Winning with ecosystems: How insurers can deliver value

There are a number of steps that insurers can take if they are to embrace ecosystems in a way that moves the needle on growth, performance and ROI.

Define the strategy. What are the right opportunities for you to participate in ecosystems developed by others? What's the business case for developing your own? It should be clear what or how each partner will contribute uniquely to the overall consumer or business value proposition and earn a fair return on their investments.
Think through the technology implications. Most ecosystems are entirely cloud-based, with all participants having strong application program interfaces that simplify and streamline integration.
Understand what customers need and meet them where they are. By mining their existing customer data and analyzing relevant third-party data sets, insurers can gain insight into the types of products and services consumers might buy via ecosystems and when they need them.
Find the right partners. It's not just about finding the hottest InsurTechs or the biggest brands in related sectors, but also about ensuring a good cultural fit, clearly defined objectives and complementary offerings.
Address the organizational factors. Cultural resistance to collaborations that require shifts in work style and management thinking, or that seem to make insurers' brands subordinate in other ecosystems, may arise.

Ecosystems are a natural part of the industry's DNA, so organizations can build on their experiences (and the lessons from other industries) as they seek to execute their growth strategies in new ways. Finding the right partners can help address a range of longstanding challenges, from technology modernization to accelerating new product development and accessing scarce data science skills.

Special Reports /

Ecosystems: Drive growth, engage clients and scale business

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