I conducted an on-stage conversation with AIG Japan CEO Bob Noddin yesterday. This was an American Chamber of Commerce in Japan luncheon event, held at the posh Tokyo American Club. About one-hundred people attended, and everyone got a free copy of my new book!
While this event was off-the-record, allow me to elaborate on what my personal takeaways are from the provocative conversation with Bob Noddin.
- Any industry such as insurance whose basic function has not changed in decades if not centuries is ripe for disruption.
- Disruptors may not be your direct competitors, but players like Google or Amazon who use mastery of data to change business models of entire industries to their advantage.
- Business people often complain of stifling regulation in Japan, and obstinacy of bureaucrats. However, if you can show how a change in regulation benefits the Japanese consumer and can transform an industry into one that is more internationally competitive, regulators are more likely to listen and to act.
- While many businesses focus on using big data to predict behavior of consumers, the value opportunity for consumers is really in using data to enable consumers to change behavior for the better. Sharing of data and insights helps consumers make better decisions for themselves.
- The most important capability in innovation is the ability to let go. Nothing new is possible without comfort in letting go of the current.
I regularly run Conversation With events at the ACCJ. Stay tuned for announcements of other events featuring key business leaders in Japan in the coming months.