www.insightssuccess.com September 2017
The
The way of business solutions
10
COMPANY OF THE MONTH
Most Trusted
INSURANCE ECH
Solution Providers 2017
Dave O’Brien President & CEO
Zywave
Zywave
Richard Brown VIPR Solutions
Editor’s Perspective Network Security Threats & Solutions The Finalyst Looking Back into the Future Debarring the Speculations and being a part of the Recoveries
The Most Reliable Insurance Partner to Brokers
Editorial
T
oday, the Internet and Digitization are enormously transforming the business world. The insurance industry is also getting influenced by this change intensively. New emerging technologies like artificial intelligence, automation, blockchain and more are changing the way of doing business with their significance. Internet and location-based devices and systems like IoT are facilitating to track and communicate with the individuals and machines irrespective of time and place. Aggressive usage of smartphones is rapidly modifying the overall working culture of the insurance sector. The advanced insurtech tools and applications are completely changing the consumer demands from insurance providers. A boost of ’insurtech’ investments is making this business more valuable.
Insurance Tech: Transforming Insurance Sector for Perfection, Convenience, and Trust
The insurance sector is growing rapidly, but the results of numerous surveys show that more than half of insurance providers are lagging behind in digital adoption as compared to other sectors that result in a lower rate of customer satisfaction. For new customer acquisition and business success, it is important to understand each and every aspect of customer demands. Today, the customer’s expectations are too high, they want everything should get done as quickly as possible on their fingertips more conveniently without any complex procedure or formality. To meet these customers’ demands and improve customers’ experience, insurtech is playing a very significant role through effective utilization of advanced technologies and tools. The insurtech industry is continuously expanding as there is a huge space for technological inclusion and fulfillment of rapidly changing technological demands. Insurtech is redesigning the Insurance sector by connecting customers, agents, employees and others through advanced technology platforms and tools, which is convenient for all. Insurtech helps the insurer to directly interact with policyholder about their policy details and more that results in building a trust about insurers. Tools like live tracking help both insurer and holder for flexible policy schemes that may in terms of rewards or policy customization. Insurtech is simplifying the whole working structure of Insurance sector by creating a bond of trust between policyholders and insurance provider. But this is only the start of a revolution, there is a lot of things to be done in the Insurance sector, which will really help human being for securing their today and tomorrow.
Suhel Mashayak
Editor-in-Chief Pooja M. Bansal Senior Editor Ariana Lawrence Managing Editor Suhel Mashayak Co-Editors Sagar Bhattacharjee Rajarshi Chatterjee Kaustav Roy Ashwini Deshmukh Visualiser David King Art & Design Director Amol Kamble Co-designer Alex Noel Picture Editor Vijaykumar Dudhbhate Art Editor Vinod Alhat Business Development Manager David Martin Steve Smith Marketing Manager Chris Business Development Executive Sophie, Karen, John, Mary Research Analyst Jennifer Circulation Manager Robert Database Management Steve Technology Consultant Swapnil Patil sales@insightssuccess.com
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COVER STORY
08 Zywave: The Most Reliable Insurance Partner to Brokers
VIPR:
16
Modern, Comprehensive Suite of Dedicated Software Solutions
Company of The Month
26
34
advo group:
Wesavvy:
Empowering People Solutions
Insurance Products Powered by your Lifestyle
Article The Finalyst
Editor’s Perspectives
Looking Back into the Future Debarring the Speculations and being a part of the Recoveries
28 20
30 Disruptive Technology Organizations Driving the Exponential Conglomerate
Network Security Threats & Solutions
24 The Need to Understand the Necessity of Innovation
C X O
S T A N D P O I N T
10MOST TRUSTED INSURANCE SOLUTION ECHPROVIDERS
2017
THE
Insurance Tech for Smart Insurer
C
urrently, the insurance industry is experiencing a huge technological shift in response to rapidly changing customer demands, regulatory requirements, and cost pressure. This advancement in technology is successfully delivered by Insurance Tech Solution Providers who are changing the face of the insurance industry. Insurance Tech is filling the gap between the insurer, agents, and customers by bringing them on the single platform. Different businesses, insurance firms are giving birth to insightful data that help Insurance tech to provide customized products that meet individual customer’s specific demands. The Insurance providers are fully taking help of all new trends, gadgets, and devices. Healthcare insurers are now utilizing data from different devices like fitness trackers, wearables, and more to handle claims and risk management. And technologies like drones are helping the insurer to evaluate damages caused by natural disasters without the need of an inspector to visit that respective site physically. This is creating lots of opportunities for Insurance Tech industry to fulfill all technological needs. The rapid boost in Insurance Tech industry and its effectiveness made us go for the issue “The 10 Most Trusted Insurance Tech Solution Providers 2017”. We highlight this issue with the cover story Zywave, which is the Most Reliable Insurance Partner to Brokers. It is a leading provider of software-as-a-service (SaaS) technology solutions for the insurance industry. The company’s products include web-enabled marketing communications, business intelligence, and analytics, client resource portals and agency management tools. More than 3,500 brokerages worldwide—including 93 of the top 100 U.S. insurance firms—use Zywave’s proven solutions to differentiate themselves from the competition, enhance client services, improve efficiencies and achieve organic growth. Dave O’Brien is the President & CEO of the Zywave. As the CEO, Dave is personally committed to ensuring that Zywave is laser-focused on fulfilling Zywave’s commitments to drive success for brokers. He often reminds his team that what they do matters because of the impact they have on the lives of agents, brokers, and their clients. Dave consistently points out the opportunity they have to test the limits and to push themselves so that Zywave’s Partners and their clients see even more success when they work with Zywave. While going through our magazine don’t miss out Looking Back into the Future: Debarring the Speculations and being a part of the Recoveries and Network Security Threats & Solutions from the Editor’s Pick. Disruptive Technology Organizations: Driving the Exponential Conglomerate and The Need to Understand the Necessity of Innovation from the Successful Leaders will help you understand the current market trends. Let’s get started then!
