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Articles by Michael Lyman
Five Traits of Tech-Driven CEOs
In one pharmaceutical company, for example, a robot now sits in the room where clinical-trial decisions are made. It doesn’t vote, but it informs. By ingesting vast volumes of scientific literature and internal data, the robot surfaces insights that would be impossible for humans alone. The result: better decisions, faster. And it was all made possible because the company’s CEO made a bold decision to embed the bot into the heart of business R&D.
Five Traits of Tech-Driven CEOs - Tribune Content Agency
Ravi Chanmugam is a vice chair of Accenture’s Reinvention Executive Advisory. Michael Lyman is the global chairman of Accenture’s Reinvention Executive Advisory. Paul R. Daugherty is the AI advisory chair at TPG and a board member at Databook, Evolver, and the American Association for AI. He is a coauthor of the book Human + Machine: Reimagining Work in the Age of AI (Harvard Business Review Press, 2018).
Five Traits of Tech-Driven CEOs
Fabien Gilbert/Ikon Images Summary: What distinguishes leaders of successful companies in the AI age? Such CEOs see technology as a growth engine and rethink their companies’ ... futures accordingly. Accenture has studied the advent of those leaders and surfaced five qualities that tech-driven CEOs share — from treating data as a strategic differentiator to becoming a tech talent magnet.
I'm a Chronic Procrastinator. Here's How I Still Get Stuff Done
By Michael Lyman 6 Surprisingly Simple Strategies to Combat Procrastination Photo by Thomas Franke on Unsplash Just like many college students, I struggled tremendously with procrastination. Finding internal motivation in the absence of time pressure was a rarity. The due date was the only motivation to get things done which meant drawing out every assignment until the last possible second introducing...
RFX Opening Tampa Office for Expanding Workforce Original
There were 921 press releases posted in the last 24 hours and 348,052 in the last 365 days. RFX | REFE are proud to announce the opening of their RFX Tampa office to support their Houston-based headquarters.
RFX | REFE Opens Boston Office
There were 1,557 press releases posted in the last 24 hours and 331,692 in the last 365 days. RFX | REFE are proud to announce the reopening of their Boston office to support their Houston-based headquarters.
RFX | REFE APPROVED FOR U.S. EPA SMARTWAY® TRANSPORT PARTNERSHIP
RFX | REFE announces it has submitted and received approval for their current data submission to the SmartWay® Transport Partnership. RFX | REFE is proud to be a SmartWay Transport Partner.
WLX named to Ingram’s Corporate Report 100
WLX has been recognized by Ingram’s as one of their “Corporate Report 100,” which recognizes the 100 fastest-growing business in the greater Kansas City region. These types of honors and accomplishments don’t happen without the hard-working people of WLX showing up day-in and day-out.
S4 E34 Michael A. Lyman - Malyman24 - Diggin in Connecticut
Great job Mike. It was nice to not have to see you for once Delete comment Block this user
S3 E1 Keebs returns to help us celebrate the start of Relics Radio Season 3
Keebs, Henry More of the Stealth Diggers, was the first guest on Relics Radio in November of 2017. We had him back on in November of 2018 for our anniversary show. Now as we start Season 3 at Relics Radio, Keebs is back to help us kick it off in style. Gary Penta of mydetecting.com will also be giving away his 'No. 119' the second of the two transcontinental railroad light boxes on tonight's show.
S1 E49: Erle Shull talks Metal Detecting in Virginia
This week's guest is Erle Shull (Erle from Virginia on YouTube) who is an accomplished Civil War relic hunter. We will talk to Erle about his finds, experiences, detectors, settings, and more.Be sure and check out our sponsors:American Digger Magazine - www.americandigger.com Detectees Metal Detecting Apparel & Gear - www.detectees.com Murray Branch Outdoors (call Tim Henderson 615-948-4611 for special deals)
S1 E29: Talking Metal Detecting & Gold Panning with Mike Lyman
Sorry about that Bill. We missed ya buddy, but you do like me... I almost always have to catch the archives on all the shows. Lol. We are back on at 8:00 pm Eastern next week.
S3 E46 Diggin’ w/Rob - Flthunder joins us to talk metal detecting Florida
American Digger Magazine - Detectees Metal Detecting Apparel & Gear - The RingFinders Metal Detecting Service Inc: DIGGIN WITH SEVEN’s LINKS: Diggin with Seven on YouTube Diggin with Seven on Facebook: DK’s LINKS: Adventures in Dirt on YouTube: Adventures in Dirt Facebook Group page: Branch Outdoors) – tjhenderson@comcast.net American Digger Magazine - www.americandigger.com Detectees Metal Detecting Apparel & Gear - www.detectees.com The RingFinders Metal Detecting Service Inc:...
