Integrated Insurance Ecosystem: The Next Generation Insurer
As we come to grips with the events at the turn of a new decade, there is never a better opportunity to re-imagine current business processes and initiatives to build the next-generation insurer. To sow the seed for the insurer of tomorrow, this report explores a technology-focused ecosystem with guidance in developing an innovation-centric enterprise. We show use cases and examples from insurers and technology providers to support and illustrate the vision of an integrated ecosystem.
We begin with the catalyst for change now and how we can initiate a mindset shift. Next, we discuss a proposed integrated ecosystem and provide examples of current ecosystems. In conclusion, we provide a sample of a vision for the next-generation insurer and the customer demographics to serve. In the future, insurers will serve, and customers will engage, based on what their needs require.
The insurer of tomorrow will be a technology-focused enterprise, augmenting current experiences with digital tools and automation, and with collaborations with partners for success. We are not recommending reinventing the wheel for the traditional insurance chain, but to re-ignite the philosophy of blending learnings from the technology world to the business domain of insurance, with considerations beyond insurance and financial services.