People view 250 million YouTube videos per day

Home > Archives

Tagged insurance



Wow, is it almost May 1? What a fabulous start for 2018, with keynotes in the lsat 4 months at events in Dubai, Dallas, Houston, Jacksonville, San Francisco, Calgary, San Antonio, Austin, Ft. Lauderdale, Miami, Nashville, Chicago, Albuquerque, and the Town of  the Blue Mountains! (You’ll have to read to the end to understand that last one!)

These have involved association as well as corporate leadership talks that have focused on a vast range of different topics. Everything from disruptive trends, agriculture, transportation, finance, food and consumer behaviour, the energy and utility industries, economic development in the era of acceleration, insurance, healthcare, manufacturing, mining and resources,  to the future of self-driving cars, and more! Here’s an overview of the highlights!

World Government Summit, Dubai, UAE

I was invited to speak at this massive global conference, with 3,400 attendees from 60+ countries worldwide. It’s sponsored and opened by the Prime Minster of Dubai, His Highness Sheikh Mohammad Bin Rashid Al Maktoum, and tasked with the issue of examining the future role of government in solving some of the challenges of our time.

It was an absolutely fascinating event; I shared the agenda with other speakers such as Goldie Hawn, Robert deNiro and Forest Whittaker, the head of the International Monetary Fund, the Prime Ministers of France and India, and more!

My session description? “Futurist Jim Carroll takes a look at the key trends which will impact our future in an era that has change happening faster than ever before. Even today, we have a new vocabulary that didn’t exist just a few years ago: self-driving cars, 3d printing, crowdfunding, the sharing economy, blockchains, personal drones, swarmbots, smart dust, vertical farms, Internet of Things, cognitive computing, smart factories, artificial intelligence, augmented reality, quantum computing, intelligent farms, smart clothing! What seemed to be science fiction just a few short years ago has become a reality today, as time compresses and the future accelerates.”

Take a look at the brief highlight clip of my talk – it even comes with ‘epic music!’

Purina, San Antonio, Texas

I do a LOT of talks in agriculture; so much so, that some folks have asked me how long I’ve been a farmer! That’s because, like very other industry, I get deep into the trends impacting the industry and folks in the room.

This event featured two talks over dinner over 2 nights, for over 500 local agricultural dealers from throughout the US, primarily the midwestern states. My keynote took a look at the global trends sweeping the world of agriculture – precision ag, genomics, drone technology, the acceleration of data insight, generational turnover of the family farm and more.

In addition, I took a hard look at what local dealers in co-ops and more should be focusing on as this industry, like many others, comes to embrace and be disrupted by e-commerce. It’s only a matter of time before Amazon starts having a big impact in this sector, and the path forward for the folks in the room is a focus on providing their base of customers with effect service, support, knowledge and insight.

Independent Insurance Agents, Austin, Texas

It”s not just farmers who are faced with disruptive trends – everyone else is, particularly in the world of insurance.

This talk took a look at the key disruptive trends sweeping the world of property and casualty, as well as life insurance. The theme tied in to the same type of theme for the Purina dealers – when you business model is disrupted and some consumers are choosing to go ahead without you, you only survive by focusing on your role and the value of the unique services you provide to ensure that others don’t.

Amazon might one day get into the business of selling insurance – what happens then? That’s one of the challenging scenarios I presented from the stage.

Magellan Health

This organization provides health care services to a vast range of health insurers – organizations such as Blue Cross and others. And the day before my keynote on disruptive trends in the healthcare industry, Amazon announced a healthcare initiative with  J.P. Morgan and Berkshire Hathaway.

What, Amazon again? Are you getting that there is a theme here? Definitely, which is why I now have a whole speaking topic dedicated to how to deal with Amazon. Do you?

Also, healthcare! Over the years, I’ve done a lot of keynotes on the future of healthcare. The Magellan folks saw me at an event, and decided I would be the idea person to kickoff the 2nd day of their event, with a talk that looked at the demographics, scientific, genomic, technological and other trends providing for massive disruption – and opportunity – in this sector.

For more, take a look at my keynote topic, Healthcare 2025: The Transformative Trends that Will Redefine Our Future.

Gemalto, Ft. Lauderdale, Florida

Security, security, security! Gemalto is one of the global leaders in providing complex solutions to the complex problems of a hyper-connected world, for a global client base of Fortune 1000 organizations, government and others. They found me, and figured I would be the best guy to put a spin onto that with a good hard look at the future of computer and security risk.

