Collaboratif et Retail - Altavia Watch - juin 2014Altavia
Comment le retail s'approprie la tendance collaborative? Illustrations à travers 4 typologies d'exemples: la co-création, la co-commercialisation, la co-consommation, le co-recyclage.
The skills needed to become a digital entrepreneurDaniel Jarjoura
Slides of my pitch for European Conference on Digital and Key Enabling Technologies Skills which happened on June 2nd 2015. Main messages: successful digital leaders have attitudes in common, not skills. Skills can be learned, attitude is revealed and polished. The 5 attitudes of successful digital entrepreneurs.
More info about the event: www.leadership2015.eu
Detecting & nurturing innovators in EU funded projectsDaniel Jarjoura
Training to DG CONNECT – European Commission : enable EU Project Officers to detect innovations and innovators in EU funded research and innovation programs and how to help them get to market quicker and more efficiently
Content Strategy meet up Toulouse - 3ème édition - Stratégie éditoriale webSO HAPPY WEB
Présentation diffusée lors de la 3ème édition du content stratégy meet up à la Cantine, Toulouse - le 13 novembre 2014. Focus sur la stratégie éditoriale. Retrouvez ici l'infographie détaillée distribuée à tous les participants : http://so-happy-web.com/images/infographie-SHW-01.jpg
Ouishare’s 100 top articles on the collaborative economy in 2014OuiShare
This presentation features the most popular articles and news items that that were discussed and shared in the OuiShare community in 2014. They have been selected from our Facebook groups OuiShare Global and “en Français”, to highlight the most relevant conversations.
Collaboratif et Retail - Altavia Watch - juin 2014Altavia
Comment le retail s'approprie la tendance collaborative? Illustrations à travers 4 typologies d'exemples: la co-création, la co-commercialisation, la co-consommation, le co-recyclage.
The skills needed to become a digital entrepreneurDaniel Jarjoura
Slides of my pitch for European Conference on Digital and Key Enabling Technologies Skills which happened on June 2nd 2015. Main messages: successful digital leaders have attitudes in common, not skills. Skills can be learned, attitude is revealed and polished. The 5 attitudes of successful digital entrepreneurs.
More info about the event: www.leadership2015.eu
Detecting & nurturing innovators in EU funded projectsDaniel Jarjoura
Training to DG CONNECT – European Commission : enable EU Project Officers to detect innovations and innovators in EU funded research and innovation programs and how to help them get to market quicker and more efficiently
Content Strategy meet up Toulouse - 3ème édition - Stratégie éditoriale webSO HAPPY WEB
Présentation diffusée lors de la 3ème édition du content stratégy meet up à la Cantine, Toulouse - le 13 novembre 2014. Focus sur la stratégie éditoriale. Retrouvez ici l'infographie détaillée distribuée à tous les participants : http://so-happy-web.com/images/infographie-SHW-01.jpg
Ouishare’s 100 top articles on the collaborative economy in 2014OuiShare
This presentation features the most popular articles and news items that that were discussed and shared in the OuiShare community in 2014. They have been selected from our Facebook groups OuiShare Global and “en Français”, to highlight the most relevant conversations.
Approche mobile First : pourquoi privilégier les supports mobiles ?Anaïs Vivion
Vous souhaitez prendre le virage du mobile ? Introduire la mobilité au coeur des innovations de votre entreprise ? Le mobile est devenu l’outil indispensable qui nous permet de surfer sur le net dans toutes nos situations de mouvement. Cette présentation explique l'intérêt de l'approche mobile first et comment retourner les contraintes du mobile en avantage.
Ce cours est une actualisation du cours fait en 2014 sur les réseaux sociaux et les réseaux sociaux d'entreprise. Il présente différents réseaux sociaux d'entreprise.
