Community: driving value through collaboration and co-creation
Intense competition has shown that few, if any, insurers are able to address all of their customers’ needs alone, much less address large-scale climate and cyber threats. In forming or joining ecosystems, insurers can capitalize on today’s extensive connectivity by seeking a role that is unique and aligns to their core strengths.
Making the most of partnership-based models requires particular actions across multiple fronts. Designing and investing in ecosystems built around distinct customer needs, such as holistic coverages for multinational clients with diverse asset bases, is a first step. Deploying advanced IT architectures for secure, streamlined data sharing between organization is also critical. And utilizing outsourcing and managed service providers offers flexibility to scale in line with fluctuating demands.
Talent: putting humans at the center of the insurance enterprise
Despite the impacts of technology and data, people, talent and culture remain key factors for success. Creating a culture that values collaboration and creativity can help attract the right talent. Data scientists, experience designers, digital-first strategists and business analysts with Agile experience are foundational for keeping pace with rapid changes in the market.
The end goal is a more diverse and effective workforce, as well as more inclusive work environments. To get there, insurers should seek diversity at executive levels, embrace purposeful leadership that links work to a broader purpose and build compelling employee value propositions.
The primary contributor for this article is Paul Biddiss, EY EMEIA Insurance Director.