Over the years, insurance technology firms relied on ecosystems to resolve solutions to extend core systems offerings. Donald Light, Director of Property/Casualty Practice at Celent moderated a panel of professionals during, “A New Idea: Insurers Creating Ecosystems Delivering Value to The Policyholders” at InsureTech Connect 2021, to get insight on current changes occurring to accelerate solutions for consumers.
The panelists included: Beth Maerz, senior vice president of platform, customer experience and innovation at Travelers, David Connolly, global insurance technology leader at EY, Jim Fowler, EVP, chief technology officer at Nationwide, and Rose Hall vice president, head of construction innovation at AXA XL. The group shared their professional insights on creating ecosystems to benefit policyholders while also expanding market reach.
“The experience in understanding the ecosystem is about the customer, it’s not about creating an ecosystem to bring people to us but to meet them where they are,” said Jim Fowler.
To assure all aspects flow effectively for the digital ecosystem, the cycle of connected systems to connected processes starts with the interaction of the consumer and integration. According to Rose Hall.
“All the challenges we experience for customers multiply when their needs aren't considered, the key is integrating and passive data collection,” Hall said.
Construction ecosystems provide a large and growing number of curated “ConTech’ solutions that make the policyholders job sites safer and more productive.
According to Hall, “We have the sense of technology, now it's about curating the content. Hall continues to say, “Curating is the key, the value is important in what’s beneficial to your business.”
Big companies like Amazon, Google, etc are entering the world of insurance offering third-party solutions identified by sophisticated analytics. When asked who will be the leader of insurance capital including any of the big businesses, panelists all agreed that as interesting as the idea is, that companies will still need knowledge from experienced insurers to lead them.
Fowler added, “it can be a relationship there but don’t think they have what it takes to replace completely because insurance requires a lot.”
