In an extremely competitive market, in which experience and simplicity are key criteria in the process of buying or subscribing to a service, it is undeniable that the way an insurer relates to its current and potential customers is a highly differentiating factor these days. Customers are increasingly seeking to simplify their relationship with insurers, not focusing exclusively on the products they offer, but rather on solving the challenges inherent to their own context and reality,
Nowadays, when we want to move through a shared public bicycle system and therefore solve a mobility challenge, in addition to renting the bicycle, we are also taking advantage of several types of insurance, such as personal accident and liability insurance. Perhaps this reality is not common knowledge, but, in essence, the companies that offer these green and light mobility services, associate with one or more insurance companies, to provide the user with a properly insured transportation service, to prevent any eventuality. This is just one example of how, fluidly, the customer takes advantage of an ecosystem of connected partners that join forces to solve the mobility challenge.
The emergence of new business models, where different players coexist and interact to offer increasingly complete, personalized and relevant services to the consumer, allows the creation of fluid and integrated experiences. We call this phenomenon the Insurance Liquid Ecosystems.
According to this new concept, we were able to identify four types of ecosystems: Smart Mobility, which explains how people move around in their daily lives; Healthy Living, which addresses the way people look at their health, not only in terms of prevention, but also in the way people plan their retirement; Safe Home, which seeks to understand how to improve the conditions of the place where people live; and, finally, Business Protection for companies and their employees.
These ecosystems are related, and at the centre are insurers, who should take advantage of this trend by directing their strategy toward two imperatives:
A service-oriented organization, which seeks to change the typical mindset focused on selling products in isolation to complete, integrated services tailored to the end customer;
A data-driven culture, which promotes the use of and access to data at all points in the value chain to deliver a customer-centric experience while enabling strategic planning and decision-making based on information gathered in real-time.
The insurers that take advantage of this new concept and understand the rules inherent in the model will certainly be the ones that will be better able to interpret and solve their customers' needs.