Using artificial intelligence to create value in insurance

2018 ◽  
Vol 36 (6) ◽  
pp. 1145-1168 ◽  
Author(s):  
Mikko Riikkinen ◽  
Hannu Saarijärvi ◽  
Peter Sarlin ◽  
Ilkka Lähteenmäki
Keyword(s):  
Artificial Intelligence ◽  
Conceptual Framework ◽  
Value Creation ◽  
Illustrative Case ◽  
Content Type ◽  
Customer Data ◽  
Case Examples ◽  
Service Logic ◽  
Access To Data ◽  
Convenient Access

Purpose Recent technological and digital developments have opened new avenues for customer data utilization in insurance services. One form of this data transformation is automated chatbots that provide convenient access to data leveraged through a discussion-like interface. The purpose of this paper is to uncover how insurance chatbots support customers’ value creation. Design/methodology/approach Three complementary theoretical perspectives – artificial intelligence, service logic, and reverse use of customer data – are briefly discussed and integrated into a conceptual framework. The suggested framework is further shown through illustrative case examples that characterize different ways of supporting customers’ value creation. Findings Chatbots represent a new type of interaction through which companies can influence customers’ value creation by providing them with additional resources. Based on the proposed conceptual framework and the illustrative case examples, four metaphors are identified that characterize how insurance chatbots can support customers’ value creation. Research limitations/implications The study is conceptual in nature, and the case examples are used for illustrative purposes. No representative data from those users who will eventually determine whether chatbots are of value was used. Practical implications Using the suggested framework, which is aligned with provider service logic, insurance companies can consider what kind of a role they wish to play in customers’ value-creating processes. Originality/value Automated chatbots provide convenient access to data leveraged through a discussion-like interface. This study is among the earliest to address their value-creating potential in insurance.

scholarly journals Accountability and governance in pursuit of Sustainable Development Goals: conceptualising how governments create value

2021 ◽  
Vol ahead-of-print (ahead-of-print) ◽  
Author(s):  
Subhash Abhayawansa ◽  
Carol A. Adams ◽  
Cristina Neesham
Keyword(s):  
Sustainable Development ◽  
Civil Society ◽  
Conceptual Framework ◽  
Value Creation ◽  
Policy Development ◽  
Sustainable Development Goals ◽  
Stakeholder Participation ◽  
Content Type ◽  
Development Goals ◽  
National Governments

PurposeDrawing on Adams (2017a) conceptualisation of value creation by organisations published in the Accounting, Auditing and Accountability Journal, the purpose of this paper is to develop a conceptualisation of how national governments can create value for society and the economy through their approach to the UN Sustainable Development Goals (SDGs).Design/methodology/approachAn initial conceptual framework was developed from literature situated at the intersection of accountability, public policy and sustainability/sustainable development. The authors' review of extant research on national policy development on value creation, sustainability and the SDGs identified gaps in (understanding of) approaches to national accountability and national governance (by state and civil society) processes. The subsequent thematic analysis of 164 written submissions made to the Australian Senate inquiry on the SDGs between December 2017 and March 2018, together with transcripts of five public hearings where 49 individuals and organisations appeared as witnesses during the second half of 2018, focussed on addressing these gaps.FindingsInput to the Australian Senate Inquiry on the SDGs overwhelmingly emphasised the importance of transparency and stakeholder participation in accountability systems, commenting on data gathering, measuring and communicating. There was an emphasis on the need to involve all parts of society, including business, investors and civil society, and for strong central co-ordination by the Office of the Prime Minister and Cabinet. These data allowed the authors to refine the conceptualisation of how national governments can enhance social and economic value through a focus on the UN SDGs and their approach to accounting, accountability and governance.Practical implicationsThe findings have implications: for national governments in developing approaches to achieve sustainable development; and, for supranational bodies such as the UN in developing agreements, frameworks and guidance for national governments.Originality/valueBuilding on the extant literature about how global governance should be engaged to improve accountability in achieving the SDGs, the conceptual framework developed through the study shifts focus to national governance and accountability, and provides a blueprint for national governments to create value for the economy and society in the face of global sustainable development issues.

