The new insurance playing field comes with slightly different rules—no longer can insurers focus on what’s inside their four walls. Instead, partnerships and collaborations can help insurers position themselves within a digital ecosystem that is better able to meet more of their customers’ higher-level needs.
Expand your team
Insurers must proactively define a differentiated position within their target ecosystems, or risk having their role defined by other players. To achieve success, insurers will need to understand the position they want to play and how to derive the most value from that position. For example, should an insurer:
- Continue to focus reactively on losses, or position itself as a partner in preventing losses in the first place?
- Become a lean utility or manufacturer of insurance products, or establish itself as a customer-focused organization with tailored offerings?
- Become a platform provider for others, or leverage and join someone else’s? This isn’t simply a question of dominance. For example, it may be more advantageous for an insurer to become part of an existing lifestyle app with many users, rather than ask customers to download an insurance-specific app.
- Offer white-label products, or brand them?
By answering these questions, insurers can better understand their capabilities and differentiators, identify vulnerabilities and gain a clearer vision of the economics of a digital ecosystem. They should seek to partner with companies that offer complementary value, and to whom they can bring value.
For a more in-depth discussion of how insurers can fit into a digital ecosystem—and the new insurance playing field in general—register to download Stand on the Sidelines, or Boost Competitiveness? How to make bold moves on the new insurance playing field (PDF).
- Read The new insurance playing field, part 1: Game changers.
- Read The new insurance playing field, part 2: Bolster your defense.
- Read The new insurance playing field, part 3: Get on the offense.
- Email me to discuss how Accenture can help you define your position within your target digital ecosystem.