The New Digital Ecosystems: Not Your Father’s Insurance Industry
by James Allen
October 11, 2016
I’d like to comment on a recent Property Casualty 360 News article that discusses how the insurance industry ecosystem is evolving.1 The author states: “If there were any doubts that the insurance industry is innovating and transforming, all doubts were dispelled at the 2016 SMA Summit. Insurer after insurer described innovative new business models, products, and uses of emerging technologies.”2
You may ask, what is the “insurance ecosystem?” According to SMA, traditionally the ecosystem was comprised of types of firms that included insurers, reinsurers, distribution channel players, claims partners and solution providers along with industry regulators and customers. While all of these stakeholders are still central to the ecosystem, a digital ecosystem is evolving to create new services and value. The article points out that “The connected world is not just about connecting things to the Internet and making them smart. It's about making new connections with companies in different industries to provide new products and services to customers, rethink the customer experience, attack operational processes in new ways and even address pressing societal problems.”
There are several opportunities for insurers to improve the customer experience and overall operations while managing risk. To leverage these opportunities, the article suggests that “Insurers must actively partner, invest, and innovate with companies outside the traditional industry. Looking ahead, the author states: “It won’t be too long before we will be saying, ‘It’s not your father’s insurance industry.’ Success in the new insurance industry will be highly dependent on being an active participant in these new, emerging ecosystems.”
If you’re interested in learning more about how Canon can enhance your customer experience and overall operations utilizing technology, feel free to visit the Insurance Services page of our website, which offers insights on industry best practices as well as case histories, whitepapers and more.
1. Breading, M. (2016) “The new digital ecosystems: Not your father’s insurance industry.” Property Casualty 360, 30 October 2016.
2. Strategy Meets Action (SMA) is a leading strategic advisory services firm