Management Thinking

Consumers

Financial Services

All tied up?

Insurers say regulation is making it more difficult to meet consumers' needs
Monica Woodley | March 4th 2013 | @EG_Finance

The insurance industry has not suffered the same reputation-damaging scandals as the banking industry, however, for some consumers, as insurers are financial institutions they have been tarred with the same brush – and need to prove their worth.

In a recent survey conducted by the Economist Intelligence Unit, insurers agreed that they have a duty to contribute positively to society. However some quite bravely admitted that they are not meeting their societal responsibilities. What’s getting in their way?

Energy & Utilities

Changing behaviours

Alex Laskey, President and Founder of Opower, explains how to address the growing demand for global energy through innovative behavioural efficiency programmes.
Alex Laskey | January 30th 2013 | @EG_Energy

From 2010 to 2030, the global middle class is predicted to swell by 172%. Though increasing the quality of life for hundreds of millions, this population boom will also result in growing pressure on energy infrastructure and demand for reliable, affordable and cleaner energy supply.

 Whilst this could present a threat, it equally presents a huge opportunity for those who can unravel the complexities of how we use energy and how usage patterns can be influenced to deliver real and lasting behaviour change. Truly embedding this change will also be reliant on support from policymakers who can develop innovative behavioural energy efficiency programmes that reduce consumer energy use through cost-effective measures.

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Financial Services

Time for the banks to clean up their acts

Peter Vicary-Smith | December 5th 2012 | @EG_Finance

Since the start of the financial crisis, banking and the behaviour of bankers hasn't been far from the headlines. From bailed-out banks, to the Libor rate-rigging scandal to widespread mis-selling, consumers have been continually let down by the banks. So it’s no surprise that the banks have lost the trust of their customers and the confidence of the public.

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Marketing

TV: Reinventing the wheel

The evolution of TV is fast becoming a revolution of the global media industry, argues Stella Medlicott, chief marketing officer at Red Bee Media.
Stella Medlicott | November 12th 2012 | @EG_MgtThinking

Consumers are watching more TV than ever before; there is more content, more channels and many more options to choose how and when to watch TV. It was only thirty years ago that Channel 4 launched in the UK and provided audiences with a fourth TV channel. We now have almost 700 channels in the UK and 9000 channels in the EU.

One reason for this change is the unprecedented growth in the adoption of new technology. Think back: BBC launched the iPlayer just five years ago. Before this, all television content was viewed through a traditional TV set. Today, there is a multitude of existing and new media companies launching services that deliver TV and movie content both live and on demand onto any connected device with options to subscribe, rent or own. 

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Energy & Utilities

How can innovation help the world meet its energy challenges?

Zoe Tabary | November 8th 2012 | @EG_Energy
Innovation will be required in the energy sector to help it meet the twin challenges of rising energy demand and climate change. But well-meaning policies can turn out to have an adverse effect on innovation and a stagnating global economy may limit the pace of investment. The Economist Intelligence Unit, supported by Shell, recently surveyed experts and business leaders on technologies and policies to meet the world's energy challenges.
Natural Resources & Environment

The great ideological struggle of the 21st Century

I recently interviewed Chandran Nair, author of Consumptionomics: Asia's role in reshaping capitalism and saving the planet. In this interview, Chandran discusses why the battle of ideas in Asia will define our future
Tom Upchurch | August 23rd 2012 | @EG_Enviro

Q- Could you give those who have not yet read Consumptionomics a very brief outline of your objective for writing this book?

A- The catalyst for writing the book was the financial crisis of 2008. We in Asia were told, by The Economist amongst others, that we laggards in Asia should start consuming more in order to rebalance the global economy. Then in 2009, during the run-up to the Copenhagen climate change conference, we have the same politicians taking to the stage and telling us that the biggest challenge to us all is climate change. Again, there was an emphasis on Asia to do something about it.

I would always use the analogy that on the front page of the Financial Times you would see headlines that Asians need to consume more and on page 3 we were being told please reduce emissions. At this stage I realised I needed to write a book that brought an Asian voice to a global debate.

Marketing

Tell the truth

Truth is the one thing few marketers talk about, yet it’s pretty much the only thing consumers care about.
Jonathan Salem Baskin | June 29th 2012 | @EG_MgtThinking

It’s much easier to talk about engagement, conversation, and all the activities that brands spend billions annually to deliver. But doing so without addressing the basic human need for truth is like opening a beautiful new restaurant and neglecting to stock the kitchen. Or hanging an art museum full of empty frames. Or building bridges and roads to nowhere. It’s all process without meaning.

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Financial Services

Who will foot the bill?

Many insurers are repricing due to European regulation but consumers may be in the dark
Monica Woodley | May 29th 2012 | @EG_Finance

With the focus in Europe on the capitalisation of banks, and the connection between the security of banks and nations, few outside of the financial industry are considering the capital adequacy of insurers. But just as Basel III will set new standards for banks, Solvency II will give European Union insurers new requirements. And like most things in the EU these days, there have been delays and uncertainty, leaving the industry unsure of whether the new regulation will bring real benefits or just be a costly compliance exercise.

For the past three years the Economist Intelligence Unit, on behalf of Deloitte, has surveyed UK insurers to ascertain their readiness and preparedness for Solvency II. Solvency II is European Union regulation aimed at reducing risk and improving capital levels.  This year’s study finds that confidence that the industry will meet Solvency II deadlines is waning - 37% fear that the industry will miss deadline, up from 24% in 2011.

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