Cover Story
Dave O’Brien President & CEO
Zywave
10MOST TRUSTED INSURANCE PROVIDERS ECHSOLUTION
2017
THE
ZYWAVE:
The Most Reliable Insurance Partner to Brokers I
nsurance brokers are being buffeted by changes in the market. They are being asked to do more with less – less commission, less resources. Zywave is an Insurance Tech Solutions company, which is investing in the development of solutions to help brokers find a safe harbor to situate their business for growth and implement new tools that fulfill the expectations and demands of the individual customers. Solutions for the Growth Zywave has a suite of 14 products for independent insurance brokers and agents. It has technology solutions for Employee Benefit and P&C brokers, as well as personal lines agents. It offers technology platforms that help agencies to transform from average growth firms to high growth firms. With various products – such as agency management systems, claims analytics tools, pharmacy benefit discount programs, marketing communications solutions, onboarding/HR management and paperless enrollment tools, a Mod analysis tool, and communication portals, it helps brokers deliver a truly amazing experience to their clients—something that is critical
for driving growth and retention for brokers. Zywave’s Leader Dave O’Brien is the President & CEO of the Zywave. As the CEO, Dave is personally committed to ensuring that Zywave is laser-focused on fulfilling Zywave’s commitments to drive success for brokers. He often reminds his team that what they do matters because of the impact they have on the lives of agents, brokers, and their clients. Dave consistently points out the opportunity they have to test the limits and to push themselves so that Zywave’s Partners and their clients see even more success when they work with Zywave. Dave has been with Zywave since its inception. Prior to starting Zywave in 1995, he was a producer with Frank F Haack and Associates. Dave developed Zywave’s first software solution, DecsionMaster®Warehouse. When it was launched in 1995, it was the insurance industry’s first medical claims analytics tool. Because of his breadth of experience, Dave knows the industry; understands the challenges that come with being a producer and a leader of a company. His deep understanding drives his commitment to the vision of Zywave, and his vision fuels his unyielding passion for helping brokers succeed. Spirit for Innovative Solutions Team Zywave implements advanced technology through a variety of ways such as: • Continual R&D. • Zywave’s team market analysts evaluate and analyze the market and
analyze market trends on a continual basis so they can stay on top of emerging challenges and opportunities for brokers. • An annual nationwide survey of thousands of brokers to keep a close pulse on broker business challenges, needs, and top concerns. • Robust qualitative research – 1:1 interviews with brokers. • Nationwide annual surveys of tens of thousands of employers to understand what clients want and need from a broker. • An extensive network of relationships with industry thought leaders and associations. Taking AI as an Important Tool While talking about the importance of Artificial Intelligence (AI) Dave said, “Given the insurance industry’s propensity for slow change, there is a good possibility that it will feel the impact of AI in a more significant way than other, more agile industries.” Here are some ways that Zywave sees AI impacting the insurance industry: Claims processing: Sophisticated programs automating the process for deep and accurate claims evaluation to determine the validity of information and claims. Virtual agents: Automated insurance agents & chatbots that act as virtual assistants and place insurance. Virtual M.D. that analyzes symptoms and provides advice. P2P insurance: Peer to peer insurance, removing large insurance companies from the picture.
Customer engagement: Programs that take disparate customer and patient information, synthesize data and create holistic customer profiles. Programs that use big data to develop sophisticated customer and patient profiles to develop hyper-targeted offers and products. Underwriting: Predictive modeling and algorithms continue to become more sophisticated, changing what we know about and how we can assess. Big Data for the Great Products and Services Big data allow Zywave to learn more about their partners, independent brokers and brokers’ clients. This creates a fantastic opportunity for Zywave to develop new products and services tailored to specific needs, and to strategically enhance their current products to better meet demands of buyers. Additionally, they’re able to provide solutions that brokers need to deliver meaningful solutions to their clients so that they can provide exceptional customer service. Big data allow Zywave to stay on top of emerging threats to employers and brokers in the benefits, P&C and personal line spaces. In turn, they can keep brokers up-to-date, informed, and ahead of the curve. Dave about the Customer Expectations with Digitalization When asked about how digitalization is affecting consumer behavior and demands in the Insurance Industry, Dave said, “Customers expect more transparency and 24/7 access to information online. We see trends that consumers expect fast, paperless
“
Insurance
Position of Insurance Industry Over a Decade, according to Zywave • A lot more of the business will be streamlined behind the constant wave of technology being applied to the industry. Brokers will focus more of their efforts on strategic and value added activities for clients, while more transactional activities will be addressed through technology. • Technology will continue to enhance employee/employer education. • New (2027) manner in which government interfaces with insurance. • Vertical integration to survive. • Carriers will increasingly look to sell direct to consumers, particularly in the small P&C market. Carriers and technology companies will attempt to further blur the line between broker and carrier. • Cyber insurance will become a standard coverage for
your business
“
transactions with companies. Consumer behaviors are changing such that policyholders increasingly demand digital-first distribution models in personal and small commercial lines. Consumers expect personalized interactions with companies 24/7, like online retailers.”
broker software to take
to the
next level
businesses of all types and sizes. Brokers will need to either become comfortable talking about cyber risk or outsource/insource that knowledge. • M&A activity will continue to be robust. • The brokers that survive and prosper will be the ones that do more than facilitating a transaction: The client experience will be a key. Clients—especially Millennials who aren’t afraid of technology-mediated transactions—need to be given a reason to use a broker for their insurance needs instead of binding direct or quasi-direct with a carrier. • Increased technology with the Internet of Things will continue to revolutionize the underwriting process and help make policies more catered to the individual client. • Cyber insurance will be required and regulated by the federal government. • Policies will become more integrated to help eliminate the need to purchase multiple policies to cover various risks. Zywave’s Steps Towards Growth Zywave is laser focused on understanding the changing needs of the broker and brokers’ clients. This is the genesis point for Zywave to deliver differentiated solutions that positively affect brokers’ top and bottom line. Client Speak “There were so many unique and complex issues that I had to deal with, and Zywave support was HUGE! The whole process wouldn’t have worked and I wouldn’t have been able to overcome my client’s challenges without them.” – Ellison Christopher, Texas agency “The whole Zywave team has been terrific. They laid out a plan, stuck to it and did everything they said they would. I have nothing but great things to say about Zywave’s support.” – Russel Agency, Connecticut agency
“Zywave is a game changer, I can say that with condence. If you want to be successful, you need these tools. I preach that up and down.” - Hall & Marose Silveus, Indiana agency
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2017
THE10MOST TRUSTED INSURANCE PROVIDERS ECHSOLUTION
Company Name
Management
Brief
Advo Group Ltd advogroup.co.uk
Larry Bulmer CEO and Founder
advo is an award winning advisory with a focus on people and technology. advo business technology platforms are standalone or linked delivering corporate style benefit management and communication to SMEs.
