Tag Archives: ecosystems

Ready for the Fully Connected Future?

Have you ever entered a store when the automatic door wasn’t working? Or, have you ever come to an escalator that is simply stopped, and you have to walk up or down? It feels strange when common automations don’t work. If you are like me, you might even experience that disoriented, woozy feeling when your mind thinks it is stepping onto something that is supposed to move.

People are wired to gravitate toward ease of use. They naturally exhibit streamlined behaviors, like making shortcuts in the grass between two sidewalks, and they quickly adopt automations that will make life easier. Just look at how rapidly we adopted smart phones.

How must insurers, right now, prepare for an even more automated and streamlined future, with the shortcuts that people will create, whether we want them or not?

Streamlining and innovation happens with partnerships.

The restaurant industry offers an example, as it adapted to the radical changes in dining behavior that the pandemic forced. Daddy’s Chicken Shack, for example, in Old Pasadena, California, is using facial recognition kiosks to provide a completely touchless payment and service experience. Kiosks were already on the rise as a sort of automation that could reduce lines and front-line work for restaurants such as McDonald’s that struggled to find workers. Kiosks may also improve sales and customer engagement. But the facial ID features from PopID took the kiosk from “data entry point” to “data security and touchless payment,” while streamlining the process for customers at the same time that it was keeping them safe.

Automated payments and touchless technology are the next escalators of our time. But they require effective partnering. It takes more than a kiosk to automate a payment. In this case, it takes the facial recognition technology vendor (PopID), a card reading technology (Ingenico) and a payments hub vendor (Datacap), plus a dozen more payment-related companies that help to create an omni-channel payment ecosystem. This is not only streamlining through partnerships but innovating, as well.

See also: Insurance Outlook for 2021

Streamlined partnerships rely on connections

No process can become automated without connections. Innovative organizations will find the transactional hurdles and prepare their systems to accept two-way connections, then use those connections to make life easier for the customer.   

Google Maps, for example, can now connect commuters with automated parking location and payment via two integrated apps, Passport and ParkMobile. Google Waze is testing touchless fuel payment at Exxon and Shell gas stations.

Connections are made more efficient through ecosystems

Insurance may not fit cleanly into every retail experience, but it is absolutely ripe for fitting into customers’ lives and businesses. The key for insurers is to think beyond a single transaction and be “partnership-ready,” which also means becoming “ecosystem-ready” — whether for mobility (well beyond auto insurance) or for a combined life, health, wealth and wellness experience. Companies that can achieve an early entry into this space have a tremendous opportunity to create and grow a loyal base of customers.

Given the nature of ecosystems, insurers can assume multiple roles, from owner of the unifying platform, to orchestrator of the products and services or provider of products and services. What insurers achieve will depend on their ability to enter the market while it is still an uncrowded “white space.” Of course, moving early requires leadership with an appetite for taking informed risk, ability to move quickly and capacity to build partnerships within and outside of insurance.

Insurers also need strong technology capabilities, including next-generation solutions that are cloud-native, digital-first and ecosystem-ready. The solutions need to break the software down into thousands of consumable application programming interfaces (APIs), offering ready-to-use insurance apps as well as a network of third-party plug-and-play services and apps.

In my blog last year on ecosystems and engagement, we identified three key ecosystems that every insurer needs to consider: the mobility ecosystemthe lifestyle ecosystem and the financial ecosystem. And more are emerging all the time.

Insurance already touches life in so many moments of the day, but how should insurers look at their future capabilities in light of fitting into these key ecosystems? Where can insurers place new products that fit seamlessly into these life streams, and how can they develop and maintain a framework that allows for quick reactions to customer trends?

Insurers will find, as they prepare, that every connection they create makes the organization a little more resilient. Channels will grow organically. Products will be launched with less delay. Customers will be served in automated ways that suit them, with relevance and accuracy. Learning, through greater data exchange, will yield improved experiences in claims-related risk.

But insurers must prepare. Humans are wired to use automation and streamline experiences. So, how can we further automate payments? How can we automatically begin providing insurance when people walk or drive or fly into situations where they need insurance? Streamlining and innovation are made possible through partnerships. Partnerships are enabled by ecosystem-ready insurance processes.

Gateway to Claims Transformation

The words “platform” and “ecosystem” are trending and in danger of becoming overused and losing their true meaning, but when used in the proper context they are powerful and highly relevant. The insurance claims management process is a perfect use case for just how critical these structures can be in achieving transformation. And my latest endeavor with Claim Central Consolidated is an excellent example of a platform and ecosystem that enables carriers to make that happen.   

