For those unfamiliar with Porter’s Five Forces, originally described in a 1979 Harvard Business Review article, it is a model framework that outlines five predictive forces which shape every industry. These have also been known to be used in the modeling of various SWOT (strengths, weaknesses, opportunities and threats) analysis for strategic business planning.
Arguably, each of the Porter’s Five Forces listed here have specific application for the insurance industry today.
1. Competitive Rivalry
2. The Threat of New Entrants
3. The Power of Buyers
4. The Power of Suppliers
5. The Threat of Substitute Products
What happens if you flip this framework on its head, and choose to view the state of our industry and situation as one of abundance—rather than scarcity—through the “Infinite Game” philosophy? This is precisely what we’ve done in building BrokerTech Ventures (BTV). We asked the following questions to four of our BTV Partner-leaders, to capture their insights and alternative philosophies. They’ve offered thoughts on everything from competition, mergers and acquisitions (M&A), COVID-19 response, to addressing cyber threats and unknowns.
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Thursday, April 1, 2021