Ecosystems might be the single greatest opportunity for insurers to differentiate themselves in a period of rapid digital transformation, but only 5 percent of insurers can be considered ecosystem masters.
The discussion is frequently dependent on product segments, but over time, value will be universal regardless of product complexity, albeit for different reasons.
State-of-the-art technology, data formats and service partner providers are now at hand to help put reinsurers in the catbird seat.
Insurance carriers that invest in open ecosystems and best-in-class components will experience improved customer satisfaction, lower costs, and leapfrog the competition.
You absolutely should replace systems, but go into it with your eyes open, and don’t treat one SystemX as a drop-in replacement for a different SystemX.
Agile organizations often talk about sprints, but insurers need to prepare for these programs like they are a marathon to ensure long-term success.
While each of these factors are interconnected, evaluating a company on each of these separately can provide a useful framework to determine competitive readiness. It can also be a useful guide to help determine strategies for the future.
To survive, insurers will need to innovate quickly to adapt to consumers’ rapidly changing needs. Here are some ways carriers can ensure their organizations can do so.
Rebating recognizes distinct customer need, but there are alternative, and likely better, options that could have mitigated this action all together.
Rather than just providing new options willy-nilly, decisions should be made in the context of an overall assessment of agent and customer needs.