Session 5 from Acceptiv Online Distribution Conference Sept 2017. Breakout discussion covering challenges and opportunities in moving to an online distribution strategy
Challenges and Opportunities by Steve FretwellKevin Pledge
The document discusses some of the key challenges and opportunities for Acceptiv Inc. in developing their online business. Some challenges mentioned include managing channel conflicts between direct-to-consumer and agent sales channels, navigating different regulatory considerations across provinces, and overcoming challenges with cross-selling different products that have separate underwriting. Opportunities include leveraging lessons learned from other successful online retailers, using customer data to provide more personalized value-added services, and standing out from competitors by optimizing the customer experience to make the online purchasing process quick and easy.
The document provides guidance on developing an effective value proposition and adoption model to bring an innovation to market. It discusses segmenting the market between pain killers that address existing problems and vitamins that provide new benefits. For each, it emphasizes the importance of demonstrating how the solution creates value by reducing costs or improving outcomes. It also stresses facilitating adoption through compatibility, ease of use, and addressing perceived costs like integration and risks of new technologies. The overall goal is to motivate customers to see that the benefits of the solution dramatically outweigh any costs and risks of changing behaviors.
This document discusses the consumer decision process, with a focus on problem recognition and information search. It covers:
1) The stages of the consumer decision process, including problem recognition where consumers realize a gap between their actual and desired situation.
2) Factors that influence problem recognition like situational changes, marketing influences, and a consumer's actual vs desired state.
3) The different types of information search consumers engage in, including internal search using memory and external search of different sources.
4) Situational and individual factors that influence information search, and strategies consumers use to limit their search like using evoked sets of alternatives.
Quality vs. Access case study Complete a full paper outline incl.docxmakdul
This document provides an outline for analyzing a case study on the tension between quality of care and access to care in the healthcare system. The outline includes sections for introduction, stakeholders, overview, analysis, recommendations, and conclusion. The background information provided discusses how the Affordable Care Act raised Medicaid reimbursement levels and is now tying quality measurements to reimbursement levels. This could result in some patient groups facing reduced access to care. The analysis section is meant to address how the payment system could be modified to reward quality without negatively impacting access for low-income or less healthy patients.
This document provides instructions for writing an essay in one day by following 5 steps:
1. Create an account on the website to request essay writing help.
2. Complete a form with instructions, sources, and deadline to request an essay be written.
3. Review bids from writers and select one based on qualifications to start writing.
4. Review the completed essay and authorize payment if satisfied. Revisions are allowed.
5. High-quality, original content is guaranteed, with refunds for plagiarized work. The process aims to meet all needs for writing essays with tight deadlines.
Treating customers fairly what ce os must know- finalStephenRosling
This document discusses the importance of treating customers fairly (TCF) in the financial services industry. It outlines how TCF aims to build customer trust through principles like equitable treatment, transparency, and responsible business conduct. The document notes that while some organizations have TCF policies, many may not have dedicated roles to ensure compliance. It then provides examples of best practices for implementing TCF through initiatives like training, customer communications, and management information reporting. The presentation emphasizes that achieving TCF requires a holistic, cultural change across all business functions and product lines.
Living our credo_values_facilitator_presentationPablo Galiana
The document discusses Johnson & Johnson's (J&J) Credo values and decision making process. It provides an overview of the objectives which include exploring the origin and importance of the Credo, understanding how it impacts jobs, and using case studies to show how Credo values help employees make ethical choices. It then discusses the Credo in more detail including its history and values. It outlines a 7-step decision making process incorporating Credo values and considering stakeholders. Finally, it discusses using multiple perspectives when examining ethical issues and provides examples of applying the Credo to case studies.
The document discusses strategy and revenue models for new ventures. It introduces the Lawless Venture Model (LVM) as a simple 10-step checklist for developing new ventures. The LVM helps founders address major challenges at different stages, from inspiration to ongoing operations. Key steps include defining the product/market fit, analyzing the addressable market and competitive advantages, developing the organization structure, and planning for cash/funding needs, legal issues, and eventual continuation or exit. The document emphasizes assessing a venture's competitive advantages by evaluating its value, differentiation, and durability over time against customer preferences and competition.
