Disrupting unsustainable business models is the only way to survive and thrive in the current economy. Many companies are at a crossroad and making the right decisions has become a question of life or death in this marketplace.
To help industry leaders identify the way forward and future growth strategies, Frost & Sullivan brings together a global network of visionaries and thought leaders at its annual Growth, Innovation, and Leadership (GIL) conference. GIL 2015 returns for its second edition on the glamorous shores of Monaco on Friday, 23 October. The event at the Monte Carlo Bay Hotel & Resort will feature a mix of Frost & Sullivan experts and distinguished industry visionaries.
The impact of new business models and a new world of opportunities that are shaking the marketplace are the key themes of this year's conference in Monaco. Frost & Sullivan Senior Partner and Head of the Visionary Innovation Group Sarwant Singh will present some of these new business models: "We will look at some interesting case studies, such as the impact of driverless cars on logistics and insurance."
Driverless Cars: A Case Study
Shortage deemed to be the single largest challenge in the sector, the future of people logistics and freight logistics is expected to merge. "Think of it as a model in which DHL or UPS would deliver packages small and large using a combination of personally owned vehicles, commercial fleet and also car-sharing fleet. Needless to say this allows for a rather leaner road traffic that can move people and goods, by increasing the utilization of the seat-space and boot-space as well," says Partner Sarwant Singh.
Autonomous cars come with a larger set of challenges. On one hand, these virtually crash-free vehicles entail little or no risk from a collision perspective, which slashes down insurance premiums, thereby directly impacting the insurance community. On the other hand, it brings to the table a new set of risks that insurers have traditionally not been accustomed to addressing. Reliability of the driving algorithm, use-cases not taken into account by the automaker, robustness of fail-operational mode in the vehicle architecture are way too technical to be assessed by insurers.
Vehicle insurance currently follows a driver-centric model, with some amount of the calculation of risk and premium being associated with vehicle- and traffic-related parameters. With the driver getting relegated to the level of an occupant in the future, when the vehicle drives itself, the insurance model also shall change accordingly. This would imply that the drivers need not pay as much of an insurance premium as they do in today’s scenario. In 2013, on average, a typical European vehicle owner paid around €470 on insuring the vehicle. Going forward, with level 4 automated vehicles replacing conventional vehicles, the risk of collision can be reduced by around 70 percent and inclusion of new parameters to assess the risk of vehicle is likely to result in average premium to reduce to €300.
The one-day conference will start at 9 am with a welcome speech by the Senior Partner & Global Head of Growth Consulting Jan E Kristiansen. This year, for the first time ever, a brand new analysis by Frost & Sullivan on opportunities in the Financial Services will be presented. Senior Partner and UK Operations Director Gary Jeffery will unveil the latest Mega Trends of a sector that is a key element of Monaco's economy.
The congress will also host most stimulating keynote presentations from the following Government and Industry Leaders:
- Mr Jean Castellini, Minister of Finance & Economy of the Principality of Monaco;
- Mr Martin Péronnet, Managing Director of Monaco Telecom, the Principality’s Telecom Operator;
- Mrs Isabelle Hilali, VP Marketing and Strategy of Orange Healthcare;
- Mr David Chalmers, Vice President Presales and Chief Technologist (Enterprise Group, EMEA), Hewlett-Packard Limited
The conference will be preceded on Thursday 22 October, by the presentation of the Frost & Sullivan’s Best Practices Awards to a range of regional and global market players for their superior leadership, technological innovation, customer service, and strategic product development achievements.
About Frost & Sullivan
Frost & Sullivan (frost.com), the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today’s market participants.
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