Ping An serves an enormous and dynamic consumer market, making the company a directionally relevant example for global insurance organizations that seek to replicate its success in other markets. Last, insurers could draw on their analytics expertise to offer proprietary data and analytics solutions to third parties—for instance, through data marketplaces. tab, Engineering, Construction & Building Materials, McKinsey Institute for Black Economic Mobility. Therefore, all players must identify and prioritize the ecosystems in which they can play and win. Georgia Casualty & Surety 800-279-8279 (claim reporting); 866-458-7506 (claim dept.) We use cookies essential for this site to function well. Unleash their potential. © Copyright 2021, Insurance Information Institute, Inc. Google launched its Google Compare aggregation tool in UK and US markets in 2012 and 2015, respectively. FM Global 877-639-5677 (877-NEWLOSS) Southern Underwriters (Commercial) 800-451-0286 Allied Insurance 800-421-3535 Florida Farm Bureau Insurance Companies 800-330-3327 Republic Fire & Casualty (Homeowners, Dwelling Fire, Auto & Commercial) 800-451-0286 “Amazon seeks staff in European insurance push,”. Ping An, a giant Chinese insurer with more than one million employees and agents, has expanded its reach to offer healthcare consultations, auto sales, real estate listings, and banking services to more than 350 million online customers through a single customer portal called the One Account. IDS Life Insurance Company of New York (Ameriprise Financial) 800-541-2251 With these innovations, John Deere optimized product usage while quadrupling search-engine traffic to its redesigned website and increasing lead generation for dealers. CASES. Encompass Insurance Company 800-588-7400 Use minimal essential People create and sustain change. Manulife is collaborating with Indico Data Solutions to develop a deep-learning tool that analyzes unstructured financial data. Unigard (QBE) 800-777-0078 Digital ecosystems offer traditional insurers valuable opportunities to use analytics to evolve and expand their business models. Since innovation from insurtechs actually aims to contribute to the insurance value chain (except distribution for large players), insurance executives should view potential partnerships with insurtechs as positive. Peerless Insurance 800-522-7152 Consumer ecosystems currently emerging around the world tend to concentrate on needs such as travel, healthcare, or housing. An ongoing drive toward digitization has put the insurance industry on the verge of a paradigm shift. Chubb Group of Insurance Cos 800-252-4670 (800-CLAIMS-0); Online Claim Reporting Church Mutual Insurance 800-554-2642 Citizens Property Insurance Corp. 866-411-2742 (866-411-CPIC) Cincinnati Insurance Company (call your local agent first and then 877-242-2544) Insurers could also enhance their risk engineering by harnessing insights based on sensor data from other industries. Republic Underwriters (Commercial) 800-451-0286 Golden Eagle Insurance 800-238-3085 Most transformations fail. Distribution has been the target of disruption primarily because digital natives have successfully demonstrated that ownership of the customer relationship is a stepping-stone to an ecosystem play. Options include offering innovative hybrid solutions in insurance and services offerings with partners from other industries (for example, predictive maintenance, smart parking, and preventive care). The rise of ecosystems is simultaneously one of the greatest opportunities, biggest threats, and most daunting challenges of digitization. Simon Behm, Markus Löffler, Christopher Mokwa, Björn Münstermann, and Thomas Schumacher. St. Johns Insurance Company 800-748-2030 Erie Insurance Group 800-367-3743, Farmers 800-435-7764; iClaim App: http://www.farmers.com/iclaim.html Farmers: Spanish Language Line 877-732-5266 MetLife Auto & Home 800-854-6011; f: 866-743-1546; email: MET_CAT@metlife.com Middleoak Insurance p: 800-225-2533 option 7; f: 866-514-9861 or email: stormclaims@middleoak.com or firstreports@middleoak.com Middlesex Insurance Company (see Sentry Insurance) The fund started by encouraging millennials using Alibaba’s Alipay, an online virtual wallet, to invest the “spare change” that tends to collect in between adding money to the wallet and making payments from the wallet. How? The Timbermen Fund (Louisiana Safety Association of Timbermen-SIF) 877-628-6730 Markus Löffler, Christopher Mokwa, Björn Münstermann, and Johannes Wojciak, “, Tanguy Catlin, Johannes-Tobias Lorenz, Christopher Morrison, and Holger Wilms, “. Horace Mann 800-999-1030 Auto-Owners Insurance Group 888-252-4626 America’s Health Insurance Plans (AHIP) 800-644-1818 Rhode Island Joint Reinsurance Association 617-723-3800; (800) 851-8978 Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. South Carolina Wind & Hail Association 803-744-4319 Fireman's Fund 888-347-3428 (888-FIREHAT); Mobile App First Floridian 800-252-4633 (800-CLAIM33) (personal); 800-238-6225 (business) Texas Select Lloyds Insurance Company 866-887-7276 Apple is now much more than a technology manufacturer, and Facebook is a way of life. Free and Fast Boat Insurance Quote at nboat.com. AAA