New and emerging technologies are disrupting the world of insurance. Health insurers, for example, can now tap into fitness trackers to monitor and reward customers who take care of their health. Motor insurers are able to provide discounts on premiums when sensors embedded in cars tell them that customers have been driving safely and below prescribed speed limits.
To survive in this innovation driven marketplace, insurance companies have to adopt a much smarter approach today to win and retain customers. They must use technology to re-engineer their products, monitor how their products are delivered, reinvent the experiences they provide, and reimagine even their business models. The time to adapt and innovate is now.
Forward-looking insurance companies are already planning their route to becoming a next-gen business. They’re embracing non-linear thinking and shifting focus towards building an innovation-centered ecosystem. To make sure your business is ready for the digital-first future you must start preparing today.
An Argument for Multi-modal Insurance
The traditional, linear model prevalent in the insurance industry doesn’t always give customers what they’re looking for. Those who understand that are focusing on what matters most: agility, innovation, branding, and customer experience, instead of spending all their resources on improving their IT.
Start thinking of each department as a start-up while you re-imagine your offerings. This will help you see the business in a new light, foster innovation, and encourage collaboration to solve problems and challenges. Adopting such a model supports the development of hybrid solutions and winning strategies that can help pave your way to success in the new-age marketplace.
Given the large number of applications that make up the IT machinery of an insurer, these must be categorized appropriately and layered in a way that helps develop differentiated management processes for them. To learn more about this and to better understand these layers, read my whitepaper Multi-Modal Insurance: The Balancing Act of Staying Relevant While Preparing for the Future.
Evolving your Ecosystem Maturity
For most businesses, success now depends on innovation – and a lot of suggestions and ideas for that come from building an ecosystem that supports your ambitions. To make the most of the opportunities coming your way, identify the relevant ecosystem for vitality and growth, and look for the sweet spot where you can focus more on integrating value than on building partnerships.
As your ecosystem evolves, start collaborating on tasks, create your network, take on a broad focus, and adopt open innovation. You end up at a stage where value integration becomes a key focus that breeds continual innovation and hyper-productivity. This is where you want to be, if you are trying to build an organization that understands and responds to customer demands quickly. So adopt a multi-modal model, achieve the zenith of your ecosystem maturity, and beat the competition.