Fitsense fitsense.io
Jan-Philipp Kruip Co-founder & CEO
FitSense is fintech company that uses app and device data to create rich customer profiles that allow insurers to truly personalise insurance products and services.
Friendsurance friendsurance.com
Tim Kunde Co-Founder& MD
Friendsurance is insurtech company has created a peer-to-peer insurance model. P2P insurance is connecting groups of customers and facilitating a yearly cashback when they and their connections remain claims-free.
insPeer ve.inspeer.me
Emmanuelle Mury Co-founder
Inspeer is the first collaborative insurance solution that offers the opportunity for individuals to optimize their contracts based on a solidary and responsible community.
Mecon Insurance
mecon.com.au
Daniel Joiner WA State Manager
Mecon Insurance partners with insurance brokers to deliver tailored solutions for a wide range of clients and industries.
Prudential prudential.com.sg
Wilfred Blackburn CEO
Prudential Singapore is one of the top life insurance companies in Singapore. It has been serving the financial and protection needs of Singaporeans for over 85 years.
Vintage Underwriters, Inc. vintageunderwriters.com
William Edmondson Founder
Vintage Underwriters is a Managing General Agent / Surplus Lines Agent serving retail agencies in the Lone Star State since 1980.
VIPR solutions viprsolutions.com
Wesavvy wesavvy.com
Zywave
zywave.com
VIPR Solutions is an award-winning provider of sophisticated software solutions for the insurance market. VIPR is continually Richard Brown Director & Co-founder developing its product offerings to ensure clients’ needs are met and data is handled efficiently and accurately.
Hesus Inoma Founder
Wesavvy is an InsurTech company having a digital cloud-based Lifestyle Insurance Personalisation and Engagement platform which captures and aggregates lifestyle data from consumer platforms, apps, wearables and social media, fine tunes the data and turns it into usable, actionable and predictable insights for both the Customer and their Financial Services Provider(s) (FSPs).
Dave O’Brien President & CEO
Zywave is a leading provider of software-as-a-service (SaaS) technology solutions for the insurance industry. The company’s products include web-enabled marketing communications, business intelligence, and analytics, client resource portals and agency management tools.
“We provide end-to-end software solutions for the insurance industry that are tailored to the needs of individual clients, fortified with a rigorous support system”
Richard Brown Director & Co-founder VIPR Solutions
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|September 2017|
Company of The Month
VIPR: Modern, Comprehensive Suite of Dedicated Software Solutions
D
ata is an ongoing challenge for the insurance industry as the amount of data received is vast. Thousands of spreadsheets are being presented each month, containing information on premiums written, premiums paid and claims made. Each spreadsheet can contain thousands of rows of data with multiple columns, so a single document could contain millions of individual cells of data. Technology is essential to allow organizations to get to grips with data to understand their business as well as comply with industry regulations. VIPR is an award-winning provider of sophisticated software solutions for the insurance market. Its products help clients understand and manage their data efficiently and accurately. At the heart of the company is VIPR’s customers; through them, VIPR is able to develop products that meet their requirements. This is often done through user group meetings, where VIPR brings together its clients to share their challenges and insights. These events can often put the wheels in motion for the next VIPR product. Flexible Solutions for Changing Demands VIPR continually strives to provide the
|September 2017|
latest software offerings for an industry in need of modernisation. Many companies have been heavily reliant on manual processes, legacy systems, and inadequate or unreliable data, and with an increase in regulations, the market has no choice but to change. Over the years VIPR has created products to meet these changing market needs, developing solutions to enable insurers to standardize, cleanse and validate incoming data, quickly and easily. This in turn helps the way insurers transact business as well as providing an effective response to regulations. VIPR now boasts six products in its portfolio, including: Active Underwriter; a quote and bind solution, Intrali; its data management product, Intarga; an online workflow tool, Active Reports; a reporting tool, Complaints Manager; enabling complaints to be reported online and Consensus; its latest product targeting group life insurers allowing them to standardize membership data. Although technology has started to be embraced by the industry, another challenge is becoming apparent. Even with modern systems in place, there is still a need for human intervention and sometimes this can cause a problem in organizations that are under-resourced.
In response to this VIPR now offer VIPR Managed Service (VMS). In conjunction with London consultants JDX, VIPR is able to offer a fully managed service, operated by trained staff to take the pressure off clients who don’t have the internal resource or expertise to manage their missioncritical systems. Founders of VIPR Richard Brown is the Director and Co-founder of VIPR. He co-founded VIPR in 2009 with his brother Bob. Prior to setting up the company this pair of entrepreneurs and businessmen had previously launched and subsequently sold Moneynet.co.uk, the first personal finance comparison site in the UK. At VIPR Richard oversees management of the business and is fully involved in the client relations, as well as product strategy and development. “In order for us to provide the latest technology and stay ahead of the marketplace, we are constantly reviewing other products on the market, but above all we listen. We listen to the regulators, we listen to the industry and we listen to our clients. We often hear clients complaining about competitor products that don’t really do what they are supposed to do or what is expected of them. We believe in building products that are
We have developed products that don't just meet our clients requirements, but exceed their expectations 17
Company of The Month
“We ensure the software systems installed run smoothly, meet insurance market requirements and respond to and grow with your business” the very best, simple to understand and use and do ‘as it says on the tin’. We don’t overcomplicate things for the sake of it and we avoid anything that cannot be done quickly and easily explained,” asserts Richard while talking about their market understandings and uniqueness. Process of Implementation VIPR’s approach to implementation is centered around its customers. Even before implementation, VIPR works closely with its clients to understand their needs. In fact, the first step in the process is a needs analysis. VIPR will work hand-in-hand with a client to craft a solution to suit their exact requirements. They firmly believe that their best sales force is their existing customer network and they work tirelessly to ensure that remains the case. Once VIPR have assessed its clients brief and had sign off, they work quickly to integrate and implement its software solutions and streamline with the client’s business processes. Whilst most of its products can be delivered ‘out of the box’ they ensure each solution is configured and installed to a perfect fit. Implementation is fast and seamless, with adjustments made when and if necessary throughout the process. Client Talks Cathedral, a Lloyd’s Managing Agent was looking for a software solution for its delegated underwriting to allow it to assess bordereaux and fulfill reporting requirements from Lloyd’s. Through recommendations from other Managing Agents in the insurance industry and having been impressed with demonstrations from the VIPR team, Cathedral gave the go ahead for the installation. Lesley Townsend, Company Secretary at Cathedral commented, “From signing the contract it was just seven weeks before we were live with Intrali and we already have over 500 bordereaux mapped into the system. We are delighted with the progress that we have made at such an early stage.” Another Lloyd’s Managing Agent, Advent recognized the need to understand the data they were receiving through bordereaux cleansing, validations, and accurate reports. They also felt it was time to automate the process and on-going management of their cover holders and binder book. Three of VIPR’s systems were needed to offer solutions to Advent’s needs. The VIPR team guided Advent through the different phases of implementation; coming on-site to help the underwriters to tailor the system to suit their needs. Bordereaux mapping exercises were also completed using VIPR’s extensive knowledge of the insurance industry.