Tesla Motors: A Silicon Valley Version of the Automotive Business ModelCapgemini
Think of the Model S as an app on four wheels,” says the Tesla website. If software is eating the world, then Tesla Motors sure is showing the automotive industry how by adding technology to the business model. In the few years that Tesla Motors has been around, the company has upended the traditional automotive industry model, using the silicon valley approach to development. The Tesla story is one of singular ambition and bold vision, fuelled by technology. The company has blazed a trail through a traditional industry, using digital to ensure it stays a lap ahead of the competition. Read our research note to understand how Tesla Motors is achieving this
Ctrl-alt-del: Rebooting the Business Model for the Digital AgeCapgemini
Our research with the MIT Sloan Management Review reveals that only 16% of organizations are leveraging digital technologies to develop new business models. Most organizations follow traditional approaches to innovation that focus on new products and services, rather than on business models. However, research suggests that the returns from traditional approaches have been diminishing with time. As Serguei Netessine, Professor at INSEAD Singapore says, “Pharmaceutical companies spend as much as 30% of their revenues on R&D, trying to develop new products or technologies. But the return from this enormous expenditure has been very elusive and it is a common problem across industries.” Business model reinvention can be as good a route as technology, product or service innovations. This research highlight five different approaches that organizations can adopt to reinvent their business model with digital technologies.
When Digital Disruption Strikes: How Can Incumbents Respond?Capgemini
Digital innovation is shaking the core of every industry and incumbents are struggling to respond. The emergence of startups such as Uber – which disrupt entire sectors with their agile, innovative business models – is worrying traditional incumbents. Venture funding to startups is at historic highs. In just one startup hotspot, Silicon Valley, venture capital investment in the first three quarters of 2014 was around $17 billion, a figure that is only surpassed by the peak of the dotcom era in 2000. In recent research by GE, two-thirds of respondents agreed that businesses have to encourage creative behaviors and must disrupt their internal processes in order to do so. What does a successful strategy for responding to disruption look like? How fast have companies responded to digital disruptions? To understand more about how traditional incumbents respond to digital disruption, we conducted research spanning 100+ companies.
Big Data Alchemy: How can Banks Maximize the Value of their Customer Data?Capgemini
This document is a point of view on how banks can maximize the value of their customer data using big data analytics. While the volume of data has been increasing in recent years, many banks have not been able to profit from this growth. Several challenges hold them back. The PoV explores these challenges and suggests actions for banks in order to scale-up to the next level of customer data analytics.
Disney: Making Magic Through Digital InnovationCapgemini
Over the past few years, Disney has been investing heavily in digital technologies across its theme parks, studio entertainment, interactive media platforms and physical store. Disney has successfully used analytics to enhance customer experience; it offers a connected experience to its park visitors through wearables and it took a data-driven approach to improve its operations. But how does Disney do this? What is the secret recipe? It is a combination of strong digital leadership, a vision that imbibes technology, a culture rich in analytics and an ongoing investment in digital technologies. Interested in understanding how, read our research note on Disney, a digital master.
Strategies for the Age of Digital Disruption #DTR7Capgemini
Since 2000, 52% of companies in the Fortune 500 have either gone bankrupt, been acquired or ceased to exist. These are challenging times for companies as the speed, volume and complexity of change intensify. Disruption can happen at any time, in any sector, and its effect on traditional organizations can be fundamental. This is why we chose to dedicate our seventh edition of the Digital Transformation Review to digital disruptions. How can organizations survive and thrive in the age of digital disruptions? We posed this very question to a panel of industry leaders, academics, startup founders, analysts and technology gurus from three different continents.
Working with our global panel, we have built a detailed picture of the digital disruption phenomenon, probing the key questions that organizations need answers to:
• How can we plan for the emergence of disruptors?
• Why are we seeing so many disruptions?
• How can organizations respond to disruption?
• What shape are these disruptions taking?
• Which startups are likely to emerge to disrupt sector value chains over the coming years?
We hope this edition of the Digital Transformation Review has helped increase understanding of the disruptive and challenging times we live in. Join the conversation on twitter #DTR7
Securing the Internet of Things Opportunity: Putting Cybersecurity at the Hea...Capgemini
The potential trillion dollar Internet of Things (IoT) business opportunity rests precariously on one critical factor – security. 71% of executives in our survey agreed that security concerns will influence customers’ purchase decision for IoT products. However, despite increasing cyber attacks and ample warning from security experts, most organizations do not provide adequate security and privacy safeguards for their IoT products. In fact, only 33% of IoT executives in our survey believe that the IoT products in their industry are highly resilient to cyber security attacks. Further, despite rising consumer concerns regarding data privacy, 47% of organizations do not provide any privacy related information regarding their IoT products.
So, why are organizations lagging behind in securing their IoT products and systems? Key reasons for this include an expanded attack surface, inefficiencies in the IoT product development process, and the lack of specialized security skill-sets. For instance, our survey showed that only 48% of companies focus on securing their IoT products from the beginning of the product development phase. Building a secure IoT system begins with the recognition that security needs to be as much of a priority as the features and functionality of an IoT product. The report highlights the key measures that organizations must take in order to put security at the core of their IoT value proposition.
