The Life Sciences Insights Brief is a monthly newsletter produced by our Director of Life Sciences, Dawn Faint. The brief will provide insights into current industry trends and actionable tips to help you navigate this complex and highly competitive market.
This year I had the honor of being the chair for the Society of Insurance Research (SIR) annual conference. The theme of the conference this year was “Moving Past Disruption to Competitive Advantage.”
There were many informative presentations from Health, Life, P&C and Commercial insurance companies as well as from some disruptors in the space such as ROOT, Arity, and Hippo Insurance.
Cipher’s CEO Peter Grimm presented a talk entitled "Leveraging Competitive Intelligence to ‘See Around the Corner’". His premise was that innovative business models, products, and channels are breaking down barriers to entry so trend monitoring and analysis is more important than ever. Some key takeaways from Pete's presentation:
- Anticipating market trends is a requirement – large organizations are often not agile enough to react quickly to market disruptions
- Cognitive biases can cloud strategic decision making
- Failing to challenge perceptions can cause you to overlook future market disruptors
- Reevaluating your business model, when successful, is a difficult exercise
A trend is a pattern of change in the way a market, region, capability, or business is developing. A trend is comprised of indicators which are quantifiable measures/metrics that can be monitored to help predict movement towards a disruptive event or outcome. Often important indicators are missed or overlooked or undervalued when they occur. Missing indicators such as filing of patents or trademarks, new alliances or agreements, starting capital projects or recruiting efforts can lead to disastrous consequences for an industry or a company.
"Seeing around the corner" has never been more critical. Our solution, Knowledge360®, can automate the process of monitoring for indicators and identifying trends well before they can impact your business.
How we can help
Knowledge360® helps support strategic decision-making for organizations competing in dynamic, competitive markets by providing robust aggregation, collaboration, and automation tools that help users make smarter, faster strategic decisions.
Cipher is exhibiting at the Annual SCIP European Summit this November 13-15 in Cascais, Portugal. Our CEO, Peter Grimm, will be speaking to conference attendees on “How the best companies mitigate market uncertainty.”