How to extract value from technology
It’s not enough to embrace technology – we need to drive optimum value Every insurance carrier knows that its future success lies in innovating and adapting itsbusiness to compete in the digital age. A large element of thatsuccess, then, is linked to savvy investment in technology. Accenture research illustrates that, while 47 percent of companies are building their future growth strategies on technology and mobility, inadequate technology is listed as one of the top three barriers to growth.
Insurance brokers need to correctly realign their businesses with emerging technology trends
Selecting the right technology trends on which to build their business strategies is vital for insurance brokers. So is choosing the correct parts of the business to align with these trends. To succeed in a rapidly changing market, brokers will have to build their businesses around some of the powerful technology trends that will shape the insurance industry in future. Identifying these trends, and realigning their businesses to capitalize on them, is going to be difficult for many brokers.
Eight big technology trends that insurance brokers should understand before finalizing their business strategies
Brokers need to adopt new business strategies to meet the challenges of the rapidly changing insurance industry. To succeed, these strategies must capitalize on the powerful technology trends that will drive this change in the future. Correctly identifying these trends is vital. Many insurance brokers are having a rough time. They’re being buffeted by a wave of highly disruptive business trends that are fast eroding their traditional markets.
What is Descriptive Analytics?
When advanced analytics burst onto the scene several years ago, it was primarily the purview of actuaries and analysts, allowing many of us to ignore the science and practice of this new dark art. In the intervening years however, analytics has emerged as an important component of almost every aspect of successful insurance operations. As some began using analytics in more complex ways, most of the writings and discussion around the topic became equally more complicated.
Tech Vision 2019 insights for insurance
Breaking down insights from Accenture Technology Vision for 2019. Insurance leaders are aware of and ready for the post-digital future. In a sustained period of industry disruption,Accenture’s recent release ofTechnology Vision for Insurance 2019 gives timely global insight into the post-digital future—a time when digital is less novel and innovative, and more accepted as the conventional way of running a business.
Insurers should enlarge their AI plans
Insurers that roll out AI solutions across their businesses will gain a substantial advantage over their competitors. Most big insurers have begun experimenting with artificial intelligence (AI) applications. Some have even begun implementing AI solutions. Few, however, have rolled out AI applications at scale across their organizations. Carriers that succeed in embedding AI throughout their businesses, and along their extended value chains, will gain a substantial lead over their competitors.
AI will drive customer experience overhaul
AI is helping insurers improve dramatically the customer experience they provide their policyholders. The customer experience is fast becoming the new battleground for competitors in the insurance industry. Carriers that can quickly roll out highly-personalized real-time customer services, on a big scale, will outpace their rivals and accelerate revenue growth. One of the keys to success in this new battleground will be the effective deployment of artificial intelligence (AI) at scale.
Insurance success lies in ecosystems
Insurers may recognize the importance of ecosystems in the future, but that doesn’t mean that they are completely equipped for disruption. In fact, many carriers currently overestimate their ecosystem capabilities. While 97% of the companies surveyed considered themselves a highly attractive ecosystem partner, less than 5% actually have the attributes of ecosystem masters.
How ecosystems will disrupt insurance
By building secure ecosystems, insurers can secure their future Insurance is one of the industries that is most vulnerable to future disruption. The introduction of new technologies brings with it of efficiencies and opportunities, but it also brings with it new risks as the face of insurance changes permanently. Much of this disruption will come from the impact of ecosystems.
Five powerful examples of American insurtech
As insurtech continues to gain steam around the world, the FinTech Innovation Lab highlights innovation in the United States. Insurtech innovations are exploding across the globe right now. Last year, insurtechs attracted $4.4 billion of global investment, which is an increase of 98 percent from 2017 and an all-time high. This astonishing growth in investment has been matched by burgeoning geographic diversity.
Insurtech and DARQ
Digital is no longer a differentiator for insurers—it’s expected. So what comes next? Not that long ago, the world of insurance seemed insulated from the digital disruption that was sending shockwaves through industries like music, retail, and advertising. It was considered really forward-thinking and innovative for an insurer to experiment with digital ways of doing things.
How insurance CFOs can translate data into impact
To make the most of business data, CFOs need to act strategically Given the data-driven nature of their industry, insurance CFOs have a natural predisposition towards driving new value from analytics, which to an increasing degree relies on intelligent automation tools. In fact, among the industries surveyed for Accenture’s “The CFO Reimagined: from driving value to building the digital enterprise” research, insurance scores in the top three for adopting artificial intelligence.