The property claims process has historically been stubbornly long, complex and more costly than necessary. The factors contributing to these conditions include a disjointed overall workflow, which is a result of the many manual tasks, different staff and third-party skills required and the disparate, non-integrated systems needed to fully adjudicate and resolve the claim.    

In simple terms, a platform is a group of technologies that are used as a base upon which other applications, processes or technologies are developed. The word “ecosystem” derives from the Greek words oikos meaning “home,” and systema, or “system.” In the early 1990s (go, class of 1990),  James F. Moore originated the strategic planning concept of a business ecosystem, now widely adopted in the insurtech community. 

Using biological ecology as a metaphor, Moore revealed how today’s business environment parallels the natural world and how, just like organisms in nature, companies must coexist and coevolve within their own business ecosystems. He identified radically new cooperative and competitive relationships and provided a comprehensive framework that businesses can use to enhance their own collaborations with their customers, suppliers, investors and communities. Who knew we would be applying this type of thinking to technology? 

Platforms and Ecosystems for Insurance Claims

Powerful and exciting insurance industry ecosystems have emerged – made possible by digitization – and continue to evolve like living organisms, as connected sets and cluster ecosystems within the larger and broader ecosystem of services in a single integrated experience. Platforms enable and support ecosystems in that they connect offerings from cross-industry and inter-industry players in P&C, Life, Health and Accident.

Platforms and the ecosystems they support will increasingly enable insurers to turn strategic visions into realities. Today, insurers succeed by offering products. In the future, insurers will win by providing access to risk prevention and assistance services—and by offering the right product to the right customer at the right time.

Claim Central Consolidated

Many people have asked what I’ve been working on since exiting WeGoLook.  I am thrilled to be spearheading the perfect example of the power and potential of a platform-based ecosystem within Claim Central Consolidated, a global leader in property and auto insurance claims technology, services , data and insights, and pioneers of digital claims fulfilment. Our market-leading technology solutions are completely transparent, simplifying the claims process and significantly improving policyholder service satisfaction on behalf of leading insurers across the globe. 

See also: Insurance Ecosystems: Opportunity Knocks

Developed and proven in Australia, Claim Central recently expanded to the U.S. market, initially focusing on the property claims market with the successful rollout of TradesPlus – a network of over 40 trades types which are easily accessed within our Exchange. The Claim Central platform comprises three basic components offering a number of solutions and choices within many evolving cluster ecosystems embedded in our broader platform:

  • ClaimLogik Plus end-to-end claims lifecycle management platform, built with the vision of providing a single platform that connects all parties involved in resolving a claim, available in three purpose-built versions;
    • Growth Edition – best suited to smaller businesses such as 1099’s
    • Business Edition – best suited to SME scale insurers, IA firms or TPA’s;
    • Enterprise Edition – best suited to higher volume claims handling such as larger TPAs or carriers
  • TradesPlus+ Managed Repair
    • cloud-based platform connecting insurers directly with a pre-screened, on-demand marketplace of suppliers to carry out claim-related services and property repairs.
    • Insurers have direct access to suppliers including:
      • Contractors
      • Emergency Services
      • Inspectors
      • Adjusters
      • Experts
      • Housing
    • Virtual Inspections as a Service (VIaaS)
      • connects remote desktop assessors directly with policyholders to inspect and assess their claims using our live video streaming and collaboration platform LiveLogik 
      • enables insurers to secure inspections and damage assessments without the risk, cost and time associated with deploying traditional field adjusting resources during the COVID-19 crisis.

The Power and Potential of Ecosystems

McKinsey research found that ecosystems will generate $60 trillion by 2025 which will constitute 30 percent of global sales in that year. Consequently, many insurance executives are looking beyond industry borders to understand the growing opportunities and threats that come from new partners and competitors in the ecosystems relevant to them, from mobility to healthcare and beyond.

Platform businesses are the most efficient value creators, compared to other types of businesses, because they harness the power of distributed supply and network effects. The network effect is a phenomenon whereby increased numbers of people or participants improve the value of a product or service.

