Lysander Associate Mark Duff investigates. A longer adaptation of this blog was first published in Insurance Day on 22 May. He was talking about embracing modernisation, self-disrupting, changing from within — but the turn of phrase was telling.
Even the casual observer cannot fail to have noticed that the way consumers shop is changing fundamentally, fruity love philter side chain blockchain a shift away from the high street and grocery stores towards online shopping. In a recent YouTube video, Scott Galloway of L2inc suggested that the way in which the US consumer buys their groceries will change forever.
This is the tipping point when a fruity love philter side chain blockchain of your customers start using the internet to buy your product, you know that your market will change forever. We wondered how smart appliances would affect our world and now we know. Amazon will use your data to automatically update your fridge and ask you when you are at home to receive your groceries. Meanwhile, in a separate video, Scott suggested at his lecture at the Digital-Life-Design Conference in Munich that the way in which we buy insurance may also change forever.
During his speech, he suggests that as an Amazon Prime customer, you may in the future be able buy insurance by just asking Alexa for a quote.
It was also proposed that Alexa could be able listen to your conversations at home, pick up the fact that you are thinking of going on holiday and then suggest that she has three travel insurance quotes ready for you to listen to and buy. No need to go to a computer, just tell Alexa to buy what you need. So, not scary at all, then. But, what about the London market — and the insurance industry as a whole — I hear you cry? Yes, the tide will likely start to turn with the personal lines business first — Amazon starting by transacting the low hanging fruit of automotive and household insurance, for instance.
But specialist insurance sectors like the London Market would be foolish to assume their products and services are too fruity love philter side chain blockchain for Amazon and its competitors to consider. The industry agonises about a technology from an unknown player coming out from the cold and stealing all their business. It spends large sums of money trying to provide a computer solution to replace centuries old manual process when perhaps the fruity love philter side chain blockchain process is redundant.
The historical record suggests that if one of these tech giants wishes to dominate a market sector, they will invest in a competing company that can help them springboard into that sector.
The London Market should be very worried. After all, Fruity love philter side chain blockchain and the like could become the ultimate MGA organisation. Could voice-activated AI One Click technology, which the other fruity love philter side chain blockchain technology companies such as Google and Apple are also investing time, money, and effect perfecting, be the pattern for the insurance purchase of the future?
Perhaps if, instead of fearing this disruption, we should view Amazon as the ultimate Trading Platform — and maybe the future could be now? New agile business models are bringing the era of wasteful practices in PR to a close. Roddy Langley explores what the lean fruity love philter side chain blockchain means for our industry in this article, as featured in PR Week. In contrast, lean production is the term applied to a strategic process that minimises waste, while maximising efficiency.
New fruity love philter side chain blockchain and workflow processes are helping manufacturers produce higher quality products at significantly lower costs — all the while tailoring each item to individual customer requirement.
Similarly, proactive PR fruity love philter side chain blockchain have realised that lean principles can allow them to remain laser focussed on the client, while retaining their competitive edge, boosting their green credentials and improving the work-life balance of their employees. Spending tens of thousands on expensive office space is wasteful, for instance, and unnecessary. Vanity PR offices not only add very large overheads to a business that ultimately clients have to pay for, but also come with the expectation that all employees must travel into work and be a permanent feature in fruity love philter side chain blockchain office.
Video conferencing, cloud drives, streamlined press distribution technology, and advanced design platforms add value for PR companies and their clients. Of course regular team meetings in person are fruity love philter side chain blockchain crucial, but are made all the more focussed and significant when they take place, and if they can be combined with a lunch or drinks to become more like team building occasions.
By working remotely in this way, in-house PR design and writing teams also enjoy balance and trust, while home working opens the door to a more inclusive, equality-driven business. From the paperless office to a drastic reduction in daily travel emissions thanks to home working, PR companies can use technology to reduce their carbon footprint.
There is a risk for some PR companies with high overheads to dig themselves into a hole of forever justifying price increases, and pressurising team members to be omnipresent in the office.
