In the new digital landscape, ecosystems are forming across industries, including insurance, as the unlikeliest partners come together to deliver innovative services and products to their customers. Whether in personal lines or commercial, and whether they focus on life or P&C, leading insurance companies are joining hands with firms from other sectors to provide more value and better outcomes to their customers.
Accenture research reveals that 45 percent of insurers intend to find new ecosystem partners outside of insurance and 75 percent believe industry boundaries will blur as platforms reshape industries into interconnected ecosystems.
One example of a business relationship that is already blurring industry lines is between Microsoft and American Family Insurance. The two companies have partnered to launch a business accelerator for startups focused on home automation. Their aim is to nurture advances that can help lead to safer and smarter homes. American Family Insurance will provide industry experience, consumer insights and a homeowner knowledge that will help the startups to succeed. In return, it gets access to the cutting-edge of connected home technology.