The rise of digital ecosystems – outside perspectives and additional materials

This month China in Focus looks at digital ecosystems in-depth here, we decided to pull together some additional materials found across The Digital insurer and externally for those wishing to deep dive further on the subject and gain additional perspectives.

The first is Increased Customer Intimacy & Digital Ecosystems by Dr Peter Weill. In this paper, Weill starts by asking the reader the percentage of their company’s revenues that are under threat from digital disruption over the next five years. No idea? It’s time to read the paper, but I can tell you Weill believes that across all firms, it is 33%. For large firms however it’s more than half. Yes, you read that right, more than 50% of revenues are considered under threat at large firms.

This Accenture paper Looking to digital ecosystems for next waves of change looks at how organisations must evaluate the potential impact of developing digital ecosystems such as precision agriculture, industrial internet and smart cities, and determine how they can derive optimal value for them.

And this recent edition of China in Focus was dedicated to the rise of digital ecosystems.

In addition to the In Depth article, there is an interview Shi Xiong Jun, CEO of Sinatay Life Insurance’s eCommerce department on why China is embracing ecosystems, a look at the connected home and IoT ecosystem innovation and an infographic on WeChat.

In a recent TDI Talks! we spoke with Dr Evangelos Avramakis, head of digital ecosystems research and development at Swiss Re Institute, on how ecosystems will be incorporated into the insurance industry.

Insurance beyond digital: The rise of ecosystems and platforms, a paper from McKinsey looks at how insurers have the opportunity to create new sources of revenue by rethinking their traditional roles and adopting an ecosystem mindset.

Another McKinsey paper, Digital health ecosystems – a payer perspective takes an interesting look at the potential impact of digital ecosystems on the provision of healthcare in the US.

Vertical businesses are dead, long live digital transformation. So says Digital to the Core: Transforming Financial Services and Insurance in the New World of Digital Business Platforms and Ecosystems, a report from NTT Data Services on how incumbents can avoid finding themselves crowded out by tech giants who have the digital capability to enter the market and eat their lunch.

Digital transformation of the insurance industry following COVID-19: Ecosystems and InsurTechs examines the impact of COVID-19 on digital transformation.

And finally, we have a recent webinar recording you can view on-demand that covers Digital ecosystems in India: Extending the boundaries of value creation in life and health insurance.

We hope you enjoy the extra content and let us know if there are particular topics you’d like to see covered in future.