My keynote took a look at the future of security and computer risk – in the context of the disruptive trends of our times. This included a look at the core issues leading to a faster world and massive business model disruption and change – everything from the acceleration of science, to what happens when every company becomes a software company; the impact of an increase in the number of business partnerships due to skills fragmentation, and the issues that come from the acceleration of knowledge; not to forget the hyper-connectivity that comes from the Internet of Things and the new business models that emerges a result. From this, the new risk that emerges as a result!

In essence, my keynote took a look at how organizations are faced with new risk, unforeseen risk, faster risk, more complex risk, extended risk, and the acceleration of risk! This was somewhat similar to the talk I did for 2 client events for Baker McKenzie, one of the top 2 law firms in the world.

National Rural Electrical Cooperative (NRECA), Nashville, Tennessee

The future belongs to the fast – particularly in the world of the fast moving energy industry!

There’s a massive amount of change going in this sector – small, local, community energy producers.   The electric grid, for example, is bound to become less centralized as residential ratepayers print three-dimensional solar cells from their home computers or run their heating and cooling systems from their cell phones. The acceleration of technology for backyard energy production and the ongoing reduction in costs of solar and wind and biomass. Quite simply, it’s an era in which private grids, and where small-scale generators sharing continues to take hold, will continue to upend the traditional utility-customer business model.

There was a great blog post, The GIS Of Trees: Location Intelligence and Maps are the Future of Just About Everything!  to which I responded, from one attendee that captures the essence of my talk.

Ontario Dental Association, Toronto, Canada

You might think the world of dental care does not change much, or slowly, or not at all – but it does. The acceleration of 3D printing technologies for dental implants and more; the constant arrival of new materials and methodologies, ever more challenging patients, dentures and molars that connect via Internet-of-Things (#Iot) technology (yes, that’s a potential thing!) and more.

People and professions need insight into what comes next in order to align themselves to a faster future – without that, they become stuck, suffer from inertia, and fall behind or into irrelevance. That was the focus of my keynote for a few thousand dentists at this massive, sprawling conference. And all at 8AM in the morning!

Association of Manufacturing Technology annual conference, Miami, Florida

Can you say ‘irony?’ That’s the case when I did a talk on the future of manufacturing, at the Trump Doral resort, shortly after global trade barriers were announced.

The future of manufacturing is bound up in relentlessly fast trends – 3D printing, the digitization of the factory, changes in product development, mass customization and so much more – and that’s what I covered in my talk.

I also got a little bit aggressive with the message that one can’t hope to wave a magic wand and bring the industry back to 1970, and magically return a bunch of jobs. Did the message resonate? One followup email said so: “Jim, thanks for your reality check on the future of our sector. It’s all about innovation, new ideas, new methodologies, and having the courage to align to the future rather than wishing for the past. It was SPOT ON! NEEDED!”

National Mining Association, Scottsdale, Arizona

Well, this was fun! A keynote for CEO’s and senior executives of many American and global mining on the future trends that will provide opportunity and challenge going forward.

Everything from the continued acceleration of autonomous vehicle technology, to remote diagnostics, virtual reality, the Internet of Things and so much more. Everything, that is, but the acceleration of renewable energy. I’ll leave that small note for another day!

American Fidelity, Dallas, Texas

A company in the group benefits, insurance, banking and other financial services – with a corporate leadership meeting aimed at focusing on what to do to deal with the disruptive trends in the industry.

The senior management team had seen me last November when I spoke to the Oklahoma City Chamber of Commerce, liked my message, and decided right away to invite me in.

We had a great discussion around the impact of mobile technology, accelerated expectations for interaction, disruptive competitors, empowered consumers and more. Key point – change in financial services continues to come quickly, and the fleet and the agile will survive.

CCI Wireless, Calgary, Alberta

Rural communities need broadband access, and this organization is working to provide it throughout this Canadian province.

In was brought in to speak to their annual general meeting, speaking to Board Members about the trends which are increasing the need for rural broadband access – such as the agricultural trends that I spoke about to Purina for months earlier. Agriculture is increasingly all about data and connectivity, and a region will fall behind if it does not have the infrastructure to support the rapid evolution of the industries upon which economic growth depends.

It was a bit like an economic development talk, and I have a detailed post on those ideas, 20 Big Rules for Economic Development in the Era of Acceleration. 

Partners in Building, Houston, Texas

This company is one fo the most successful, established luxury home builders in the Texas, Oklahoma and Tennessee markets. The CEO wanted to find someone to come in to speak to their team — 100 strong – with a focus on the future of homes, neighbourhoods, construction methodologies, materials and more. And, he found me!

Since I didn’t have a photo from this event, Ill take another approach: the photo above is from my daily quote, which I put together just before going to spend my time with them.  I had shared with some of their team in advance some of the trends I would cover – in my  combined keynote and workshop spanning 3 hours.- and the comment was made that it was pretty scary.

