Enterprising Developments

12 Traits of the Tech Elite

Joe McKendrick
Insurance Experts' Forum, July 18, 2012

My pal Vinnie Mirchandani, just published his latest book, "The New Technology Elite: How Great Companies Optimize Both Technology Consumption and Production." His message is quite simple, yet profound: tech-savvy companies—whether they sell insurance or airplanes—are becoming tech vendors themselves. The lines have blurred between those providing technology and those consuming it.

How does an organization increase its tech savvy to get aboard this movement? Vinnie discusses the common attributes of the technology elite, which can be boiled down to “three Es,” “three Ms,” “three Ps” and three “Ss”:

Elegant: “If you aspire to be one of the technology elite, you have to put industrial design high on your agenda.”

Exponential: Have a lot of options for users and customers; maintain a “thick application catalog.”

Efficient: “The technology elite don’t just focus on innovation to improve the top line; they are also intently focused on efficiencies.”

Mobile: “To become a tech elite you have to be a Marco Polo and a Gulliver – suppliers and captive units in exotic locations can provide unique competitive advantage.”

Maverick: “Disruption is not a dirty word in technology.”

Malleable: “Technology-elite companies have shown that creativity in pricing and efficiency in costing are just as important as good product design and logistics.”

Physical: The “physical” experience – enabling customers to test drive products and be served by knowledgeable, friendly customer service separate the leaders from the laggards.

Paranoid: In today's cybercrime-ridden environment, it pays to be a little paranoid. “Of course, being paranoid does not mean being paralyzed. The technology elite just look at it as a cost of doing business.”

Pragmatic: The technology world is laden with patents and intellectual property issues. “The technology elite know that good lawyers are just as important as engineers in technology.”

Speedy: “A key trait of the new technology elite is their speed – in product innovation, in anticipating changes in competitive landscapes, in managing volatility in demand forecasting, and even in their back office.”

Social: “The technology elite know how to live in a world of chatter, human and non-human.”

Sustainable: Sustainability—running green—is high on the list of members of the technology elite.

Joe McKendrick is an author, consultant, blogger and frequent INN contributor specializing in information technology.

Readers are encouraged to respond to Joe using the “Add Your Comments” box below. He can also be reached at joe@mckendrickresearch.com.

This blog was exclusively written for Insurance Networking News. It may not be reposted or reused without permission from Insurance Networking News.

The opinions of bloggers on www.insurancenetworking.com do not necessarily reflect those of Insurance Networking News.

Comments (0)

Be the first to comment on this post using the section below.

Add Your Comments...

Already Registered?

If you have already registered to Insurance Networking News, please use the form below to login. When completed you will immeditely be directed to post a comment.

Forgot your password?

Not Registered?

You must be registered to post a comment. Click here to register.

Blog Archive

Why Insurers Need More Than a Policy Admin System

For some insurers, not being able to handle the volume of quotes that are being submitted to them means leaving significant money on the table.

The Pitfalls of Using Assembly Line Methods to Create Software

Most of the time, when the business needs IT, it is for custom software development, just like creating a concept car.

Next Step in the Internet of Things for Life Insurance

As the use of wearables increases, particularly for use beyond an individualís fitness, it will be critical for standards and services to emerge to bring this data to multiple users.

Wearables and Gamification in Life Insurance Goes Mainstream?

With so many U.S. households still uninsured, insurers are going have to try new things to re-position their product, focusing on consumer needs.

Will John Hancock Vitality Transform Insurance?

The Vitality program integrates this information directly into the rewards, giving you credit for the exercise, just by virtue of reporting it.

Why Customers Should Want Innovative Insurers

At a time when confidence in the insurance industry has been compromised, innovative companies can break the mold.