Digital Platform Ecosystems in Insurance: Connecting with Customers in New Ways

October 16, 2024

Digital Platform Ecosystems in Insurance: Connecting with Customers in New Ways

A balanced value-sharing model among customers, insurers, and platform providers is essential for successful digital platform ecosystems. Peak3’s two primary systems—Graphene, a modular SaaS core system for insurance companies, and Fusion, a digital distribution and orchestration platform for insurance intermediaries, are highlighted in the latest Geneva Association Report: Digital Platform Ecosystems in Insurance: Connecting with Customers in New Ways.

The Geneva Association is the think tank for the global insurance industry, carrying out rigorous research in collaboration with its members and their companies, academic institutions and multilateral organisations.

Peak3's Uniquely Integrated SaaS Solution

Peak3’s SaaS solutions exemplify how effective integration can foster collaboration and drive mutual benefits across the insurance landscape. Both Graphene and Fusion are built on the same foundational technology and share key architectural components, such as the insurance product configurator, offering a cohesive solution to seamlessly and efficiently connect insurers and platform providers.

As more insurers adopt Graphene, digital platforms benefit from increased access to ready-made insurance products and enhanced underwriting capacity. Conversely, as digital platforms leverage Fusion, insurers gain broader customer access and opportunities for business growth.

The Digital Opportunist archetype refers to insurers that have recently embarked on their digital journey. This may include insurers that are interested in expanding their digital footprint, are mindful of staying current with the digital trends, and may have initiated small tactical plays.

However, they retain some level of scepticism of the potential of digital or the need for digital transformation. For this reason, they have not allocated substantial resources towards these efforts.

“ Insurtech plays a critical roles in empowering partnership between insurers and platforms. A case in point is Peak3, which connects insurers and platforms, grows ecosystem partnerships and accelerates the process of introducing a new product to markets. It has become a partner of major insurers like AIA, Tokio Marine, Sompo, Zurich and Generali, and connects them with platform providers like Grab, Klook and PayPay."

Ruo (Alex) Jia, Director Digital Technologies, The Geneva Association

“ Insurtech plays a critical roles in empowering partnership between insurers and platforms. A case in point is Peak3, which connects insurers and platforms, grows ecosystem partnerships and accelerates the process of introducing a new product to markets. It has become a partner of major insurers like AIA, Tokio Marine, Sompo, Zurich and Generali, and connects them with platform providers like Grab, Klook and PayPay."

Ruo (Alex) Jia, Director Digital Technologies, The Geneva Association

Insights from the Geneva Association Report

To better understand how insurers are using digital platform ecosystems, the Geneva Association conducted a survey of its member companies. The responses reveal that over 80% of insurers are already working with tech companies to build a digital insurance platform. Reaching more customers and improving the customer experience are the top motivations.

The report recommends that insurers pursue digital platform ecosystems. Larger insurers may invest in developing their own ecosystems, either alone or in collaboration with an external technology firm, while smaller companies are best advised to partner with existing digital platforms. Peak3 offers not only the technology solutions to become a partner of choice in digital platform ecosystems, but also offers expertise on how to design winning propositions and customer journeys – building on its expansive expertise of scaling embedded insurance innovation across the globe.

The report surveyed opinions of 21 large, international re/insurers and six platform ecosystem cases of Allianz X, AIA Vitality, Chubb Studio, Peak3, Ping An, and Tesla.

To learn more, please download the report here at www.genevaassociation.org.

However, they retain some level of scepticism of the potential of digital or the need for digital transformation. For this reason, they have not allocated substantial resources towards these efforts.

Interested in learning how to win in embedded insurance and digital platform ecosystems? Get in touch with us here.