Ecosystems

Budweiser's plan to offer "barbeque insurance" raises intriguing possibilities for "embedded insurance" and for the use of APIs to build ecosystems.

More are turning to "open insurance" solutions, under which insurers leverage open APIs to share data and services with third parties.

Insurance is becoming the French fries in a meal deal--offered as part of another transaction at a moment of need. The change is profound.

Insurers must apply unfamiliar skills – customer intelligence, speed and coordination – but can achieve benefits of scale without asset intensity.

Insurers must allow third parties to access their data and products and be present – and relevant – in customers’ digital ecosystems.

Insurers can build a sort of digital twin of the customer, then tailor their offerings and improve the customer experience.

AI will mean faster, better customer service that is cheaper for the carrier: Automation is a win-win with unstoppable momentum.

Ecosystems should produce key changes in two areas: how we touch customers and how we organize internal processes.