Playing or Changing the Game?

More thoughts from the 2009 eInsurance Symposium…

Are you as a technology firm supporting the insurance industry – or whatever industry you support – playing the game just like your competitors or are you changing the game?

Playing the game, doing something the same as your competitors – albeit supposedly cheaper, faster, with more up-to-date technologies – or some combination is a holding action. Sure, you might pick up some market share here and there but you’re really just one of the herd. Nothing exciting and worst, no reason to think your firm really has a very long term competitive advantage.

But if you are changing the game … by hoping to change the rules of the game then it is quite possible you will create a longer-term competitive advantage.

Why bring this up?

Walking the floor of exhibitors at the 2009 eInsurance Symposium – it was a short walk because there were maybe a dozen exhibitors – only one exhibitor is truly trying to change the rules of the game: FirstBest.

Why?

You can click over to the FirstBest web site here but summing up they decided not to play in the “improving downloads or uploads” spaces. FirstBest realized insurers and agencies needed a shared platform to collaborate and accelerate business acquisition. Asynchronous communication is yesterday’s game; leveraging Web 2.0 enabling agents (or CSRs) and underwriters in the home office to see and work on exactly the same information at the same time is tomorrow’s game.

Are they wrong? Are they too far in front? What do you think FirstBest’s odds are of creating a competitive advantage?

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Published in: on September 16, 2009 at 7:20 pm  Leave a Comment  
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