Ecosystems in action

The intersection of societal trends and the industry’s traditional purpose is also amplifying the need for ecosystems. The confluence of mass retirements, increasing health care demands, rising unemployment rates among younger generations and shrinking social safety nets is placing new demands on private industry to develop solutions that individuals and families need to live physically healthy and financially secure lives. Ecosystems – such as those supporting access to pensions in the UK and supporting healthier lifestyles in Italy – are proving to be an effective and innovative way for insurers to meet a clear societal need and grow their own businesses.

Health and wellness

In health insurance, ecosystems can reshape customer interactions and raise industry standards in line with the digital shift that has been powered by telemedicine and AI. Real-time insights from IoT and diagnostics devices enable advisory services that expand access to care, deepen customer engagement and improve patient outcomes.

Financial wellness

In life insurance and pensions, ecosystems can provide access to basic advisory services, as well as timely behavioral prompts, that many individuals need to make better financial decisions. Further, they can simplify access to all of an individual’s financial products and help consumers consolidate all of their financial data in one place.

Mobility

Ecosystems are changing how insurers interact with automotive customers. Vehicle telematics and other integrated technology capture detailed driving data to enable precision premium pricing. AI algorithms that assess risk and offer instant insights are allowing insurers to evolve their relationships from paying accident-driven claims to serving as proactive safety partners.