Munich Re offers a real clarity to their innovating future

The most impressive presentation I reviewed in 2017 was the one from Munich Re, held on 21st November 2017 under their investor day link

This, for me, was so well structured and offered such a high level of clarity on the pathway they are pursuing, combining innovation and digital, with the outcomes emerging, of building a new suite of Business Models.

I can only simply touch on it here, I suggest you do your own drawing of conclusions.

The Insurance industry has been struggling to adjust and adapt to the rapid changes occurring yet so many are hanging onto the traditional way of doing things. It is so refreshing to see how Munich Re are venturing out, exploring and exploiting, in multiple ways to learn a new innovation pathway.

I follow the two big Re-Insurers, Swiss Re and Munich Re specifically and the innovative differences are quite significant. Swiss Re seems locked far more into traditions and I am still to be convinced they have yet to embrace innovation, certainly from an external perspective, in the same way as Munich Re is undertaking. I struggle with Swiss Re’s messages on where they are exploring the future of Insurance. The way I view, it seems far more unclear, even random, they seem far more closed down with isolated attempts to explore opportunities.  Whereas Munich Re is constantly opening up to change, exploring and seems far more comprehensive and holistic. It seems one is undertaking “words are simply spoken” the other “actions underscored”. Maybe I am wrong. Continue reading

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Moving to a Digital World totally across your Business is highly challenging

Transformation is very hard at the best of times for all of us to undertake. Digital transformation forces us to work with mostly emerging, constantly evolving technologies, and then apply these in an integrated way into an existing business. This stretches our abilities significantly, as we may remain unclear of the finished design for quite some time.

We have to evolve it, as we go. With anything that is evolving in front of our eyes, we will need to recognize some of the decisions we will make will turn out to be wrong but made as a good judgment at the time, on ’emerging’ evidence, not proven. Achieving a digital transformation is becoming really essential for innovation, helping to enable your ability to deliver sustained growth through making all the ‘connections’ come together in different ways than ever before; in evaluations, analysis, in collaborations and in the process from discovery to eventual commercialization.

Digital transformation executed well is a really big undertaking. It goes way beyond making a series of incremental improvements to become cloud-ready as are supposed to build in and reflect social, mobile and digital technologies in the solution set. We need to fundamentally transform our processes by opening up and engaging with customers in dramatically different ways, in real-time, in constant exchanges and connected ways. Everything needs to be tracked and traced. Continue reading