No, it’s not – unless you make it scary. Some people see the future and see a threat – innovators see the same future and see an opportunity!

Macola Software, Chicago, Illinois

They are a company in the ERP (Enterprise Resource Planning software) space in the manufacturing, consumer products and other industries, and invited me in to speak at their annual user group meeting.

My keynote took a look at the disruptive trends impacting the world of manufacturing and products, as noted in my keynote description on the talk: “Collapsing product lifecycles. Mass customization. Digitization, robotics and the cloud. Design based on crowd thinking. Build to demand, as opposed to build to inventory, business models. The role of the Internet of Things in product innovation as well as manufacturing process innovation. Spatial-innovation with advanced manufacturing robotics. New materials and substances that allow for change in product development. Rapid prototyping, sketch to scale, and agility-based business models…. are you ready for the new world of manufacturing?”

Global Financial Firm (private), San Francisco, California

This one was fun – a dinner talk for CEO’s and senior executives from major financial, energy and infrastructure firms worldwide. The name of the organization is private; suffice it to say I had several hundred billions of dollars of equity represented in the room.

 

It was late – I didn’t start till 845pm San Francisco time, and the crowd was obviously tired (and ‘refreshed’), but I kicked up the energy a notch and kept them entertained with a keynote that took at look at the disruptive trends of our time – energy, automative, highways, building construction and more.

Ontario Road Builders Association, Toronto, Canada

This event had a similar theme to the one above – with a more specific look at what is happening with the future of highways, vehicles and infrastructure.

The quote in the photo captures the essence of my keynote. Over the last 5 years, I’ve done numerous talks on just how quickly the concept of transportation is changing, as well as the methods involved. My goal with this group was to get them thinking on how the very concept of a ‘road’ and a ‘highway’ is changing in the era of acceleration.

If we are all sitting in electric vehicles that drive themselves, that’s a pretty big change. Innovators align themselves to these trends in order to turn them into opportunity! Want more insight? Read my post, 54 Things About Self-Driving Cars You Didn’t Know!

Admiral Beverage, Albuquerque

What do you do when you have a room full of Pepsi and Coors distributors, and are asked to challenge them on the future? You put into perspective the changes occurring in the world of retail, consumer behaviour, product development, and more.

Such as, the collapse of attention spans! This sector is also be “Amazon’d” as an increasing number of consumers take to shopping online – Amazon has over 100 million Amazon Prime member. And so while we live in an era in which know-nothing politicians rail against the future, savvy organizations are working hard to align themselves to the trends. Read more in my specific Amazon keynote topic, and take a look at the customized pre-event video  (“The Future of Retail? It’s Fast“) I filmed for Admiral Beverage.

Town of Blue Mountains Chamber of Commerce, Ontario

Last but not least – this one was a huge amount of fun – it’s the community where my ski chalet is located, 2 hours north of Toronto, Ontario!

They were having their AGM – I wasn’t booked that particular date – and agreed to come in and speak about the global trends that will somehow shape their future!

What a huge amount of fun, with a number of friends, ski buddies and neighbours in the room. They finally had a chance to see the truly odd job that their friend Jim has.

—–

All in all, it was a wonderful spring, with a continued emphasis on highly customized keynotes in a wide variety of different industries.

And stay tuned – the next few months feature an equal number of fascinating events!

 

While I often speak to audiences of 500 to 7,000, including large scale Las Vegas events, I also spend a *lot* of time with CEO’s and other senior management teams in small, leadership oriented events, providing a key message on the necessity for innovation in the high velocity economy.

In fact, it’s long been one of the fastest growing areas of my business: my clients include events for companies seen in the list below!

These are highly customized events : by way of example, I’ve gone in and done a talk for Whirlpool/Maytag on the future of home appliances in the era of IoT (Internet of Things); Disney on the future of consumer behaviour; the BBC on the future of broadcasting; and New York Life on the future of insurance in the era of business model disruption.

There are well over 100’s more with very customized industry talks.

Recently I’ve been filming some videos in advance of these corporate offsite events; these are distributed to attendees in advance to get their creative juices flowing! Here are 3 recent ones.

Great companies establish a culture of high velocity leadership, so they are prepared for the rapid economic, market and industry change that surrounds them.  In that vein, I’m often retained by the CEO or other senior management representatives in order to provide a presentation that will help to shape the strategic direction of the organization.

In a nutshell, these talks cover very specific industry trends, challenges and opportunities, based on highly original research, and can often include an interactive discussion that addresses a variety of issues, including:

  • establishing forward-oriented leadership skills
  • shifting your culture from fearing threat to capitalizing on opportunity
  • promoting innovation, flexibility and adaptability
  • establishing an innovation culture based on creativity, curiosity, courage, collaboration and change-awareness
  • encouraging a certainty culture in the presence of rapid change.


