What do digital ecosystems mean for insurers ?
What do digital ecosystems mean for insurers ?
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Accenture explains that the power of the ecosystem lies in its complementary nature – no single enterprise needs to own or operate all the component parts of an insurance solution , for example . Rather , overall success is measured by the depth and breadth of the collaboration between the various parties belonging to that ecosystem . Specifically on insurance , says Accenture , more than half of the industry executives it surveyed for its The Ultimate Guide to Insurance Ecosystems report said they were seeing disruption or competition from others in the sector that had partnered with organisations from other industries . In particular , the highest level of disruption was reported in the areas of products , services and customer service – all crucial aspects of the insurance value chain .
Accenture goes on to explain that “ if insurers fail to create their own ecosystems , they run the risk of being limited to the role of a pure risk cover provider . Other players may then be in a better position to provide a more nuanced and valuable customer experience , to impose their brand , and to own the customer relationship .”
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