The Digital Transformation Symphony: When IT and Business Play in SyncCapgemini
Digital Masters, such as Starbucks, that leverage digital technologies effectively, differentiate themselves from their peers by consciously striving to build a close relationship between IT and the business. However, Digital Masters are exceptions. The IT-business relationship in most organizations is often a fractious relationship rather than a marriage of equals. Business teams often find the IT department’s high costs and long implementation timelines unacceptable. In addition, IT leaders are often faulted for not speaking the language of business. Leading CIOs take this disconnect head on and try and fix it. Our research shows that leading CIOs take three key actions to align the IT department with the needs of the business: 1. redesign the IT department to unlock digital innovation; 2. create strong digital platforms; 3. rationalize IT Infrastructure to fund digital initiatives. We explore each of these actions in this research paper.
Monetizing the Internet of Things: Extracting Value from the Connectivity Opp...Capgemini
Cisco has estimated that the Internet of Things (IoT) has the potential to generate about $19 trillion of value over the coming years. The staggering potential size-of-the-prize has certainly caught the attention of the world’s business community. In a recent survey of senior business leaders around the globe, 96% said their companies would be using IoT in some way within the next 3 years. However, there is a catch – most organizations are yet to derive significant commercial value from IoT. Our research shows that 70% of organizations do not generate service revenues from their IoT solutions. We have looked at why organizations are falling short in monetizing the IoT, and have tried to capture some initial observations on monetization models in what is still a very fast-developing marketplace.
Fixing the Cracks: Reinventing Loyalty Programs for the Digital AgeCapgemini
Launching a loyalty program is expensive and it’s complex. In the US alone, companies spend a staggering $2 billion on loyalty programs every year. But does this translate into increased customer engagement? Research suggests the answer is “probably not”. The average household in the US has over 21 loyalty program memberships. But, the household only actively uses 44% of these. More than half of consumers in a 2013 survey admitted they had abandoned at least one loyalty program in the past year. Our own analysis of customer sentiment on social media revealed pronounced dissatisfaction. Almost 90% of social media sentiment on loyalty programs was negative.
We assessed loyalty programs on a number of parameters. These included their central objective, their use of digital channels, and their ability to provide a seamless experience across channels (more detail on the approach is at the end of this paper). We found, in short, that companies have a lot of catching up to do. 97% of loyalty programs rely on transactional rewards, i.e. a customer makes a purchase and takes their points in exchange for gifts, merchandise or cash. The issue is that 77% of those transaction-based programs actually fail in the first two years. According to our research, only 25% of loyalty programs reward customers for some form of engagement. Where loyalty programs are also lacking is advanced personalization: only 11% of loyalty programs offer personalized rewards based on a customer’s purchase history or location data.
This research highlights why organizations need to think beyond points and how they can implement well-designed, engagement-based loyalty programs.
Cracking the Data Conundrum: How Successful Companies Make #BigData OperationalCapgemini
There is little arguing the benefits and disruptive potential of Big Data. However, many organizations have not fully embedded Big Data in their operations. In fact, our research shows that only 13% have achieved full-scale production for their Big Data implementations. The most troubling development is that most organizations are failing to benefit from their investments. Only 27% of respondents described their Big Data initiatives as “successful” and only 8% described them as “very successful”.
So, how can organizations make Big Data operational? There are many factors that go into the making of a successful Big Data implementation. However, the single biggest factor that we observed in our research was that organizations that have a strong operating model stood apart. This operating model has multiple distinct elements, which include, among others, a well-defined organizational structure, systematic implementation plan, and strong leadership support. For instance, success rates for organizations with an analytics business unit are nearly 2.5 times those that have ad-hoc, isolated teams. The report highlights the key factors for successful Big Data implementations.
Going Digital: General Electric and its Digital TransformationCapgemini
How can a company that is over a century old transform itself to thrive in a digital economy?
For GE, responding to change is part of its modus operandi. This is a company that has famously made change a core capability and a constant in its history. For over 120 years, GE has ploughed forward under a banner of “Building, powering, moving and curing the world. Not just imagining. Doing.” This constant focus on innovation and transformation has made the company the only one to still remain in the Dow Jones Industrial Index since the original index was established in 1896.