Service flexibility: conceptualizing value creation in service

2016 ◽  
Vol 26 (6) ◽  
pp. 868-888 ◽  
Author(s):  
Danilo Brozovic ◽  
Fredrik Nordin ◽  
Daniel Kindström
Keyword(s):  
Conceptual Model ◽  
Value Creation ◽  
Customer Value ◽  
Contextual Influences ◽  
Content Type ◽  
Starting Point ◽  
Service Oriented ◽  
Service Logic ◽  
The Subject ◽  
Practical Implications

Purpose The purpose of this paper is to analyze the subject-specific literature on service and flexibility and derive a conceptualization of the linkages between provider flexibility and customers’ value creation. Design/methodology/approach The authors analyze existing perspectives on service and flexibility and propose linkages between provider flexibility and customer value creation. Findings Drawing on the service logic literature, and utilizing real-world examples, this paper advances propositions and a conceptual model of how flexibility can contribute to value creation. Research limitations/implications This paper establishes the basis for a practical and applicable flexibility perspective on value creation. It is particularly important for service-oriented providers and other firms operating in dynamic contexts. Practical implications The propositions and conceptual model offer suggestions on the manner in which provider flexibility contributes to customer value creation. Contextual influences that moderate provider flexibility in value creation are also included. Originality/value This paper contributes a novel perspective on service, which may serve as the starting point for the development of a more formal flexibility perspective on value creation.

Relationality in the service logic of value creation

2015 ◽  
Vol 29 (6/7) ◽  
pp. 463-471 ◽  
Author(s):  
Mary FitzPatrick ◽  
Richard J. Varey ◽  
Christian Grönroos ◽  
Janet Davey
Keyword(s):  
Value Creation ◽  
Design Methodology ◽  
Service Providers ◽  
Direct Interaction ◽  
Content Type ◽  
The Social ◽  
Service Logic ◽  
Relational Concepts ◽  
Practical Analysis ◽  
Philosophical Understanding

Purpose – The purpose of this paper is to present a framework – the Relationality Framework – for elaborating relational behaviour, in response to calls to address the ontological weaknesses identified in the extant value and value creation literature. Design/methodology/approach – The social philosophical understanding of interaction as an organic mode of social organisation, upon which the Relationality Framework is based, supersedes the economistic (mechanistic) understanding of interaction as a means of connecting otherwise independent actors. In foregrounding the relationality of interaction, the authors are inspired by Grönroos and Voima’s (2013) conceptualisation of spheres of value generation to conceptualise the intersubjective dynamics and domains invoked in direct interaction. Findings – The Relationality Framework identifies distinct relational concepts that build on service logic’s specificity and conceptualisation at the level of direct interactions between service providers and customers. In particular, this paper develops the concept of “relationality” using the three domains in any interaction of I, Other and We. Originality/value – The Relationality Framework provides sound conceptual support for extending the theoretical and practical analysis of the value creation processes of the customer and of the firm and for the purposeful management of relationships to enhance value creation by both.

scholarly journals Are CRM systems ready for AI integration?

2019 ◽  
Vol 32 (2) ◽  
pp. 144-157 ◽  
Author(s):  
Sheshadri Chatterjee ◽  
Soumya Kanti Ghosh ◽  
Ranjan Chaudhuri ◽  
Bang Nguyen
Keyword(s):  
Conceptual Framework ◽  
Design Methodology ◽  
Business Success ◽  
Human Beings ◽  
Content Type ◽  
Customer Data ◽  
Crm System ◽  
Automated Decision Making ◽  
Unique Study ◽  
Practical Implications

