Tag Archives: high performance

It is a kind of cliché to state that the financial services industry landscape is changing rapidly, continuously and often unexpectedly. Customers don’t seem to care about those incumbent financial services firms that are not responsive to their needs. Although there has been a constant stream of assurances from various banks, wealth managers, and insurance companies that they are customer-oriented and responsive to customer needs, a lot of things remain to be done. Customer-orientation hot talk, as I call it, is a form of self-deception, and although most of the financial services companies still heavily rely on old-dated goods-dominant logic, they talk as if the reality is something entirely different. The truth is that most financial services companies are again faking true customer-orientation and this is a real problem. This is very problematic as it deceives both the client as well as shareholders (or stakeholders). Signaling, shouting out loud random words, is simple but…

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In God we trust, all others must bring data. – W. Edwards Deming Everyone is talking about data all the time. “Data is the new oil,” is one of the most famous clichés among data-oriented people who don’t actually understand data science. 1)Listen to this podcast to understand the point. This data talk is a form of mass illusion as collecting data is very different from actually deriving meaningful and valuable insights from the data available. Many people have emphasized the importance of data for the future of insurance business, and there probably is n. It also looks like that insurance companies and their senior executives are constantly talking about business intelligence (big) data, data analytics, data mining, and data science. 2)Sure, consultants are talking about this a lot too. Every insurer recognized the importance of data management and data analytics. According to SMA’s research, over 90% of insurers have…

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