Want to learn more? Inquire into Jim’s Availability

Send some details, and he will get back to you in person as quickly as possible!

I just wrote this one up for the brochure copy for an upcoming 2018 event.

The issue of Amazon isn’t just about retail — it is about any industry with a middleman. Insurance, wealth management, finance, medical or dental care, home services and renovations. You name it. And the big question is – what are you going to do about it?

Disrupting Amazon : Accelerating Strategies for Success in the Era of Industry Transformation

Amazon is the elephant in every industry room. They will challenge and disrupt your business model, and shake your belief in the future to the core.

Why not change that before it changes you? Don’t wait for Amazon to disrupt you – disrupt yourself and disrupt Amazon first! As we witness the Amazonification of industries, deep insight into this massive-but-cheetah-like-elephant is critical, a fast strategy is required.

Futurist Jim Carroll has a key message: Don’t compete — transform! When Amazonian scale disruption occurs, you can’t hope to complete on price, the sophistication of the online interaction, or the other areas in which Amazon (and similar disruptors) clearly excel. You need a different proposition, different ideas and a different strategy. In many cases, this will come about through an implicit decision to compete based on the unique value you can bring to the relationship – service, support, personal interaction and other factors. In doing so, you specifically choose to not compete based on a race to the bottom and price.

Futurist Jim Carroll has headlined ‘Amazonificaiton strategies’ at a wide variety of corporate leadership meetings and association events in the medical, dental and veterinary industries; in the global optometric industry; in the agricultural dealer market, in the home renovation sector, and many more. He has provided deep insight on the transformative strategies and mindset that needs to be pursued.

The acceleration of disintermediation via Amazon is a cruel reality of our modern day world. Think about the business model of a a group of agricultural dealers who sell products to farmers. The simplistic view is that they buy products from the manufacturer, and then sell them to the farmer, with an obvious markup in price. Amazon could do this (and will) with a more sophisticated online system, and avoid the cost of the markup, thereby offering a lower cost alternative. How to compete? Become an invaluable partner to the farmer in terms of advice, expertise and personal support for new initiatives, products and ideas.

In the era of Amazon, you can’t hope to compete on price — because you will watch your business disappear! Futurist and innovation expert Jim Carroll outlines the key trends, strategies and opportunities to be pursued in the ear of Amazonian acceleration!

In more industries than you think, Amazon is the elephant in the room. My experience has taught me that in every single industry, regardless of what you do and what you sell, you are or will soon be faced with a situation in which they will challenge your business model, and shake your belief in the future to the core.

Why not change that before it changes you?

What do you do as this situation comes about? Don’t wait for Amazon to disrupt you – disrupt yourself and disrupt Amazon first!

This particular photo is from an event with several hundred insurance brokers. Might Amazon disrupt the world of insurance? It’s certainly possible -the phrase used for this type of disruption carries the fancy term “disintermediation” – it simply means that that the middleman is cut out of a business relationship.

Let’s coin a new phrase for what is happening — the Amazonification of industries.

The fact is, Amazon (and other companies with the same strategy as Amazon) isn’t just changing the world of retail — its’ changing and challenging virtually every type of business that involves a middleman.

In the last few years I’ve been called into an increasing number of events where this is the new reality going forward — with clients seeking insight on what they should do when their business model is under threat. In quite a few of these events, I’m asked to address the ‘elephant in the room’, which is Amazon.

My key message? Don’t compete — transform!

When Amazonian scale disruption occurs, you can’t hope to complete on price, the sophistication of the online interaction, or the other areas in which Amazon (and similar disruptors) clearly excel. You need a different proposition, different ideas and a different strategy.

In many cases, this will come about through an implicit decision to compete based on the unique value you can bring to the relationship – service, support, person interaction and other factors. In doing so, you specifically choose to not compete based on a race to the bottom and price.

The examples of the challenge are manyfold. I was invited in to speak at the quarterly leadership meeting of a company that is one of the leaders in the medical supplies marketplace. Clearly, a good chunk of their business could be subjected to risk as Amazon gets into their line of business.

How do they survive? Not by trying to offer a better price, but by working to ensure that their sales and professional representatives are working harder top provide greater value ion then service relationship they have with their clients,.

Similarly, I’m speaking to a group fo agricultural dealers who sell products to farmers. The simplistic view is that they buy products from the manufacturer, and then sell them to the farmer, with an obvious markup in price. Amazon could do this (and will) with a more sophisticated online system, and avoid the cost of the markup, thereby offering a lower cost alternative. How to compete? Become an invaluable partner to the farmer in terms of advice, expertise and personal support for new initiatives, products and ideas. Don’t hope to compete on price — because you will watch your business disappear!