Challenges and Opportunities by Steve FretwellKevin Pledge
The document discusses some of the key challenges and opportunities for Acceptiv Inc. in developing their online business. Some challenges mentioned include managing channel conflicts between direct-to-consumer and agent sales channels, navigating different regulatory considerations across provinces, and overcoming challenges with cross-selling different products that have separate underwriting. Opportunities include leveraging lessons learned from other successful online retailers, using customer data to provide more personalized value-added services, and standing out from competitors by optimizing the customer experience to make the online purchasing process quick and easy.
The document provides guidance on developing an effective value proposition and adoption model to bring an innovation to market. It discusses segmenting the market between pain killers that address existing problems and vitamins that provide new benefits. For each, it emphasizes the importance of demonstrating how the solution creates value by reducing costs or improving outcomes. It also stresses facilitating adoption through compatibility, ease of use, and addressing perceived costs like integration and risks of new technologies. The overall goal is to motivate customers to see that the benefits of the solution dramatically outweigh any costs and risks of changing behaviors.
This document discusses the consumer decision process, with a focus on problem recognition and information search. It covers:
1) The stages of the consumer decision process, including problem recognition where consumers realize a gap between their actual and desired situation.
2) Factors that influence problem recognition like situational changes, marketing influences, and a consumer's actual vs desired state.
3) The different types of information search consumers engage in, including internal search using memory and external search of different sources.
4) Situational and individual factors that influence information search, and strategies consumers use to limit their search like using evoked sets of alternatives.
Quality vs. Access case study Complete a full paper outline incl.docxmakdul
This document provides an outline for analyzing a case study on the tension between quality of care and access to care in the healthcare system. The outline includes sections for introduction, stakeholders, overview, analysis, recommendations, and conclusion. The background information provided discusses how the Affordable Care Act raised Medicaid reimbursement levels and is now tying quality measurements to reimbursement levels. This could result in some patient groups facing reduced access to care. The analysis section is meant to address how the payment system could be modified to reward quality without negatively impacting access for low-income or less healthy patients.
This document provides instructions for writing an essay in one day by following 5 steps:
1. Create an account on the website to request essay writing help.
2. Complete a form with instructions, sources, and deadline to request an essay be written.
3. Review bids from writers and select one based on qualifications to start writing.
4. Review the completed essay and authorize payment if satisfied. Revisions are allowed.
5. High-quality, original content is guaranteed, with refunds for plagiarized work. The process aims to meet all needs for writing essays with tight deadlines.
Treating customers fairly what ce os must know- finalStephenRosling
This document discusses the importance of treating customers fairly (TCF) in the financial services industry. It outlines how TCF aims to build customer trust through principles like equitable treatment, transparency, and responsible business conduct. The document notes that while some organizations have TCF policies, many may not have dedicated roles to ensure compliance. It then provides examples of best practices for implementing TCF through initiatives like training, customer communications, and management information reporting. The presentation emphasizes that achieving TCF requires a holistic, cultural change across all business functions and product lines.
Living our credo_values_facilitator_presentationPablo Galiana
The document discusses Johnson & Johnson's (J&J) Credo values and decision making process. It provides an overview of the objectives which include exploring the origin and importance of the Credo, understanding how it impacts jobs, and using case studies to show how Credo values help employees make ethical choices. It then discusses the Credo in more detail including its history and values. It outlines a 7-step decision making process incorporating Credo values and considering stakeholders. Finally, it discusses using multiple perspectives when examining ethical issues and provides examples of applying the Credo to case studies.
The document discusses strategy and revenue models for new ventures. It introduces the Lawless Venture Model (LVM) as a simple 10-step checklist for developing new ventures. The LVM helps founders address major challenges at different stages, from inspiration to ongoing operations. Key steps include defining the product/market fit, analyzing the addressable market and competitive advantages, developing the organization structure, and planning for cash/funding needs, legal issues, and eventual continuation or exit. The document emphasizes assessing a venture's competitive advantages by evaluating its value, differentiation, and durability over time against customer preferences and competition.
