Ecosystems are perhaps most valuable in helping European insurers looking to boost their ability to attract, engage and retain customers. Through networks that connect partners and provide access to advanced technologies, insurers can offer integrated solutions that meet a broader range of market and customer needs. With more customers seeking holistic solutions and seamless experiences that promote financial security and wellness, ecosystems will only grow more important.
Ideally, ecosystems should be designed to support personalized customer journeys and provide solutions tailored to individual circumstances. However, needs change over time – covering a new home, preparing financially for an expanding family, launching a new business, planning for retirement. When ecosystems provide easy access to the right offerings at the right time, insurers can remain relevant to their policyholders’ lives. Those offerings may include advisory services (which will help consumers choose appropriate coverages) or ancillary services (such as home security or legal advice). Though insurers don’t provide such services directly, they can strengthen and deepen relationships with policyholders by connecting them to reliable and trustworthy firms that do.
