***Update***: as noted at the end of this blog, the session replays are now available here
The agenda-packed content from Day 1 of the SAP Financial Services Forum set the bar very high for a follow-up act on Day 2, but the attendees were not to be disappointed. The general session kicked off with a thought leading presentation by Daniel Mayo (Chief Analyst, Ovum) about the role of the Cloud today and its impact on the Financials Industries market. His findings were based on over 400 interviews with Insurance companies and Banks to reveal how, and where, the Cloud is changing the industry. One of the key findings is that the Cloud is no longer just about cost savings, but is also being used for business development to launch new products more quickly. Another compelling fact: 66% of respondents claimed that they have adopted a “Cloud/SaaS-first” strategy for new products. And, a very convincing 84% agree that SaaS allows organizations to respond more rapidly to market opportunities. Please read this SAP Ovum press release for more detail of this fascinating study.
For the Insurance track attendees, the session breakouts then focused on Telematics and the ‘Uberfication’ of Financial Services.
Swiss Mobiliar– Patric Deflorin, (Head of Personal Lines Insurance, Swiss Mobiliar) addressed the impact of Telematics on the car Insurance business, and whether it is a trend or a necessity. The technical applications and services supported by telematics are growing, and new business cases are continually being developed. However, the Insurance industry is being challenged, both on a coverage side as well as on the product side. Ultimately, there is a need for telematic-based Insurance products and he shared his approach for a compelling business case.
Synergy Group– Dr. Paul Marsden (Digital Strategist, Synergy Group) led a thought-provoking session on the ‘Uberfication’ of the Insurance industry. The focus was on what lessons the Financial Services should learn from Uber, the disruptive on-demand mobile taxi service valued at $18bn. This coming wave of ‘Uber innovation’ will create a perfect storm of three disruptive trends, impacting: on-demand, mobile and services. This ‘digital disruption’ is one that leads to the warning: Uberfy your marketing, or get Uberfied!
Clearly, Day 2 of the SAP Financial Services Forum offered another stellar opportunity for the attendees to enrich their market trend awareness. And everyone should have come away with ideas on how they can transform their business by using innovative technologies such as in-memory computing, omnichannel, cloud and analytic solutions.
If you couldn’t attend the forum, we plan on making the session replays available shortly