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Ecosystem & Open Innovation Partnership in Digital Insurance

Insight from the Digital Insurance HUB
Edited by. Cetif Research
Edited by. Cetif Research

The evolution of the financial sector is moving in the direction of a model marked by the logic of integrated ecosystems and thusOpen Finance. Insurance companies have also embarked on this path, which consists of the company's ability to create around itself a network of relationships and collaborations of various kinds with heterogeneous third parties that are also distant from the logic of insurance coverage. The new frontier does not end with integration between incumbents and start-ups active in the world of finance, but also between players from different sectors, to converge in a single value proposition linked to the needs of the customer, placed at the center of the entire ecosystem. Among the factors that can pave the way for the development of integrated and interconnected ecosystems is the increasingly marked shift from the analog to the digital world. The advent of innovative techniques and technologies (to name a few AI, IoT, Adavanced Analytics, etc.), the rapid advancement of BigTech in the financial sector, regulation that is proving to be more receptive and proactive towards technological innovation,as well as the growing increase in the number of connected devices and the frequency with which they are used, are among the main drivers of the digital transformation process that the financial world and, therefore, the insurance world, is experiencing. Knowing how to grasp and channel these drivers in the right direction enables the development of successful integrated ecosystems, from which both the consumer and the insurance company can benefit. Respectively, the insured is guaranteed a better customer experience thanks to a broader and more tailor-made service offering, also revisited in the interaction models between company and customer, which are increasingly fast, streamlined and transparent. As a result, the insurance company experiences a marked improvement in customer retention and a reduction in costs, which in turn allows it to go and devote significant resources to the development of projects capable of intercepting new targets and thus expanding the current customer base.

La spinta verso l’Open Finance e l’Open Innovation induce le compagnie assicurative a un ripensamento profondo delle modalità attraverso cui opera. Gli ecosistemi integrati rappresentano un orizzonte potenzialmente vincente per gli attori che vi operano al suo interno. Tuttavia, l’industria sembra non aver ancora abbracciato nella sua interezza le potenzialità che ne possono derivare. Molte sono le partnership tra compagnie assicurative e altri player, anche non riconducibili al settore finanziario, ma, nella maggior parte dei casi, si tratta di esperienze episodiche e sperimentali, che rimangono confinate all’interno di uno stretto perimetro. Ci si chiede quale sia il livello di maturità nell’adozione di modelli, di strategie ma anche di un mindset compatibili con le nuove logiche di ecosistema che richiedono un approccio più duttile, aperto alla sperimentazione e al cambiamento.