Abstract

Digital transformation is impacting the way businesses are moving forward and a number of new business models have been proposed that are being integrated with technology. It has brought a lot of new opportunities in every aspect of life and in every industry. The insurance Industry is no exception to it. The digital transformation wave has many technologies riding on it and one of them is Digital Ecosystem Management (DEM). DEM brings new value propositions and growth opportunities for the insurers by connecting their customers, partners, employees and peers. It is also changing the traditional channel and partner management along with billing and operation management environments.  The traditional OSS and BSS vendors are facing threat and need to change their approach, their value proposition. By doing strategic alliance and partnerships and merger and acquisitions to provide comprehensive digital ecosystem solutions, traditional ecosystem solution suppliers can carry on leading the insurance industry market and also make big profits.

Digital Transformation has put more fuel to ever growing customer demands and neck to neck competition by bringing more user friendly and convenient services and hence by introducing new entrants to Insurer supplier market. The Internet of Things, big data, digital channels and artificial intelligence are impacting the business success in highly competitive insurance markets. There is pressure on margins and increasing competition and amid this, insurance providers are looking to sustain and enhance their businesses. In such situation, DEM empowers the providers to create new business models and new revenue streams based on customer’s personalised preferences. 

Contents

Abstract

Overview & Definitions

Current Situation & Impact of DEM

Critical Observations

Market stage life cycle

Technology developments

Technology challenges

Standards and regulations

Market Perceptions

Outlook

Hype Cycles

Market opportunities

Demand generation

Value stack

Routes to Market & Channels

Key Vendors and Solutions

Lessons to Learn:

List of Figure

Fig 1: Top Level Framework

Fig 2: Impact of DEM&PS over Different Business Segments and Services over the period of time

Fig 3: Life-cycle & Opportunity

Fig 4: Demand generation

Fig 5: Solution Development

Fig 6: Industry value flow

Fig 7: Key Vendors & Solutions