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Ecosystem-enabled
Value chains become more integrated and embedded. New products, services, and solutions are provided through collaboration or even co-opetition of different stakeholder groups. B2B2B or B2B2C ecosystems, platforms, and marketplaces are created to collect, augment, and share data and information for joint value creation.
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Innovative product design
Insurance products need to become simpler, bespoke, and individualisable to be distributed through embedded value chains. Processes become more integrated, efficient, and transparent for end customers, insurers, brokers, and partners to place, evaluate, and bind risks. Simplification of the insurance buying process with plug-and-play products is paramount to becoming more cost-efficient.
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Embedded customer journey
Customer centricity must lie at the heart of delivery of any service. With the rise in technological use and consumer preference for digital-first, customer journeys must adapt to reflect such changes. The introduction of new products, services, and distribution channels must adhere to the enhanced digital customer journey to ensure uptake.
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Digital operating model
Productivity, efficiency, and effectivity become essential for an insurer to increase their profitability. Fully tech-driven value chains based on digital platforms, service-based architecture, and plug-and-play connectivity will reduce operating costs while increasing flexibility and adaptability to meet customer needs today and in the future.
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Neo technologies
Several wider technological developments and innovations (e.g., AI and ML, blockchain and DLT, etc.) will enable the insurance world to build more efficient, integrated, and cost-effective use cases based on new open architecture frameworks with unprecedented performance, security, and flexibility.
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Data as an asset
The traditional role of an insurer, from a pure capacity provider and risk transferer, is changing. Increasing data availability, processing, and analytical capabilities will allow the insurer to offer new services, solutions, and risk mitigation insights to the policyholder. Harvesting business intelligence and data analytics will help insurers to transform from a "react and pay“ to a "predict and avoid” business model.
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Agile organization
Transformational, sustainable change and growth are based on a strong and constant focus on empowering and developing your workforce. Attracting and retaining the right talents as well as fostering a culture of organisational agility and foresight will provide the operational foundation for an insurer to forge ahead and act as a shield against uncertainty and digital disruption.
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