Purpose-Built Insurance Ecosystems

The P&C insurance industry has already developed ecosystems to support specific business functions, and continues to do so. Some of the earlier examples date back to 1980 when information providers developed platforms linking auto insurers to collision repair facilities for the purpose of streamlining the accident repair process. These ecosystems quickly expanded to include independent appraisers and adjusters, autoglass and car rental vendors, salvage pool and towing operators, parts providers and others. Today they are beginning to include telematics service providers and auto manufacturers and dealers.

New property claims ecosystems such as Claim Central have emerged to include a full suite of segment specific cluster ecosystems including contractors, inspection technology, digital payments and other service providers which enable insurers to resolve claims in hours instead of days or weeks. According to Paul Carroll, editor-in-chief of Insurance Thought Leadership, “Innovation will focus less on bells and whistles and more on improvements across entire processes and organizations. But incumbents must start preparing.”

See also: The Word of the Year Is…’Ecosystems’

Ecosystems: Not if but When

Look no further for a brilliant and powerful new ecosystem extension than the recent announcement that Credit Karma, a unit of Intuit, has partnered with Progressive Insurance to offer usage-based auto insurance to Credit Karma’s millions of financial service smartphone app members using its integration with DMVs to obtain instant driver and vehicle information.

“It is not a matter of if, but when the insurance industry will have to adopt an ecosystem approach. The industry is not immune to the changing demands of the market” – Dr. Geoffrey Parker, Professor of Engineering at Dartmouth College and a visiting scholar and Fellow at the MIT Initiative on the Digital Economy.

I feel blessed and excited to be a tiny part of it!

Want Some Insurance With That?

Some 25 years after the publication of Nicholas Negroponte’s seminal “Being Digital,” it feels trite to write about how digital capabilities and the expectations they create among customers have transformed even traditionally sleepy industries like insurance. Yet, the digital transformation of insurance is not a narrative of progressive evolution but rather a story of successive and disruptive waves. And we are on the cusp of a third one. 

The first wave saw insurers learn to exploit digital tools to sell directly to customers. Established players as well as a plethora of tech-first startups proved it was possible to sell insurance online to customers without the benefit of an agent. 

The second wave, still in flight, focuses on customer experience, bringing better and easier ways for insurers to process applications, serve customers and pay claims. These efforts have brought new efficiencies to an industry hyper-focused on cost while at the same time addressing the needs of consumers who expect immersive and contextualized digital interactions with all the businesses they patronize.

The third wave, in its infancy, focuses on ecosystems, that is the embedding of insurance within the value chains of other industries. An online world, dedicated to selling us cars, homes, travel experiences and financial services is now discovering the opportunity to bundle insurance with the goods and services they provide. Such bundling addresses customers at the moment of need, at the life event – a new home or car purchase, for example – which triggers the need for insurance protection. Insurance in such a model is, as the title and summary of this article suggest, like French fries, a digital side dish suggested as an add-on to the main course. In the years ahead, we will increasingly see more and more businesses ask the question, “Do you want insurance with that?”

Whose brand is it anyway?

Big Tech has done the spade work for this third wave of transformation. Well before COVID-19, customers were becoming increasingly receptive to the idea of buying insurance from Big Tech firms. And around 44% of the consumers we interviewed as part of Capgemini’s World Insurtech Report 2020 said they would consider coverage offered by Big Tech.

Policyholder willingness to purchase Big Tech coverage is on the rise

Sources: Capgemini Financial Services Analysis, 2020; Capgemini Voice of the Customer Survey ‒ 2016, 2018, and 2020; Capgemini Research Institute, Consumer Behavior Survey 2020.

The fact that Big Tech has earned and retained customers’ trust during various lifestyle interactions is the catalyst behind their increasing willingness to buy insurance, too. Customers say they can count on tech giants for stellar digital experience, intuitive services and real-time response. 

So far, Big Tech has been making slow, yet deliberate, inroads into the insurance space. Google subsidiary Verily announced plans in August 2020 for its own insurance company (backed by the commercial insurance unit of Swiss Re Group) to provide tech-driven employer health insurance plans. Verily has also made a health-tracking smartwatch for research use. Amazon invested in Acko Insurance to offer auto coverage via the India-based startup’s platform. Big Tech firms are also integrating existing products (Apple Watch or Amazon Alexa) into the insurance value chain or developing convenient and time- and money-saving offerings that appeal to a broad range of policyholders.

These findings with respect to Big Tech are consistent, of course, across industries. The erosion of traditional brands in favor of new digital ones has occurred in every sector.

