As I approach my 20th anniversary of FEI membership, I often think of the dramatic changes in the business world and in our daily lives that few of us could have foreseen.
In 1996, who among us predicted that we could use wireless phones to make reservations at hotels and restaurants around the world without speaking one word? Who knew that we would be able to hire a car service using our phone and be able to exit the car without paying the driver?
These disrupters have changed our world. When I hear the word disrupter, as a risk advisor and CPA, the first thing that usually comes to mind is technology and big data and the impact it has and will continue to have on organizational and core business strategies.
In the insurance and employee benefits world, one of the biggest disrupters to date is big data. IBM’s Big Data @ Work survey reported that big data’s influence in the insurance industry is strong; some 47 percent of insurers want to use it to develop customer-centric programs and another 66 percent are conducting or planning big data activities.
Big Data is everywhere, and at Hays Companies, a national risk management and benefits consulting firm, we believe it creates opportunities for us and for our clients. We efficiently aggregate data since it paints a clear picture of true healthcare costs. But, most importantly, we recognize it is not just about the data, but what you do with it when structuring your medical offering that helps Hays’ clients minimize cost and maximize employee satisfaction with employer health plans.
Furthermore, today’s financial executives are also taking the lead in monitoring and measuring another technology disrupter – cyber security. When it comes to customer and employee privacy, cyber terrorism and data breaches are threats to everyone’s business and their bottom line. Many companies have experienced “social engineering” attacks, where hackers trick people into breaking normal security procedures because they think the phone or e-mail contact is a trusted source.
With the courts holding financial executives responsible, and so many ways to hack into a company, it is essential to have high quality cyber security and to evaluate cyber liability coverage in order to protect your company’s people, property, data, reputation and – ultimately – your bottom line, no matter what new disrupter comes around.
Technology is expanding at an unprecedented rate; there are new disrupters in development that offer improvements and increased risks. Are your company’s insurance and benefits advisors at the forefront, watching the development of disrupters and the impact on your business?
Join us for an eye-opening breakfast session on Monday, May 23rd at the Financial Leadership Summit to learn how to develop a winning health plan and compete in this disruptive world.
Authored by Steve Ruben, Past President of FEI Kansas City Chapter, Executive Vice President at Hays Companies, Certified Public Accountant, and an active FEI member for 20 years