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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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74% of insurance executives say digital ecosystems are altering or transforming how the industry delivers value
"74% of insurance executives say digital ecosystems are altering or transforming how the industry delivers value"

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

CONVENIENCE

Relevance
Digital distribution 
Extended offer
Customer experience
COMMUNITY

Social interactions
Peer2peer
Data sharing
COLLABORATION

Partnership
Open innovation culture
Crowdsourcing
CURATION

Data protection
Legitimacy
360º assistance
CONNECTION

Things
Digital network
Omni channel
Technology