18
David Pearson, Head of Delegated Authority and Client Management at Advent commented, “The implementation of the systems has enabled us to move from a paper driven process to an electronic solution within the required timescales set-out at the start of the project. The staff at VIPR, from top down has always been available when required to assist with the implementation program and their dedication has been outstanding. We are very pleased with the final product which has streamlined the process effectively.”
Future Prospects and Products Richard discusses the future, “The landscape is constantly changing and to stay ahead, we need to be agile and ready to adapt. The insurance market still has a heavy reliance on Excel spreadsheets as a way to monitor business written. This needs to change and at VIPR we are working with our clients to deliver data in a more structured manner. We can now accept XML data straight into our systems which increases the reliability of the data and relieves a lot of the pressure. The next step is to extract data directly from third party systems.” VIPR is also in the process of launching its new software platform called Consensus, which enables Group Life Insurers to quickly and easily manipulate the census or broker data they receive. This means that all the spreadsheets they receive can be quickly manipulated and standardized enabling them to be fed into their quote systems for quote production. This massively saves on time and cost for them. viprsolutions.com
|September 2017|
Editor’s Perspective
NETWORK SECURITY Threats
&
N
ovember 3, 1988, is considered as a turning point in the world of Internet. 25 Years ago a Cornell University graduate student created first computer worm on the Internet, “Morris Worm.” The Morris worm was not a destructive worm, but it permanently changed the culture of the Internet. Before Morris unleashed his worm, the Internet was like a small town where people thought little of leaving their doors unlocked. Internet security was seen as a mostly theoretical problem, and software vendors treated security flaws as a low priority. Today, there is a paradigm shift, Morris worm was motivated more by intellectual curiosity than malice, but it is not the case today. According to a 2015 Report, 71% of represented organizations experienced, at least, one successful cyber attack in the preceding 12 months (up from 62% the year prior). According to survey report, discloses that, among 5500 companies in 26 countries around the world, 90% of businesses admitted a security incident. Additionally, 46% of the firms lost sensitive data due to an internal or external security threat. On average enterprises pay US$551,000 to recover from a security breach. Small and Medium business spend 38K. Incidents involving the security failure of a third-party contractor, fraud by employees, cyber espionage, and network intrusion appear to be the most damaging for large enterprises, with average total losses significantly above other types of the security incident.
Solutions Let’s Take a Look at Recurrent Security Threats TypesDenial of Service Attacks A denial of service (DoS) attack is an incident in which a user or organization is deprived of the services of a resource they would normally expect to have. These attacks are very common, accounting for more than one-third of all network attacks reviewed in the report. A standard approach is to overload the resource with illegitimate requests for service. Brute Force Attacks Brute force attack tries to kick down the front door. It’s a trial-and-error attempt to guess a system’s password. The Brute Force Attack password cracker software simply uses all possible combinations to figure out passwords for a computer or a network server. It is simple and does not employ any inventive techniques. Identity Spoofing IP spoofing, also known as IP address forgery. The hijacker obtains the IP address of a legitimate host and alters packet headers so that the regular host appears to be the source. An attacker might also use special programs to construct IP packets that seem to originate from valid addresses inside the corporate intranet. Browser Attacks Browser-based attacks target end users who are browsing
20
|September 2017|
the internet which in turn can spread in the whole enterprise network. The attacks may encourage them to unwittingly download malware disguised as a fake software update or application. Malicious and compromised websites can also force malware onto visitors’ systems. SSL/TLS Attacks Transport layer security (TLS) ensures the integrity of data transmitted between two parties (server and client) and also provides strong authentication for both sides. SSL/TLS attacks aim to intercept data that is sent over an encrypted connection. A successful attack enables access to the unencrypted information. Secure Sockets Layer (SSL) attacks were more widespread in late 2014, but they remain prominent today, accounting for 6% of all network attacks analyzed. Network Security is an essential element in any organization’s network infrastructure. Companies are boosting their investments in proactive control and threat intelligence services, along with better wireless security, next-generation firewalls and increasingly advanced malware detection. The U.S. Federal Government has spent $100 billion on cyber security over the past decade, $14 billion budgeted for 2016. Increased use of technology helps enterprises to maintain the competitive edge, most businesses are required to employ IT security personnel full-time to ensure networks are shielded from the rapidly growing industry of cyber |September 2017|
crime. Following are the methods used by security specialists to full proof enterprise network systemPenetration Testing Penetration testing is a form of hacking which network security professionals use as a tool to test a network for any vulnerabilities. During penetration testing IT professionals use the same methods that hackers use to exploit a network to identify network security breaches. Intrusion Detection Intrusion detection systems are capable of identifying suspicious activities or acts of unauthorized access over an enterprise network. The examination includes a malware scan, review of general network activity, system vulnerability check, illegal program check, file settings monitoring, and any other activities that are out of the ordinary. Network Access Control Network Access Controls are delivered using different methods to control network access by the end user. NACs offer a defined security policy which is supported by a network access server that provides the necessary access authentication and authorization. Network Security is a race against threats, and many organizations are a part of this race to help enterprises to
21
Editor’s Perspective
