Digital platform ecosystems are making it easier for insurers to reach customers at lower cost and increase customer engagement. Policyholders benefit from more convenient access to insurance, embedding of coverage into other products and services such as travel services, and more personalised offerings.
To better understand how insurers are using digital platform ecosystems, the Geneva Association conducted a survey of its member companies. The responses reveal that over 80% of insurers are already working with tech companies to build a digital insurance platform. Reaching more customers and improving the customer experience are the top motivations.
The report recommends that insurers pursue digital platform ecosystems. Larger insurers should invest in developing their own platforms, either alone or in collaboration with an external technology firm, while smaller companies are best advised to partner with existing digital platforms.
