Celent's Creative Disruption Symposium Recap
Three case studies, a report on innovation and author of 'The Innovation Manifesto' highlighted a day spent pursuing creative disruption.
John Roblin, Former CIO, Chubb Insurance, presented the implementation of Chubb Masterpiece, a product in the personal lines P&C industry. "Personal involvement by the leader is key [in the development]," he said. "They've got to be able to knock down the roadblock and keep the vision moving."
Celent Senior Analyst Mike Fitzgerald introduces three case studies, the first from Chubb and Roblin, as well as Tom Hammond, EVP, Agency Operations, BOLT Insurance Agency, and Davinder Singh, head of third party distribution and products, DLF Pramerica Life Insurance Co.
Hammond discussed BOLT's efforts of providing service to small businesses. "It's the integration of people, process and technology that created the magic," he said.
Attendees, including Tony Ragsdale from New York Life, listened intently to the three case studies.
Davinder Singh, head of third party distribution and products DLF Pramerica Life Insurance Co. Ltd., highlighted the companys microinsurance product for the Indian market. To hear more about the project, click here.
Attendees lined up for signed copies of Michael Raynor's "The Innovation Manifesto."
Michael Raynor, author of The Innovation Manifesto, addressed the attendees, saying "different people looking at the same business proposal can come to diametrically opposed conclusions about the viability of the opportunity." But there are steps "to get from that idiosyncratic world into something slightly more probabilistic." To hear more of Raynor's thoughts on innovation in the insurance industry, click here.
LexisNexis' David Lukens asked Raynor for specific examples of purpose versus luck when it comes to disruption, to which Raynor highlighted Southwest's standardization on Boeing's 737 that started out as luck and then turned into a good plan.
Jamie Macgregor, senior analyst at Celent, talks to attendees about how to put a disruption model to use. For more on this with Celent Senior Analyst Mike Fitzgerald, click here.
During the networking break, attendees discuss the morning's sessions.
Celent Senior Analyst Nicolas Michellod asked the afternoon panel that consisted of Hammond, Roblin, Singh and Celent CEO Craig Weber to elaborate on what drives innovation. They agreed that leadership has to enable it.
Terrence Gorman, project coordinator at FAST, asked the panelists what they think is the best approach to cultivating insight from their customers/producers to find out what markets need to be explored. BOLT's Hammond said the key is to focus on something specific, not just opening it up for broad suggestions.
Celent CEO Craig Weber closes out the day by highlighting some yet-to-be-released research around innovation and the consumer. "The active consumer (consumers who feel tied into their finances) reacts differently from consumers overall when it comes to innovation, applying technology to solve a business problem and then seamlessly transitioning to the human touch when necessary." For more thoughts on the day, click here.
Photo Gallery: Insurers, solution and service providers and other industry experts gathered in New York on Sept. 13, 2012, for Celent's Creative Disruption Symposium: Technology and the Future of Insurance.