Insurance (Auto Club Family Insurance Company) 800-222-7623 ext. QualSure Insurance Corp. 877-563-0150, Regency (Tower Hill) 800-216-3711 This integration allows users as well as participants from the world of medicine—including physicians, researchers, hospitals, and developers of healthcare and fitness apps—to access valuable data to inform patient care, research studies, marketing, product development, and so forth. Flood insurance policyholders who don’t know who their insurer or administrator is can contact the National Flood Insurance Program (888-379-9531). Florida Select 888-700-0101 USAA 800-531-8722; Mobile App; Online Claims USF&G 800-787-2851; 800-631-6478 (homeowners claims); 407-660-9000 (customer service) American Skyline Insurance Company 888-298-5224 Sentry Select Insurance Company (see Sentry Insurance) Chartis Commercial and Personal customers call 877-399-6442 In the early years, companies that digitized were at the forefront of the industry. World Nomads (Canada) Ltd (BC: 0700178; Business No: 001 85379 7942 RC0001) is a licensed agent sponsored by AIG Insurance Company of Canada at 120 Bremner Boulevard, Suite 2200, Toronto, Ontario, M5J 0A8, Canada. Practical personalized examples and cases will be used to illustrate risk decision making, primarily on a personal basis, but also in selected business decisions. With one of the largest insurance teams in the market, Clyde & Co LLP handles insurance litigation for large multinational organisations, including cases involving marine, professional negligence, D&O, product liability and business interruption insurance policies. We specialize in a wide selection of marine insurance programs at the lowest rates for NBOA club members, marine store, boat towing and more. Fidelity National Property and Casualty Insurance Company 800-725-9472 AXA XL, the P&C and specialty risk division of AXA, is known for solving complex risks. Utica National 800-216-1420, Valley Forge Life Insurance (Subsidiary of CNA) 800-437-8854 Omaha Property & Casualty 800-638-2592 (Flood only) Massachusetts Property Insurance Underwriting Association 800-851-8978 Technology: Is technology seen as the fuel for the organization’s strategy? Berkley Mid-Atlantic Group 866-262-4178 National Farmers Union (QBE) 866-638-5677 Southern Fidelity 866-874-7342 A future as a sort of financial utility—ubiquitous but heavily regulated, unglamorous and marginally profitable—is hardly a gratifying outcome for banks.”7 7.S.P., “Why fintech won’t kill banks,” Economist, June 17, 2015, economist.com. For example, connected cars have fewer accidents and breakdowns, predictive maintenance reduces business interruptions, and wearables help ensure a healthier lifestyle. Sentry Insurance a Mutual Company (Transportation claims) 800-638-8763; (Life claims) 800-533-7827; (Other claims) 800-638-8763 Progressive, for example, partnered with Zubie, a vehicle-tracking and engine-diagnostic device, to give customers visibility into how their driving habits affect their premiums. This new activity also generates customer traffic for Ping An’s core services and has helped the company become the world’s most valuable insurance brand.1 1.“Ping An becomes the world’s most valuable insurance brand,” Brand Finance, accessed November 14, 2017, brandfinance.com. As individuals relinquish control over their vehicles during driving, insurers could shift coverage from personal lines to commercial lines, hence widening the scope of engagement. For example, the personal-mobility ecosystem offers a range of opportunities to expand into areas such as vehicle purchase and maintenance management, ride-sharing, carpooling, traffic management, vehicle connectivity, and parking. Instead, insurers must take a 360-degree view of the organization across multiple dimensions to ensure that their investments align with the requirements. Tower Hill Insurance Companies 800-216-3711 or 800-509-1592 Most of the traditional automotive players seem to be at a disadvantage in the mobility industry and face a pressing need to reimagine their roles. Airbnb amassed an inventory of one million rooms a staggering 50 years faster than Marriott did, and WeWork has sublet ten million square feet of office space globally since its inception in 2010. Insurers can play multiple roles in an ecosystem. (For an example from the agriculture industry, see sidebar “John Deere: A pioneer in agriculture ecosystems.”). RLI Insurance Company 800-84-ROYAL (800-444-0406) Today, digitization has permeated every level of the competitive landscape. Florida Family Insurance Company 888-486-4663 or 888-850-4663 At the same time, executives must understand that while insurance products and related security services will always be at the core of the insurance business, services such as telematics are a way of developing meaningful customer relationships. Travelers Business Insurance 800-238-6225 Harbor Insurance Company 800-216-3711 The pace of change has accelerated thanks to tremendous increases in the volume of electronic data, the ubiquity of mobile interfaces, and the growing power of artificial intelligence. Atlantic Preferred Insurance Company 800-673-4952 Innovation has caused significant