It’s evening happening with optometrists — with a recent video clip where I’m on stage talking about what eye-doctors need to do when patients are focused more on price. In that case, focus on service!

The “Amazonification of industries” can get even more complex than that, when Amazon decides to offer a service element too! This is coming about quickly in the home repair industry — buy a door or window on Amazon, and they’ll line you up with a contractor that will do the installation for you. How can you complete if you are an established home contractor with a successful operation? It’s not an easy question, but is a reality that you might need to address!

Disruption in the insurance industry is real – and the largest broker/agent association in the US (Texas) has booked me to come in and provide a path forward.

In January, I will keynote the 55th annual Joe Vincent Management Seminar in Austin, Texas. Watch the preview video now!

Here’s a clip from a recent keynote. It’s part of a talk where I cover 20 Disruptive Trends, and put into perspective why the future belongs to those who are fast! In this short clip, I cover trends involving batteries, self-driving, 3d printing, the space industry, genomics, health care knowledge, and more! Including why I can drink more coffee than other people!

I’ve got a keynote topic description coming around this, with a draft below.

Aligning Acceleration and Agility: The Business Case for Fast!

To say that we live in a fast world would be an understatement. Small, quick upstarts like Square are challenging the global credit card industry, at the same that GPS based driver monitoring devices are rewriting the rules of the auto insurance industry. The NEST Learning Thermostat morphs from a quiet startup to a worthy challenger to industrial energy device powerhouses. Autonomous vehicle technology leads us to road trains and a more rapid emergence of intelligent highway infrastructure. We’re in the era of the end of incumbency, in which small dominates big, fast trumps ponderous, and indecision spawns failure. Everywhere we look, we can see acceleration, speed, and velocity: and in times like these, time isn’t a luxury.

For any executive, these trends matter — because fast trends drive disruptive change. And disruptive change envelopes us in terms of fast trends: self-driving cars, 3d printing, crowdfunding, the sharing economy, blockchains, personal drones, swarm-bots, smart dust, vertical farms, the Internet of Things, cognitive computing, smart factories, artificial intelligence, augmented reality, quantum computing, intelligent farms, smart clothing! What seemed to be science fiction just a few short years ago has become a reality today, as time compresses and the future accelerates.

Take a voyage with Futurist Jim Carroll into the world of tomorrow, today, as he outlines the key trends, technologies, ideas and initiatives that are transforming our world around us at hypersonic speed. A world in which the speed of change impacting every company and every industry is increasingly driven by the speed of technology and Silicon Valley hyper-innovation. One that demands faster innovation, agile response, flexible strategies, and most important, the ability to ‘think big, start small, scale fast.’
For the last 25 years, Jim Carroll has been speaking to and advising some of the worlds largest organizations on the trends that will impact them. With a client list that ranges from NASA to Disney, the Swiss Innovation Forum to the National Australia Bank, Johnson and Johnson to Godiva Chocolates, Jim has had a front row seat to the massive change being encountered in industries worldwide, and deep insight into the leadership mindset of organizations as they adapt to the era of acceleration.
 In just a few short years, it will the year 2025, and the world of tomorrow will be your reality of today. Are you ready for what comes next?

 

I spent the morning yesterday with the Board of Directors of a multi-billion dollar credit union, taking a good hard look at the trends sweeping the financial services space. They know that disruption is real, and that it is happening now.

And disruption is everywhere: every business, and every industry is  being redefined at blinding speed by technology, globalization, the rapid emergence of new competitors, new forms of collaborative global R&D, and countless other challenges.


The speed with which these changes occur are now being increasingly driven by he arrival of a younger, more entrepreneurial generation; a group that seems determined to change the world to reflect their ideas and concept of opportunity. They’ve grown up networked, wired, and are collaborative in ways that no previous generation seems to be.

And therein lies the challenge.

Most organizations are bound up in traditions, process, certain defined ways of doing things — rules — that have helped them succeed in the past. Over time, they have developed a corporate culture which might have worked at the slower paced world of the past — but now has them on the sick-bed, suffering from an organizational sclerosis that clogs up their ability to try to do anything new.

Those very things which worked for them in the past might be the anchors that could now hold them back as the future rushes at them with ever increasing speed.

They are being challenged in a fundamental way by those who think big, and by some really big, transformative trends.

How to cope with accelerating change?  Think big, start small and scale fast!

I’m doing many keynotes in which I outline the major trends and opportunities that come from “thinking big, starting small, and scaling fast,” by addressing some of the fundamental changes that are underway.