The document provides guidance for entrepreneurs on starting a business. It outlines several key steps: initially developing a strong business model and idea; focusing on customer needs; and having a clear vision. Common reasons for business failure include personal conflicts, poor cash flow management, and an unclear vision. The document then details developing a business model by defining the customer problem and unique solution. It also emphasizes the importance of market feasibility, securing initial customers, and cash flow management.
The document outlines the 5 main stages of the consumer buying process: 1) need recognition, 2) gather information, 3) evaluate solutions, 4) purchase stage, and 5) post-purchase stage. It then provides details on each stage, describing how consumers recognize problems, look for information about products/services, compare options, make a purchase decision, and experience post-purchase satisfaction or dissatisfaction. Additional factors that influence the consumer buying process are also listed such as cultural, social, personal, and psychological factors.
This document outlines 12 key elements of economics according to Common Sense Economics. It discusses how incentives matter in economic decision making and that there is no such thing as a free lunch due to scarcity. It also explains that decisions are made at the margin, and that trade promotes economic progress through specialization and comparative advantage. Additionally, it covers how transaction costs can be obstacles to trade, and how prices bring buyers and sellers into balance through supply and demand. Profits direct business activities, and people earn income by providing valuable goods and services to others. Economic progress occurs through investment, innovation, and strong institutions. The invisible hand of the market and supply/demand forces generally promote societal welfare. Secondary effects of actions should also be considered
This document discusses various theories related to consumer satisfaction and dissatisfaction. It first covers attribution theory, which explains how consumers attribute causes to events related to products and services. It then discusses stability, focus, and controllability as aspects of attribution theory. Next, it covers equity theory and how consumers perceive fairness in exchanges with sellers. It provides examples of how understanding consumer satisfaction and dissatisfaction can help companies retain customers and increase profits. Finally, it discusses the importance of monitoring customer satisfaction and addressing complaints.
This document provides biographies of Jeremy Halpern and David Greenwald, who will be presenting on pitching life science venture plans. It also outlines the typical sections covered in a life science venture pitch deck, including an introduction slide, problem statement, solution description, regulatory path and progress, competitive advantage, market opportunity/size, business model and financials, and team. The presentation aims to help life science founders effectively communicate their venture plans to investors through a structured pitch deck.
The document discusses consumer behavior and culture. It provides an overview of key concepts in consumer behavior including the decision making process, external and internal influences, problem recognition, information search, alternative evaluation and selection, outlet selection and purchase, post-purchase processes, and customer satisfaction. It then discusses culture and cultural influences, defining culture and outlining Hofstede's cultural dimensions model for comparing cultures.
This document provides an overview of topics discussed at the UCSF Lean LaunchPad For Life Sciences on October 8, 2013, including customer segmentation, value propositions, fitting diagnostics into the business model canvas, and defining customers. It discusses defining customer archetypes and segments. Regulation of in vitro diagnostic products by the FDA and other agencies is briefly outlined. It stresses that regulators and reimbursement entities should be considered part of the customer ecosystem. Next steps outlined are standard topics from the syllabus plus overviews of the diagnostic ecosystem, regulations, and reimbursement.
The document discusses designing an effective pricing strategy throughout a product's lifecycle in light of changing healthcare landscapes and emphasis on demonstrating value. It recommends adopting a continuous evidence development mindset to build value over time; engaging payers in value assessment; considering optimal product launch timing; maintaining pricing discipline; and exploring alternative pricing strategies like risk sharing. The focus is on defining, communicating, and demonstrating value compared to alternatives using diverse evidence sources to optimize pricing and access.
The document discusses factors that influence consumer behavior, including cultural, social, personal, and motivational factors. It also outlines the consumer buying process, which begins with problem recognition and need identification, followed by information search, evaluation of alternatives, purchase decision, and post-purchase behavior. Various consumer decision-making theories are also mentioned, as well as business buying processes and the roles of different participants in organizational purchases.
