Insurers should take a “never satisfied” approach to their journey to operations maturity. There is always room to get better. Our cross-industry research shows that a one-position climb in operations maturity can lead to a projected 17% increase in global profits. This potential alone is reason enough for insurers to set their sights on what’s next—and how to get there fast.
Build ecosystem relationships
A crucial way that insurers can speed this journey is by taking advantage of ecosystem partnerships to deliver outcomes at scale. This way of working is coming into its own in insurance.
of insurers say that ecosystem relationships have improved over the last three years and future-ready players are focused on them.
of insurers increased their focus on the “network effect” of the ecosystem in response to the pandemic.
These trends suggest that insurers have both existing ecosystem relationships—and momentum around extending them. The ecosystem is an excellent way to bring in more diverse data, specialized skills and leading-edge technologies and new ideas that spark innovation. Insurers can access all of these things through trusted partners, rather than having to make costly and time-consuming investments to stand-up the capabilities themselves.
Slow and steady can't win this race
Fast-track your journey to operational maturity and take advantage of transformational value—increase performance in efficiency and profitability, improve innovation, strengthen ecosystems and deliver excellent customer and employee experiences. Discover more in our main Operations research.