Other parts of this series:
- Creating New Models for a Digital Customer
- Emerging Business Models for Insurers: The Virtual Insurance Advisor
- The Everyday Risk Coach: Reducing Risk and Rewarding Customers
- Broadening the Customer Base with “Plug & Play” Insurance
- The Ecosystem Orchestrator: Giving the Customer Broader Options
- The Peer-to-Peer Network Operator: Tapping into new customer pools
- Insurance distribution: The need for change
Insurers can bring players together to benefit the customer and themselves.
In my previous blog, I discussed the “Plug & Play” insurance distribution model, through which insurers integrate their products and services onto third-party platforms. Another emerging distribution model is what we call the “Ecosystem Orchestrator”. In this model, insurers integrate and rationalize related risk and non-risk products to address customer needs in a way that spans multiple traditional industries and disciplines.
Through data-driven partnerships with, for example, banks, retirement planners, home servicers or wellness providers, insurers can create and manage high-touch, personalized, holistic customer ecosystems. Customers are already seeking to fulfill broader needs when they shop for insurance. Seventy-six percent say they would like insurers to help them (or their aging relatives) live safely for longer in their own homes.
Insurers adopting this distribution model could build strong relationships with ecosystem partners to develop deep insights into customer needs and preferences. They could then adapt their approach to the customer’s specific lifecycle needs. For example, they might assist customers with moving to a new city, starting a family, or saving for the future.
An ecosystem orchestrator enjoys other advantages, too. It can make the rules, capitalize on access to customer data, and expand customer loyalty to its brand through more frequent contact.
Next week we’ll discuss the final emerging model, the peer-to-peer network operator.
To learn more:
- Read “ The Future Of Insurance Distribution: New Models For A Digital Customer ” Accenture.
- Read the first post in this series: “Creating New Models for a Digital Customer”
- Read the second post in this series: “Emerging Insurance Business Models: The Virtual Insurance Advisor”
- Read the third post in this series: “The Everyday Risk Coach: Reducing Risk and Rewarding Customers”
- Read the fourth post in this series: “Broadening the Customer Base with ‘Plug & Play’ Insurance“