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The Digital Landscape
- 1. The Digital Landscape Panel Moderator: Christine Haeberlin, IBM Brian Bartosh, Top o’ Michigan Debbie Olsen, ingenie Ed Meiering, Aviva Canada John Belyea, Moore McLean John Foreman, ePath Consulting
- 2. © 2015 IBM Corporation Digital Landscape Panel Necessary Changes for Brokers to Thrive Christine Haeberlin May 26, 2015
- 3. SHIFT 1 Data is becoming the world’s new natural resource, transforming industries and professions. SHIFT 2 The emergence of cloud is transforming IT and business processes into digital services. SHIFT 3 Mobile and social are transforming individual engagement – creating expectations of security, trust and value in return for personal information. The new era is defined by three shifts: OUR POINT OF VIEW Data is the new basis of competitive advantage. OUR POINT OF VIEW Cloud is the path to new business models. OUR POINT OF VIEW A systematic approach to engagement is now required. 3 © 2015 IBM Corporation
- 4. At the same time, digital transformation is impacting all levels of business and society, creating a individual-centered economy Individuals are more connected and empowered Increased consumer expectations Different ways to engage digitally Expanded information transparency Operations and business models are being transformed Redefined consumer value Integration across digital with physical Concerns around risk, security, compliance and privacy Competition is coming from new and different areas New competitors from different industries Changes in value migration; new winners and losers New types of collaboration Business Challenges Business Challenges Business Challenges Business challenge Mobile revolution Social media explosion Cloud Enablement Power of analytics Forces Source: 2011 IBM Digital Transformation Study, IBV Analysis
- 5. It is becoming clear that the combined impact of new technologies will be even more profound, potentially driving radical innovations in business Today Future Mobile wallet turns dollars digital Integrate internal / external data sources Miniaturization of mobile devices, from palm-sized to wearable Boundary-less computing Big data and predictive analytics Organizations subject to instant critiques User generated content Personalized consumer service Cross-platform on-demand content Location-based services Collaborative buying and revenue sharing Subscription access to enterprise applications Inevitable disruption Power of Analytics Cloud Enablement Social media explosion Mobile revolution “Although [social, mobile, analytics, and cloud] are… disruptive on their own; together they are revolutionizing business and society, disrupting old business models and creating new leaders.” – Gartner2 Source: [1] IDC Predictions 2013: Competing on the 3rd Platform,“ IDC, November 2012; [2] http://www.gartner.com/technology/research/nexus-of-forces/ 98% of the growth in IT spending between 2013 and 2020 will comprise social, mobile, analytics and cloud - IDC1
- 6. The Digital Landscape Panel Questions 1. What does digital mean to your organization today? 2. In the context of insurance sales and service (customer experience), how high a priority is digital for you, what are you doing and what are your goals? 3. What are the obstacles that need to be overcome? 4. What role will our BMS/CMS’s play in the digital landscape? 5. How do brokers provide value to customers if business is conducted online? 6. If the best way to predict the future is to invent, what innovation do you see for our industry?
- 7. The Digital Landscape Panel Moderator: Christine Haeberlin, IBM Brian Bartosh, Top o’ Michigan Debbie Olsen, ingenie Ed Meiering, Aviva Canada John Belyea, Moore McLean John Foreman, ePath Consulting
Editor's Notes
- Actions get the bios of each panel participant to promote their expertise find out why each of them agreed to be on the panel, what they want to achieve The broker channel in its current state is at risk of extinction (evidence). What areas and ways can “digital technology” keep brokers relevant. What outcome do we want to get to … change is necessary to thrive … make the right strategic decisions about where and how to deploy digital capability it’s the right time to transform (why) options include build it, buy it (partner), consolidate (buy, be bought) (what) evidence (what worked, what didn’t work and why) how to succeed (pre-reqs, people, process, technology, csf’s)
- 2
- Part 1 Hypothesis “Change is Necessary to Thrive” digital revolution … easy to get information, we rely on new sources expectations … experiences set the bar, millennial paradigm, choice isn’t the only differentiator … advice and service for certain segments, kyc business challenges … agility, speed, talent
- Digital transformation forces are changing the nature of how individuals and organizations interact, creating an individual-centered economy Social media adoption is prevalent, and is connecting people globally Mobile revolution has miniaturized computing power and changed how and where consumers interact Powerful analytics bring deep consumer intelligence and business optimization Cloud enablement drives new business models As digital transformation and the individual-centered economy is impacting impacts all levels of business and society, creating a set of opportunities and challenges for businesses. Individuals are more connected and empowered, leading to rising expectations around access, ubiquity, and transparency . Competition is coming from new and different areas, opening up opportunities for new entrants while creating new threats. Organizations are adapting new business models and leveraging digital capabilities to enable new consumer experiences.
- Together, the combined impact of the social, mobile, analytics, and cloud will be larger and more profound than the sum of its parts Social media has evolved from a dot com trend to a sharing platform and business model Facilitating mass user generated content (e.g., Blogger, Facebook, Instagram) Organizations subject to instant critiques through the social media feedback loop (e.g., #McDStories (Twitter hashtag), backlash against Back of America’s planned debit card fees) Collaborative buying and revenue sharing models drive the sharing economy movement (e.g., Groupon, p2p lending, sharing economy) Mobile and miniaturization is transforming consumer experience with new capabilities Increasing use of location-based services and promotions (e.g., GPS, targeted promotions) Mobile wallet turns dollars digital (e.g., new payment ecosystems) Miniaturization of mobile devices move from palm sized to wearable devices (e.g., Fit Bit, Samsung Galaxy Gear) Advanced analytics enable deeper business intelligence and consumer insight, going from descriptive to predictive Personalized service based on consumer data Integrated internal and external data sources (e.g., entity integration) Big data, advanced business intelligence, and predictive analytics Cloud enablement allows for new models of interaction with individuals and organizations, and will help facilitate cross-platform data analytics Subscription access to enterprise applications Cross-platform on-demand content Boundary-less computing
- Actions get the bios of each panel participant to promote their expertise find out why each of them agreed to be on the panel, what they want to achieve The broker channel in its current state is at risk of extinction (evidence). What areas and ways can “digital technology” keep brokers relevant. What outcome do we want to get to … change is necessary to thrive … make the right strategic decisions about where and how to deploy digital capability it’s the right time to transform (why) options include build it, buy it (partner), consolidate (buy, be bought) (what) evidence (what worked, what didn’t work and why) how to succeed (pre-reqs, people, process, technology, csf’s)