Helvetia: Transformation, innovation and added value
We show how change looks like within the framework of the digital transformation at Helvetia
This is what a perfect storm looks like?
Martin Tschopp, Head of Corporate Development at Helvetia, starts his presentation with the picture and the statement that the financial sector and therefore Helvetia is in it: "We have a problem.
As an example, Tschopp cites full-service offers from car manufacturers, where for a fixed price (all inclusive) you can change cars as required (a van at the weekend, a coupé during the week and a convertible for the holidays) and of course you get all the operating materials.
Change is therefore important, but the "existing" business must finance the new requirements. With them specifically Moneypark or Smile.Direct. Summarized in one picture, transformation (of the existing business) must be combined with innovation.
In the next part, Tschopp discusses Smile.Direct (which was acquired through the National acquisition). On the one hand, this is permitted competition to the existing business model and, on the other hand, this company must also differentiate itself with new offers. Currently, for example, with health offers (and other segments). To this end, the company is working together with the start-up Inzmo.
The institutional instrument for this is a separate investment fund endowed with CHF 55 million. For the seven investments shown in the picture, a team of two people evaluated over 1,200 companies.
Under the title "Try, Scale or Stop" Tschopp shows some experiments they are currently carrying out. For example, a claims service via Facebook Messenger Chatbot with the ambition of being able to trigger the payment (!!) of the claim after 90 seconds. Not only a success, of course, but a very important field of learning. This also includes the cooperation with the University of St.Gallen under the title "Innovation Lab".
As important findings Tschopp shares the following list with us:
- Changes take longer than expected
- Setting clear priorities
- Pursuing transformation & innovation simultaneously
- Allow competition between business models
- Promoting outside-in perspective
- From "EGO" to the eco-system
- Try, Scale or Stop
- Organize cross-cutting teams around core issues
- Key people must set an example of change
- Placing change agents in a targeted manner
Thanks a lot.