Purpose The purpose of this paper is to develop a conceptual framework to check if an organization is ready to adopt an AI-integrated CRM system. The study also analyzes different situations which can provide a comprehensive check list in the form of indicators that could provide a signal indicating whether the organization is ready to adopt an AI-integrated CRM system by capturing actionable and appropriate data. Design/methodology/approach The paper is a general review, and appropriate literature has been used to support the conceptual framework. Findings The key findings of this study are the different indicators that make up the conceptual framework. This framework can help organizations to check at a glance whether they are ready to adopt AI-integrated CRM system in their organizations. Specifically, it has been identified that different approaches are needed to tackle various types of customer data so that those may be made fit and actionable for appropriate utilization of AI algorithms to facilitate business success of an organization. Practical implications The paper has elaborately discussed the different approaches to be undertaken to calibrate and reorient the various kinds of actionable data and the contemplated challenges one would face in doing so. This would help the practitioners that how the data so captured can be made fit for action and utilization toward application of AI technologies integrated with existing CRM system in an organization. Originality/value This study is claimed to be a unique study to provide a conceptual framework which could help arranging and rearranging of captured data by an organization for making the data fit and ready for use with the help of AI technologies. This successful integration of AI with CRM system can help organizations toward taking quick and automated decision-making without much intervention of human beings.

scholarly journals The company in society: when corporate responsibility transforms strategy

2018 ◽  
Vol 39 (4) ◽  
pp. 11-18 ◽  
Author(s):  
Sonja Lahtinen ◽  
Hannu Kuusela ◽  
Mika Yrjölä
Keyword(s):  
Business Models ◽  
Corporate Strategy ◽  
A Priori ◽  
Strategic Decision ◽  
Illustrative Case ◽  
Content Type ◽  
Case Examples ◽  
Strategic Initiatives ◽  
Strategic Changes

Purpose This study aims to identify and analyze the different roles corporate social responsibility (CSR) can play in corporate strategy. By acknowledging that one of the biggest challenges for companies in committing to sustainability is the strategy work, the authors outline specific strategic initiatives to achieve these roles and the strategic outcomes that will follow such initiatives. Design/methodology/approach Four illustrative case examples show how companies are recasting the role of CSR. The new CSR roles are characterized through two strategic dimensions: an inside-out (firm-oriented) vs outside-in (market-oriented) orientation and an emphasis on leveraging vs an emphasis on prospecting activities. Findings The findings show that to realize the opportunities of CSR for business, the environment and society at large, the role of CSR in the boardroom must be reconfigured. By recasting its role, CSR can become a driver for the strategy process and a transformative force generating strategic changes. Practical implications This paper aims to encourage top executives to take a proactive stance toward responsibility, recognize the new roles and potential impact that CSR can have in corporate strategy and assist strategic decision-making regarding CSR. Originality/value The paper aims to move beyond integrating sustainability into existing strategies and business models by demonstrating how sustainability can also inspire strategic changes a priori when the role of CSR is recast in companies. By viewing CSR as a driver of corporate strategy and strategic initiatives, the authors suggest that besides helping the environment, the community and society, CSR can take care of corporate strategy.

Using wordless books to support clinical consultations

2017 ◽  
Vol 12 (4) ◽  
pp. 260-271 ◽  
Author(s):  
Sheila Hollins ◽  
Barry Carpenter ◽  
Elspeth Bradley ◽  
Jo Egerton
Keyword(s):  
Visual Information ◽  
Word Processing ◽  
English Language ◽  
Positive Impact ◽  
Illustrative Case ◽  
Service Access ◽  
Content Type ◽  
Case Examples ◽  
Practice Review ◽  
Effective Use

