Other parts of this series:
By building secure ecosystems, insurers can secure their future
Insurance is one of the industries that is most vulnerable to future disruption. The introduction of new technologies brings with it of efficiencies and opportunities, but it also brings with it new risks as the face of insurance changes permanently.
Much of this disruption will come from the impact of ecosystems. The insurance industry is undergoing a paradigm shift, in which companies are partnering with those in other sectors and building digital platforms that are centered around the customer. This is a breakthrough moment, with digital unlocking more possibilities than before, but it does have the potential to undermine current insurance models. The insurance leaders we surveyed agreed that ecosystems will change the products and services they offer as well as how their companies go to market.
While insurers have identified ecosystems as a point of disruption, they also recognize that they are a key source of growth. If insurance leaders can evolve their business through the design and execution of market-leading ecosystems, they will be ahead of the curve and can take advantage of the inevitable disruption in the market.
Yet how do insurance leaders bridge the gap between their current business and a new, integrated ecosystem? In my next article, I will discuss how to build a market-leading ecosystem to ensure relevance and growth for the future.
In the meantime, I invite you to read more about how insurers can thrive in the emerging ecosystem market. Register to download our full report here.