Financial Aspects of Genetic Testing - 1/11/22CHC Connecticut
This document discusses financial aspects of genetic testing. It provides an overview and agenda covering topics like navigation of the payment process, improperly insured patients, sponsored testing, and challenges like fake labs, lack of CPT codes, and duty to recontact. The objectives are to understand the appeal process, ways to improve approval chances, and ethical issues around duty to recontact. It outlines steps for claims, medical review, and appeals and provides tips on managing secondary insurance, over/under-insured patients, and sponsored testing programs. Problems discussed include fake labs billing fraudulently, lack of specific CPT codes for some tests, and uncertainty around who is responsible for recontacting patients about updated genetic results.
Lean Startup and other business practice books teach you to find what you're looking for but often lack the mechanics to see the answers. Here is a short discussion on how to do cost-effective market research.
The document discusses the emerging mind-training industry. It notes that mind-training focuses on increasing self-awareness and enhancing well-being. It then provides details on the evolution of the movement from physical fitness to mind fitness to spiritual fitness. The rest of the document outlines various segments of the mind-training industry, including well-being apps, brain training games, digital therapeutics, wearables, and others. It also discusses organizations adopting mind-training, the growth of mindfulness research, and reflections on ensuring the industry improves well-being.
mHealth Israel_US Hospitals: Overcoming Barriers to Adoption_Joe JankowskiLevi Shapiro
Webinar presentation for the mHealth Israel community by Joe Jankowski, PhD, Director, Innovation, Henry Ford Innovation Institute at the Henry Ford Health System in Detroit, Michigan. This is a systematic review of the key barriers inhibiting adoption of new technologies across health systems, with an emphasis on specific challenges for startups. Key factors include existing workflows, noise in the system, procurement cycle, costs, IT issues, self interests, value proposition, validation plan, Payer inefficiencies. Suggestion is to partner early, align to a major current problem and to focus on the health system rather than your own product. Also, build out a diverse team of stakeholders, use retrospective data to conduct scenario analysis, set appropriate expectations for time and cost.
Avoid the 5 biggest Mistakes Investors Make with Sandy Betner ChaikinChaikin Analytics
New to investing or just want to gain more investing confidence? Sandy shares the 5 biggest mistakes investors make and how she picks winning stocks and manages her own portfolio. Learn how she's beating the S & P 500 and most professional money managers.
The document discusses the future of mortgage regulation from a behavioral perspective. It notes that regulators are increasingly focused on (1) regulatory convergence across jurisdictions to address customer detriment and harm, (2) specific problem areas or "hotspots" in mortgages like buy-to-let lending and interest-only mortgages, and (3) a new approach of "behavioral regulation" that aims to design out biases and protect consumers. Behavioral regulation requires firms to identify and address biases, track acceptable consumer behavior, and ensure products meet consumer needs rather than being supply-driven. Exploiting biases risks regulatory intervention and damage to reputation.
The path to net positive principles, practical models and progress to date Sustainable Brands
This document summarizes a discussion on achieving net positive impacts. It defines net positive as putting more back into the environment and society than is taken out. The discussion covers why net positive is needed since current models are not sustainable, examples of organizations pursuing net positive, principles for a net positive approach, and challenges around communication and measurement. Next steps outlined include continued dialogue and development of case studies and guidance.
This document outlines an introduction to consumer behavior. It defines consumer behavior as the interplay of forces during consumption within a consumer's self and environment. This interaction involves cognition (knowledge), affect (feelings), and behavior. The study examines how consumers make purchasing decisions and consumption patterns through evaluating, acquiring, using, and disposing of goods and services. It also provides definitions of consumer behavior from several other sources.
