Open Insurance Enablement Episode

The future relevance of centuries-old insurance businesses now depends on their ability to leverage a digitally connected ecosystem of diverse stakeholders. Delivering value-centric products and service experiences requires a foundation capable of handling digital diversity. Insurers must overcome the challenges of change and act now to maintain their relevance in the digital economy.

Topics:

• The value of connected, ecosystem-driven insurance
• Emerging business models and use cases
• The challenges of adaptation
• The importance of core systems and digital foundations

Insurers must expand their offerings through ecosystem models despite security, privacy, and interoperability hurdles. Resistance to evolving open ecosystems will result in losing customers to more nimble, digital, and connected competitors.

This webinar explores how industry players must proactively engage with the emerging platform economy and formulate their own authentic digital vision and roadmap.

Topics:

• Incrementally overhauling digital foundations.
• Leveraging use cases and strategic priorities to map technology.
• Why the human factor matters when changing processes, culture, and partners.

Technology, and more specifically APIs, are key to unlocking the opportunities of Open Insurance. But that is not all. Change must also prioritize processes and culture, at the IT level but also across the wider business.

New Open Insurance models, such as Insurance-as-a-Service or Insurance-as-a-Platform, and the shift from product-centric to customer-centric mindset, demand new ways of thinking, behaving and interacting. We explore how to introduce and embed new practices, using real life examples.

Topics:

• Considerations and obstacles during the transition to a new API setup.
• How one international insurer enabled APIs to successfully transform to an Open Insurance business.

Open Insurance will bring new business opportunities by embedding products and services into third party channels. Change will not be easy. Technology, processes and culture will all be impacted. A look at how banking has adapted can provide clues about the best way to go. Today, Open Banking is taking multiple forms, be it compliance-centric models, partnership banking, or Banking as a Service. What strategies can, and should, insurers deploy?

The last episode in this series sees Jeff Picozzi (Red Hat, Global Insurance Lead) and Hector Arias (Red Hat, Global Strategy for Financial Services) discuss the successes and failures that banks have experienced on their way to Open Banking, and what lessons insurers can learn from this.