1. Entire industries are going “upside down”

One thing you need to know is this: entire industries are being flipped on their back by some pretty big trends.

Consider the world of health care. Essentially, today, it’s a system in which we fix people after they become sick. You come down with some type of medical condition; your doctor does a diagnosis, and a form of treatment is put in place. That’s overly simplifying things, but essentially that is how it works.

Yet that is going to change in a pretty fundamental way with genomic, or DNA based medicine. It takes us into a world in which we can more easily understand what health conditions are you susceptible or at risk for throughout your life. It moves us from a world in which we fix you after you are sick — to one in which we know what you are likely to become sick with, and come up with a course of action before things go wrong. That’s a pretty BIG and pretty fundamental change. I like to say that the system is going “upside down.”

So it is with the automotive and transport industry. One day, most people drove their own cars. One day in the future, cars will do much of the driving on their own. That’s a pretty change — sort of the reverse, or upside-down, from how it use to be.

Or think about education: at one time, most people went to the place where education is delivered. But with the massive explosion of connectivity and new education delivery methods involving technology, an increasing number of people are in a situation where education is delivered to them. That’s upside down too!

You can go through any industry and see similar signs. That’s a lot of opportunity for big change.

2. Moore’s law – everywhere!

Another big trend that is driving a lot of change comes about as technology takes over the rate of change in the industry.

Going forward, every single industry, from health care to agriculture to insurance and banking, will find out that change will start to come at the speed of Moore’s law — a speed of change that is MUCH faster than they are used too. (Remember, Moore’s law explains that roughly, the processing power of a computer chip doubles every 18 months while its cost cuts in half. It provides for the pretty extreme exponential growth curve we see with a lot of consumer and computer technology today.)

Back to health care. We know that genomic medicine is moving us from a world in which we fix people after they are sick – to one where we know what they will likely become sick with as a result of DNA testing. But now kick in the impact of Moore’s law, as Silicon Valley takes over the pace of development of the genomic sequencing machines. It took $3 billion to sequence the first genome, which by 2009 had dropped to $100,000. It’s said that by mid-summer, the cost had dropped to under $10,000, and by the end of the year, $1,000. In just a few years, you’ll be able to go to a local Source by Circuit City and buy a little $5 genomic sequencer – and one day, such a device will cost just a few pennies.

The collapsing cost and increasing sophistication of these machines portends a revolution in the world of health care. Similar trends are occurring elsewhere – in every single industry, we know one thing: that Moore’s law rules!

3. Loss of the control of the pace of innovation

What happens when Moore’s law appears in every industry? Accelerating change, and massive business model disruption as staid, slow moving organizations struggle to keep up with faster paced technology upstarts.

Consider the world of car insurance — we are witnessing a flood of GPS based driver monitoring technologies that measure your speed, acceleration and whether you are stopping at all the stop signs. Show good driving behaviour, and you’ll get a rebate on your insurance. It’s happening in banking, with the the imminent emergence of the digital wallet and the trend in which your cell phone becomes a credit card.

In both cases, large, stodgy, slow insurance companies and banks that move like molasses will have to struggle to fine tune their ability to innovate and keep up : they’re not used to working at the same fast pace as technology companies.

Not only that, while they work to get their innovation agenda on track, they’ll realize with horror that its really hard to compete with companies like Google, PayPal, Facebook, and Apple — all of whom compete at the speed of light.

It should make for lots of fun!

4.  “Follow the leader” business methodologies

We’re also witnessing the more rapid emergence of new ways of doing business, and it’s leading us to a time in which companies have to instantly be able to copy any move by their competition – or risk falling behind.

For example, think about what is going on in retail, with one major trend defining the future: the Apple checkout process. Given what they’ve done, it seems to be all of a sudden, cash registers seemed to become obsolete. And if you take a look around, you’ll notice a trend in which a lot of other retailers are scrambling to duplicate the process, trying to link themselves to the cool Apple cachet.

That’s the new reality in the world of business — pacesetters today can swiftly and suddenly change the pace and structure of an industry, and other competitors have to scramble to keep up.  Consider this scenario: Amazon announces a same day delivery in some major centres. Google and Walmart almost immediately jump on board. And in just a short time, retailers in every major city are going to have be able to play the same game!

Fast format change, instant business model implementation, rapid fire strategic moves. That’s the new reality for business, and it’s the innovators who will adapt.

5. All interaction — all the time!

If there is one other major trend that is defining the world of retail and shopping, take a look at all the big television screens scattered all over the store! We’re entering the era of constant video bombardment in the retail space. How fast is the trend towards constant interaction evolving? Consider the comments by

Ron Boire, the new Chief Marketing Officer for Sears in the US (and former chief executive of Brookstone Inc.): “My focus will really be on creating more and better theatre in the stores.”