Behavioural economics in Financial Services: Perspectives and Prospects Eversheds Sutherland
Behavioural Economics: The power of predictable irrationality – 6th May 2014
Behavioural economics looks set to become an intrinsic part of the Financial Conduct Authority’s approach to regulation. This seminar outlines presentations from Nottingham University Business School and Eversheds LLP to explore:
• What behavioural economics can tell us about consumer decision making in financial markets;
• The scope that the FCA envisage behavioural economics will have in improving the regulation of financial conduct; and
• The implications for your business.
The document discusses strategies for managing public service demand in the context of austerity. It introduces concepts like Blue Ocean Strategy and demand innovation to help reconstruct market boundaries and create new demand, rather than just focusing on supply-side efficiency. Key principles discussed include value innovation, finding uncontested market space, and avoiding commoditization. Frameworks presented include the four action framework of reducing, raising, eliminating and creating factors, and reconstructing market boundaries by looking across industries, buyer groups, offerings and time.
This document discusses strategies for improving life insurance underwriting processes. It outlines traditional multi-step underwriting stacks that can take over a month versus accelerated processes using new analytics that can provide results in minutes. The document advocates using behavioral science to improve how medical questions are asked. It also explores using new data sources like credit scores, facial analytics, and marketing data to supplement underwriting decisions. The goal is to streamline underwriting while still accurately assessing risk to provide more immediate insurance coverage at a lower cost and with a better customer experience.
Introduction to Online Distribution Conference by Alan RyderKevin Pledge
The document discusses the trend of declining life insurance sales to the middle market in North America and the opportunity for online distribution to address this issue. It notes that younger buyers prefer online buying and self-service, while traditional distribution systems have become ineffective. It also outlines some of the challenges of attracting prospects, selling life insurance online, and integrating the sales and underwriting processes to allow for point-of-sale underwriting through an online system. The document proposes that online distribution can increase accessibility of life insurance in a cost-effective, scalable manner by replacing high variable costs with modest fixed costs.
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The document provides guidance for entrepreneurs on starting a business. It outlines several key steps: initially developing a strong business model and idea; focusing on customer needs; and having a clear vision. Common reasons for business failure include personal conflicts, poor cash flow management, and an unclear vision. The document then details developing a business model by defining the customer problem and unique solution. It also emphasizes the importance of market feasibility, securing initial customers, and cash flow management.
The document outlines the 5 main stages of the consumer buying process: 1) need recognition, 2) gather information, 3) evaluate solutions, 4) purchase stage, and 5) post-purchase stage. It then provides details on each stage, describing how consumers recognize problems, look for information about products/services, compare options, make a purchase decision, and experience post-purchase satisfaction or dissatisfaction. Additional factors that influence the consumer buying process are also listed such as cultural, social, personal, and psychological factors.
This document outlines 12 key elements of economics according to Common Sense Economics. It discusses how incentives matter in economic decision making and that there is no such thing as a free lunch due to scarcity. It also explains that decisions are made at the margin, and that trade promotes economic progress through specialization and comparative advantage. Additionally, it covers how transaction costs can be obstacles to trade, and how prices bring buyers and sellers into balance through supply and demand. Profits direct business activities, and people earn income by providing valuable goods and services to others. Economic progress occurs through investment, innovation, and strong institutions. The invisible hand of the market and supply/demand forces generally promote societal welfare. Secondary effects of actions should also be considered
This document discusses various theories related to consumer satisfaction and dissatisfaction. It first covers attribution theory, which explains how consumers attribute causes to events related to products and services. It then discusses stability, focus, and controllability as aspects of attribution theory. Next, it covers equity theory and how consumers perceive fairness in exchanges with sellers. It provides examples of how understanding consumer satisfaction and dissatisfaction can help companies retain customers and increase profits. Finally, it discusses the importance of monitoring customer satisfaction and addressing complaints.
This document provides biographies of Jeremy Halpern and David Greenwald, who will be presenting on pitching life science venture plans. It also outlines the typical sections covered in a life science venture pitch deck, including an introduction slide, problem statement, solution description, regulatory path and progress, competitive advantage, market opportunity/size, business model and financials, and team. The presentation aims to help life science founders effectively communicate their venture plans to investors through a structured pitch deck.
