Interview with Cécile André Leruste at the 23rd Insurance Summit
The Insurance Platform Ecosystem: the new business model for tomorrow's Insurance
This morning our Group CEO Cécile André Leruste took part in the 23rd Insurance Summit organised by Il Sole 24 Ore. In a speech titled “The Insurance Platform Ecosystem: The New Business Model for Tomorrow’s Insurance”, she discussed, in conversation with Il Sole 24 Ore journalist Laura Galvagni, the platform economy and the related new business model for the insurance sector.
The interview focussed on how digital platforms may help insurance companies establish more engaging relations with their customers and share their customer knowledge with their business partners. Moreover, digital platforms were also recognised a means to create rapidly not only new products and services according to consumers’ preferences and habits, but also a whole new range of offers by recombining traditional products and services. Digital platforms and the related platform economy were therefore described as an important emerging phenomenon which shapes a new business model that can offer a better access to customers and data.
In her speech, Cécile André Leruste also identified trends and challenges of insurance platform ecosystems. According to her, these ecosystems show a special focus on the customer in order to meet their needs, educate and engage them, also thanks to an innovative customer experience, such as the one provided by Flexperto and Unimatica-RGI. They are also increasingly shaped as a marketplace, offering integrated solutions thanks to growing networks of business partners. Consequently, Cécile André Leruste advised that insurers should identify the platform they need according to their customer base and their assets, define the competitive advantages they can work on, and leverage technology for all their activities when needed. In doing so, they should also be aware of the importance of time, as the speed at which use cases are defined and solutions are implemented is a key feature for the success of insurance platform ecosystems.