Posted by Pankaj Kulkarni (View Profile | View All Posts) at 7:20 AM
If ever there were an industry that was open and ready for radical disruption, it's the insurance sector. That's one reason why so many new, nimble insurance companies have sprung up in recent years with completely different business models. Of them, in my opinion, the peer-to-peer model is one of the most promising and, quite frankly, realistic.
Why? Because the insurance behemoths commonly sell expensive policies that are 'cookie cutter' in nature. But, suppose you were a concert violinist who owned a multi-million dollar Stradivarius violin. You would have to find a specialized insurance agency who could come up with a customized policy for your precious instrument. The concept of peer-to-peer insurance is that (continuing with the violin example) you find musicians and rare instrument aficionados around the world who all have the same specialized insurance needs that you do. You form a crowd-funding community based on trust and a common theme. The more people who pay an initial insurance premium, the smaller the premium. What binds all peer-to-peer set-ups together is that if you don't make a claim during the course of a year, you receive a cash bonus. According to the peer-to-peer company Friendsurance, there have been cases recent years in which 94 percent of participants received some sort of year-end cash bonus.
Continue reading "Why Peer-to-Peer Insurance Is Coming Your Way" »
Posted by Nitesh Bansal (View Profile | View All Posts) at 10:01 AM
How do we know or measure when an enterprise has truly gone digital? This is a question that every organization should be asking itself if it wants to succeed in the next five years. You read it correct: next five years. Not within the next century or even the next decade. Becoming a truly digital enterprise is no longer an option, if you want your enterprise to open up to new markets and thrive in the current ones.
I'm sure I could challenge one of my talented colleagues to write an algorithm by which enterprises could gauge their level of digitization. The algorithm would measure the total data in the organization - compare offline and online data, data derived from sensors, including ones on the shop-floor and products and from customer touch-points through a number of live connection nodes, web and social media presence, etc. These stats may look great during company presentations and can boost an organization's ego (due to the sheer amount of data they have been able to collect). Yet, if they are not leveraged to derive unique and actionable insights, they don't mean much.
Continue reading "How To Close That Elusive Digital Loop" »
Posted by Balakrishnan C. S. (View Profile | View All Posts) at 10:55 AM
In the past, consumer goods companies launched product after product with predictable success. New products were backed by meticulous research, consumer insights and a blaze of publicity. However, modern marketers are realizing there is no formula for a successful product story.
The 4Ps of marketing are getting upended by e-Commerce and buffeted by demographic and economic forces. The holy grail of consumer loyalty is now part of mythical folklore. Consumers now seek products that are utilitarian as well as convenient.
Continue reading "Message In A Bottle" »