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Articles tagged with: Ecosystem Economics

David & Goliath Must Dance™ Lunch - Insurance Ecosystem

Written by EntrepreneurCountry Global on Monday, 24 October 2016.

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.

2. Who

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
Nikos Delitsikas – Investment Analyst at Ariadne Capital

Highlights from our lunch.

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 ecosystem@entrepreneurcountry.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.

Sign up for our 16th EntrepreneurCountry Forum in February 2017 at 8 Northumberland Avenue in Central London.

David & Goliath Must Dance™ Lunch - Mobility & Transportation Ecosystem

Written by EntrepreneurCountry Global on Monday, 17 October 2016.

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. It is precisely because this ecosystem is a bit ambiguous that we are interested in it.

Plunkett Research believes that the global transportation sector brought in an impressive $4.6 trillion in revenues in 2015 and this market is set to grow further in the coming years as OEMs (Original Equipment Manufacturers) and digital start-ups try to make sense of the technological opportunities available to them. This market is expected to grow to reach nearly $150bn over the next four years especially with the advent of car and bike sharing platforms, connected cars and contactless travel.

A history and a calendar of these events are listed here.

2. Who

Alistair Crane – CEO of Hero™
Americo Lenza – Head of Global Consumer Innovation at Vodafone
Andrew Lee – Head of Market Intelligence and Analysis at Octo Telematics
Anthony Headlam – Chief Technology Officer at Jaguar Land Rover
Christian Varnholt – Head of App Factory at Volkswagen AG
Daniel Lai – Director for Global Engagement Platform at Nissan
Dr Geoff McGrath – Chief Innovation Officer at McLaren Applied Technologies
Johnaton Grech – Founder of Silex Group
Jonathan Raper – Co-Founder and CEO at TransportAPI
Mahmood Aziz – Senior Vice President Business Development at Xoriant
Mark Parsons – Chief Customer Officer at DHL Supply Chain, UK & Ireland
Neil Sunners – SVP Innovation & Chief Information Officer International at Avis Budget Group International
Nicolas Cary – Co-Founder & President at Blockchain
Paul Ostergaard – Founder of Norwood Systems
Sam Clark – Founder of Conjure
Tony Lynch – Co-Founder and CEO at Faxi Ltd
Amit Pau – Managing Director at Ariadne Capital
Ilona Simpson – CIO in Residence and Senior Advisor at Ariadne Capital

Highlights from our lunch featuring interviews.

 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;

- “Subscription models work only if the product and/or service on offer is valuable.”
- “Subscription models have not materialised, there is a dichotomy between companies that have started with a subscription model such as Netflix for instance and those trying to enter this space.”
- “If you already know what is a good driver, then you can accelerate the development of autonomous vehicles.”
- “Customisation is key.”
- “New competition comes from software platforms as engineers become disintermediated”
- “Beyond connectivity, who owns the customer experience?”
- “We will probably move from contracts to micro payments in the future.”
- “There are endless possibilities with car functionalities, software can be tailored to the driver.”
- “The key in the mobility space is better integration and safer driving.”
- “Google and Apple are trying to commodify the mobility and transportation sector.”
- “There is no price comparison website for the mobility sector, that is what is missing.”
- “Digital natives and millenials have different expectations.”
- On the synergies between the transportation of goods and people “Freight does not need customer service.” – “There are three key elements in logistics: money, information and product – the first two are already digitised but the product is always the slowest part in the chain, it is key to remain flexible and adapt to the market evolutions.”
- “It would be great to get our hand our hands on the aggregated data our customers are sitting on.”
- “We cannot be wedded to a single OEM” – “Best stop arguing about who owns who, data sharing and partnerships are important to create a great user experience.”
- “Old companies can provide the infrastructure to the new business models.”
- “You do not want to commodify your assets.”
- “I believe digital identity will be one of the biggest trend in this next five years especially with the advancement of Blockchain technology. This will enable people to share their data with whoever they choose.”
- “Blockchain is a transactional platform that could solve traffic patterns amongst other things.” – “Connectivity and user experience is key.”
- “The app economy must be embraced but the Apples and Googles could supplant the OEMs in the future.”
- “It is essential to get people’s head around technological shifts such as autonomous vehicles, Uber, etc. because a number of them do not have a clue what is going on.” – “Hubs will be the places that people visit every day, the key will be how to utilise these hubs.”
- “Digital identity is relevant to multiple ecosystems.” – “Consumer trust is key.”
- “Collaboration is key but the challenge is the execution.”
- “We open our data to third parties and it is up to these companies to decide what to offer our customers, this would ensure that people remain loyal to our brand.”
- “Kodak made the first digital camera but did not know whether it will be commercially viable. We are looking into an abyss, five years ago we did not talk about customers, we dealt with dealerships but here we are so it would be fair to say that we do not know what change means.”
- “No one knows where the value is, Google and Apple are testing the waters just like the rest of us.”

