Recently, Cutter Fellow Steve Andriole took a wide look at insurtech. His insight, and a collection of articles on the topic, appear in a recent issue of Cutter Business Technology Journal (CBTJ). What exactly is insurtech? According to Investopedia, insurtech refers to: the use of technology innovations designed to squeeze out savings and efficiency from the current insurance industry model.… The belief driving insurtech companies is that the insurance industry is ripe for innovation and disruption.” Steve Andriole has a unique perspective on insurtech having served as CTO and Senior VP for Technology Strategy at CIGNA Corporation, a $20 billion global insurance and financial services company. Writes Steve: The insurance industry is very quickly evolving, Read more
Posts Tagged 'digital transformation'
It seems clear that business architecture, as a discipline, is rapidly growing worldwide. Cutter Consortium’s business architecture experts William Ulrich and Whynde Kuehn are seeing the sophistication of how people are using business architecture expanding. They’re witnessing an escalation in both the depth and quality of how people are using business architecture and a shift in focus from how to just build a business architecture practice to how to strategically leverage business architecture to transform the business and launch it forward. Organizations are realizing that business architecture is a critical for translating strategy into execution for large scopes. Business architecture is the bridge between business direction and a coordinated set of downstream actions for business and Read more
Some leaders mistakenly believe that they can opt out of Digital Transformation. They view Digital Transformation as adopting new technologies, and implementing organizational changes to enable the new technologies to provide the promised business benefits. Unfortunately, this is based on the erroneous assumption that organizations can choose whether they are impacted by new Digital Era technologies. The fact is, new Digital Era technologies are driving new ways of conducting business across industries and geographies. No one is untouched. The overall environment is continually changing and everyone is affected. Digital Era technologies are changing the relationships between employers and employees, between vendors and customers, and between service providers and service consumers. As these relationships change, expectations Read more
Many companies boast about having a culture of innovation, but, as Cutter Consortium Fellow Steve Andriole writes, they in fact don’t. Instead of breaking free of their cultural constraints to truly innovate, they continue innovate in the past; that is, toward business models, processes, and technologies that are anchored solidly in the 20th century. To break through and become truly innovative Andriole advises organizations study what the best innovators have done and try to repeat their successes by following the formulas that have worked for the most successful innovators. So what do the best companies do? How do they make the list of most innovative companies? In The Heart of Innovation: Best Practices from the Read more
Last week, I wrote about Gustav Toppenberg’s research on digital talent, the importance of cultivating that talent in your organization, and sounded the alarm that if you’re not creating opportunities, you’ll soon be watching your digitally talented employees walk out the door. No matter how cutting edge your organization’s work is, it’s the people who make it successful. Bob Furniss offered four ways to put your people first and build relationships that will directly impact your success in the Cutter Consortium Advisor, Putting People First. Cast a vision and communicate it at every level. What is your vision? What is your mission? It has to be more than something that is in a frame on a wall Read more
While your organization may understand the impact digitalization could have on its future, and be undertaking some strategies to seize the opportunity, it’s important to consider your strategy for grooming and/or hiring digital talent. Without the right skills across the enterprise, both on the tech side and the business side, you won’t be able to fully define and fulfill a digital transformation strategy. And here’s a warning: be aware of the fact than any employees or executives who aren’t getting digital career opportunities may be honing their resume. In a series of Cutter Consortium Executive Updates, Gustav Toppenberg fleshed out the idea of creating a digital backbone to ensure that each transformation effort connects and leverages Read more
It could be argued that digital technologies present more profound and disruptive opportunities and threats to established business models than anything that’s come before. In Digital Disruption of Business Models: The Mass Mitec Story, David Wortley charts the digital transformation of Mass Mitec, a UK-based small-to-medium enterprise, via a disruptive digital technology in the 1990s and uses the story to illustrate the potential and dangers of digital disruption. Even though Mass Mitec had a very good understanding of the evolution of the technologies upon which its business models were based, and the organization had built a business development plan that reflected that evolution, it seriously failed to properly secure or exploit the business and contractual arrangements Read more