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Services of interest
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Arthur D. Little

Arthur D. Little has been at the forefront of innovation since 1886. We are an acknowledged thought leader in linking strategy, innovation and transformation in technology-intensive and converging industries. We enable our clients to build innovation capabilities and transform their organizations. ADL is present in the most important business centers around the world. We are proud to serve most of the Fortune 1000 companies, in addition to other leading firms and public sector organizations. For further information, please visit www.adlittle.com

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SØNR

Sønr is the world’s most comprehensive source of innovation intelligence. It is a subscription platform used by some of the best known insurance companies globally.

It tracks millions of companies around the world and provides insight on the latest market trends, the startups and scaleups reshaping the industry, and intelligence on how other big insurers are innovating.

Sønr includes a suite of tools designed for teams to better collaborate and connect. From recording meetings to capturing and sharing Notes, to being able to track and share activity across the company using Watchlists and CRM boards.

The platform is backed up by a team of consultants, researchers and analysts who support clients in discovering and creating new business opportunities.

McKinsey: Ecosystems and platforms: How insurers can turn vision into reality

Executive summary 

It is no longer news that digital technologies are reshaping customer expectations and redefining industry boundaries. Apple now offers a credit card; Uber Technologies is in the midst of entering the logistics sector; Ping An of China has expanded beyond insurance and into everything from healthcare to housing; and Amazon has moved beyond retail and bookstores to such an extent that no sector feels safe from “getting Amazoned”.

 The Digital Insurer reviews McKinsey’s Report on Ecosystems and platforms: How insurers can turn vision into reality

Ecosystems: the greatest influence on the future of  insurance

As traditional industry borders fall away, ecosystems— and the digital platforms that often enable them—will greatly influence the future of insurers. Our research has found that ecosystems will generate $60 trillion in revenue by 2025—which will constitute 30 percent of global sales in that year. Consequently, many insurance executives are looking beyond industry borders to understand the growing opportunities and threats that come from new partners and competitors in the ecosystems relevant to them, from mobility to healthcare and beyond.

In 2018, we described how the rise of ecosystems and digital platforms offers insurers an opportunity to take on new roles and realise new sources of revenue. Since then, ecosystems have gone from hype to reality: insurers are increasingly aware of using ecosystem opportunities to expand their core business of risk aggregation to prevention, mitigation, and related services. However, many insurers still struggle to build the technological and organisational foundations as well as the necessary partnerships to generate value from their ecosystem approaches. In this article, we focus on the pathway from vision to reality across three stages: strategy, enablement, and value generation.

See the full report for more…

Link to Full Article:: click here

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