Insurers want a seat at the ecosystem table, but they must be careful about selecting who joins them there. The right partners—and partnership savvy—allow an insurer to successfully collaborate outside of its core business and achieve economies of skill, scale, and scope.
Skill: Insurers can gain access to a broader range of skills, capabilities, and technologies they would not otherwise have had, ranging from customization and personalization to facial recognition, machine learning and digital marketing.
Scale: The right ecosystem partners bring greater size, reach, and cost advantage. For example, a partner with level may have vast amounts of data that can be used to inform better customer insights and experiences.
Scope: Insurance companies can expand their customer value proposition with the help of ecosystem partners whose capabilities can extend the variety of their offerings and introduce new services.