Digital transformation in insurance: Digital ecosystem connectivity has been saved
Digital transformation in insurance: Digital ecosystem connectivity
Redefining the group insurance ecosystem
Consumer expectations in the insurance ecosystem are growing more demanding. Benefits transactions are growing more digital. How can group carriers keep up? Learn how a holistic digital ecosystem approach can help organizations lead the charge toward real-time connectivity and frictionless customer experiences.
Defining ecosystem connectivity and its drivers
Digital ecosystem connectivity is a network of interconnected stakeholders (i.e., employers, employees, partners, insurance carriers) enabled by data integration and exchange capabilities. The goal of such an ecosystem is to share information quickly and efficiently across key areas of the value chain to deliver enhanced experiences in a cost-efficient manner to collectively increase profitable growth.
Group insurance carriers continue to face elevated service expectations from both employers and employees that demand seamless, technology-driven customer experiences. Organizations may be eager to adopt new technologies and become digitally enabled, but often bear debilitating technical debt from legacy technology that limits the efficacy of digital transformation in insurance. Carriers will likely need to reimagine the scope of what they offer to customers while reconciling how to deliver on the promise of new digital-first products across the value chain.
To compete in this new insurance ecosystem, carriers are driven to conceive a holistic connectivity strategy that aligns their prioritization of value chain efficiencies with their broader ecosystems (i.e., benefit administrators, HRIS platforms, TPAs) and customer expectations.
Carriers should strive to answer the following questions as they start developing or advancing their digital ecosystem strategy:
- What are the objectives for the ecosystem strategy, and what does success look like?
- How do we determine which business capabilities to target in alignment with our value proposition to the market, our business case, and desired customer experiences?
- How can we evaluate and select key partner platforms to realize strategic goals and enable the desired value proposition?
- What should the target architecture be, and can it be built?
- What is the execution roadmap, and how do we manage our capacity, team structure, and governance to deliver on the desired outcomes in a sustainable manner?
Digital insurance ecosystems: Key areas of consideration
Who’s buying innovation in personal lines products?
Explore the trends reshaping M&A in the insurance industry