What Business Are You Really In?

Tech & digital advancements are refining & redefining products & business models. And at the same time, business boundaries are blurring & being redefined. It is getting harder and harder to what business you are in.

All too often, I hear the discussion at a strategic level that we are in the insurance business – pricing, underwriting, distribution, claims, reinsurance and so on. Well, sort of. Taking motor for example, insurers are actually in the business of providing peace of mind- knowing your vehicle and other property is covered if you have an accident and you will get back on the road if the worst happens. So motor insurers are in the Mobility business. And new business models are rapidly emerging bringing together elements like driverless cars, car sharing, car alternatives, sales and finance and other options to get from A to B. Andrew Cornell provides some great commentary exploring these and other issues.

Source: Bluenotes