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Evolve to thrive in the emerging insurance ecosystem
Insurers’ business models must adapt to a collaborative, platform-driven economy
OVERVIEW
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.
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THE 5CS 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.
The Primary Pillars of a Platform Company
Relevance
Digital distribution
Extended offer
Customer experience
Social interactions
Peer2peer
Data sharing
Partnership
Open innovation culture
Crowdsourcing
Data protection
Legitimacy
360º assistance
Things
Digital network
Omni channel
Technology