GE is betting big on software and analytics to bring about its transformation, with Jeff Immelt stating: “I took over an industrial company, now it will be known as an analytics company”. GE’s focus on data analytics was clear back in 2012 when it set aside up to $1.5 billion for small take-overs to boost its presence in analytics. GE currently monitors and analyzes 50 million data elements from 10 million sensors on $1 trillion of managed assets daily to move customers toward zero unplanned downtime.
GE’s digital transformation is not the result of being in the right place at the right time. Instead, it is the result of a structured approach that involved a strong top-down digital vision, capability development, achieving all-round buy-in and a constant focus on innovation.
While many digital natives, from FaceBook to Uber, continue to take much of the limelight, this 120-year-old giant of the corporate world shows that digital agility is not just confined to the new Millennial corporates.
INFOGRAPHIC: Fixing the Insurance Industry - how big data can transform custo...Capgemini
Insurers are facing a moment of truth. Customer satisfaction levels have hit worryingly low levels. According to a survey conducted by Capgemini in 2014, less than a third of customers globally are satisfied with the services of their insurance providers. Traditional insurers also face competition from new entrants who are determined to meet customer expectations. Non-traditional competitors, such as ecommerce majors and technology startups, are leveraging their data-rich customer interactions to create and sell insurance products.
Surprisingly, insurers seem to have overlooked the impact of Big Data on improving customer experience as they often focus their Big Data efforts on detecting fraudulent claims and improving underwriting profitability. In fact, only 12% of insurers consider the enhancement of customer experience as a top Big Data priority. This is startling given the poor levels of customer satisfaction in the insurance industry.
Approche mobile First : pourquoi privilégier les supports mobiles ?Anaïs Vivion
Vous souhaitez prendre le virage du mobile ? Introduire la mobilité au coeur des innovations de votre entreprise ? Le mobile est devenu l’outil indispensable qui nous permet de surfer sur le net dans toutes nos situations de mouvement. Cette présentation explique l'intérêt de l'approche mobile first et comment retourner les contraintes du mobile en avantage.
Ce cours est une actualisation du cours fait en 2014 sur les réseaux sociaux et les réseaux sociaux d'entreprise. Il présente différents réseaux sociaux d'entreprise.
Tesla Motors: A Silicon Valley Version of the Automotive Business ModelCapgemini
Think of the Model S as an app on four wheels,” says the Tesla website. If software is eating the world, then Tesla Motors sure is showing the automotive industry how by adding technology to the business model. In the few years that Tesla Motors has been around, the company has upended the traditional automotive industry model, using the silicon valley approach to development. The Tesla story is one of singular ambition and bold vision, fuelled by technology. The company has blazed a trail through a traditional industry, using digital to ensure it stays a lap ahead of the competition. Read our research note to understand how Tesla Motors is achieving this
Ctrl-alt-del: Rebooting the Business Model for the Digital AgeCapgemini
Our research with the MIT Sloan Management Review reveals that only 16% of organizations are leveraging digital technologies to develop new business models. Most organizations follow traditional approaches to innovation that focus on new products and services, rather than on business models. However, research suggests that the returns from traditional approaches have been diminishing with time. As Serguei Netessine, Professor at INSEAD Singapore says, “Pharmaceutical companies spend as much as 30% of their revenues on R&D, trying to develop new products or technologies. But the return from this enormous expenditure has been very elusive and it is a common problem across industries.” Business model reinvention can be as good a route as technology, product or service innovations. This research highlight five different approaches that organizations can adopt to reinvent their business model with digital technologies.
When Digital Disruption Strikes: How Can Incumbents Respond?Capgemini
Digital innovation is shaking the core of every industry and incumbents are struggling to respond. The emergence of startups such as Uber – which disrupt entire sectors with their agile, innovative business models – is worrying traditional incumbents. Venture funding to startups is at historic highs. In just one startup hotspot, Silicon Valley, venture capital investment in the first three quarters of 2014 was around $17 billion, a figure that is only surpassed by the peak of the dotcom era in 2000. In recent research by GE, two-thirds of respondents agreed that businesses have to encourage creative behaviors and must disrupt their internal processes in order to do so. What does a successful strategy for responding to disruption look like? How fast have companies responded to digital disruptions? To understand more about how traditional incumbents respond to digital disruption, we conducted research spanning 100+ companies.