This model can and should be re-engineered into something altogether more efficient and sustainable that delivers more value for clients and employees.
Paperless transactions and electronic placements are all the rage…. Ultimately, the FCA aims to strike a proportionate regulatory balance between the risks and opportunities that blockchain could fruity love philter side chain blockchain. The FCA was relatively tight-lipped in its report, stating that it would keep its position under review while continuing to monitor market developments. But while the FCA is happy to watch, listen and learn, blockchain technology raises questions for other areas of regulation, not least data privacy laws.
It pointed out that, given the possibility of disseminating information to an entire, potentially public and permissionless distributed ledger technology or blockchain network, GDPR might be at odds with core features of most applications. A defining feature of blockchain networks, particularly public ones, of course, is the infallibility and completeness of their data archive.
This would also appear to directly contradict private data fruity love philter side chain blockchain. Nevertheless, the FCA reported being asked for further guidance on data protection and compliance rules.
One thing is certain — both the market and its regulators are watching very closely to see how the applications of emerging technologies like blockchain, artificial intelligence and machine learning, develop and disrupt.
If you are thinking of implementing any kind of big data technology, it would be remiss not to take a very close trawl through the data privacy laws first. Follow us on Twitter and Linkedin.
Mark Duff recently joined our teamspearheading the Lysander Intelligence division…. The Freelancer would be responsible for drafting day-to-day PR collateral, and ideally would have financial B2B writing experience, particularly producing content about the bustling London Market re insurance sector, or emerging technology such as blockchain. Potential account management might be a possibility in the future as well as assisting with our new bespoke reports division, Lysander Intelligence.
We are a flexible, dynamic team with a start-up mentality, exploring technology and digital content as well as traditional PR staples. We pride ourselves on our responsiveness. All enquiries will be dealt with in strictest confidence and complete discretion. For further information about the Freelancer roles available, please contact us directly. Offering bespoke London Market investigative reports based on information and insights gathered through detailed research and analysis based on in-depth market experience, Lysander Intelligence will service the London market, and any entities wishing to enter this market.
It will examine areas of interest, delivering detailed analysis that clients might not be able to gather themselves; or wish to do so without alerting the market or competition of their potential interest.
Experience and insight Mark Duff is a successful and experienced London Market professional, with managerial responsibilities for overseas office subsidiaries, strategic London Market relationship development and the management of client service teams and processes.
He has a solid background in both the business and technology sectors, which gives him a strategic understanding of the international re insurance market and the utilisation of IT within global financial organisations, London Market syndicates and brokers. He began his career in at E. Other preliminary areas to be covered will be London Market account management, Cyber Crime and Blockchain Mutual Distributed Ledgers applications in insurance. Lysander Intelligence will provide bespoke reports for companies looking to invest in the London market, including venture capital, IT providers, and overseas insurance organisations such as US coverholders.
Lysander PR specialises in delivering PR, marketing and communications for the global re insurance industry and was founded in by Roddy Langley, who commented: Mark is extremely well-respected within the London Market, dedicating his career to the ideals and enhancement of strategic re insurance hubs, and much of his considerable success is founded on his ability to form strong and lasting business and managerial relationships.
There are no boundaries to whom we can offer our expertise, whether they are trade re insurance titles, headhunters or industry professionals looking to find a new broking or underwriting team or enhance their personal profiles within the market. During our research and development, we also discovered that there is a strong desire from US-based insurance organisations to acquire more knowledge of the London market via a bespoke, independent investigation discretely undertaken by people with an intimate understanding of the industry.
The second of our monthly cartoons, taking a sideways look at the global re insurance market. If saw the blockchain concept increasingly take hold in re insurancethere is every likelihood will be the year fruity love philter side chain blockchain its wide-ranging practical application — particularly given the level of investment and interest this technology is currently enjoying.