Purpose Based on a literature and practice review, the purpose of this paper is to examine the theoretical and clinical basis for using wordless books with patients who have intellectual disabilities (ID) and/or autism. Design/methodology/approach A literature review identified seminal peer-reviewed English language articles relating to the neuroscience of information and emotion processing for adults with ID and/or autism. In addition to published examples, illustrative case examples were contributed by clinicians regularly using wordless books. Findings Many people, including those with ID, selectively attend to visual information. Minimising the cognitive load by using wordless pictorial narrative reduces anxiety, and empowers the patient. Clinicians using such resources describe positive clinical outcomes. Only the Beyond Words wordless books have been identified in published clinical trials. Research limitations/implications Although existing evidence suggests a strong positive impact, further research into the use of wordless books for people with ID is needed. Practical implications Wordless books are reported to help develop staff skills and empathy for supporting adults with ID. The books facilitate some legally required reasonable adjustments to increase service access. Staff training is needed for effective use of wordless books. Originality/value Wordless books specifically designed with and for adults with word processing difficulties, ID and/or autism to enhance health literacy and explore their own narratives and emotional responses around health experiences and personal traumas are a unique approach. This paper may also offer the first exploration of their neuropsychological underpinnings.

Business model innovation: coffee triumphs for Nespresso

2013 ◽  
Vol 34 (2) ◽  
pp. 30-37 ◽  
Author(s):  
Kurt Matzler ◽  
Franz Bailom ◽  
Stephan Friedrich von den Eichen ◽  
Thomas Kohler
Keyword(s):  
Business Model ◽  
Value Creation ◽  
Design Methodology ◽  
Business Model Innovation ◽  
Successful Implementation ◽  
Content Type ◽  
Sales And Marketing ◽  
Service Logic ◽  
Theoretical Conceptualization

PurposeThis article aims to examine the concept of business model innovation and to discuss the design of the key elements. Based on a detailed case study of Nespresso, it seeks to outline how business model innovation can be implemented successfully.Design/methodology/approachBased on a theoretical conceptualization of a business model, the authors conduct an in‐depth case study to draw conclusions for a successful implementation of a business model innovation.FindingsA business model innovation comprises five components: an innovative, unique positioning, a consistent product and service logic, an appropriate value creation architecture, an effective sales and marketing logic and a profit formula that works. Success is based upon a unique, innovative and coherent design of the business model's components.Originality/valueBased on Nespresso's business model, this paper illustrates what a business model innovation is, what its components are and how they should be designed to create and capture value.

scholarly journals Transforming the stakeholders’ Big Data for intellectual capital management

2018 ◽  
Vol 26 (3) ◽  
pp. 420-442 ◽  
Author(s):  
Lorna Uden ◽  
Pasquale Del Vecchio
Keyword(s):  
Big Data ◽  
Conceptual Framework ◽  
Activity Theory ◽  
Intellectual Capital ◽  
Value Creation ◽  
Organizational Values ◽  
Service Science ◽  
Future Research ◽  
Content Type ◽  
Service Ecosystems

PurposeThis paper aims to define a conceptual framework for transforming Big Data into organizational value by focussing on the perspectives of service science and activity theory. In coherence with the agenda on evolutionary research on intellectual capital (IC), the study also provides momentum for researchers and scholars to explore emerging trends and implications of Big Data for IC management.Design/methodology/approachThe paper adopts a qualitative and integrated research method based on a constructive review of existing literature related to IC management, Big Data, service science and activity theory to identify features and processes of a conceptual framework emerging at the intersection of previously identified research topics.FindingsThe proposed framework harnesses the power of Big Data, collectively created by the engagement of multiple stakeholders based on the concepts of service ecosystems, by using activity theory. The transformation of Big Data for IC management addresses the process of value creation based on a set of critical dimensions useful to identify goals, main actors and stakeholders, processes and motivations.Research limitations/implicationsThe paper indicates how organizational values can be created from Big Data through the co-creation of value in service ecosystems. Activity theory is used as theoretical lens to support IC ecosystem development. This research is exploratory; the framework offers opportunities for refinement and can be used to spearhead directions for future research.Practical implicationsThe paper proposes a framework for transforming Big Data into organizational values for IC management in the context of entrepreneurial universities as pivotal contexts of observation that can be replicated in different fields. The framework provides guidelines that can be used to help organizations intending to embark on the emerging paradigm of Big Data for IC management for their competitive advantages.Originality/valueThe paper’s originality is in bringing together research from Big Data, value co-creation from service ecosystems and activity theory to address the complex issues involved in IC management. A further element of originality offered involves integrating such multidisciplinary perspectives as a lens for shaping the complex process of value creation from Big Data in relationship to IC management. The concept of how IC ecosystems can be designed is also introduced.