secure their network systems. Organizations like IBM, Symantec, Microsoft have created solutions to counter the global problem of network security threat. These cutting-edge products show genuine promise and are already being used by enlightened companies. Good Network Security Solutions Traits A real security solution should have four major characteristics; Detect Threats Targeted attacks are multi-faceted and specially designed to evade many point technologies attempting to identify and block them. Once they are inside, the only way to find these cyber threats is to understand the behavior of the individual attack components and use analytics to understand their relationships. Respond Continuously Today it is not important that an organization will be attacked, but important and more crucial is to identify when and how much they can limit the impact and contain their exposure. This means having the capability to respond quickly once the initial incident has been discovered. Prevent Attacks Malware is gettings quick-witted day by day. They utilize heuristics to change their code dynamically. A capable solution should have an adaptive architecture that evolves with the changing environment, and threats today’s business faces. Integration Today’s threats have multiple facets, and a single software or solution is not sufficient. Protection system should have the capability to integrate with other security tools from different vendors to work together as a single protection system, acting as connective tissue for today’s disjointed cyber security infrastructure. Solutions In Market Like infectious diseases, cyber threats will never be eradicated entirely, but they can be better contained and understood, and their effects minimized. How can this be achieved? IBM has built an enterprise-level “immune system,” an adaptive security architecture to battle today’s cyber pathogens. IBM has developed a vast fleet of products, QRadar, X-Force Threat Intelligence, Trusteer Pinpoint Malware Detection, IBM Threat Protection System a dynamic, integrated system to meddle the lifecycle of advanced attacks and prevent loss. The IBM Threat Protection System integrates with 450 security tools from over 100 vendors acting as connective tissue for today’s disjointed cyber security infrastructure. Symantec is another major player in catering enterprise network security systems with Symantec Advanced Threat Protection. Symantec ATP operates via a single console and works across endpoints, networks, and emails, integrating with Symantec Endpoint Protection (SEP), and Symantec Email Security cloud, which means organizations do not need to deploy any new endpoint agents. Symantec says, ATP is the only threat protection appliance that can work with all three sensors without requiring additional endpoint agents. With ATP, Symantec’s goal is to deliver end-to-end threat protection, prevention, detection, and response in a single pane of glass, offering more value to businesses than individual point products can provide. Symantec Advanced Threat Protection combines multiple layers of prevention, detection, and response.
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|September 2017|
The Need to Understand the Necessity of
Innovation
ABOUT THE AUTHOR Andrew Bagrin is the Founder and Chief Executive OfďŹ cer of My Digital Shield (MDS), a leading provider of Security-as-a-Service (SECaaS) for small businesses. With more than 17 years of experience in the IT security industry, Andrew started MDS in 2013 to bring cloud-based, enterprise-level security technology to small businesses at an aordable price.
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|September 2017|
CXO Standpoint
B
igger, faster, everywhere! The measurement of how we rate technology in general, but more specifically data communications.
From the days of spending hundreds of dollars to upgrade from a 14.4 to a 28.8 modem, we have always wanted the data to arrive as fast as possible. More importantly, we have always wanted the user experience to keep improving as we breach new horizons and figure out how to make it bigger, faster and everywhere. It's in human nature to want to always make things wildly more impressive from a performance perspective. The car engines just kept getting bigger and bigger to make the cars go faster and faster. At a certain point, the realists had to step in and make it clear that an even bigger engine doesn’t do anything, because the rest of the car is not equipped for that power. The engine itself has to get more efficient with technology, not just bigger, and we have to start thinking about other things, such as stability, safety, efficiency and longevity. As nostalgic as some of us can be over the 1960's vehicles, the era of the Prius and Tesla are here. Even the older style muscle cars are packed with much newer technology and safety features. I remember the days of bragging about the bonded 128k ISDN line and when my friend got a 500k modem. The location to live would greatly be determined by what type of internet is available. Today, if I ask some of the savvies network engineers what their bandwidth is at home, they won’t even know, and if they check, it's usually around the 50-100Mb. Meanwhile the less savvy will brag about their 300Mb or 1Gb fiber and will be upset if they are only testing at 700Mb. Why is this the case? What changed? Are we just getting older and not caring about latest and greatest tech anymore? After digging a bit deeper into this question I realized that we are those realist jumping and saying “do you seriously think you are using more than 100Mb at home?” The reason the internet is crappy is not because of the speed, but because it’s crappy!
latency, quality and reliability would be the most important things. Bandwidth would really only come into play for streaming video. Netflix suggest 5Mb/s for every HD stream. That means at 100Mb, I can have twenty separate HD Netflix streams at the same time, and event that I’m sure happens never at any household or office. So why do we push for 200Mb, 500mb or 1Gb? Do we just love the sound of it? I predict that there will be some refocus of how connectivity is provided. The main focus will not be bandwidth, but will be all the other parameters with bandwidth being one of them. Intel finally changed to model numbers to make it clear that the clock speed is not the only metric. (I3, I5, I7) SD-WAN is becoming a reality for all businesses and it will soon become a reality for homes as well. SD-WAN provides reliability, quality, some privacy and latency/jitter prevention. It also opens a new way of doing security and making it more accessible for everyone. This is the beginning of a next evolution of how data will be delivered worldwide. The connection between LAN and internet has relied on the wrong metric and poor quality for long enough and the world is realizing it. Along with realizations and new technologies, people will quickly retire the old metric and start looking at new metrics as the litmus test of connectivity. Carriers have been building services bundled together with their unreliable connection. They are now starting to shift to provide those service OTP or on the top, which mean provide it on the IP layer and decoupled from the connection carrier layer. Long time ago Nortel made a big bet on services over layer 2 and they lost, because it wasn’t decoupled and couldn’t provide the level of integration that was needed. Meanwhile, other companies like Cisco put their services over layer 3 and quickly became the dominant player in the industry. Connectivity will decouple from services to enhance the connectivity and provide the services separately on top of the enhanced connection.
So, what are the important applications of the internet? Browsing, Voice, Email/messaging, Social media, Shopping, Video streaming (movies), Payments/banking
Welcome to the future of always connect with quality, reliability, performance for it’s intended uses, not just making the gauge hit the red line!
