According to Accenture research, 75 percent of insurers believe that in the future, industry boundaries will blur as platforms reshape industries into interconnected ecosystems. Companies like Apple, Facebook and Salesforce.com are at the forefront with technology-driven, platform-based businesses. As cloud and mobility eliminate technology and cost barriers, we are now are seeing traditional, established businesses with major strategic initiatives to form platform-based ecosystems.
Consider South Africa’s Discovery Group, which launched its Vitality program to reward health insurance customers for making healthy lifestyle decisions. The program has grown into an ecosystem of more than 50 organizations that collectively leverages wearables, mobile apps and other technologies, with the aim of reducing healthcare costs in the short and long term.
The claims function fits naturally into an ecosystem that includes auto repair shops, rental car agencies, storage facilities, doctors, lawyers and the many other businesses involved in claims settlement. Imagine creating a platform that includes these types of businesses. It would likely result in faster, more transparent claims processing. Importantly, it would also position the claims process not as a transaction, but as one piece of an ecosystem that enhances customers’ everyday lives.
Insurers can also develop more robust ecosystems within their organizations, working in closer collaboration, for example, with the Policy and Products teams to create innovative products, or with vendors to offer value-added services to customers. As outlined in my last post, delivering outcomes—such as risk advice, car maintenance tips or home renovation guidance—can help insurers play a stronger role in the We Economy.
- Read The digital claims function in the We Economy, Part 1: Personalization and the Internet of Me.
- Read The digital claims function in the We Economy, Part 2: The outcome economy.
- For 100-day and one-year plans to join the platform (r)evolution, register to download Accenture Technology Vision 2015 for Insurance (PDF).