See also: Pioneering Use Cases for IoT in Insurance

Equally important is the extent to which the willingness to buy from Big Tech extends to a broader ecosystem of digital-first businesses. Disruptive industry-specific players, most notably in automotive, are as big a change agent as Big Tech. Buying car insurance from Carvana, home insurance from Zillow or small business insurance from Quickbooks makes all the sense in the world, particularly when these digital behemoths demonstrate the power to use data to make the right offer at the right time at the right price. 

The challenge to the industry to adapt is profound.

What’s an insurer to do?

As Big Tech and other online powerhouses look to turn insurance into the new French fry, insurers must consider the implications of this digital third wave and choose strategies through which they both embrace and differentiate in the new world of embedded insurance.

Most obvious and relevant is the ability to embrace the new channels. Insurers have always relied on third parties for distribution. A shift in mindset to see e-businesses as the agents of the future requires cultural change and paradigm realignment but is not revolutionary from a business model perspective.

The bigger challenge in many respects is on the technology-side. The constraints of legacy systems and brittle enterprise architectures, which shockingly persist 25 years after Negroponte, limit the ability of insurers to plug and play seamlessly in the new ecosystem. Developing an API framework that enables insurers to connect safely and securely with a broad array of distribution partners – what we at Capgemini call Open Insurance – is a prerequisite to being part of the coming disruption and not a victim of it.

Along with the API-ification of insurance technology comes significant requirements to up the game with respect to data. Succeeding in the new ecosystem, as noted above, requires being there at the right time with the right product at the right price. Doing so requires real-time customer insight, which comes from data mastery. We have been slow to get there. Less than 40% of insurers say they have access to IoT devices and natural language processing (NLP) support systems to enable real-time insights. Producing and leveraging analytics at scale will be the battlefield for this third wave of digital.

Not all French fries are created equal

It will, of course, take more to succeed in the new ecosystem than technological advances. 

Competitive differentiation among insurers will need to come from the insurance product itself. In a world where traditional brands have ever-diminishing salience, product and price are the only bases for competition. The standardized products the industry currently offers will force an inexorable race to the bottom, where the cheapest wins. Look for product innovation to be the true benefit of the third digital wave.

See also: Do You Know What You Don’t Know?

The demand is already there. Only some insurers see it.

Incumbent insurance executives interviewed as part of the World Insurance Report 2020 were behind customer expectations regarding new products. Only half of the executives we talked with said they had rolled out usage-based insurance (UBI), such as pay-as-you-drive (PAYD) offerings. Conversely, customers’ year-over-year interest in UBI climbed from 35% in 2019 to more than 50% in 2020. Less than half of the insurers we interviewed said they effectively target promotions at critical life-phase moments, and fewer than 25% said they use artificial intelligence systems to track external data.

The challenges to insurance product innovation are not trivial. Complex regulatory regimes create significant hurdles, making almost impossible the “fail fast” mindset that drives innovation in other sectors. But the challenge for insurers is indeed existential. As the aficionados of one or another fast-food empire will attest, the fries may be a side dish, but they are often the best part of the meal. Insurance should learn from this example.

Insurance Ecosystems: Opportunity Knocks

Ecosystems have been growing in scale and importance in recent years, but the pandemic has greatly accelerated their evolution. Customers rapidly turned to remote engagement, bolstering their expectations of 24/7 service and easy interactions. Insurers’ legacy limitations now look increasingly out of step with contemporary buying behavior and distribution.

Rather than taking several years to fulfill digitization road maps, insurers will find that participating in a connected supply and demand service model offers something better, faster and cheaper.

Enabling technology is affordable and effective. Cloud-based technology and machine learning have helped insurtech firms grow quickly without the burden of legacy systems and are now helping carriers fill gaps, particularly as many insurers modernize their core systems to make external integration more practical. The same technologies support innovation from competitive sources that offer services or components that are “good enough” at relatively low cost.

Strategic considerations

Now that the building blocks are in place, industry leaders are increasingly engaging in ecosystems that serve broad consumer needs, often where insurance is only one offering among many. Strategic options are multiplying.

Similar organizations might make very different choices on roles, investments and partnerships, depending on their risk appetite, organizational culture, technical capabilities and ability to invest.

Here are four things to consider as you determine how to compete in insurance ecosystems:

1. Choose your ecosystem role(s) strategically

You can become involved in an ecosystem in many ways, with different levels of commitment and investment. Your role(s) reflect how you’ll relate to other participants and the degree of your commitment. This may be complicated.

