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Dan Taylor, TAL
- 1. Delivering Corporate Innovation in a world of AI: When Product / Market Fit isn’t enough Dan Taylor GM, Innovation May 2018
- 2. 2 Pack Title Commercial Insurance took off in C.17 to protect shipping
- 3. Today, there is strong momentum in InsurTech, with AI a hotspot 3 Since 2012, global insurance tech start-ups have raised $7.2 BILLION across 620 DEALS Source: CB Insights, Trends in Insurance Tech, July 2017 AI in fintech and insurance tech is the leading category for deals in 2017 so far, with over 30 deals to the category in Q1 ‘17
- 4. 4 So what does A.I. mean for Insurance?
- 5. 5 Pack Title Data / AI can enable a better experience for customers and staff, more tailored products, and even illness prevention
- 6. Pack Title Amazon Prime has shown the potential by automating refunds
- 7. So how do incumbents keep up? 7
- 8. CORPORATE INNOVATION = ACT LIKE A STARTUP
- 9. RISK GOVERNANCE OPERATIONS FOCUS CUSTOMERS BRAND CORPORATE ≠ STARTUP = + = =
- 10. “You can’t innovate by committee”
- 11. The challenge in a corporate is delivering speed and scale 11 SPEED & SCALE EXPECTATION
- 12. 12 Pack Title You’re going to need to sell more than one pen
- 13. 13 Pack Title
- 14. So how do you develop successful new products in big businesses? 14
- 15. 15 Myth: The usual rules of product / market fit apply
- 16. 16 You need Product / Market / Corporate fit
- 17. Corporate Fit? You have to align to the Corporate context 17 Technology / Operational Commercial Scale
- 18. Corporate Fit? You have to align to the Corporate context 18 Technology / Operational Commercial Scale Customer & Brand Strategic portfolio … and the best ones leverage the Corporate assets to drive greater scale
- 19. Leverage the distribution channel British Gas, launched a Remote Heating Control service through their engineer network, creating the largest Smart Homes player in the UK
- 20. Leverage the customer base Epson crowdfunded its new augmented reality headset – proving the demand, capturing early customers, and helping the financial case all at the same time
- 21. Leverage the brand Chocolate manufacturers often launch full scale pilots as ‘Limited Editions’ – giving the new product every chance of success, but also a risk-free way to fail ` 21
- 22. So how has TAL approached this challenge? 22
- 23. Our Innovation Team is focused on 2 approaches 23 Inspire and engage the organisation to accelerate core and adjacent proposition development Incubator Leverage data and emerging technology to ‘step change’ our business
- 24. “You can’t innovate by committee” We have empowered a ring-fenced team
- 25. 25 Pack Title Hiring a data scientist isn’t enough…
- 26. The team is multi-skilled and incentivised to experiment and learn 26 Operations Lead Data Scientist Technology Lead Delivery Engineer Data Engineer Customer & Proposition
- 27. 27 Pack Title We have a clear purpose and focus on discreet customer-led projects
- 28. What are the results? 28
- 29. 29 Cora helps claimants return to health by connecting them with experiences & advice of former claimants
- 30. 30 There is a lot of hype about AI taking away jobs
- 31. But the reality is a little different Pack Title In life Insurance, the hype is a long way from reality 31 Machine Learning is only as good as the data it learns from
- 32. However, we’ve found triage applications can add real value • Supporting existing processes – rather than inventing new ones • Improves consistency and speed of existing processes • Pilot real tools so both you and the machine can learn 32 Machine reviews 100% of cases to triage which cases the QA team should audit fully
- 33. 33 So we believe AI will have a more symbiotic relationship
- 34. 34 Pack Title …And don’t just ‘act like a start-up’! Summary 1. Think Product / Market / Corporate fit 2. Understand and align with the 4 areas of corporate fit 3. Ideally, leverage the corporate assets to enhance the opportunity …and our success in AI has been based on: 1. Empowered and ring- fenced team 2. Multi-skilled team with aligned incentives 3. Clear Purpose but with discreet customer- focused experiments
- 35. CHECK IT OUT! - The Secrets of Big Business Innovation is based on over 100 case studies from leading corporate entrepreneurs 35
- 36. Delivering Corporate Innovation in a world of AI: When Product / Market Fit isn’t enough Dan Taylor GM, Innovation May 2018
Notas do Editor
- You’ve already got lots of customers Use crowdfunding to test new ideas and gauge demand
- DAN AI is increasingly being used in care – Fiona and I saw that in Silicon Valley and we’ve found quite a different use case which is complementary to many of other things we are doing like the Health Service support materials. This project came out of the insight that many customers on claim look for support from somebody who has been through a similar experience. Sometimes they find it hard even to talk to their family and loved ones but want somebody who can understand their situation – for example, often men find it hard to talk to their wives if their role in the family as primary bread winner is taken away by ill health so they might need somebody who has been through something similar who can empathise. Now one of the things about TAL, is that we know thousands of people who have been through claims and so there is a vast pool of untapped experience and empathy amongst our former claimants. Now for operational and legal reasons, its quite hard and risky to actually connect these people in real life. So instead, we have created Cora – here’s the welcome video that sets out how it works Play welcome video We started with a small pilot, and one of the things that we found was that one of the most powerful elements of the service was actually for the ‘mentors’ - the former claimants seemed to get so much out of giving something back and helping others like them. So we’re now expanding the pilot to enable claimants to tell their story as well – which actually also ties in with one of the tips from one of the former claimants about journaling their experience as a way of dealing with it. Also, whilst we started with just musculo-skeletal injuries we’re now expanding to a much broader set of claims and these 2 things should help us scale the pilot and we now have a number of our group partners interested in the service too.