We are going to see a linking of this ‘in-store theatre’ with our mobile devices and our social networking relationships. Our Facebook app for a store brand (or the fact we’ve ‘liked’ the brand) will know we’re in the store, causing a a customized commercial to run, offering us a personalized product promotion with a  hefty discount. This type of scenario will be here faster than you think!

6. Products reinvented

Smart entrepreneurs have long realized something that few others have clued into : the future of products is all about enhancement through intelligence and connectivity. Nail those two aspects, and you suddenly sell an old product at significantly higher new prices.

Consider the NEST Learning Thermostat. It’s design is uber-cutting edge, and was in fact dreamed up by one of the key designers of the iPad. It looks cool, it’s smart, connected, and there’s an App for that! Then there is a Phillips Hue Smart LED Lightbulb, a $69 light bulb that is uber-smart, connected, and can be controlled from your mobile device. Both are sold at the Apple store!

Or take a look at the Whitings Wi-Fi Body Scale. Splash a bit of design onto the concept of a home weigh scale, build it with connectivity, link it to some cool online graphs and you’ve got a device that will take your daily weight, BMI and body-fat-mass tracking into a real motivational tool.  Where is it sold? Why, at the Apple store too!

Do you notice a trend here?

7. Careers reinvented

For those who that the post-2008 North American recovery from the recession was slow, here’s an open secret: there was a significant economic recovery underway for quite some time, as companies in every sector ranging from manufacturing to agriculture worked hard to reinvent themselves. It just didn’t involve a lot of new jobs, because the knowledge required to do a new job in today’s economy is pretty complex. We’ve moved quickly from the economy of menial, brute force jobs to new careers that require a lot of high level skill. The trend has been underway for a long, long time.

Consider the North American manufacturing sector, a true renaissance industry if there ever was one! Smart engineers at a wide variety of manufacturing organizations have transformed process to such a degree, and involved the use of such sophisticated robotic technology, that the economic recovery in this sector involves workers who have to master a lot of new knowledge. One client observed of their manufacturing staff: “The education level of our workforce has increased so much….The machinists in this industry do trigonometry in their heads.”

Similar skills transitions are underway in a wide variety of other industries….

8. The Rise of the Small over Incumbents

We are living in the era that involves the end of incumbency. Companies aren’t assured that they will own the marketplace and industry they operate within because of past success ; they’ll have to continually re-prove themselves through innovation.

Consider Square, the small little device that lets your iPhone become a credit card. What a fascinating little concept that has such big potential for disruption. And it’s a case where once again, small little upstarts are causing turmoil, disruption and competitive challenge in larger industries — and often times, the incumbents are too slow to react.

Anyone who has ever tried to get a Merchant Account from Visa, MasterCard or American Express in order to accept credit cards knows that it is likely trying to pull teeth from a pen – many folks just give up in exasperation. Square, on the other hand, will send you this little device for free (or you can pick one up at the Apple Store.) Link it to your bank account, and you’re in business.

So while credit card companies have been trying to figure out the complexities of the future of their industry, a small little company comes along and just does something magical! No complexities, no challenges, no problems.

* * * *
There are people who are making big bold bets, big bold decisions, who are going to change the world and who are going to do things differently.” That phrase was from my opening keynote for the Accenture International Utilities and Energy Conference in San Francisco some years back.

It’s a good sentiment, and is a good way to think about the idea of ‘thinking big.’

Gore Mutual is a property and casualty insurance company located in Canada, and they are running a full day session to help their broker understand and deal with the fast pace of change.

I’m thrilled to be a part of the day, and will share the stage with well known Canadian environmentalist David Suzuki, and Canadian astronaut Chris Hadfield!

 

I’ll be focussing on disruptive, fast change:

I love ‘small world’ connections, and here’s what’s fun about this event:

  • the artwork for the event (above) was done by Laurence Smink — a graphics and artistic superstar! Laurence did the cover for my book, The Future Belongs to Those who Are Fast!
  • He also did the cover artwork for the book of a good friend, Nicola JD Maher, the Tiniest Warrior of All, published by my publishing arm, Oblio Press
  • Chris Hadfield has published multiple books — and his book agent is Rick Broadhead, Canada’s leading literary agent, at RBA Literary. Before he did that, Rick and I wrote 34 books about the Internet in the 1990’s that sold well over 1 million copies!

This is going to be a great event, and I look forward to sharing the stage with two iconic thought leaders.

 

Let’s face it: the trends impacting life and property/casualty and groups benefits insurance companies are real.

