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.

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