Of all of these applications, it seems that security, privacy,
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advo group: Empowering People Solutions
Larry Bulmer CEO & Founder
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ew start ups face the challenges of finding and retaining a talented workforce in addition to capital investment. Retaining the talent within the business is a difficult task faced by all employers. A good quality, talented and dedicated workforce drives success and growth. There is an expectation however from today’s employees that, in addition to salary, their employer should look after more than just the statutory pension but include wider benefits and perks. There is also an expectation that access to information on their staff benefits through technology mirrors their personal life where all information is at their fingertips. But according to advo, there is no technology equality for smaller employers.
best of new ideas and thinking. They deliver essential employer services and integrated technology solutions specifically designed for SMEs including employee benefits, payroll, and HR. They utilize technology to deliver people-led advice, supported and expanded by their own inhouse developed and managed technology. advo Online advo’s in-house technology called advo Online. As a communication hub, advo Online creates simplicity, it is quick and easy to use, saves time, looks good and gives control over clients and their benefits. Some of the benefits of advo Online:
Larger PLCs have access to technology and staff platforms, SMEs do not. Recognising this issue over the last two years advo developed management, staff and flex portals specifically designed for the SME market. Successfully Transforming SME’s with Futuristic Solutions advo is an award winning advisory with a focus on people and technology. advo business technology platforms are standalone or linked delivering corporate style benefit management and communication to SMEs. advo assists its clients through dedicated ‘hands on’ account managers who have smaller portfolios, allowing active account management and a better understanding of the customer needs. As an IIP Gold employer, advo continually updates staff knowledge to ensure that they can integrate and apply the
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Management of all staff benefits in one place with 24/7 log on access, including reports for finance and P11d. Ÿ Staff portals that grant access for each employee to view their own benefits Ÿ advo online plus; empowering employees to make amendments to their personal details and engaging them through the online selection for lifestyle benefits such as Give As You Earn and Cycle to Work. Ÿ advo select; a bespoke flexible benefits platform configured for clients own corporate identity of providing a window for employees to self-select. Ÿ
Architect of advo group Larry Bulmer is the Founder and CEO of advo group. Being a part of the industry for a number of years, and whilst working at the leading UK medical insurer, Larry felt that the UK market needs a broker that would really work
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Solutions for the future, delivered today, protecting tomorrow
for their clients. As the medical expenses market in the UK was dominated by a few large players; the need to have an expert negotiation on behalf of clients was paramount. This approach led to the early adoption of technology, and while competitors looked at the internet as a place to gain customers, Larry used the internet to provide a platform that improves the customer experience. 20 years later, the advo group has won numerous awards and continues to blend people and technology together to add real value to their client’s experience.
Larry is well known and respected figure within the health insurance industry and outside advo. Larry was the first Chairman of Association of Medical Insurers and Intermediaries (AMII), an organization that promotes good practice. Futuristic Solutions from Experts advo has been managing employee benefits for over 20 successful years and been recognised as the ‘best’ intermediary firm on numerous occasions by its peers. Team advo believes that both their people and technology outshine their competitors. Their IIP Gold status is an independent testament of their investment in training and staff support. Their aim is to be the first to bring a truly integrated SME management system to market, incorporating ‘tell us once’ technology that will manage all HR and finance needs mapping an employee’s journey through an organization. The advo’s solutions on a single platform for smooth working
Employee Benefits: All personalized employee benefits and wellbeing is managed in one place, with real-time data, total rewards, online claiming and benefits selection/tailoring backed by experts independent advice. Payroll: advo acts as its client’s payroll department at a fraction of the cost of running in-house. Using its HMRC accredited systems it makes payroll management simple. Private Clients: advo’s personal approach delivers simple to understand options and independent advice for all its clients’ needs. Benefits for Company Clients advo clients automatically have access to a multi-benefit management platform (which also includes non-advo managed benefits) and individual staff-portals reflecting their employers own colors/logos. This can be extended to include total-reward-statements, online-payslips, retail discounts, lifestyle benefits and a full range of flexiblebenefit options. Easy and intuitive advo online, assists employers with the engagement and administration of all employee benefits together in one secure platform. Awards and Achievements advo has a reputation for cost control and customer service excellence and has been recognized as the UK’s ‘best’ advisory firm by its peers on numerous occasions. advo management and communication technology platforms have won applause for their innovation and application. It has the best people supported by linked technology that gives its clients control.
HR: Online management system linked to staff portals inclusive of sickness, absence, holiday, training/career (including appraisal and career planning), expenses, personalized company docs, online payslips, etc. backed by personalized HR advice.
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The Finalyst
LOOKING BACK INTO
THE FUTURE: Debarring the Speculations and being a part of the Recoveries
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t was once famously said by Sir Winston Churchill, “The farther back you can look, the farther forward you are likely to see.” The best way to predict your destiny is by introspecting your past.
Let us look at the worst case scenario. What if in the next 7 years, people want to take out the remittances from their IRAs, but unfortunately, they find out that the investments they were counting on, their homes and their bonds, have actually lost their value. The number of goals they were supposed to achieve is not possible anymore with the money they are going to get from the proceeds of all their savings. They will start selling all their assets, in order to compensate for all the loss. And as more and more people start panicking, they would start selling their assets, which would lead to a massive market crash. This may also kick-start the greatest real estate crash in the history of mankind. So, in short, the big spenders of the economy will become big savers. Now the problem of saving at such a massive scale would be that, money would stop circulating in the economy. The scenario would be similar to an automobile running without oil. The engine would eventually lockdown under the friction and hence the economy would come at a standstill. The deflation that would follow the credit bubble implosion would be in the truest sense, the worst nightmare of every banker. The government, in its own panic mode, would try to pump in more and more money just to keep the wheels running and the government would try to buy out every kind of debt from the banks, be it the mortgage and the mortgage-backed security. They might even extend themselves to buying stocks to keep the stock market chugging along. And even if that proves insufficient to regain the retail sales figures, drastic tax cuts and austerity measures would be the sole option in front of them. Once the general public starts losing their trust over the many financial and economic mechanisms, they would start saving in their own way. Even if the government expects for a threshold limit to such an unusual activity, the scary part would be the raised threshold that nobody would have ever expected. Even if the government buys all the debt and pumps the money into general circulation in the form of tax rebates, there are most probably chances that the velocity of circulation would not be at that rate as required, because people are saving, not spending. They are not making any new investments, but instead, they are saving. In an even worst case The Farther Back scenario, if the money starts getting circulated due to all the tax rebates that the general public You Can Look, is receiving, it is possible that, the circulation will start right back and that too at a rate The Farther Forward never seen before. What if this leads to hyper inflation? You Are Likely To See
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The historians of economy will certainly have a bell ringing in their mind. Of course, they will argue that if they could survive the famous Latin American sovereign debt crisis in 1982, then they are prepared for every kind of crisis. And yes it has been proved in history books itself that we have tackled every crisis and emerged out gloriously. We have survived the Savings and Loans crisis of the 1980s in the US. We have survived the mysterious stock market crash of 1987. We have seen through the Junk Bond collapse of 1989 that involved the infamous “burning bed” deal which is considered as the worst deal in modern finance. The world has miraculously escaped unscathed from the Tequila crisis in 1994 when the Mexican Peso was suddenly devalued.
