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Library: Kanopi – Digital ecosystems in insurance

Executive summary :

Insurance consumers are evolving, prompting new challenges for the industry.

 The Digital Insurer reviews Kanopi’s Report on Digital ecosystems in insurance

Digital ecosystems are the key to the future of insurance 

Recent events have seen demand for some insurance products skyrocket and insurers need to adapt. Yet, despite surging interest, previous obstacles still remain: consumers have trouble interacting with insurers and getting the cover they need. In fact, 60% of customers haven’t been contacted by their insurer in a year.

Plus, over 50% of consumers are more digitally savvy than before, shopping online at least once a day on average.

A traditional intermediated, or even direct-to-consumer business model can’t always meet today’s customer expectations. Hence, insurers are turning to digital ecosystems to improve customer experiences while maximising efficiency and distribution.

Ecosystems enable companies to bring together complementary business offerings and leverage new technologies to better anticipate and satisfy consumers’ needs, leading to seamless user experiences and new revenue streams beyond their core products. However, this definition only scratches the surface of what’s possible.

Let’s explore more advantages of digital insurance ecosystems.

Breaking down the insurance ecosystem

Insurance ecosystems are networks of partners collaborating to enable the distribution of insurance policies and associated services that closely match customers’ needs via engaging, digital-first experiences. Thus, an insurance company can expand its products and services beyond its signature offerings.

Participating companies are known as the ecosystem’s players. As insurers incorporate more digital solutions such as IoT-powered smart devices and API-connected data services, ecosystems are expanding across industries to include fintech, property technology, accounting software platforms and much more.

Ecosystems aren’t linear by nature. Rather than waiting for top-down direction, ecosystem players can respond quickly to changes in customer needs while collaborating with the network to deliver quality insurance solutions. Yet, solutions must generate mutual value to ensure participation in the ecosystem.

Ecosystems vs traditional business models

Every role is critical. However, the value of the ecosystem itself must be greater than the sum of each role. Thus, collaborative solutions developed by ecosystem players are more valuable than their component products and services.

When comparing both strategies, traditional end-to-end models simply don’t adapt as quickly to change, which proves challenging in a competitive digital landscape. Decentralised (yet collaborative) networks result in more relevant, contextual insurance experiences. Plus, customers have more third-party solutions to draw from in an ecosystem.

While there are decentralised elements, successful ecosystems can be leveraged effectively to gain market leadership. Instead of giving directives top-down, a stakeholder or team strategically orchestrates insurance services through effective partnerships to maximise revenue streams.

Insurance ecosystems in action

Insurers can both participate in the ecosystem and orchestrate, bringing together services from different participants on one platform.

Participants offer insurance as a service or other relevant products. For example, a traditional insurance provider may integrate IoT-powered smart home technology alongside a new home and contents product to provide more security solutions to homeowners. This collaboration increases revenue for both players while attracting new customer segments for the insurer, like security-conscious consumers and smart tech enthusiasts.

See the full report for more…

Link to Full Article:: click here

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