It is encouraging to see the ecosystem continue to expand in the life insurance space. They are helping insurers bring in more diverse data, specialized skills, cutting-edge technology, and new ideas that drive innovation. Additionally, these benefits are available to insurers through trusted partners rather than making the costly and time-consuming investment of building the capabilities themselves. In fact, ecosystem collaboration is one of: 6 insurance innovation trends Our generative AI models revealed from this year’s entries Qorus-Accenture Innovation in Insurance Awards.
I see this trend accelerating as the insurance industry continues to rapidly change, increasing the need for insurers to become more agile, customer-centric and efficient in their operations.These needs require a flexible core Digital insurance platform Connect partner platforms and technologies through a service integration layer. This concept of “loose coupling”, the adaptability of the platform to easily integrate with selected partners, provides further opportunities from the ecosystem.
We envision the future insurance ecosystem as a more dynamic space than what the industry has seen to date. Democratizing integration will offer insurers new ways to reduce risks from technology change through M&A activity between technology partners. It also helps insurers take advantage of new data sources and opportunities from emerging new insurtech partners and the capabilities they offer.
Additionally, cross-industry collaboration is expected to increase, resulting in a new ecosystem that leverages emerging technologies and data-driven insights to drive better outcomes for insurers and their customers. A great example of this is digital customer engagement, where I’ve seen cross-industry solutions and best practices help insurers accelerate and improve call center customer-to-agent conversion. Once an emerging technology, genAI is now powering this cross-industry capability.
Therefore, given the top three innovation trends nominated for our awards: digital customer experience, health and wellness convergence, and advanced analytics and personalization, ecosystem partnerships are helping insurers accelerate innovation in these key areas. It is clear that it can help.
Let’s talk How the insurance ecosystem can drive innovation within organizations.