For instance, the B3i initiative has so far succeeded in gathering 15 competing re insurance entities and counting together to explore a blockchain initiative. This B3i video sums it up neatly. If you review the reform agenda within the London Market, the core issue being addressed is the lack of credible data.
Blockchain, or Mutual Distributed Ledger technologies, ensure any captured data or attachments to the ledger is persistent, persuasive and permanent. However there are still many questions surrounding the use of blockchain in re insurance, not least whether private initiatives are even really blockchains at all?
Some blockchain evangelists claim that any kind of private model misses the whole point and potential of this technology in the first place. Fruity love philter side chain blockchain some extent it is a philosophical question fruity love philter side chain blockchain freedom, neutrality and minimising counterparty risk, as well as permanently fruity love philter side chain blockchain the developers of software from end users.
Public blockchains, like Bitcoin or Ethereum fruity love philter side chain blockchain, are secured by peer-to-peer cryptoeconomics and operate without a central controlling party.
They can be accessed by anyone, and anyone can have a valid transaction included in the blockchain as well as participate in the blockchain consensus process. Private and consortium blockchain models, in contrast, are limited to the member or members that have been granted permission to join, and are controlled by a central organisation s which can edit the ledger at any stage.
Better known as distributed ledgers, there is no public access, to the platform, and there is likely also no element of public readability to these types of blockchains, or at most limited readability. There are huge advantages to automatic, cryptographic authentication in a private blockchain, and there is no doubt that mutually distributed ledger technology could drastically speed up accounting, auditing and even transactional processes fruity love philter side chain blockchain re insurance.
In its enthrallingly-titled December Distributed Ledger Technology Feedback Statementthe Fruity love philter side chain blockchain flagged in particular the question of risk management in the context of permissionless networks. Needless to say, the risks are obviously application-specific. There is little doubt that the re insurance industry faces a challenge to stay relevant in the face of rapidly evolving new technology, and embracing new platforms is clearly key to driving change.
And there are clearly valuable automation and standardisation advantages to private mutually distributed ledgers — we look forward to hearing about the practical applications of blockchain in re insurance during What would a public insurance blockchain look like, and how could this affect our industry? With the advent of Blockchain type identity systems, these people can be brought into the worldwide economic system.
InLysander PR celebrated a decade in the insurance industry and embarked on the first phase of an ambitious growth path. Central to this path is a refreshing approach to what modern PR should look like, a sustainable attitude towards expansion and a fair and balanced approach to clients and our team.
For we will continue to expand and build on these goals, including a bigger team, a proactive approach to corporate social responsibility, and active exploration and investment in new technology fruity love philter side chain blockchain streamline PR and support independent journalism.
As the companies that form the experimental blockchain B3i group prepare to test a jointly developed platform focused on catastrophe insurance, we take a look at some of the questions that a fully blockchain-enabled re insurance payment chain raises. Until now, most mutually distributed ledger aka blockchain projects in re insurance have concentrated on streamlining administrative work done by counterparties and back office shared processes.
Indeed, ledger blockchains make excellent identity, documentation and agreement exchanges, which is what the complexity of wholesale insurance needs. However these ledger blockchains can also hold pieces of computer code that can be set to execute a process or processes to run at a future date following an insurable trigger. This made us stop and think…. To some fluffy vanilla PR pods, the very suggestion of an off-diary exclusive from a journalist can engender panic, and the sudden overwhelming desire to hide in the toilets for the rest of the day.
Meanwhile, the client and subject of the story starts arrangements for the hack to be quietly embedded in a concrete pillar at a nearby construction project. But to the best pros, having a journalist approach you with an exclusive, no matter what the nature, can be an opportunity and a triumph of fruity love philter side chain blockchain relationships.
The first thing to remember is that if a company feels this way, it can at least be assured that its competitors are also subject to the fruity love philter side chain blockchain scrutiny. Indeed, this is where relationships matter most. The best PR people will not simply act as a gatekeeper to a company and slam the doors shut at the first whiff of off-diary or off-message news.
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