Silicon Valley Innovation Center has organized a comprehensive Study Tour on Emerging Trends and Disruptive Technologies in Insurance, for Board of Directors of Insurance Australia Group (IAG).The purpose of the Study Tour was to expand the IAG Board’s perspectives and awareness of disruptive and transformational forces predicted to shape the commercial landscape of the insurance industry over the next decade.The program included lectures led by executive industry experts, and visits to some of the most innovative companies of Silicon Valley.
“Day 1 of the program was focused on exploring the power of big data and predictive analytics in banking and insurance. The program attendees had an opportunity to listen to the amazing story of digital transformation powered by big data, of Western Union told by Chief Revenue Office of Western Union Digital. Later Chief Scientist of Kabbage, top 2 best fintech innovators of 2015 according to AWI and KPMG, shared her company’s practice turning big data into product and monitoring and evaluating changes in the customer’s behavior by using big data. Former Director of Research of Allstate gave a presentation on the future of insurance telematics and strategic innovation in insurance. The day was capped off with a startup event, where six innovative insurance startups – Tyche Risk, Score Data Corporation, Sparkling Logic, Ubimodo, Trov and Orbital Insight – presented their disruptive products to the group and answered some questions.
Day 2 was all about digitization and customer experience support. The Study Tour participants met with Executive VP and Senior Director of Razorfish, one of the world’s largest interactive agencies, to learn about innovation in global digital marketing strategy and changing mindset of consumers throughout the 20th century. Another seminar, delivered by executives of Guidewire Software, a provider of core system software to the global Property/Casualty (general) insurance industry, explored changing consumer behavior and how digital innovation can support customer experience and increase digital maturity. The seminars were followed by company visits to Hearsay Social, where new ways of building social networking for insurance were discussed, and Westfield Innovation Labs, known for successfully leveraging the social, mobile and digital market opportunities that converge the digital shopper with the physical world.
On Day 3 the participants visited AirBnB and Google, companies that have been continuously disrupting not one, but multiple industries.
The Tour brought about a lot of meaningful conversation on the future of insurance and companies like IAG, and was a pinnacle experience for the Board in terms of the amount of new thought-provoking information they received and will be able to leverage in their business transformation moving forward”