Pieter Erasmus, Co-founder: Ctrl
In order to innovate, you need to know what you’re trying to solve. Short-cuts or hacks created by clients are clear signs that there’s an opportunity to innovate and improve on the status quo. Ctrl Co-founder Pieter Erasmus explains.
Digitalisation does not imply disintermediation
The non-life insurance industry, especially the advice space, has been very slow to transform and there is this belief that digitalisation means disintermediation, which is simply not true. In fact, technology is an enabler and until this mindset is changed – it will be difficult to innovate and see the true opportunity.
The focus of Cover’s recent Insurance Innovation Journey webinar was on the two key pillars of “inclusivity and relevance”. In the light of this, reaching a broader market, creating scale and creating value from an end-to-end perspective through digital innovation, has never been more important or relevant than right now.
Turning an idea into a sustainable solution
Studies on innovation and creativity suggest that in order for innovation to happen it needs to go through a process to ensure that it’s not a just a “light bulb” moment. It’s all about making new ideas real – so they create value, for the people we serve. For Ctrl Technologies that journey was similar in that we followed a structured process as described in The lean start-up methodology by Steve Blank. The premise is that “a start-up is not a mini version of a big company, it’s something fundamentally different – seeing that it is in search mode.” The goal is therefore to identify real problems (pain points) and to create a solution that is backed up by a sustainable business model.
Changing the advice landscape forever
Following Blank’s methodology has helped us to create South Africa’s first digital insurance advice platform, a Software-as-a-Service provider that is busy changing the insurance advice (broker) industry forever.
Our software makes non-life insurance advice easier, more accessible and more transparent. We:
- Allow traditional brokerages to become more efficient, as well as create scale, within their existing businesses, by using technology.
- Enable consumer-facing businesses to enter (and serve) the intermediated market.
We provide an integrated system – which at the back-end connects consumers, advisors and insurers in a user-friendly way.
Now is the time to embrace change, since digital innovation in the advice space will:
- Break traditional boundaries because digitalisation does not mean disintermediation.
- Enable growth by not being bound by old ways of doing things.
- Create efficiencies because it’s an enabler and can help brokers optimise their practice, allowing them to focus on the more important stuff.
- Allow advisors to become more relevant in a digital era – because it is an era of limitless opportunities.
So, it is all about finding those innovation touchpoints and making them work for you.
Visit www.ctrl.co.za to find out more.