Big Data Alchemy: How can Banks Maximize the Value of their Customer Data?Capgemini
This document is a point of view on how banks can maximize the value of their customer data using big data analytics. While the volume of data has been increasing in recent years, many banks have not been able to profit from this growth. Several challenges hold them back. The PoV explores these challenges and suggests actions for banks in order to scale-up to the next level of customer data analytics.
Disney: Making Magic Through Digital InnovationCapgemini
Over the past few years, Disney has been investing heavily in digital technologies across its theme parks, studio entertainment, interactive media platforms and physical store. Disney has successfully used analytics to enhance customer experience; it offers a connected experience to its park visitors through wearables and it took a data-driven approach to improve its operations. But how does Disney do this? What is the secret recipe? It is a combination of strong digital leadership, a vision that imbibes technology, a culture rich in analytics and an ongoing investment in digital technologies. Interested in understanding how, read our research note on Disney, a digital master.
Strategies for the Age of Digital Disruption #DTR7Capgemini
Since 2000, 52% of companies in the Fortune 500 have either gone bankrupt, been acquired or ceased to exist. These are challenging times for companies as the speed, volume and complexity of change intensify. Disruption can happen at any time, in any sector, and its effect on traditional organizations can be fundamental. This is why we chose to dedicate our seventh edition of the Digital Transformation Review to digital disruptions. How can organizations survive and thrive in the age of digital disruptions? We posed this very question to a panel of industry leaders, academics, startup founders, analysts and technology gurus from three different continents.
Working with our global panel, we have built a detailed picture of the digital disruption phenomenon, probing the key questions that organizations need answers to:
• How can we plan for the emergence of disruptors?
• Why are we seeing so many disruptions?
• How can organizations respond to disruption?
• What shape are these disruptions taking?
• Which startups are likely to emerge to disrupt sector value chains over the coming years?
We hope this edition of the Digital Transformation Review has helped increase understanding of the disruptive and challenging times we live in. Join the conversation on twitter #DTR7
Securing the Internet of Things Opportunity: Putting Cybersecurity at the Hea...Capgemini
The potential trillion dollar Internet of Things (IoT) business opportunity rests precariously on one critical factor – security. 71% of executives in our survey agreed that security concerns will influence customers’ purchase decision for IoT products. However, despite increasing cyber attacks and ample warning from security experts, most organizations do not provide adequate security and privacy safeguards for their IoT products. In fact, only 33% of IoT executives in our survey believe that the IoT products in their industry are highly resilient to cyber security attacks. Further, despite rising consumer concerns regarding data privacy, 47% of organizations do not provide any privacy related information regarding their IoT products.
So, why are organizations lagging behind in securing their IoT products and systems? Key reasons for this include an expanded attack surface, inefficiencies in the IoT product development process, and the lack of specialized security skill-sets. For instance, our survey showed that only 48% of companies focus on securing their IoT products from the beginning of the product development phase. Building a secure IoT system begins with the recognition that security needs to be as much of a priority as the features and functionality of an IoT product. The report highlights the key measures that organizations must take in order to put security at the core of their IoT value proposition.
The Digital Transformation Symphony: When IT and Business Play in SyncCapgemini
Digital Masters, such as Starbucks, that leverage digital technologies effectively, differentiate themselves from their peers by consciously striving to build a close relationship between IT and the business. However, Digital Masters are exceptions. The IT-business relationship in most organizations is often a fractious relationship rather than a marriage of equals. Business teams often find the IT department’s high costs and long implementation timelines unacceptable. In addition, IT leaders are often faulted for not speaking the language of business. Leading CIOs take this disconnect head on and try and fix it. Our research shows that leading CIOs take three key actions to align the IT department with the needs of the business: 1. redesign the IT department to unlock digital innovation; 2. create strong digital platforms; 3. rationalize IT Infrastructure to fund digital initiatives. We explore each of these actions in this research paper.
Monetizing the Internet of Things: Extracting Value from the Connectivity Opp...Capgemini
Cisco has estimated that the Internet of Things (IoT) has the potential to generate about $19 trillion of value over the coming years. The staggering potential size-of-the-prize has certainly caught the attention of the world’s business community. In a recent survey of senior business leaders around the globe, 96% said their companies would be using IoT in some way within the next 3 years. However, there is a catch – most organizations are yet to derive significant commercial value from IoT. Our research shows that 70% of organizations do not generate service revenues from their IoT solutions. We have looked at why organizations are falling short in monetizing the IoT, and have tried to capture some initial observations on monetization models in what is still a very fast-developing marketplace.
