We see Ecosystems as facilitators of future marketplaces. EntrepreneurCountry Global sees its role as helping to organise the raw assets, people, companies, needs and offerings so that sustainable economics emerge and successful businesses prosper.
It is precisely because each of the ecosystems below are a bit ambiguous that we are interested in helping to organize them. There are still fundamental ways to shape the overall course of these future marketspaces in ways that cannot be done in industries such as music which have been fundamentally disrupted and where there is an Ecosystem Economics® winner such as music in the form of Apple.
If you would like to participate in our Insurance Ecosystem, as either a citizen, David or Goliath, to bring the future to the present,
contact us on firstname.lastname@example.org
David & Goliath Must Dance™ Lunch - Insurance Ecosystem
1. What is a David & Goliath Must Dance event ?
David & Goliath Must Dance events are hosted by EntrepreneurCountry Global in order to explore the challenges and opportunities faced by an industry that is transforming in real-time, into an ecosystem. We see Ecosystems as facilitators of future marketplaces. Ecosystems are like nature. EntrepreneurCountry Global sees its role as helping to organize the raw assets, the climate, the inhabitants, the settlements, the needs and the offerings so that sustainable economics emerge and successful businesses prosper.
A history and a calendar of these events are listed here.
According to Insurance Europe, Europe’s insurance federation, the insurance sector is the largest institutional investor in the EU, with almost €9.8tn in assets under management invested in the economy in 2015. This is equivalent to 61% of the GDP of the EU. All industries are disrupted across the world and insurance could be no exception to the rule. Although venture capital funding seems to be slowing down globally, in 2015 funding to insurance tech companies hit $2.7bn, exhibiting significant growth compared to 2014, where funding was just over $740m.
Adrian Huxley – Regional Sales Director at MapR Technologies
Chinmay Mehta – Senior Vice President, UK Operations & Technology at Xoriant
Dave Stubbs – Founder & Director at RightIndem
Fernand Lendoye – Managing Director at Aviva Ventures
Mahmood Aziz – Senior Vice President Business Development at Xoriant
Marco Matera – Co-Founder & Chief Commercial Officer at Gideon Smart Home
Matteo Colombo – Investment Director at Legal & General
Michele Galli – Co-Founder & Chief Executive Officer at Gideon Smart Home
Phil Steele – Founder & Chief Executive Officer at nCube
Seamus Creedon – Director at Renaissance Reinsurance
Sergej Tolz – UK Country Manager at Kasko
Waleed Sarwar – Founder & Chief Executive Officer at CoVi Analytics
Amit Pau – Managing Director at Ariadne Capital
Charles Shodijo – Corporate Finance & Strategy Manager at Ariadne Capital
Nikos Delitsikas – Investment Analyst at Ariadne Capital
3. Key Quotes
We – at Ariadne Capital - entertained a vibrant and engaging set of discussions focused on business model innovation, the strategic value of data as well as the importance of building partnerships between Davids and Goliaths. These are the key quotes;
- “System infrastructure and culture are holding big corporates back. Goliaths in the insurance industry are struggling to adapt to new technologies and business models.”
- “System infrastructure is a real challenge. Big corporates will need to partner with start-ups in order to overcome this challenge.”
- “Reinsurance companies are adapting faster to new business models compared to traditional retail insurance companies. The on-going cultural change in insurance is fascinating.”
- “ Start-ups and big corporates have different culture in terms of adoption. One year can be a short period of time for a Goliath, but an eternity for a David. Currently, it seems that it is difficult for Davids to work with Goliaths.”
- “Goliaths don’t see Davids are disruptors, but as a solution to the problems they are facing.”
- “The Chinese are ahead in terms of smart home technology. For example, a local smart home player has already more than 5 million customers.”
- “Insurance companies need to find the areas where they can add real value to their customers.”
- “The winners will be the ones who will offer the best customer experience. Insurance companies want to enter the prevention space, which can provide them with higher customer engagement.”
- “Insurance companies are not consistent in terms of engaging with their customers. Some divisions are more engaged, others are significantly less engaged. Therefore, there needs to be some kind of emotional engagement with customers.”
- “Insurers are currently not using data to understand their customers. Big corporates are in the process of transforming their internal systems.”
- “Start-ups want to test their products/services, but the big corporates are not willing to test them and at the same time they are looking for commercial traction.”
- “If insurance companies leverage big data and get a fair amount of understanding with regards to their customers, it will be interesting to see who will insure the individuals who are very risky and thus expensive.”
- “Compliance is simple.”
- “There is a perception that insurance companies will exploit the data provided by individuals and turn against them. This will result in lower premiums. Insurers are seen as exploiters and this is why individuals might hesitate sharing personal data with them.”
- Waleed Sarwar: “Messaging is a key component for partnerships between start-ups and big corporates. Start-ups can bring efficiency to big corporates, but at the same time efficiency might imply job losses, something which Goliaths are struggling to deal with.”
- “Regulation brings discipline and framework. Regulation means that customers are treated fairly. However, regulation can be a barrier for new areas that are created.”
- “Compliance prevents companies from being exposed to changes.”
4. What were the key learnings
- Customer centricity and user experience is key for the winners of the industry.
- Leveraging data is fundamental as it can bring higher customer engagement and more efficient pricing for big corporates.
- The pace of adoption for new technologies and business models is entirely different between start-ups and big corporates. The latter unfortunately are very slow in terms of liaising with digital enablers and adopting / testing new business models.
- System infrastructure, IT legacy and regulation are holding back the Goliaths in terms of accelerating their pace of adopting new technologies and collaborating with innovative start-ups.
5. Ecosystem Economics®
An overview of Ecosystem Economics® can be found here.
The attendees of Insurance Ecosystem discussed how Digital Enablers and Goliaths could generate supra profits by incentivising individuals, creating digital revenues, and partnering with Natural Allies.
6. Digital Ecosystems
EntrepreneurCountry Global is building Europe’s largest Ecosystem focused on the Insurance sector with partners whose customers total in the billions. This ecosystem will grow further.
We would like to invite you to become a Partner to the Insurance Ecosystem. The Partnership will enable you to:
1. Understand how ecosystems are built by building one, and to develop your understanding of Ecosystem Economics® - the methodology for organising the economics of your ecosystem which has been adopted by leading firms, written about by leading academic institutions and presented to more than 500 Board rooms;
2. Identify and partner with Natural Allies - other Goliaths and Davids who are building leadership positions in the Insurance arena;
3. Build a profile as a leader in this sector;
4. Have an early radar and dashboard for trends and insights in the Insurance Ecosystem; and
5. Test Pilot Insurance applications across the Ecosystem, not just inside your firm.
We are building a live digital ecosystem in the Insurance; if you would like to be involved, please send an email to email@example.com. We will be sending you weekly updates to inform you of developments in this ecosystem. Video interviews from the event will be broadcasted next week on our dedicated channel ECTV and posted on our Facebook page, which you are welcome to join.
Insurance Ecosystem Updates
Each week we send our Insurance Ecosystem partners an email newsletter which includes news, insights, updates and relevant around the Insurance Ecosystem. You can access these newsletter below:
Insurance Ecosystem Update - 1
Insurance Ecosystem Update - 2
Insurance Ecosystem Update - 3
Insurance Ecosystem Update - 4
Insurance Ecosystem Update - 5
Insurance Ecosystem Update - 6
Insurance Ecosystem Update - 7
Insurance Ecosystem Update - 8