The service revolution and its marketing implications: service logic vs service-dominant logic

2014 ◽  
Vol 24 (3) ◽  
pp. 206-229 ◽  
Author(s):  
Christian Grönroos ◽  
Johanna Gummerus
Keyword(s):  
Value Creation ◽  
Service Dominant Logic ◽  
Content Type ◽  
Dominant Logic ◽  
Value Propositions ◽  
Managerial Implications ◽  
Service Logic ◽  
Conceptual Paper ◽  
Managerial Level ◽  
Service Perspective

Purpose – The purpose of this conceptual paper is to analyse the implications generated by a service perspective. Design/methodology/approach – A conceptual analysis of two approaches to understanding service perspectives, service logic (SL) and service-dominant logic (SDL), reveals direct and indirect marketing implications. Findings – The SDL is based on a metaphorical view of co-creation and value co-creation, in which the firm, customers and other actors participate in the process that leads to value for customers. The approach is firm-driven; the service provider drives value creation. The managerial implications are not service perspective-based, and co-creation may be imprisoned by its metaphor. In contrast, SL takes an analytical approach, with co-creation concepts that can significantly reinvent marketing from a service perspective. Value gets created in customer processes, and value creation is customer driven. Ten managerial SL principles derived from these analyses offer theoretical and practical conclusions with the potential to reinvent marketing. Research limitations/implications – The SDL can direct researchers’ and managers’ views towards complex value-generation processes. The SL can analyse this process on a managerial level, to derive customer-centric, service perspective-based opportunities to reinvent marketing. Practical implications – The analysis and principles help marketing break free from offering only value propositions and become an organisation-wide responsibility. Firms must organise service-influenced marketing and create a customer focus among all employees, beyond conventional marketing. Originality/value – A service perspective on business has key managerial implications and enables researchers and managers to find new, customer-centric, service-influenced marketing approaches.

Reverse use of customer data: implications for service-based business models

2014 ◽  
Vol 28 (7) ◽  
pp. 529-537 ◽  
Author(s):  
Hannu Saarijärvi ◽  
Christian Grönroos ◽  
Hannu Kuusela
Keyword(s):  
Value Creation ◽  
Customer Value ◽  
Design Methodology ◽  
Business Models ◽  
New Products ◽  
Content Type ◽  
Customer Data ◽  
Dominant Logic ◽  
Data Usage ◽  
External Customer

Purpose – The purpose of this study is to explore and analyze the implications of reverse use of customer data for service-based business models. In their quest for competitive advantage, firms traditionally use customer data as resources to redesign and develop new products and services or identify the most profitable customers. However, in the shift from a goods-dominant logic toward customer value creation, the potential of customer data for the benefit of the customer, not just the firm, is an emerging, underexplored area of research. Design/methodology/approach – Business model criteria and three service examples combine to uncover the implications of reverse use of customer data for service-based business models. Findings – Implications of reverse use of customer data for service-based business models are identified and explored. Through reverse use of customer data, a firm can provide customers with additional resources and support customers’ value-creating processes. Accordingly, the firm can move beyond traditional exchanges, take a broader role in supporting customers’ value creation and diversify the value created by the customer through resource integration. The attention shifts from internal to external customer data usage; customer data transform from the firm’s resource to the customer’s, which facilitates the firm’s shift from selling goods to supporting customers’ value creation. Originality/value – Reverse use of customer data represent a new emerging research phenomenon; their implications for service-based business models have not been explored.

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