Customers need a better deal on connected auto insurance
Customers need to be in the driving seat for connected auto insurance to deliver big revenues. The auto sector is without doubt setting the pace in the connected insurance business. The next stage in the race to deliver highly-personalized mobility services is going to put customers in the driving-seat. And alliances with insurtechs are likely to be crucial for big insurers looking to hitch consumers to their new connected vehicle offerings.
Insurtechs can boost carriers’ connected insurance ambitions
Start-ups can help carriers accelerate revenue growth from connected insurance. Connected insurance offers carriers huge opportunities to push up profits and grow new markets. Global revenues from connected auto, home and workplace insurance, and allied services are expected reach as much as US$177 billion by 2023. Insurtechs are likely to play a key role in helping carriers secure a big slice of the burgeoning connected insurance business.
The Top 10 Insurtech Deals of 2018
The data for insurtech investments in 2018 is in. It reveals a maturing landscape characterized by ballooning investment volume and growing geographic diversity. For years, insurtechs have been producing some of the most exciting and innovative ideas in the insurance industry, from cutting-edge uses of AI to radical new business models. Accenture’s analysis of data from CB Insights suggests that 2018 was the biggest year yet for investment in the space.
Accenture ranked #37 in Interbrand Best Global Brands 2016 report
Interbrand has just ranked Accenture #37 on its Best Global Brands 2016 list, giving us the highest ranking on the list that we have ever received. Interbrand, a global brand agency specializing in brand strategy, creativity and technology, publishes the highly influential Best Global Brands and Breakthrough Brands reports annually. Interbrand’s methodology aims to provide a clear picture of how a brand contributes to business growth today, and how it plans to deliver further growth tomorrow.
Decoding organizational DNA starts with trust
Data within your insurance business is only useful if navigated carefully Organizational DNA is a largely untapped source of business growth. This term refers to the data generated by people and their work in an organization, which creates a pattern revealing the DNA of a business in real time. As discussed in my previous blog post, insurance leaders are beginning to recognize that vast amounts of internal data on their work and workforce can be extracted using a range of new digital innovations.
Organizational DNA holds new, untapped opportunities for insurers
There is vast potential for the insurance industry to tap into its own workforce data As one of the oldest, most established and data-rich industries, the insurance industry has a wealth of internal data at its fingertips. It is accepted practice to use external data to help understand customers and make strategic decisions. However, if not prioritized at a strategic level, internal data and its intrinsic value can remain trapped within an organization.
Ultimate Guide to Small Commercial Insurance
Highlights Small commercial is at an inflection point with digital. Four of the top five carriers now have a direct offering. From 2010 to 2018, insurtech spend in small commercial spanned 50 companies, 111 deals, with a total of $1.5 billion invested, showing a compound annual growth rate of 41 percent. Introduction Small commercial insurance is a highly desirable market, and one that is going through a digital transformation.
What microservices and blockchain mean for insurance
Ecosystem partnerships are a growing trend in many areas of global business, including insurance. Such partnerships offer attractive benefits to insurers, like increased access to data, more personalized products & services, improved customer experiences, and new marketing opportunities. These partnerships are based not only on strategy, products and services, but also on merging technology and sharing platforms.
The new risk confronting digital insurers: bad data
Data has always been the lifeblood of the insurance business. The digital age has made it more important than ever, and many of the technologies and trends described in the 2018 Accenture Tech Vision for Insurance suggest a future where data’s relevance for insurers increases even more. Insurers interested in deploying AI, for example, need access to huge amounts of data to “train” the AI for its intended functions. As their need for data grows, so will their access to it.
The trust index: Where insurers rank and why they need to do better
Customer trust, data and relevance In 2018, market relevance demands personalisation, no matter what the industry. For LP&I providers, that means using data to understand, segment and target customers with personalised products and services at every stage in their lives. But none of that is going to be possible without trust. Why? Because if customers don’t trust an organisation, they’ll withhold their valuable data.
The insurance workforce of the future: how to become an AI-driven company
In my blog series on how to boost your Artificial Intelligence Quotient, I looked at different ways to apply AI along the insurance value chain across the entire enterprise. In this post, I’ll look at the role the future workforce will play in creating AI-driven companies, using insights gleaned from our Future Workforce Survey for Insurance . Accenture research suggests, by the year 2035, AI will grow productivity in key economies by up to 40 percent.
Early-movers are winning the AI race in insurance
While many insurers are yet to see significant returns from their investments in artificial intelligence (AI), some carriers are already reaping big rewards. These high-performers are reporting business improvements worth four to five times their investments in AI solutions. Some have even achieved a tenfold return on such investments. What are these insurers doing to achieve such impressive returns? They’re implementing AI on a big scale. They’ve got momentum mindsets.
