I was pleased to attend InsurTech Hartford’s "Ecosystems & Platforms" event on behalf of Bindable last week. Strong speakers, great networking and perceptive panel discussions led to an insightful event about the urgency of insurance ecosystems and how to use them for long-term growth. Here's a recap of some of what was discussed.
Adaptability is key to survival in insurance ecosystems
I particularly enjoyed the presentation on the key to the survival of ecosystems, given by Ben Steele, the Senior Director of Financial Services & Insurance for EPAM Systems. Steele detailed that as insurance continues to digitize, interconnected ecosystems will become increasingly more valuable. More importantly, the players that are the most adaptable and accepting of ecosystems will be the ones that survive.
How companies participate in the ecosystem landscape is up to them; however, they should do so with the end goal of better serving their customers. Companies that use a consumer-centric model that holistically incorporates partnerships, technology, and strong organizational talent and culture will be most successful.
Why ecosystems should matter to insurers
Another panel focused on the core question of the event: why are ecosystems so important to insurers? Once again, organizational adaptability was a common theme. Those companies that identify deficiencies but are willing to lay the groundwork and grow through technology and partnerships will benefit greatly from what an ecosystem can offer. They are the ones that will best meet the needs of their customers and ultimately gain a strong competitive advantage in the future.
The message that resonated loudest was: although ecosystems are becoming increasingly important, insurance organizations shouldn’t start by simply creating an ecosystem. Rather, a more effective solution is to start with solving a problem; only from there can you create an ecosystem that effectively addresses the issue.
Correctly identifying the problem
The last talk of the day piggybacked off the earlier session and reiterated a warning to ecosystem creators: identifying the problem you need to solve is critical. If an organization doesn't fully scope the problem, they run the risk of creating the wrong ecosystem for the problem at hand. Spend the time to accurately define the issue and gain internal alignment before buying, building or partnering to better serve your customer base. Once you've identified the strategic moves needed to solve a problem, you must adjust your business models accordingly and then partner with technology and solutions providers that align appropriately.
Overall, insurers cannot ignore the viability of ecosystems. As the industry rapidly evolves, the only way to keep up with the needs of your customers or your customers' customers is to focus on forming valuable partnerships that enable you to extend your capabilities. As such, Bindable’s alternative distribution platform enables insurers, agencies, brokerages, and trusted brands alike to participate in an ecosystem that drives revenue and builds brand loyalty through digital insurance offerings.
Thank you to InsurTech Hartford for hosting this insightful event - we look forward to joining more in the future!
In the meantime, please reach out to our team at Bindable to learn more about our capabilities and how we leverage digital ecosystems to facilitate insurance distribution. Contact us today!