NTT DATA
NTT DATA ’ s Vision : Insurers Do Believe in the Power of Insurtechs as Sources of Innovation and Expansion Either by investing or partnering with them , insurers appear to understand the impact of Insurtechs in the industry as enablers of disruption , and they have come to this conclusion without the lead of any other player , such as Tech Giants . Although they show a little bit of resistance when it comes to Insurance-related companies , preferring consolidated businesses , insurers are increasingly putting money into new business models and growingly opting for early-stage startups . However , they do so only to improve their own value chains , therefore investing overwhelmingly in companies linked to their markets .
New Entrants and Tech Giants : Industry vs . Platform Giants According to NTT DATA , analysing the impact of New Entrants is not only limited to Technology Giants . They have segmented their analysis into two groups in order to achieve a more accurate and real picture of these players . First , they have what they refer to as Industry Giants , which are big Corporations that are leading a specific industry and where they could find names such as Tesla , Toyota and Daimler ( in Auto ) or GSK and Roche ( in Pharma ). On the other hand , they have the Platform Giants , which lead digital platforms for activities such as distribution , where they could highlight some such as Amazon or Tencent , sales , with examples such as Salesforce , or pure technological platforms for creating new products and services , such as the cases of Alphabet and Facebook .
In 2021 they saw that Industry Giants invested around $ 27B in startups and Insurtechs , while Platform Giants , also
EXECUTIVE BIO
CARLOS ORDÓÑEZ
TITLE : HEAD OF STRATEGY & ADVISORY COMPANY : NTT DATA INSURANCE EMEAL INDUSTRY : INSURANCE LOCATION : SPAIN
Carlos is a graduate in Telecommunications Engineering with a Master ' s in Business Administration and a Management Development Diploma from IESE Business School – University of Navarra . He ' s an executive with more than 20 years of experience in insurance and the digital world , having spent 13 years working at AXA Group in technology and processes management in Spain and Latin America . In 2010 , he created and ran a global digital innovation center for AXA Group . After this stage , he led the global digital transformation of MAPFRE Group . Currently , Carlos is the Head of Strategy & Advisory and Innovation & Product at NTT DATA Insurance EMEAL , leading the client advisory practice to enhance decision-making , drive process improvements and develop innovative technologydriven solutions tailored to business needs .