The document discusses consumer behavior and culture. It provides an overview of key concepts in consumer behavior including the decision making process, external and internal influences, problem recognition, information search, alternative evaluation and selection, outlet selection and purchase, post-purchase processes, and customer satisfaction. It then discusses culture and cultural influences, defining culture and outlining Hofstede's cultural dimensions model for comparing cultures.
This document provides an overview of topics discussed at the UCSF Lean LaunchPad For Life Sciences on October 8, 2013, including customer segmentation, value propositions, fitting diagnostics into the business model canvas, and defining customers. It discusses defining customer archetypes and segments. Regulation of in vitro diagnostic products by the FDA and other agencies is briefly outlined. It stresses that regulators and reimbursement entities should be considered part of the customer ecosystem. Next steps outlined are standard topics from the syllabus plus overviews of the diagnostic ecosystem, regulations, and reimbursement.
The document discusses designing an effective pricing strategy throughout a product's lifecycle in light of changing healthcare landscapes and emphasis on demonstrating value. It recommends adopting a continuous evidence development mindset to build value over time; engaging payers in value assessment; considering optimal product launch timing; maintaining pricing discipline; and exploring alternative pricing strategies like risk sharing. The focus is on defining, communicating, and demonstrating value compared to alternatives using diverse evidence sources to optimize pricing and access.
The document discusses factors that influence consumer behavior, including cultural, social, personal, and motivational factors. It also outlines the consumer buying process, which begins with problem recognition and need identification, followed by information search, evaluation of alternatives, purchase decision, and post-purchase behavior. Various consumer decision-making theories are also mentioned, as well as business buying processes and the roles of different participants in organizational purchases.
Financial Aspects of Genetic Testing - 1/11/22CHC Connecticut
This document discusses financial aspects of genetic testing. It provides an overview and agenda covering topics like navigation of the payment process, improperly insured patients, sponsored testing, and challenges like fake labs, lack of CPT codes, and duty to recontact. The objectives are to understand the appeal process, ways to improve approval chances, and ethical issues around duty to recontact. It outlines steps for claims, medical review, and appeals and provides tips on managing secondary insurance, over/under-insured patients, and sponsored testing programs. Problems discussed include fake labs billing fraudulently, lack of specific CPT codes for some tests, and uncertainty around who is responsible for recontacting patients about updated genetic results.
Lean Startup and other business practice books teach you to find what you're looking for but often lack the mechanics to see the answers. Here is a short discussion on how to do cost-effective market research.
The document discusses the emerging mind-training industry. It notes that mind-training focuses on increasing self-awareness and enhancing well-being. It then provides details on the evolution of the movement from physical fitness to mind fitness to spiritual fitness. The rest of the document outlines various segments of the mind-training industry, including well-being apps, brain training games, digital therapeutics, wearables, and others. It also discusses organizations adopting mind-training, the growth of mindfulness research, and reflections on ensuring the industry improves well-being.
mHealth Israel_US Hospitals: Overcoming Barriers to Adoption_Joe JankowskiLevi Shapiro
Webinar presentation for the mHealth Israel community by Joe Jankowski, PhD, Director, Innovation, Henry Ford Innovation Institute at the Henry Ford Health System in Detroit, Michigan. This is a systematic review of the key barriers inhibiting adoption of new technologies across health systems, with an emphasis on specific challenges for startups. Key factors include existing workflows, noise in the system, procurement cycle, costs, IT issues, self interests, value proposition, validation plan, Payer inefficiencies. Suggestion is to partner early, align to a major current problem and to focus on the health system rather than your own product. Also, build out a diverse team of stakeholders, use retrospective data to conduct scenario analysis, set appropriate expectations for time and cost.
Avoid the 5 biggest Mistakes Investors Make with Sandy Betner ChaikinChaikin Analytics
New to investing or just want to gain more investing confidence? Sandy shares the 5 biggest mistakes investors make and how she picks winning stocks and manages her own portfolio. Learn how she's beating the S & P 500 and most professional money managers.
