Our Global Integrated Insurance Operator Report is giving insurers a lot to talk about.
Hence why we were featured in The Times’ special insert “The Future of Insurance”. In this article we highlight the key findings from our report, which are currently more relevant than ever, as the insurance industry undergoes the biggest fundamental transformation of the past century.
Just as Amazon has revolutionized retail, the ways in which insurance services function are being completely reimagined.
This leads to the birth of integrated insurance operators, who offer consumer-centric, digital health ecosystems that meet new consumer demands and build loyalty among stakeholders.
“Many insurers have failed to fully grasp the magnitude of the changes that are happening,” explains Peter Ohnemus, our CEO. “Few of the current operators were founded recently or are operating based on today’s consumer behavior; they don’t reflect the expectations of the mobile-first, digital and flexible generation.”
Therefore, we saw a need to carry out a deep analysis of the insurance industry in order to separate the facts from our estimations. We saw a positive reception to our global survey, with responses recorded from around 40 different countries and with over 300 insurance executives taking part.
The results of our research, which speak for themselves, are displayed below.
“Insurers need to participate much more meaningfully in the stakeholder economy,” argues our CEO, Peter Ohnemus. “There must be a recognition of what people really need or want when it comes to their health, insurance and digital interactions. Insurers should become the platform operator around healthy living, sports challenges, health concerns, financial coaching, mental wellbeing, telemedicine and beyond.”
The overall goal is to create larger markets and growth opportunities, as happened with smartphones, where the exchange of information and services represents a significantly more profitable opportunity than simply selling handsets.
There will soon be a multi-trillion-dollar platform economy for insurers,” Ohnemus concludes. “The integrated insurance operator that orchestrates the ecosystem will derive rapid growth and larger profit margins.”
Read the full article that was featured in The Times’ insert.
If you’d like to read our full Integrated Insurance Operator Report, please download it here.
