As part of the CAS Digital Insurance Transformation, Dr. Christoph Peter visited Silicon Valley in San Francisco, USA with a total of 16 executives from Switzerland and Germany. The intensive weekly program provided exciting insights into the digital cosmopolitan city and showed managers current developments. In particular, the participants were able to make 3 strategy-relevant observations:
1. InsurTech Disruption is a «Hot Topic» in the Valley – the explanations of the Plug&Play Tech Center show impressively that the investments in the insurance sector currently have the highest volume, so there is still a lot to do in Europe. Also in the USA the two most important topics are AI and Blockchain.
2. The cost ratio in the insurance industry is still regarded as too high. Especially the deepening in the IT workshops showed impressively, which growth Open Architecture platforms and API make possible and how thereby both simplicity and professionalism are strongly improved. One of the fastest growing start-ups in the USA Vlocity focuses on such simple IT solutions.
3. Innovation Management & digital Leadership are essential – digital does not only mean «paperless» and laptop based working in the cloud, but primarily the joy and enthusiasm for new innovative solutions and technology. It was impressive to see how leading companies in Silicon Valley live this spirit, cultivate openness and exchange and strengthen each other. Exciting examples from GSV Labs, Draper University, Docusign.
The next Innovation Week will take place in September 2019 as part of the second edition of this new course. If you are interested, you are always welcome to learn more about this management program and benefit from a personal consultation here. Lifelong learning is more important than ever in the digital age, make 2019 your “year of continuing education”.