disruption, resulting in the emergence of four natural stakeholders in the ecosystem: original equipment manufacturers (OEMs), high-tech players, insurers, and telecom providers. Customers: How does the organization’s customer ownership, access, and engagement look? Companion Property & Casualty 800-649-2948 These tools allow users to obtain insurance estimates and advice on common seasonal home and auto issues. Louisiana Department of Insurance 800-259-5300 (toll-free inside Louisiana only); 225-342-5423 Indiana Insurance 800-279-7221 Keep in mind that due to high call volume in the wake of a disaster, it may take some time to get through on some numbers—please be patient. Nest partnered with Liberty Mutual to help offset the cost of a Nest Protect smoke detector and offer a monthly discount on homeowner’s insurance in the United States. Infinity Insurance Companies 800-334-1661 To succeed in ecosystems, insurers will have to take a hard look at their traditional roles and business models and evaluate opportunities to partner with players in other industries. Strong customer relationships not only directly contribute to the user experience but also provide access to customer information—the Holy Grail of data and an absolute necessity in the ecosystem world. We strive to provide individuals with disabilities equal access to our website. tab. Insurers should determine the critical capabilities that will act as differentiating factors in an ecosystem and assess whether their organization has sufficient horsepower in these areas. First Protective Insurance Company 877-744-5224 American Reliable Insurance Company 800-245-1505 Forest Insurance Facilities, Inc 888-892-4381, GE Employers Re 866-413-8978 Devising and implementing an ecosystem strategy will require sustained dedication and commitment. Please email us at: John Deere: A pioneer in agriculture ecosystems. Partnerships: Does the organization have a strong network of partners that will allow it to extend beyond traditional industry boundaries? Universal Insurance Company 888-846-7647 In 2016, the annual global cost of cybercrime reached $575 billion, with 26 percent of organizations reporting a material loss of at least 10,000 records due to a breach. Imperial Fire & Casualty Insurance Company 800-960-5677 Federal Mutual 888-333-4949 For reference, executives need look no further than their recent efforts to partner with Internet of Things (IoT) providers, which they pursued in an effort to offset their disadvantage from a lack of customer touchpoints and engagement. Allstate Floridian Insurance Company 800-54-STORM (800-547-8676) American Family Insurance 1-800-MY-AMFAM Insurance Placement Facility of Pennsylvania 800-462-4972 Deere has also expanded its focus from the tractor industry to agriculture ecosystems: the acquisition of Blue River Technology, a leader in applying machine learning to agriculture, demonstrates that cutting-edge technology is a part of Deere’s core strategy. Extensive use of digital technologies in everyday life has become the new normal. 21st Century Insurance 888-244-6163, Unemployment Insurance 866-4-USA-DOL (866-432-0264) cookies, connect to it, interact with one another, and create and exchange value, An ecosystem, meanwhile, is an interconnected set of services, Putting customers at the center of every digital activity, while digital technology propels some companies to become clear market winners, Risk and responsibility in a hyperconnected world: Implications for enterprises, expects 12 distinctive and massive ecosystems to emerge, McKinsey_Website_Accessibility@mckinsey.com, Using data and technology to improve healthcare ecosystems, Mobility is in the midst of a significant tech disruption, Shifting gears: Insurers adjust for connected-car ecosystems, targeted in all parts of the value chain by insurtech companies, demand increasing amounts of data modeling and advanced analytics, Insurers need to plug into the Internet of Things—or risk falling behind, limited robust, publicly available data for underwriters, rapidly evolving scale and scope of cyberattacks. American States Insurance Company 888-557-5010 ACE USA Clients receive individual 800 numbers or call 800 945-7461 (ACE USA/ACE Recreational Marine claims); 800 234-7354 (Disaster Mortgage Protection claims) As ecosystems enable and necessitate a focus on risk prevention, forging partnerships will be a critical priority. Shelter Insurance Group 800-SHELTER (800-743-5837) The pending acquisition of rival Willis Towers Watson (WTW) by its larger rival Aon continues to generate headlines, with recent reports in specialist antitrust publications suggesting concerns from the US government may have a reinsurance focus, as well as in other … Some are starting to see opportunities to move toward an ecosystem mind-set. One healthcare-data company extracts high-fidelity data from the healthcare ecosystem and applies it to patients’ lives to improve human health. CNA (First Notice Systems) 877-CNA-ASAP (877-262-2727); (non-toll-free, for those experiencing difficulties accessing the FNS number) 413-858-4137 Fidelity National Indemnity Insurance Company 800-725-9472 Putting customers at the center of every digital