Most of these incidents were avoidable and this is only possible with strong political leadership at the helm of things. If we take out the common factors from all the above crisis situations, then we would get excessive excitement, Poor regulatory oversight, dodgy accounting, herd mentalities and the arrogance of being infallible as prime cause of all the above mentioned crises.
However, after the entire above crisis, we still saw the deadly Asian crisis in 1997-98 which actually threatened the economy to a standstill. It echoed through Russia, Europe and USA, and stopped short of Latin America thanks to the initiatives they had implemented after their own experiences.
So in order to show a sense of responsibility as humans towards the future of every breathing and non-breathing entities in this world. We should look into-
Now comes the funny part of mankind. People never grow up. They learn all the lessons of their life till they are teens and after that all they know is how to behave in different social setups. They only know to behave in a mature manner. So in spite of the entire crisis that we have gone through till the last century, we still witnessed the Dotcom Bubble in 2000. This was followed by the Great Global financial crisis in 2008. This is by far still considered as the greatest economic crisis after the Great Depression. The sad part is, we had to see this before a decade had passed into the new century. Even in 2015, the crude oil price was the highlight of most of the discussions. The shock wave that started from Switzerland in the start of the year, resonated till the end of the year with China’s monetary devaluation, Dow Jones plunging more than 1000 points and Europe’s aggressive monetary stimulus. The best part of the 2008 crisis was that many bankers shifted to simpler business structures, not because they were scared, but because they wanted to. They stopped relying on different models and started relying on their common sense. A healthy combination of the Basel III approach and leverage ratio would help to stay connected to the base reality of our situation. So the big question is, are we stuck in some kind of vicious cycle? Is Shemittah, the seven year cycle mentioned in the Jewish literatures, a reality?
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Predicting the future of economy is utterly useless because that would require the wholesome study of human nature, and human psychology is in itself an incomplete study. The moment anyone comes with a theory that claims to hold the key to unlock the human psyche, a new crisis creeps in that proves the entire theory obsolete.
What the government should do? Fix a debt ceiling, beyond which the banks are supposed to stop lending, because with more lending, comes more money in circulation and hence leads to higher inflation and therefore reducing the buying power. The bonds that are issued for any whimsical demands are actually piling over the national debt and gets passed on to the next generation. What the general public should look out for? Education. Educating themselves and educating people with whom they interact. They should understand the concept of fiat currencies. When people start understanding the entire process that leads to inflation and deflation, they would start making investments that are sturdy and long lasting. They should understand that saving for their future is an outdated idea and that investing for the future is the smartest way to go. Investments do come with risks, and that can only be alleviated through education. Gold, Commodities and Real Estate might look very attractive from certain angles but it requires utmost precautions as it involves huge amount of money. Out of the 7 billion strong population of the world, less than 1% of the population actually invests in a proper manner. This is the section of the entire population, who can legally withstand any kind of crisis that comes at them. They are the people who lead others while keeping in mind that a leader’s success resonates through the followers. “An Investment in Knowledge pays the best interest.” Benjamin Franklin
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CXO Standpoint
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he 4th Generation of the Industrial Revolution has arrived, now too must come the companies!
Doubletap Ventures is a select entry entrepreneur society and the angel community of Silicon Valley startup founders and CEOs. My partner Jon Gillon and I saw a huge hole in the market where many early stage founders were raising millions of dollars in funding, graduating the best incubators and accelerators in the world and then being left to their own merits with no real support network to run their soon to be empires. This is how DoubleTap Ventures was born. We decided to bring all of the CEOs together to create a nurturing environment where founders could speak openly about their diminishing run rate, war stories, lack of sleep, and logistical nightmares they were experiencing on
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CXO Standpoint
a daily basis but more importantly we wanted them to share their unfair advantages and networks with each other. We have founders in every vertical from fintech, ecommerce, fashion, AI to crypto currency. We have over 120 members and over $750 Million in combined funding and some of the world’s sharpest future industry leaders. At DoubleTap Ventures, we are huge advocates of the conglomerate, or otherwise known as a ‘group’, or ‘family of companies’. However, technology conglomerates have a particularly unique upside to the structure; the self-replicating nature of conglomerates will eventually exponentially pay off for the business and their respective personnel. Human capital is the lifeblood of any business and the inevitable growth of the workforce should encourage the expansion of business. Thus have no fear about the people who want to rise to the top, identify opportunities that interest them and prepare them for a journey to create that business for themselves and for you. Businesses should adopt a mindset of encouraging intrapreneurship with a focus on incorporating the next generation of technologies into the company’s operations. The beauty of the various disruptive technologies is the mass effect of AR/VR, AI/ML, and block-chain, to name a few. The possibilities are abundant and the only vehicles able to take them through the course is a conglomerate. Entrepreneurs have created a plethora of startups hacking various aspects of these disruptive technologies all inevitably requiring an acquisition to create mass effect. And there is no better use for a conglomerate than to scale a ‘great idea’, which turned into a compelling business. General Electric, if you call it a technology company, did this many many years ago. Alphabet (GOOGLE) has reinvented it. Due to the unique architecture they are now more effective than most technology companies of its size. Elon Musk, is in the process of implementing this on a massive scale; beginning with the merger of Solar City and Tesla. Soon SpaceX will likely follow in some fashion, followed swiftly by Hyperloop. In my opinion Musk will be known as the Rockefeller of our time (hats off!). Technology and innovation, moving at the rapid pace that it is, causes corporations to disrupt themselves or ‘restructure’, (perhaps destructing…think Hewlett-Packard), shifting to adapt to the current landscape as they wish to incorporate the bleeding edge into their core business has most ‘old-school’ executives making every effort to protect their personal and corporate interests. Unfortunately, Wall Street doesn’t have the palate to allow for multi-quarter restructuring unless they are extraordinarily profitable. However; the incorporation And that’s the beauty, the mass effect of AR/VR, AI/ML, and block-chain, have created a plethora of startups hacking various aspects of these disruptive technologies all inevitably requiring an acquisition to create mass effect. Revolutionizing corporate structure in this fashion of a hybrid conglomerate / ‘family of companies’ model, I believe will become a very appealing strategy to companies of all varieties. It’s obvious benefits empower employees to grow and ascend through the corporate ladder, acquire new businesses, which fit into the ecosystem, deploy corporate capital efficiently and internally, etc. But the real power is the structure allows the company to create innovation and effectively disrupt itself. Alphabet calls it, X. X, the moonshots division is tasked with creating innovation at 10X or more! Nothing less. Technology companies, particularly will be wanting to expand their presence and market share into new markets, Comcast will undoubtedly leverage it’s new assets to create VR/AR businesses. As will most media and news companies, this expansion will require better corporate strategy, empowering of brilliant minds to take ownership, etc. If you are a founder who has raised at least $1 million in funding and would be interested in joining DoubleTap Ventures. Please don’t hesitate to reach us at dane@doubletap.ventures with your pitch deck and website.