What small business owners want from direct commercial carriers
In my previous post in this series, I looked at the reasons that small business owners are generally unhappy with the customer experience in small commercial insurance. This time, I will focus on what these owners want from direct carriers and how insurers can improve their relevance to this market. These insights, by the way, come from experiential research Accenture and Fjord conducted with small business owners in the US.
Start-ups paint the future at InsureTech Connect
Scores of start-ups took to the stage at this year’s InsureTech Connect (ITC) conference to demonstrate their innovations and show how new technologies are likely to shape the insurance industry. Many of them also announced partnerships with prominent insurance companies.
Momentum drives successful AI strategies
Insurance providers are fast recognizing the huge potential of artificial intelligence (AI). They’re deploying intelligent solutions in many parts of their businesses. Claims management, underwriting, sales and the customer experience are among their key AI applications. Our research shows that around 80 percent of insurers believe AI will revolutionize how they gather information and interact with customers.
How to use AI in the insurance value chain: customer service and policy administration
How do you approach customer service and policy administration within your organization? In this blog post, I’ll demonstrate how artificial intelligence (AI) and a raised AIQ can help you get the most out of your data. To do this, I’ll discuss how insurers can use machine learning to analyze texts.
How to use AI in the insurance value chain: claims management
How do you increase quality in claims assessment, management and administration? We share insights into an end-to-end AI-powered claims automation approach to increase quality, processing efficiency and reduce cost. In this blog series, I’ve spoken about how AI increases process efficiency, reduces costs and helps business solve problems.
$375 billion in new insurance revenue up for grabs—if you are a ‘living’ business - Accenture Insurance Blog
Accenture’s Insurance as a Living Business report estimates that there is $375 billion in new insurance revenue up for grabs by innovation leaders to 2022. But to take advantage of these emerging opportunities, insurers need to become ‘living’ businesses—customer-centric, hyper-relevant, agile, vital and innovative. Where are the growth areas for new revenues and how can insurers realise the vision of becoming a living business?
IoT and connected insurance innovation – the best of the 2018 Efma-Accenture Awards - Accenture Insurance Blog
Doing what I do – I lead Accenture’s global offering development for connected and IoT insurance – I headed straight for the connected and IoT insurance solutions. My top three picks are: The standout feature of all of these solutions is that they leverage technology to address real and evolving challenges in ways that deliver significant value for customers. Breaking away from the pack to capture new revenues requires a new mindset.
Disruptors in force at Efma-Accenture Innovation in Insurance Awards
The annual Efma-Accenture Innovation in Insurance Awards give valuable insights into how carriers are using digital technology to disrupt their traditional markets. This year around 50 insurers and insurtech firms submitted their disruptive products and services for evaluation by the competition judges and members of Efma. The quality of many of the submissions was outstanding.
Insurers must be wary of pitfalls on the path to competitive agility
Insurers looking to change their business strategy to bolster their competitive agility need to be wary of some hazardous pitfalls. Changing business strategies is often complex and challenging. Implementing a comprehensive integrated strategy, that promotes growth, profitability and sustainability across the enterprise, can be especially daunting. We’ve identified four major obstacles that can snag a journey to competitive agility.
Big carriers shine at Efma-Accenture Innovation in Insurance Awards
This year’s Efma-Accenture Innovation in Insurance Awards showed that insurers throughout the world are recognizing the enormous opportunities that are being created by advances in digital technology. It was a huge success showing insurers increasing focus on innovation to better serve their clients leveraging an ever-increasing array of technologies and partnership opportunities.
A bispecific antibody that targets IL-6 receptor and IL-17A for the potential therapy of patients with autoimmune and inflammatory diseases
Despite the success of current biological therapeutics for rheumatoid arthritis, these therapies, targeting individual cytokines or pathways, produce beneficial responses in only about half of patients. Therefore, better therapeutics are needed. IL-6 and IL-17A are proinflammatory cytokines in many autoimmune and inflammatory diseases, and several therapeutics have been developed to specifically inhibit them.
How susceptible are insurers to disruption, really?
In 2018, disruption is certainly nothing new. We’ve seen it with the GAFAs (Google, Apple, Facebook and Amazon) as well as with companies such as Tesla and Uber—all of which have forced entire industries to change direction. Yet many insurers, despite investing increasing amounts each year, are still experiencing disruption and are susceptible to future disruption. Why aren’t insurers more prepared?
Insurers should include start-ups in their digital transformation plans
Insurers are increasingly recognizing that their ability to innovate is vital to their future success. Unless they can change their traditional business models, and create work environments that reward creativity, they’re likely to fall behind their competitors. They might even struggle to survive.
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