The industries will be disrupted by tech companies. Existing brokerage and distribution networks will be obliterated as more people buy insurance direct. Predictive analytics will shift the industry away from actuarial based historical assessment to real-time coverage. Policy niches, micro-insurance and just-in-time insurance will drive an increasing number of revenue models. The Internet of Things (IoT) and massive connectivity will provide for massive market and business model disruption. Fast paced trends involving self-driving cars, the sharing economy, blockchains, personal drones, swarmbots, smart dust, artificial intelligence and augmented reality will either mitigate, accelerate or challenge the very notion of risk assessment and underwriting! What happens when Amazon, Google or some kid in a garage decide to really change the insurance business model?

What seemed to be science fiction just a few short years ago has become a reality today, as time compresses and the future accelerates. Whichever way you look, all sectors of the insurance industry are set for an era of disruption, challenge and change! Is the industry ready for transformative change? Not really! A recent survey indicated that while 94% of Chief Strategy Officers at insurance companies agree that tech will “rapidly change their industry in 5 years,” fewer than 1 in 5 CSOs believe their companies are prepared.

Does the insurance industry have the innovation culture necessary to deal with the potential for what comes next? Maybe not.

Jim has been the keynote speaker for dozens of conferences, corporate events and association annual meetings in the insurance sector, including • Certified Professional Chartered Underwriter Association • LIMRA International • Assurant Insurance • Chubb Commercial • Lincoln Financial • GAMA International • Cigna  • Blue Cross Blue Shield  •Equitable Life Insurance Company  •RBC Life Insurance •MetLife •SwissRe •American Institute of Actuaries • American Automobile Association • FM Global and SunLife. Jim led a discussion on the future of insurance at a private meeting that included CxO’s from most major insurers, including Allianz, XL Insurance, Travelers, AIG,  Zurich Financial Services, Allstate, AXA, MetLife Auto & Home, Farmers,  CNA,  Nationwide, American Famity, Chubb, Ping An, Lloyd’s of London, Liberty Mutual, The Hartford, Generali, GEICO, State Farm, Progressive, and RSA.

Jim Carroll has been helping insurance organizations in the world understand the tsunami of change that is FinTech, the impact of mobile technology, social networks, rapid business emergence, accelerated risk, the emergence of new global competitors and heightened customer expectations.

In his keynotes he puts into perspective the real trends impacting the future of insurance, offering critical insight into the key innovation and leadership strategies in a time of disruptive change.

One year ago today, I was the opening keynote speaker for the annual PGA Merchandise Show, one of the largest trade events in the world for the world’s largest working sport. I was on stage directly after Lee Trevino and David Ledbetter spoke; and was followed later by Bubba Watson.

As a hack golfer, it was a huge thrill – and it was the second time the PGA of America has brought me in to help them shape their thoughts on growing the game through innovation.

My talk focused on opportunities to link innovation to the fast trends impacting the world of golf, particularly through technology. Today, we are seeing growth return to the industry because of initiatives like TopGolf, new game tracking and training technologies, on-demand reservation systems, social networks and Instagram golf stars driven interest, and much, much more.

Here’s the really fun part: many of the offsite corporate leadership events that I do are held at really nice golf resorts – and there is usually a bit of golf involved, both for myself, as well as for the client! One recent client had me build a keynote around the trends that are accelerating golf and the need for agility and speed in the business sector.

The topic description I wrote follows. This might be a great theme for your own leadership event – contact me for details!

Driving the Future – Linking the Acceleration of Golf to The Speed of Business

The PGA of America, one of the largest working professional sports organizations in the world, has engaged Futurist Jim Carroll twice to help them align and adjust their focus to a fast paced future. A world that involves the 3D printing of customized golf clubs perfectly matched to a players stance. Course tee time yield management systems that now rival in sophistication those of leading hotels and airlines. An industry in which GPS golf analysis technology such as GameGolf, fast-moving golf entertainment complexes such as TopGolf, and smart clothing technologies are leading the game to new opportunities for growth. One in social media posts involving Instagram stars and Youtube clips are leading to accelerated interest in the game. Forget the idea of golf being a slow moving, traditional game — it is being disrupted to its core and is being positioned for growth through a relentless drive for innovation and high velocity trends.

In this fascinating presentation, Jim Carroll takes you on a fast paced cart-ride of a voyage into the new realities of business, by carefully linking the accelerated trends impacting the traditionally slow game of golf to the new world of business. One that is driven by the acceleration of business cycles, chipped away by the constant arrival of new technologies and competitors, and carefully stroked to success through perfectly aimed strategies. Don’t miss this opportunity to hear this fascinating presentation, carefully customized for those attending your corporate leadership meeting.

Send this to a friend