Players such as Uber and Airbnb have built their entire businesses on a platform model where they aggregate new forms of supply and demand at a single point of access. Rather than offering simple products and services, many of them are forming and orchestrating ecosystems that bring together products and companies from numerous sectors and that give customers access to living solutions for a range of everyday needs.

These new business models are forcing incumbents across industries to embrace the same way of thinking, and insurers aren’t exempt. This report examines how insurance carriers can seize the opportunity to build a new digital value chain so they can remain relevant as the world moves from products to platforms and from linear supply chains to complex ecosystems.

74%

Of insurance executives say digital ecosystems are altering or transforming how the industry delivers value.

These new business models are forcing incumbents across industries to embrace the same way of thinking, and insurers aren’t exempt. This report examines how insurance carriers can seize the opportunity to build a new digital value chain so they can remain relevant as the world moves from products to platforms and from linear supply chains to complex ecosystems.

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The 5 C’s of the platform economy

Every insurer needs an ecosystem strategy to move forward, one that prepares it for a future where it is not involved in just a single ecosystem, but many. How it selects and fosters the right ecosystems for its business goals will define prospects for the future: competitive advantage depends on the strength of the partners and ecosystems it chooses and its plans to help them grow.

Convenience

Relevance, digital distribution, extended offer, and customer experience.

Community

Social interactions, peer2peer, and data sharing.

Collaboration

Partnership, open innovation culture, and crowdsourcing.

Curation

Data protection, legitimacy, and 360° assistance.

Connection

Things, digital network, omni channel, and technology.

View All

Werner Rapberger

Director – Insurance, Customer Insight & Growth

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