me optimistic about our
target growth.
Does that mean you have adapted your business model?
I think it’s imperative for a startup like us to recognize opportuni-
ties wherever they arise and act accordingly. A few years ago.
I wouldn’t have dreamed that my motorcycling background would
give rise to a FinTech business. The biggest challenge wasn’t
developing the application but presenting the unique process
credibly to financial institutions. Some of them couldn’t quite
(or didn’t want to) understand that the process is 100 percent
FINMA-approved and that we can operate worldwide. In the mean-
time, though, we have won our first major client and things have
changed.
As CUSTOMBIKE AG, and also these days as CB Financial
Services AG, you work with several partners who are of course
pursuing their own passions.
Choosing partners and entering into partnerships undoubtedly
presents the biggest risks for a startup. At the outset you don’t
know your partner or how far you can rely on them. Success or
failure ultimately depends on just two things: trust and skill. If
everyone involved brings all their skills to bear, and trusts each
other completely and believes we will succeed, then the business
will succeed too. If one of these elements is off, success will
probably be much harder to achieve. The essentials for us in
choosing partners are expertise and open, honest. and direct
communication.
When tim garage was acting as your “innovation incubator,”
we had lots of constructive but also heated discussions.
That’s true, but we always found common ground somewhere. We
learned how to understand each other and trust each other, and
this drove higher performance. The path we’re treading, with all
its ups and downs, is certainly not the easiest one; with startups,
finances in particular can rarely be described as optimal. As a
result, it is not always possible to achieve certainty in planning. But
once you have decided to go on this adventure together, you
should be prepared to solve problems, and celebrate success,
together.
In hindsight, what would you do differently?
The last few years have certainly not been easy. In spite of that,
I’d still make the same choices again. Unfortunately, there are
very few easy options. If you’re aware of that and fight hard for
what you believe in, success will come.
About
Marcel F. Komminoth
Founder and, since the beginning of 2013, CEO of CUSTOMBIKE AG
and CB Financial Services AG
Previously, Marcel F. Komminoth worked at Credit Suisse AG
for several years in various management roles, including Wealth
Manager, Relationship and Key Account Manager for ultra-high
net worth individuals. His passion: motorcycles.
PHOTO:ZVG
Out of the garage and into the winners’ circle
tim garage // In the last tim special, we introduced
undercover banker Marcel F. Komminoth. His goal was to turn
custom-bike.com into the biggest motorcycle platform
in the world. In this interview, he tells us if he succeeded.
Interview: Michele Forte, tim
Biker of passion:
Marcel F. Komminoth
For tim, Custombike (see also page 28) is the first prototype for
further journeys. We want to apply this success to other ideas.
The concepts of incubators, venture capitalists, or business an-
gels were not quite the right fit for the role we play. So we had to
find our own way of passing on our strengths to startups. We are
experts in technology and have excellent contacts with the Swiss
(IT) economy. Rapid implementation of innovation is our busi-
ness, and our company culture and infrastructure are designed
to meet this goal. We get a huge kick out of working on cool proj-
ects, and we commit to them wholeheartedly. Topics like block
chain or the Internet of Things (IoT) sow new ideas. We recog-
nize the innovative potential, and we want to work with our cus-
tomers to seize it. Behind every garage, there is an idea that will
play well in the market.
How do we support startups and ideas?
Our goal is to keep the talent and innovative power of Swiss start-
ups in this country. To this end, tim supports them with:
1. Expertise: Our experts can answer questions about security,
the Cloud, and the IoT or simply provide implementation cost esti-
mates.
2. Customer network: We help validate ideas by introducing Fin-
Techs or insurance and IoT startups to our customers.
3. Rapid implementation: We are credible partners in the scaled,
productive implementation of ideas, as can be seen in our collab-
oration with SIX on many aspects of Paymit. Our methods shorten
the time-to-market and ensure more professional launches.
4. Partnerships: Disruption and digitalization require new busi-
ness models that call many existing structures into question.
Goals can often be achieved less bureaucratically and more quick-
ly if startups and large companies work together.
We also work in partnership with SICTIC, one of the best-es-
tablished startup networks in Switzerland. Templates are avail-
able for collaboration between startups, tim, and other partners.
Ideas can be tested in garage projects or through joint ventures,
whichever seems most likely to lead to successful implementa-
tion. We offer startups a productive ecosystem of specialists,
potential customers, and implementation capacity.
Author
Michele Forte
Principal, tim
Michele Forte has worked at tim for six years
and is responsible for startup collaborations and
innovation, particularly in FinTech. Michele Forte has over twenty
years’ experience as a software architect in a variety of sectors such
as finance, insurance, and space travel. He is driven by his enthusiasm
for technology, and his expertise enables him quickly to recognize
potential in innovations and new ideas.
Fuel for startups
tim garage // Each garage is as unique as the people who work in it.
Every thought they have, every move they make influences the result. It’s not
about buzzwords or the artificial implementation of methods – the “how”
takes a back seat. The only thing that counts is success with customers.
Michele Forte, Principal, tim
The tim garage
provides an
ecosystem for
the rapid
implementation
of ideas.

INTERNET OF THINGS 32 33
The insurance industry is now under full attack from innovative
and revolutionary forces. This attack even has its own name
now “InsTech”. This scary and at the same time exciting time
for the sometimes sloth-like insurance industry should help
make it more relevant and sexy. The serious challenge facing
the insurance industry and innovators alike is to identify what
needs to work on first, what is relevant and what will ultimately
make a difference.
A new age dawns for insurance that we can get excited about
The InsTech movement and subsequent activity this has triggered
in the insurance industry will have a largely positive effect on the
insurance industry. For all the challenges the insurance industry
fundamentally struggles with, there are solutions that the InsTech
movement can provide. The key to developing these solutions and
to ultimately benefit from these is to take that first step and partic-
ipate in this movement and not ignore it. Do not be a spectator. Be
a driver, be a participant… better yet, be a promoter and an inspirer.