activity has not only scaled adoption but also allowed companies to capture previously unimagined value. Not all industries and players are equally well suited to pursue this opportunity, and companies that dive in might not be able to capture all of the value at stake. American Bankers Insurance Company 800-245-1505 Texas Department of Insurance Consumer Help Line 800-252-3439 They must also understand how ecosystems will shift value pools and change the nature of risk. Bituminous 800-475-4477 For example, insurers have made significant inroads using telematics, but profit pools are still under threat due to stiff competition. We'll email you when new articles are published on this topic. All Rights Reserved. Omega Insurance Company 800-216-3711 Policyholders with questions regarding their coverage for damage caused by a disaster should call the number provided on their policies or contact their insurance agent. Drive Insurance from Progressive 800-925-2886, EMC Insurance Companies 888-362-2255 Catawba Insurance 800-711-9386 However, the company’s approach, from selling products to offering digital solutions to increase farmer profits, has truly set it apart. If insurers were to lose their distribution and customer relationships, they would be left with few options to reinvent their business models. A look at today’s connected-car ecosystem illustrates the benefits and risks that lie ahead for auto insurers. Foremost Insurance Company 800-527-3907 Royal & SunAlliance 800-847-6925, Safeco Insurance 800-332-3226; iPhone App Safeway Insurance Company 800-344-1947 7389 Through digital ecosystems, companies are betting big on opportunities that have the potential to realign global markets, thus ushering in an era of “sectors without borders.” The benefits of digital ecosystems won’t be distributed evenly, however. Anthony David Weiner (/ ˈ w iː n ər /; born September 4, 1964) is an American former politician and convicted sex offender.He represented New York's 9th congressional district from January 1999 until June 2011, winning seven terms as a Democrat and … Executives aiming to kick-start an ecosystem strategy should focus on a couple of areas. Westfield Insurance 866-937-2663 Florida Preferred Property Insurance Company 800-673-4952 Willis Group 877-725-9679 Mobility is in the midst of a significant tech disruption, with Lyft and Uber leading the charge in on-demand services, and giants such as BMW entering the fray with car-sharing club DriveNow. Ohio Casualty and West American Insurance Company 888-701-8727 Answering several key questions can help shape the discussion: Strategy: Where does ecosystem strategy rank in the organization’s priorities? Flip the odds. Holyoke Mutual 800-225-2533 Press enter to select and open the results on a new page. Cypress 888-352-9773, Dairyland Insurance Company (see Sentry Insurance) Kimberly Harris-Ferrante, “Google to end Google Compare but not its focus on insurance,” Gartner, February 29, 2016, gartner.com. Gmail, Hotmail, MSN, Yahoo….etc.). Georgia Farm Bureau 866-842-3276 If you would like information about this content we will be happy to work with you. These small investments add up, helping users to build Yu’eBao, which is Mandarin for “online treasures.” Currently, 99.72 percent of Yu’eBao investors are individuals, who use the Alipay mobile app to deposit savings into Yu’eBao. COUNTRY Financial 1-866-COUNTRY Zenith (first report of injury) 800-440-5020 Say Insurance 800-225-5729 American Federation Insurance Company 800-527-3907 Industrial Risk Insurers 860-520-7347 (Business claims) It is authorised and regulated by the Financial Conduct Authority number 578639. This article examines the rise of ecosystems and the trend’s implications for insurers. Please sign in to access member exclusive content. Southwest Business Corp. (Lloyd?s Excess Flood) 800-527-0066 ext. Southern Insurance Company (Commercial) 800-451-0286 Louisiana Citizens Property Insurance Corporation 800-931-9548 Armed Forces Insurance Exchange 800-828-7736 Highworth Insurance Limited is a registered company in England and Wales number 7980064. David Chinn, James Kaplan, and Allen Weinberg, “. 5000 Progressive 800-PROGRESSIVE (776-4737); or 719-432-0264, QBE Agri 800-777-0078 or 425-562-5264 For instance, Toyota has invested $1 billion in the Toyota Research Institute, which seeks to use artificial intelligence to address issues across the mobility ecosystem. Today, millions of users track their health using Vitality and participate in activities to earn loyalty points with Discovery’s extensive network of partners, including British Airways, Emirates, and Europcar. collaboration with select social media and trusted analytics partners Auto Club Family Insurance Company (ACFIC) 800-222-7623 ext. Insurers should embrace a similar mind-set to assemble fruitful alliances. Harleysville Insurance 800-892-8877; Flood claims – 800-759-8656 These alliances would enable insurers to move both up the value chain to prevention (using readiness diagnostics and preventive recommendations) and down the value chain to post-breach response and support (from specialist providers in case of attacks).
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