As customers begin to look for value beyond traditional products and services in return for the premiums they pay, insurance organizations are challenged to expand their offerings through ecosystem partnerships despite security, privacy, and interoperability hurdles.
Goals and Objectives
Create a standard, open environment to enable information exchange with value-added partners in the wider insurance ecosystem to offer contextual services to customers. Open up as-a-service insurance offerings for the broader ecosystem partners that will benefit both the insurers and their partners. Ensure the ecosystem collaboration has strong security measures and controls in place to mitigate risks.
Open architecture/ standards, Open APIs, Next-gen security, Governance systems for risk mitigation, Cloud-based app development, API testing platforms
Use Case Summary
Craft your ecosystem strategy: How much of your business are you willing to disrupt, and what should be the proportion of revenue that should come from non-core insurance products and services? How much are you willing to own your platform versus integrate with third parties? Assess and understand current capabilities and gaps to create agile and innovative organizations: from an organizational perspective define the right KPIs to quantify the value that you get out of participating to such digital connected ecosystem while from a technological one, lay down the right foundation for IT modernization and business process optimization. Create a secure, open/connected ecosystem–enabled insurance to collaborate with different stakeholders (retailers, car manufacturers, hospitals, repair shops, legal firms, property assessors, risk managers, academia, etc.) to cater to new market needs and deliver value to customers beyond traditional insurance products and services. Extend your ecosystem outside your industry: Ecosystems with a potentially large volume of low premiums as ecommerce and mobility will be the first targeted. Cooperate and compete in your industry ecosystem by putting the customer at the center. Define the strategic and tactical rules that will instruct on how to execute partnerships in the long run.