The difficult question that remains is what are the big innova-
tions or developments that will provide this catalyst for true
change in the insurance industry. Key to identifying these is hav-
ing an in-depth understanding of how it should be deployed in the
insurance value chain to achieve the best results. There are sev-
eral topic candidates being discussed already and some that are
still to be truly considered.
Lifestyle hacking – change the bad things about our lifestyle
This is a hot topic right now. Massive investment is going into
companies developing these solutions and platforms. Most in-
surers are looking very closely at developing their own versions
or integrating one into their customer experience. This area cov-
ers everything from physical technologies (doing the tracking),
apps and websites (collecting, collating, analyzing, coaching) as
well as research platforms (tracking, collating, analyzing).
The first hope insurers have is that in leveraging these solu-
tions that it will allow them to give a premium discount to its
customers. The belief is that healthier lifestyles will lead to a
better claims experience. Committing to premium discounts over
the sometimes quite long term of insurance policies on a hunch
scares insurance companies, in particular Chief Pricing Officer
and Chief Underwriters. Even though most people agree that a
healthier lifestyle is better we do not actually know for a fact
whether it will actually result in lower claims which can be
passed back to the customer in the form of premium discounts.
These are new factors to consider that no one in the insurance
industry is really an expert on and there is not enough historical
experience to allow traditional insurance models to derive any
serious conclusions yet. This means that any proposals that in-
volve justifying premium discounts because of expected im
proved claims experience generally find a lot of opposition and
only come to market in its most basic or a very diluted form.
Author
Oliver Werneyer
Innovation Manager, Swiss Re
Werneyer is responsible for driving innovation
projects both locally and globally, with special
focus on data, underwriting, technology and processes. Oliver has
more than 9 years' experience of working with innovation and data.
Oliver is himself also an avid entrepreneur at heart who started his
own company at the age of 16 and has continued to be highly involved
in the start-up market throughout.
What is commonly overlooked by insurers is the incredible oppor-
tunity these provide to insurers to address two other aspects of its
business model they are traditionally quite weak at. Segmenting
their customers in real-time in a way that also makes sense to the
customer and engaging their customer in a meaningful and per-
sonal way. Significantly improving segmentation models will allow
for a much better selection of risks, easier and cheaper processes
and more effective customer acquisition campaigns. Enhancing
customer engagement will result in increased customer stickiness
through lower lapse rates, lower-cost engagement models that yield
more engagement and data as well as a stronger brand affinity.
All of these result in lower costs and more premiums for the
insurer which can easily be passed onto the customer in the form
of sizeable discounts or enhanced services for the same cost. This
is much more easily achievable in a shorter time frame than influ-
encing, proving and deriving improvements in the long-term claims
experience.
Whereas enhanced customer segmentation and engagement
are great opportunity for insurers, it is also the case for start-ups.
This will be the area that new entrants and start-ups will give tra-
ditional insurance players the biggest run for their money and will
try to actively differentiate themselves on this part of the value
chain. This is where players like Google, Amazon, Facebook, Knip,
Oscar, etc. come into their own and make it very difficult for tradi-
tional players to offer similar appealing customer propositions.
The Digital Phoenix – the rebirth of the financial advisor
If the general mantra is to be believed then the end of the financial
advisor is imminent, or at least on the horizon. It will probably
never die out completely because some people just do not want
to deal with financial planning topics themselves. Proponents of
cognitive computing technologies believe that financial advisors
can eventually be replaced by this technology.
This possible negative scenario is the doing of the financial
advisors' reluctance to adopt modern engagement platforms,
monetization models and credibility and knowledge sharing plat-
forms. Less people every day are willing to pay more than $ 1.99
for a service. This trend comes from the expectations and bench-
marks set in the app market and the wider software-as-a-service
market. Yes, this is how more and more consumers perceive the
advisors, a software-as-a-service. Advisors are essentially an ex-
pert in an area of insurance and believe they are an expert in all
insurance. Customers do not believe such a thing exists and
would rather pay smaller amounts for advice on topics they ac-
tually think the advisors are knowledgeable in. Advisors need to
develop an online presence via a personal branding page. Here
they publish blogs, podcast, research papers, videos, etc. about
their area of expertise. This is how they establish themselves as
an “expert” and engage visitors to their page.
Once you build up a great following and a reputation in the
market, you can start earning money from advertising on your
website. Next step would be to launch “live services”. Host a
video session on specific topics or offer a 30 mins skype call in
which the advisor can answer all the customers question and
help them a bit.
Customers will be allowed to conduct large parts of their
research on their own and pay only for advice on topics that they
could not find anything on or are not comfortable with.
Whatever you do, do not miss the bus!
These are two big topics that the insurance market is dealing
with or need to deal with but are by no means the only ones. It is
also not that the insurance industry is not trying. Nearly every
insurance company has a Product Development Department,
Innovation Department, Innovation Champion or Innovation Lab.
The main problems holding back insurers from being truly cut-
ting-edge, innovative or thought leaders are belief, internal pro-
cesses, speed of development and regulation. Insurers need to
find a way through these and embrace them because new
entrants and start-ups will have a view on how to conquer these
challenges.
This is a time of opportunity, a time of excitement and a time
of revitalization for the insurance industry.
Revival of Life Insurance
Insurance // There are many developments and innovations
cropping up across various industries that are driving fundamental
customer expectations and behaviours. Not all of these are
relevant but many that are relevant are also great opportunities
for the insurance industry to re-invent itself.
Oliver Werneyer, Innovation Manager, SwissRe
PHOTO:PHOTOCASE.COM/INKJE

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