The document discusses the future of mortgage regulation from a behavioral perspective. It notes that regulators are increasingly focused on (1) regulatory convergence across jurisdictions to address customer detriment and harm, (2) specific problem areas or "hotspots" in mortgages like buy-to-let lending and interest-only mortgages, and (3) a new approach of "behavioral regulation" that aims to design out biases and protect consumers. Behavioral regulation requires firms to identify and address biases, track acceptable consumer behavior, and ensure products meet consumer needs rather than being supply-driven. Exploiting biases risks regulatory intervention and damage to reputation.
The path to net positive principles, practical models and progress to date Sustainable Brands
This document summarizes a discussion on achieving net positive impacts. It defines net positive as putting more back into the environment and society than is taken out. The discussion covers why net positive is needed since current models are not sustainable, examples of organizations pursuing net positive, principles for a net positive approach, and challenges around communication and measurement. Next steps outlined include continued dialogue and development of case studies and guidance.
This document outlines an introduction to consumer behavior. It defines consumer behavior as the interplay of forces during consumption within a consumer's self and environment. This interaction involves cognition (knowledge), affect (feelings), and behavior. The study examines how consumers make purchasing decisions and consumption patterns through evaluating, acquiring, using, and disposing of goods and services. It also provides definitions of consumer behavior from several other sources.
Behavioural economics in Financial Services: Perspectives and Prospects Eversheds Sutherland
Behavioural Economics: The power of predictable irrationality – 6th May 2014
Behavioural economics looks set to become an intrinsic part of the Financial Conduct Authority’s approach to regulation. This seminar outlines presentations from Nottingham University Business School and Eversheds LLP to explore:
• What behavioural economics can tell us about consumer decision making in financial markets;
• The scope that the FCA envisage behavioural economics will have in improving the regulation of financial conduct; and
• The implications for your business.
The document discusses strategies for managing public service demand in the context of austerity. It introduces concepts like Blue Ocean Strategy and demand innovation to help reconstruct market boundaries and create new demand, rather than just focusing on supply-side efficiency. Key principles discussed include value innovation, finding uncontested market space, and avoiding commoditization. Frameworks presented include the four action framework of reducing, raising, eliminating and creating factors, and reconstructing market boundaries by looking across industries, buyer groups, offerings and time.
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This document discusses strategies for improving life insurance underwriting processes. It outlines traditional multi-step underwriting stacks that can take over a month versus accelerated processes using new analytics that can provide results in minutes. The document advocates using behavioral science to improve how medical questions are asked. It also explores using new data sources like credit scores, facial analytics, and marketing data to supplement underwriting decisions. The goal is to streamline underwriting while still accurately assessing risk to provide more immediate insurance coverage at a lower cost and with a better customer experience.
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The document discusses the trend of declining life insurance sales to the middle market in North America and the opportunity for online distribution to address this issue. It notes that younger buyers prefer online buying and self-service, while traditional distribution systems have become ineffective. It also outlines some of the challenges of attracting prospects, selling life insurance online, and integrating the sales and underwriting processes to allow for point-of-sale underwriting through an online system. The document proposes that online distribution can increase accessibility of life insurance in a cost-effective, scalable manner by replacing high variable costs with modest fixed costs.
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Session 7 from Acceptiv Online Distribution Conference Sept 2017
Some say North America is at least 5 years behind the UK when it comes to online distribution. Is this true, and what lesson can we learn from the UK and other countries?
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This document outlines 3 lessons that the insurance industry can learn from other industries:
1. Go where the money is - the insurance industry should focus more on online distribution channels as that is where many customers now search for and buy insurance.
2. Disruption happens - new technologies and competitors will disrupt existing business models, as seen with online travel agents disrupting travel agents.
3. Question your paradigms - industries should challenge existing assumptions about how business needs to be done, as management consultants have done in questioning the purpose of prisons.
