Future-Proof Your Core Platform With A Hyperconnected Ecosystem

Insurance carriers have remained distanced from their end customers due to the nature of the industry. Connected ecosystems now offer a way for carriers to plugin exactly where their customers need them the most. Insurance CIOs and IT executives need to rethink their core insurance platforms to create and participate in these ecosystems built around their customers’ and intermediaries’ everyday lives. The next phase of hyperconnected growth calls for a far more open, leaner, and maintainable core. Integration is fast becoming the most important technical and business goal for insurance.

Insurance is sweeping its way across consumer ecosystems to become more connected with its customers.

Insurance is one of those consumer-facing industries that was designed to be responsive in nature. “Buy a policy and forget It” was the traditional operating principle. This model and the cognitive distancing limit carriers’ level of understanding of the evolving needs and servicing expectations of customers. Now many carriers find themselves rethinking their customer engagement models to ensure new products and services address the most relevant aspects of a customer’s everyday life such as travel and shopping. Due to the emergence of digital ecosystems aggregated around consumers and businesses, the fundamental structure of the insurance industry going to change, and it is already becoming more fluid. These digital ecosystems already dictate the access points and means of interactions for customers between themselves and with their brands of choice –for example:

  • Broad platforms like Facebook and Amazon that are facilitating dialogues and transactions through channels such as Facebook Messenger and Amazon Alexa.
  • Device manufacturers like Fitbit and Google Nest that are creating trusted environments for customers to mutually benefit from sharing data with multiple parties.
  • Targeted digital platforms such as Airbnb and Uber that have built communities based around solving specific customer problems such as transport and housing.