The Asia-Pacific insurance market is ripe for change. Consumers are becoming increasingly connected and empowered with information, competition is growing fiercer, and digital technologies are creating new customer-ecosystem business models that challenge how insurers traditionally operate.
In our Insurance Technology Vision for 2015, we describe this as the rise of a new “We Economy”. It is a shift from a world where insurers use digital technology to differentiate their own business, to one where the leading players will make a difference—and make a profit—by operating within ecosystems, not just as individual corporate entities.
Working in concert with players from other industries, these digital pioneers will seize the opportunity to tackle significant challenges that societies, organizations and people across Asia will face in the future. Over the next few blog posts in this series, I’ll look at the rise of this “We Economy”, and what it means for the region.
Let’s start with an overview of the major trends that the Tech Vision highlights for the year:
- The Internet of Me is changing the way people around the world interact through technology, placing the end user at the center of every digital experience.
- Digital devices on the edge are powering an Outcome Economy and enabling a new business model that shifts the focus from selling things to selling results.
- The Platform (R)evolution reflects how digital platforms are becoming the tools of choice for building next-generation products and services—and entire ecosystems in the digital and physical worlds.
- The Intelligent Enterprise is making its machines smarter—embedding software intelligence into every aspect of its business to drive new levels of operational efficiency, evolution, and innovation.
- A Workforce Reimagined sees advances in more natural human interfaces, wearable devices, and smart machines extending intelligent technology to interact as a “team member,” and working alongside employees.
Taken together, these trends show that becoming a digital insurer is no longer just about incorporating digital technologies into an organization. It is also about mastering a shift from “me” to “we” as insurers use their digital advantage to stretch beyond the boundaries of traditional insurance.