This document discusses trends towards online life insurance sales and strategies for insurance companies to embrace digital distribution. It notes consumers are increasingly researching insurance online and the average agent age is rising. Companies elsewhere like Beagle Street in the UK have achieved fully online underwriting in under 15 minutes at a fraction of traditional costs. The presenter argues the Canadian market represents opportunities for online growth, better customer experience and higher profits. He proposes a turn-key solution partnering with fraternals to provide online fulfillment, administration and specially designed digital products and underwriting.
This document discusses predictive modeling approaches for life insurance underwriting. It took a long time for predictive modeling to be applied to underwriting due to the conservative nature of life insurance and the time needed to see results. Now, more data and computing power are available. Approaches include replicating current underwriting decisions or directly modeling applicant mortality rates. Various data sources can be used, including internal, third party, and customer data. Issues in building the predictive model include how to develop and update the model over time. Companies must decide how to incorporate these approaches and start collecting relevant data.
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There is an estimated unmet need for $1 Trillion additional life insurance in Canada. Small evolutionary changes in our market are unlikely to materially reduce this gap.
What can we learn from overseas?
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Being a Paper Presented at the Nigerian Maritime Administration and Safety Agency (NIMASA) Budget Office Staff at Sojourner Hotel, GRA, Ikeja Lagos on Saturday 8th June, 2024.
Monthly Market Risk Update: June 2024 [SlideShare]Commonwealth
Markets rallied in May, with all three major U.S. equity indices up for the month, said Sam Millette, director of fixed income, in his latest Market Risk Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
Discovering Delhi - India's Cultural Capital.pptxcosmo-soil
Delhi, the heartbeat of India, offers a rich blend of history, culture, and modernity. From iconic landmarks like the Red Fort to bustling commercial hubs and vibrant culinary scenes, Delhi's real estate landscape is dynamic and diverse. Discover the essence of India's capital, where tradition meets innovation.
Dr. Alyce Su Cover Story - China's Investment Leadermsthrill
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
How to Invest in Cryptocurrency for Beginners: A Complete GuideDaniel
Cryptocurrency is digital money that operates independently of a central authority, utilizing cryptography for security. Unlike traditional currencies issued by governments (fiat currencies), cryptocurrencies are decentralized and typically operate on a technology called blockchain. Each cryptocurrency transaction is recorded on a public ledger, ensuring transparency and security.
Cryptocurrencies can be used for various purposes, including online purchases, investment opportunities, and as a means of transferring value globally without the need for intermediaries like banks.
KYC Compliance: A Cornerstone of Global Crypto Regulatory FrameworksAny kyc Account
This presentation explores the pivotal role of KYC compliance in shaping and enforcing global regulations within the dynamic landscape of cryptocurrencies. Dive into the intricate connection between KYC practices and the evolving legal frameworks governing the crypto industry.
In World Expo 2010 Shanghai – the most visited Expo in the World History
https://www.britannica.com/event/Expo-Shanghai-2010
China’s official organizer of the Expo, CCPIT (China Council for the Promotion of International Trade https://en.ccpit.org/) has chosen Dr. Alyce Su as the Cover Person with Cover Story, in the Expo’s official magazine distributed throughout the Expo, showcasing China’s New Generation of Leaders to the World.
2. Yin-Yang
Two forces in the universe, according to a Chinese theory: yin is the
passive, negative force, and yang the active, positive force. According
to this theory, wise people will detect these forces in the seasons, in
their food, and so on, and will regulate their lives accordingly.
2Acceptiv confidential
3. Tables choose one from the following subjects
• Channel conflict; direct to consumer, agents, omni-channel
• Developing the business plan for leadership; making the case
• Regulatory considerations; external data, signatures, replacement
• Building the team; players and structure
• How much extra will people pay for online convenience?
• Product and pricing considerations; same products, same prices
• Value added services
• Cross selling; yes, no, what, when, how, cost impact
• Lessons learned from other online retailers
• How to stand out versus other offerings, and progress a prospect
from acquisition to transaction
• Other ideas?
3