Key questions insurers should consider before developing an ecosystem strategy :
INSURTECH
MCKINSEY
Key questions insurers should consider before developing an ecosystem strategy :
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1 . How highly does ecosystem strategy rank in overall priorities for the business ?
2 . What is the current state of the organisation ’ s customerfacing approach ?
3 . Is there an existing network of partners and does it reach beyond the industry ?
4 . How does technology drive change at present ?
5 . What is the culture and how do customers fit into that ?
For example , consumers can use tools such as Amazon Alexa and Google ’ s search engine to receive advice on insurance and obtain quotes – that user experience makes products like these well positioned to drive the distribution side of the insurance ecosystem .
Other areas that are crucial to success of any ecosystem are trust
among those partners involved in the ecosystem . In its research , Accenture sets out that insurers should build this into a clearly defined strategy that considers the role they want to play in both the ecosystem and their customers ’ lives ; fully understand their own ecosystem strengths and weaknesses and be clear about what makes them
JULY 2020