25.09.2017

Digitalisierung? Ja gern!! Teil 1: Erklärungsversuch…

prolog

Digitization has the potential for next and second no word of the year. But not the word, but the usual nebulous context is the real problem. Either the digitization is perceived as an empty phrase without any content or temporal reference (I will probably not experience it anymore). It is discussed technically in terms of infrastructure requirements. And the third and most dangerous child is a fear debate on this topic. There are top 10 lists of occupations and industries that will disappear within the next 10 years. Incidentally, the insurance broker almost always occupies top positions.

But it’s not about processes and technical requirements, nor is it a reason to be afraid. With some interest in the subject matter, it is very easy to look forward to digitizing with a smile. Because Hoesch & Partner is one of the pioneers in the industry and has been working intensively on this topic since the beginning of the millennium. What’s more, digitization has always been and continues to be a top priority!

The first part of this blog wants to introduce you to terms and contexts. What that means for the insurance industry and especially medium-sized brokers is as Hoesch & Partner, I would like to discuss in part 2 of my digitization blog.

The recently re-released and Directly virally started star TV video of the early Christian Lindner (1997, 18 years old) Reveals the founding spirit of an 18-year-old who – translated into our time – would be more than Desirable. Does the digitalization but a lot of „thorny opportunities“ (quote: Christian Lindner) for workers and employers! So it is a great pity that the German public talks about problems rather than opportunities.

We are facing overwhelming changes that will top the economic miracle of the 1950s – 60s. It does not take much to imagine the reality of life wants change, but it is easy for anyone to participate in this development. If you want.

But maybe it also needs understanding: By the middle of the last millennium, even the most visionary among the top-level managers of the auto industry would probably have to make predictions that describe today’s reality on the road. And in 2010, Microsoft boss Bill Gates oracle „From the iPad is nothing, netbooks are the future“.

What is „THE“ digitization?

It has been discussed, but plays a major role in perception. Optimizing processes is an obligation to be competitive in terms of quality, performance and price / performance. Especially in a globalized world. It is the automation that most currently circulates fear images. Because the associated loss of jobs, especially with low demands on the qualifications of the workers, so what a long-held feared topic. It is worthwhile to shed light on the revolutionary history of industry in order to better classify digitization:

  1. Industrial Revolution = Mechanization (Hydropower / Steam Power)
    ——————————-
  2. Industrial revolution = mass production with the help of assembly lines
    ——————————-
  3. Industrial revolution = Digitization of assemblies using electronics and IT
    ——————————-
  4. Industrial revolution = networking , information transparency, technical assistance, decentralization

 

The „actual digitization“ thus already took place in the early years of the current millennium.

Digitization is a platform topic

Platform Definition (Computer Science [hardware & software]) = a common foundation on which applications can be executed and developed. (Source: Wikipedia)

Looking at the identification of the 4th Industrial Revolution, it is becoming clear that, in principle, it is about platforms and their advantages! And the really wonderful thing about it: Seldom has been so customer-driven. Seldom have niche products, niche services and their diversity become so obvious! Decisive for the success of a solution is no longer just its distribution and market power – the focus is on usability.

If you apply this, for example, to small and medium-sized enterprises (SMEs), we can look forward to tremendous potential. Platforms in the traditional sense, such as comparison portals (insurance industry), significantly increase the visibility of solutions and services.

Standards and Co: a prerequisite for digitization

Between the 3rd and 4th Industrial Revolution, another building block needed to enable digitization: standardization. While it was clear that the proprietary systems (and mostly failed) tailor-made system solutions, it became clear the proprietary systems questions:

  1. Cost efficiency with respect to care, maintenance and provision of in-house know-how,
  2. Timeliness of the solution in the market comparison,
  3. Compatibility and interfaces.

Hardly any top software house still offers boxing products today. As a matter of course, personal data is entrusted to the cloud and cloud-based services are used. This development, which started with SaaS, seems to be over today. However, customer-driven industries are still struggling with the complexity of their proprietary system solutions, which have come under heavy financial strain.

Open platforms: key to digitization

The last and most important building block is open standards. Without a thriving ecosystem of third-party developers and the ability to work with other networks, databases or even platforms, digitization is unthinkable. Only then, as the forefront of evolution, are applications developed that develop through cooperation, bundle information and process it transparently and operatively for the customer. And subsequently establish themselves on the market and in the broad masses. And here again platforms are an access, because the user / customer will always seek the simplest way to find a solution. And platforms in the form of eg comparison search engines or computers represent an easy-to-use central access.

Outlook on Part 2 of the Digitalsierungsblogs

FinTechs (Financial Technology) is one of the growth technologies in the insurance environment and has gained some venture capital over the last 2 years. The press is already oracle the extinction of the insurance broker. Who overslept the current development, risks a lot. And that size alone does not immunize, shows the insolvency of the game giant Giant Toys „R“ Us, which has overslept digitization according to their own information. Of course, this also applies to consulting services, some of which consist of research processes in which the customer’s insurance and retirement products are compared. Processes with automation potential that almost scream after using a FinTech app.

Thank you for your interest in this post. Please give me your opinion on this exciting topic and comment. I am happy to exchange views, because digitization is a „participatory process“ that invites to figures.

And in the meantime: We are here for you!

 

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