Ecosystem. This was THE buzzword at this year’s Insurance Innovators Summit at the QEII Centre London on 13-14 November.
Freshfields' insurtech team attended the event, where we took part in numerous discussions around how to help consumers access services (including insurance) in a convenient, fast and tailored manner (including from a mobile phone of course!)
McKinsey define ecosystems as 'customer-centric networks through which products and services are offered by various players' and its research suggests that, by 2025, they will represent 30 per cent of global GDP.
Every digital ecosystem offers an opportunity for insurance services to be distributed to ecosystem inhabitants plus a range of roles that an insurer can play within such ecosystems.
In our most recent insurtech briefing, we consider the role of insurtech in these digital ecosystems, the challenges facing digital ecosystems and what decisions insurers need to make in relation to their participation.