Fixing the Cracks: Reinventing Loyalty Programs for the Digital AgeCapgemini
Launching a loyalty program is expensive and it’s complex. In the US alone, companies spend a staggering $2 billion on loyalty programs every year. But does this translate into increased customer engagement? Research suggests the answer is “probably not”. The average household in the US has over 21 loyalty program memberships. But, the household only actively uses 44% of these. More than half of consumers in a 2013 survey admitted they had abandoned at least one loyalty program in the past year. Our own analysis of customer sentiment on social media revealed pronounced dissatisfaction. Almost 90% of social media sentiment on loyalty programs was negative.
We assessed loyalty programs on a number of parameters. These included their central objective, their use of digital channels, and their ability to provide a seamless experience across channels (more detail on the approach is at the end of this paper). We found, in short, that companies have a lot of catching up to do. 97% of loyalty programs rely on transactional rewards, i.e. a customer makes a purchase and takes their points in exchange for gifts, merchandise or cash. The issue is that 77% of those transaction-based programs actually fail in the first two years. According to our research, only 25% of loyalty programs reward customers for some form of engagement. Where loyalty programs are also lacking is advanced personalization: only 11% of loyalty programs offer personalized rewards based on a customer’s purchase history or location data.
This research highlights why organizations need to think beyond points and how they can implement well-designed, engagement-based loyalty programs.
Cracking the Data Conundrum: How Successful Companies Make #BigData OperationalCapgemini
There is little arguing the benefits and disruptive potential of Big Data. However, many organizations have not fully embedded Big Data in their operations. In fact, our research shows that only 13% have achieved full-scale production for their Big Data implementations. The most troubling development is that most organizations are failing to benefit from their investments. Only 27% of respondents described their Big Data initiatives as “successful” and only 8% described them as “very successful”.
So, how can organizations make Big Data operational? There are many factors that go into the making of a successful Big Data implementation. However, the single biggest factor that we observed in our research was that organizations that have a strong operating model stood apart. This operating model has multiple distinct elements, which include, among others, a well-defined organizational structure, systematic implementation plan, and strong leadership support. For instance, success rates for organizations with an analytics business unit are nearly 2.5 times those that have ad-hoc, isolated teams. The report highlights the key factors for successful Big Data implementations.
Going Digital: General Electric and its Digital TransformationCapgemini
How can a company that is over a century old transform itself to thrive in a digital economy?
For GE, responding to change is part of its modus operandi. This is a company that has famously made change a core capability and a constant in its history. For over 120 years, GE has ploughed forward under a banner of “Building, powering, moving and curing the world. Not just imagining. Doing.” This constant focus on innovation and transformation has made the company the only one to still remain in the Dow Jones Industrial Index since the original index was established in 1896.
GE is betting big on software and analytics to bring about its transformation, with Jeff Immelt stating: “I took over an industrial company, now it will be known as an analytics company”. GE’s focus on data analytics was clear back in 2012 when it set aside up to $1.5 billion for small take-overs to boost its presence in analytics. GE currently monitors and analyzes 50 million data elements from 10 million sensors on $1 trillion of managed assets daily to move customers toward zero unplanned downtime.
GE’s digital transformation is not the result of being in the right place at the right time. Instead, it is the result of a structured approach that involved a strong top-down digital vision, capability development, achieving all-round buy-in and a constant focus on innovation.
While many digital natives, from FaceBook to Uber, continue to take much of the limelight, this 120-year-old giant of the corporate world shows that digital agility is not just confined to the new Millennial corporates.
INFOGRAPHIC: Fixing the Insurance Industry - how big data can transform custo...Capgemini
Insurers are facing a moment of truth. Customer satisfaction levels have hit worryingly low levels. According to a survey conducted by Capgemini in 2014, less than a third of customers globally are satisfied with the services of their insurance providers. Traditional insurers also face competition from new entrants who are determined to meet customer expectations. Non-traditional competitors, such as ecommerce majors and technology startups, are leveraging their data-rich customer interactions to create and sell insurance products.
Surprisingly, insurers seem to have overlooked the impact of Big Data on improving customer experience as they often focus their Big Data efforts on detecting fraudulent claims and improving underwriting profitability. In fact, only 12% of insurers consider the enhancement of customer experience as a top Big Data priority. This is startling given the poor levels of customer satisfaction in the insurance industry.