In the future, insurers can recognize the importance of the ecosystem, but that does not mean that they are fully equipped for disturbances. In fact, many carriers are currently overestimating their ecosystem skills. While 97% of the surveyed companies considered themselves to be a very attractive ecosystem partner, less than 5% actually have the ecosystem master's characteristics. The reality is that while the ecosystems are critical to their future, the insurance industry still falls behind other sectors in terms of its maturity.
If insurance companies create relevant and robust ecosystems now, they will reap the benefits of future disturbances. They can do this by following the steps below:
Create market games. Winning insurance companies will channel their energies to create a clear ecosystem strategy. This will encapsulate the company's vision, business situation and priority and a roadmap for the ecosystem's integration into the market. A clear roadmap will include the ecosystem's incubation period, launch and plans to scale ecosystem products and services.
Assess your current permit in your insurance ecosystem. If insurance managers see an honest look at their business and identify the gaps they need to shut down to be an effective ecosystem player, they can take constructive steps to align all aspects of their business with this goal. Ultimately, an insurance ecosystem will thrive if it leads from the top.
Find the right partner. An ecosystem is as strong as its partners. Pioneering insurance companies will seek partners who cooperate with the idea, domain knowledge, customer relations and data as well as complementary opportunities. This is a long-term relationship that is based on trust between the parties and a common vision.
Although the disturbances that ecosystems promise may seem daunting, insurance managers should see it as a positive and constructive effort. Those who build long-lasting, highly relevant ecosystems will now be ahead of the curve and reap the benefits over the next few years.
To read more about how insurance companies can create the right ecosystem, download Accentures evolver to thrive in the emerging insurance ecosystems report.