4. What were the key learnings

- Business models are shifting because of connectivity thus referring back to core elements of Ecosystem Economics®, the need for business innovations and the importance of unit economics
- User experience is essential to ensure customer loyalty
- We are moving towards software-centric digital world
- It is not yet clear where the value is – all players are testing the waters focusing their effort on user experience
- Leveraging the strength of large partners while harnessing the innovative power of digital start-ups is important
- Collaboration and data harnessing could enable OEMs to enhance their value proposition
- Subscription as-a-service could a model worth exploring as car ownership is becoming a rarity

5. Ecosystem Economics®

An overview of Ecosystem Economics® can be found here.

The attendees of Mobility & Transportation 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 Mobility & Transportation 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 Mobility & Transportation 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 Mobility & Transportation arena;
3. Build a profile as a leader in this sector;
4. Have an early radar and dashboard for trends and insights in the Mobility & Transportation Ecosystem; and
5. Test Pilot Mobility & Transportation applications across the Ecosystem, not just inside your firm.

We are building a live digital ecosystem in the Mobility & Transportation; if you would like be involved, please send an email to ecosystem@entrepreneurcountry.com. We will be sending you weekly updates to inform you of developments in this ecosystem. Video interviews from the event will be broadcasted on our dedicated channel ECTV and posted on our Facebook page, which you are welcome to join.

Sign up for our 16th EntrepreneurCountry Forum in February 2017 at 8 Northumberland Avenue in Central London.

David & Goliath Must Dance™ Lunch - Travel, Leisure, Entertainment, Media Ecoystem

Written by EntrepreneurCountry Global on Tuesday, 14 June 2016.

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. It is precisely because this ecosystem is a bit ambiguous that we are interested in it.

A history and a calendar of these events are listed here.

Étude de cas: plateforme de relation client

Written by EntrepreneurCountry Global on Tuesday, 09 February 2016.

Cette plateforme CRM permet aux agences de voyages de gérer leur relation client à travers plusieurs canaux de communication – appels, SMS, chats et emails.

Étude de cas: l’industrie de l’assurance

Written by EntrepreneurCountry Global on Friday, 05 February 2016.

L’industrie de l’assurance est sujette comme toutes les autres industries à l’inévitable force de la disruption digitale. En plus de la menace posée par les nouveaux entrants, le marché de l’assurance est en pleine transformation structurelle et réglementaire.

Étude de cas : l’industrie bancaire

Written by EntrepreneurCountry Global on Thursday, 04 February 2016.

Les plateformes telles que Google, Amazon, Facebook et Apple (GAFA) passent d’innovations en acquisitions ‘ubérisant’ toutes les industries sur leur passage  - Musique, Médias et Télécoms. Google s’est offert Nest, fabricant de thermostats connectés, pour 3,2 milliards de dollars tandis qu’Apple a lancé son portefeuille électronique Apple Pay. En moins de 15 ans, la capitalisation boursière combinée de GAFA a atteint plus de 1,7 milliard de dollars avec un chiffre d’affaires agrégé qui s’élèverait à plus de 300 milliards de dollars.

Case Study Number 3: The Insurance Industry

Written by EntrepreneurCountry Global on Monday, 14 December 2015.

The insurance market is a multitrillion dollar industry, which will inevitably be disrupted by new digital players. In addition to the threats presented by new Digital Enablers and new entrants, the insurance industry is undergoing fundamental structural regulatory changes.

Case Study Number 6: Cloud Contact Centre as a Service (CCAAS)

Written by EntrepreneurCountry Global on Sunday, 22 November 2015.

This cloud-based contact centre platform enables leading corporates in the travel, hospitality and financial services industries to manage their customer contact across multiple channels – voice, SMS, chat and email. This critical component of the CRM infrastructure provides invaluable analytical information into businesses’ operation and service delivery. The company’s business model relies on flexible pricing and easy implementation substantially cutting processing and IT cost for end users.

Case Study Number 8: BeatThatQuote

Written by EntrepreneurCountry Global on Thursday, 19 November 2015.

BeatThatQuote was a British-based priced comparison website specialised in personal finance products. The company launched in 2005 and invited consumers to share their personal data in exchange for cash back and discounts. The company essentially redistributed wealth through its incentivisation process and financial intelligence.

Case Study Number 9: SliceThePie / SoundOut

Written by EntrepreneurCountry Global on Thursday, 19 November 2015.

SoundOut is a crowdsourced foresight tool enabling companies to predict future trends when data has yet to be available.

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