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Archive by Mike Fitzgerald

At each of the five Celent Innovation Roundtables held in the last several months, innovation practitioners consistently identify culture change as a significant success factor. A particular challenge, poor communication between technologists and their business partners, is often cited as a barrier. The Second Machine Age by MIT professors Erik Brynjolfsson @erikbryn and Andrew McAfee […]

Mar 19th, 2014 | Filed under Insurance

This is the second blog post aimed at discussing the opportunities for digital technologyin insurance within the framework of a higher design principle, one that is not technology-led, but speaks to delivering value for consumers of insurance (both individuals and businesses). The tenth anniversary of Facebook is an appropriate date to pass along this next […]

Feb 4th, 2014 | Filed under Insurance

We just held our 3rd Innovation Roundtable in New York City and the event further underscored how important this area is to financial services institutions.  The format of these gatherings is discussion-based and senior leaders from banks and insurers share their experiences in building innovation capabilities in their firms. The New York group included large […]

Feb 3rd, 2014 | Filed under Insurance

Thanks to everyone who participated in the Current State of Innovation in Financial Services webinar. Over 140 people were listening in! Here is the link to the audio recording: http://www.celent.com/reports/webinar-current-state-innovation-financial-services We especially appreciate all the great questions that came in.  A few were more specific to individual company situations and, in those cases, we will […]

Jan 17th, 2014 | Filed under Insurance

So much has been written about social, mobile, analytics, cloud (SMAC, previously SOLOMO). Insurers are encouraged to be “digital”. It appears to me that most of these efforts are “technology searching for a solution to solve.” I was lucky enough to be listening to my mentor once when he told me “Don’t ever start designing […]

Jan 8th, 2014 | Filed under Insurance

The Treasury’s Federal Insurance Office released its report on federal insurance regulation (http://www.treasury.gov/press-center/press-releases/Pages/jl2245.aspx). As predicted in the Celent Boardroom Series Report issued on August 10, 2009, the report calls for a “hybrid model” of regulation, or as Celent described it, a coordinated effort between the states and the federal government.  (Celent subscribers can access the […]

Dec 13th, 2013 | Filed under Insurance

They could feel it coming, but they couldn’t exactly see what was going to happen to them. Before they could react, a major part of their business disappeared and another large chunk of it was transferred to a new competitor. This is the experience of the music industry from 2002 to 2012 that was detailed […]

Dec 4th, 2013 | Filed under Innovation, Insurance

Celent facilitated a roundtable discussion between innovation practitioners this past week in San Francisco.  The three hour meeting was so dynamic and the time went by so fast that the group worked straight through their planned mid-afternoon break! Numerous threads were explored around the practical implementation of innovation in financial services companies. The agenda was […]

Oct 4th, 2013 | Filed under Innovation, Insurance, Strategy

Over the past five years digital technology has evolved significantly. Many financial services firms have moved past the exploration stage and are now more committed to the mobile channel. There is increased demand for expanded capabilities and functions and users expect “always on” access through an app on their smart devices.  Celent has seen a […]

Sep 13th, 2013 | Filed under Innovation, Insurance

The image of a supply chain is linear, stretching from one point to another, link-by-link, in an orderly procession. If each part does its part, success is realized. But, we all know that business does not really work like that.  Rather, activities are more random, concurrent and fluid. The case studies at the Celent innovation […]

Aug 26th, 2013 | Filed under Innovation, Insurance, Marketing, Strategy