Digital Ecosystems: New allies in Insurance Companies.

The unstoppable rate of change that the insurance company has gone through due to the increasing social dependence on digital technologies has created the environment conducive to restructuring both customer expectations and the limits between industries, is For this reason, in this article we will expand on the impact of this phenomenon and the influence of ecosystems and platforms.

In the first instance, we must mention that a business platform is nothing more than a business model that allows the connection between producers and consumers, where they connect to it, there is interaction and exchange of value (Facebook, is an example of one).

On the other hand, an ecosystem is an interconnected set of 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 such as 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 greater value for them, more than they could obtain on their own. There are many examples that we could mention, such as Apple, when launching the Healthkit app where its users share health and activity data, thus helping the world of medicine, hospitals and doctors, to inform about the patient in addition to conducting studies, development of products, among others.

Using the ecosystem as a strategy can facilitate the expansion of insurers in other areas, offering hybrid and innovative solutions.

Why is it essential to apply technology in the insurance industries?

Thanks to the “boom” and the emergence of the Digital Era, companies have had to adopt a positive position against it, since the profit it brings is such that the simple act of wasting them would be synonymous with involution, backwardness and lack of competitiveness. Through this article, LISA Insurtech invites you to know the benefits that comes with the application of technologies in the insurance sector.

What are insurance industries?

Also known as an insurer or insurance company, it is a company that is based on the production of security services, covering various economic risks. This activity is considered one of the three most important pillars of financial markets next to the credit market and stock markets.

Technology in the companies?

Technologies marked an important milestone within organizations, in order to be instruments of their development, that is why their use is important, and some of the most significant that we can highlight are artificial intelligence, bots, Blockchain, among others, but… What are its benefits?

  • The study of large volumes of data to analyze and study behaviors in order to highlight useful information for better decision-making.
  • Strengthening and development of the business.
  • Productivity improvements.
  • Increase in sales.
  • Greater profitability.
  • Attracting new customers and establishing timely channels to retain existing ones.
  • They foster an innovative ecosystem to be at the forefront.

LISA Insurtech, is responsible for supporting insurance companies through technologies, guaranteeing speed, immediacy and cost reduction, among others, that is why we emphasize the importance of the digital era and all the benefits that it has brought for countless companies . If you want to know more, contact us.