A new business model for a new era of insurance: Digital Insurance 2.0 in the platform and API economy
The Digital Age is reinventing and reshaping businesses, putting the customer in control.
Foundational and fundamental elements of the insurance business are changing and will require major adjustments in order to survive and thrive. The increasingly rapid pace of InsurTech growth and investment, adoption of new technologies, growth of new startups and greenfields, shifting customer needs and expectations, and innovation is creating a continuous era of change and disruption.
Just like the ice age disrupted the world and as such influenced which species survived and which survived and reshaped the world, the insurance industry is likewise seeing disruption of its world as we enter the digital age and a new age of insurance - Digital Insurance 2.0.
The digital age shift is now top of mind for every leadership team and board because it is extending an organisation’s growth and innovation capabilities. Insurers are beginning to innovate new business models based in the API and platform economy, using a new technology platform that enables them to leverage broad ecosystems and technology innovations such as cloud computing, artificial intelligence, machine learning, and new data sources to create a greatly enhanced customer experience.
By doing this, they are rapidly solidifying their position in the digital age … and the era of Digital Insurance 2.0 to:
• Accelerate digital transformation to become digital era market leaders.
• Accelerate innovation with new business models and products.
• Accelerate ecosystem opportunities and value.
• Avert disruption or extinction by new competition within and outside the industry.
Insurers are filled with disruption and transformation questions that look daunting: What will it take to move to Digital Insurance 2.0? How many steps or leaps will we need to make? Do we need to abandon all the hard work that we’ve already done? How do we create a new business model for the future while we optimise the existing business?
Download this whitepaper to find out more about the factors driving the new era of insurance and how a shift in fundamental insurance business models is reshaping the industry.