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Wesavvy: Insurance Products Powered by your Lifestyle Hesus Inoma Founder
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nternet-driven connectivity and new technologies have certainly changed consumers’ behaviors and expectations, but most insurance companies still rely on traditional business models and an outdated buy, subscription and claim process. Consequently, many customers perceive the insurance experience as painful and lacking in ’wow’ moments. Insurance companies are consistently placed among the ten least loved brands in surveys, lacking great consumer experience. But companies like Wesavvy are doing great while riding on emerging technologies to understand the customers’ demands and difficulties in a real time. Wesavvy uses a new insurance industry model that focuses on the customer and places an emphasis on the customer’s lifestyle and prioritizing the enhancement of their goals. Taking Insurance Sector to the Digital Era Wesavvy is an InsurTech company having a digital cloudbased Lifestyle Insurance Personalisation and Engagement platform which captures and aggregates lifestyle data from consumer platforms, apps, wearables and social media, fine tunes the data and turns it into usable, actionable and predictable insights for both the Customer and their Financial Services Provider(s) (FSPs). Through the use of IoT and Big Data Analytics, Customers download Wesavvy’s white-label application, link their wearable/ mobile device and for all walks, runs or cycles completed, they earn rewards redeemable in Wesavvy’s in-app store.
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Initially aimed at the Life, Protection and Health insurance industry, WeSavvy is promoting a new industry model that focuses on incentivizing Policyholders to stay active and healthy. Through the use of everyday devices and a centralized marketplace for engagement, Policyholders can be rewarded for their day-to-day behavior. In terms of longevity, future profitability and sustainable growth, team Wesavvy conscious of the ever innovating environment within the IoT space. Therefore, they have built a device agnostic platform which can be configured for use in NonLife Insurance (Motor, Home, and Property) markets. Revolutionary Duo behind Wesavvy WeSavvy is founded by Hesus Inoma, in conjunction with his cofounder, Ciara O’Grady. While studying a BA in International Insurance and European Studies, Hesus was more passionate about the digitization of insurance. One such experience in his life gave him the way to build WeSavvy. In 2012 he was overweight and his New Year’s resolution for 2013 was to lose weight and become healthier. He lost weight throughout 2013 and became much healthier with the motivation and help of his friends. However, despite all of his hard work, his health insurance premium increased in 2014 and there was no way for him to communicate his journey effectively to his Insurer, in order for him not to be penalized but rather rewarded for his efforts. Spurred on by this experience, in late 2014 Hesus and his team began building the WeSavvy mobile
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Get rewarded on your insurance policy when you Walk, Run or Cycle!
application and platform that would grant Insurers the ability to personalize their quotes and empower Policyholders to gain back control of their health and wellbeing and in so doing, ultimately their insurance premium.
Grasping Opportunities with Technological Advancements Team WeSavvy knows that the old technologies that they are using are no longer seen to be sustainable for the new digital era. Back then the technological advancements of smartphones, wearables, chatbots and the blockchain to name a few, could not have been considered in terms of how the industry could be designed. But now, their existence can help the industry advance towards a more customer-friendly, personalized and tailored service. WeSavvy is currently working on this it’s solution in preparation for the full launch of Artificial Intelligence in regulated markets. In order for this to be done effectively, data must be cleansed and prepared for an effective machine learning in an AI environment. Its USP is that they are already setting that scene so that Machine Learning and AI can easily leverage their cleansed data sets through their mobile app solution. “Imagination and creativity will be the ultimate assets in the new highly connected, experience driven environment. It is not as important for us to be ahead of the market, but to strike at the right time, when our Partners and customers have appetite for our technology-driven solution to their existing relationship,” asserts Hesus. Team WeSavvy have a saying – “The Data will underwrite you now” – by this, they mean that they are fully aware of the transformative capabilities that AI can bring through the potential 24/7 underwriting opportunities that can be taken advantage of within the insurance industry.
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Innovative Customer Oriented Approach WeSavvy’s innovation lies in delivering a deeper customer understanding and experience necessary to acquire, engage and retain customers in a digitized world. Its model is focused on transparency, empowerment and rewarding customers as opposed to penalization and disengagement. Team WeSavvy sought to eradicate the feeling of penalization for Policyholders, instead focusing on a message of incentivization for all Policyholders to join the insurance marketplace and stay active and healthy to reduce their claims in the future. WeSavvy presents the following opportunities to Consumers and Insurers alike: Ÿ
Consumers get relevant rewards/cash back based on their healthy lifestyle all of which is realized through the sharing of their data.
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Insurers are enabled to build sustainable, meaningful and engaging relationships with consumers, which a future of objective of personalized real-time product development.
Future Plans WeSavvy is verifying a different aspect of technology that can be implemented in their products and services. Very soon WeSavvy will be in a position to launch new datadriven products and business models such as “pay as you live insurance”.
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