Currently, the technological world represents a great movement of changes in the digital ecosystem, which generates a stimulus in the creation of new technological ideas, which are increasingly becoming a reality in the market. The latter creates a great challenge for insurance companies since they will have to meet the new expectations and need of consumers.
In the case of Mexico, this country reached 71% of penetration in the internet access, where the most frequent activities in the use of the network are the use of Social Media, sending and receiving messages through chats, sending and receiving emails, online banking, video calls, online shopping, etc.
In different studies and advances in digital technology, we found that only 50% of the Latin American populations is a participant in digital ecosystems, where the offer products and services has not been consolidated within technological tools. This is extremely important given the potential of creating a regional market that allows developing a competitive offer and economies of scale.
The unstoppable rate of change that the insurance company has undergone due to the increasing social dependence on digital technologies has created the environment conducive to restructuring both customer expectations and the limits between industries.
In the first instance, we must mention that a business platform is nothing more than a model that allows the connection between producers and consumers, where they connect to it, there is interaction and exchange of value (Facebook is the example of one).
On the other hand, an ecosystem is an interconnected set f services that allow users to satisfy a variety of needs in an integrated way. Currently, the most consumed ecosystems are concentrated in medical care, housing and travel.
The intensive use of digital technology has become part of everyday life, which is why the insurance industry has had to reinvent itself and within an ecosystem there are various possibilities to perform various functions: expanding into new areas such as travel, purchasing vehicles or traffic, thus obtaining new results and a wide variety of opportunities for growth.
The birth of ecosystems means a symbiotic relationship so that companies can relate to others in order to achieve grater value for them, more than they could obtain on their own. There are many examples tht we could mention, such as Apple, when launching the Healthkit App where its users share health and activity data, thus helping the world medicine, hospitals and doctors, to inform about the patient in addition to conducting studies, development of roducts, among others.
Using the ecosystem as a strategy can facilitate the expansion of insurers in other areas, offering hybrid and innovative solutions. With LISA you can improve and accelerate the implementation of technology in your company, contact us!