  • As an owner, you’ll build and control the ecosystem, but at significant cost and the risk that nimbler players could overtake you.
  • An orchestrator creates a foundation, including technical platforms, and captures customer data but may not be able to curate the entire customer experience.
  • Adaptive participants plug into one or several ecosystems. This is a lower-risk strategy, but it’s more behind-the-scenes and could cause you to lose contact with end customers.
  • Abstainers are entirely responsible for their own offering. This could put them at a significant disadvantage if buyers find an ecosystem’s holistic approach more appealing. Abstainers also may miss the opportunity to provide their capabilities as inputs into other participants’ offerings.

Some insurers may take different roles in several systems at once, depending on resources and focus, but we expect ecosystems to evolve within a particular sector, with both industry and non-industry partners joining forces to develop markets that work for all.

2. Find the right match – and quickly

Companies comfortable with ecosystems have learned to make quick buy-build-borrow decisions. When you’re facing potential tie-ups, you’ll need to decide fast, because the most appealing opportunities won’t last.

Ecosystems benefit from having a variety of partners. Whether you’re the organizer or are providing products as an adaptive participant, look for tie-ups that add complementary and scalable products or services to drive more traffic into the ecosystem. Ideally, partners leverage each others’ capabilities and knowledge to help the ecosystem grow. Whether you’re considering a potential partner or an acquisition target, your due diligence process should include intangibles. Your stakeholders should know what your brand promises: value, service, innovation, trust, stability, etc. If a potential partner or acquisition doesn’t bolster that image or its culture doesn’t fit the ecosystem, then you probably should move on.

See also: The Intersection of IoT and Ecosystems

Complacency is a big risk; you likely can’t wait indefinitely to determine the best corporate development strategy. When certain ecosystem positions are taken, or when the insuriech player that can fill a key need has been bought by a competitor, you’ll be out of luck.

3. Adjust your approach to match an ecosystem’s maturity

Ecosystems vary considerably by maturity and focus. You may see partners offering components but, for now, a fragmented user experience. That doesn’t mean you should wait for clarity; rather, you may have an opportunity to significantly shape the outcome. You’ll want to be patient, recognizing that whatever you build may be an interim solution. In other instances, some ecosystems will be further along, which means you’ll need to quickly decide how to integrate, and on what terms, as you catch up.

Ecosystems don’t necessarily come with clear labels or governance. Some may start with a bilateral partnership model, offering additional value for customers by bringing together two non-competitive providers. This may become more like a product marketplace, or vertically integrated, even if some capabilities are white-labeled. Regardless, relationships are developing faster than before, and today’s opportunities are unlikely to exist six months from now.

4. Make deliberate choices with your ecosystem investments

Ecosystems typically require fresh thinking about product design, data and technology. You’ll likely need to expand these capabilities to:

  • Provide individualized recommendations that drive engagement and adoption. Few insurers have invested much effort in improving the (internal and external) user experience (UX). Like social media sites, ecosystems depend on keeping users “plugged in” with communication that’s relevant and personal.
  • Open systems securely to your employees, employers and partners so you can be more flexible about the products, services and experiences you offer. This means building a well-functioning API framework and enablement process, as well as expanding integration capabilities to support secure connections to external parties. This may require changes to the back end to your data management programs, data storage and exchange platforms, as well as developing analytical capabilities that enable data-driven decision-making and discovery.
  • Use data, analytics and business intelligence assets to “sense” market insights and package them to add value to ecosystem offerings.
  • Design, develop, source and manage products and services to meet customer needs, while offering value to other ecosystem members and reducing the capital intensity of your own business. This requires prioritization. You can’t do it all, and ecosystems provide a way to meet those needs without “owning” a product. By involving ecosystem participants, you can quickly satisfy customer needs, widen your offerings and improve the customer experience. 

Conclusion: Don’t miss out on the best opportunities

Ecosystems’ appeal is undeniable. They offer carriers a chance to reach beyond conventional insurance products and strengthen their relationships with customers, and are a logical response to a changing, highly networked business environment. Although they require insurers to apply unfamiliar skills – flexibility, customer intelligence, speed and coordination – they can provide the benefits of scale without the asset intensity and command-and-control leadership that historically have characterized the industry.

Many prominent insurers have been watching developing networks with curiosity and interest but often without urgency. This approach typically worked in the past, when the industry changed slowly and competitors were known quantities. Carriers now need to understand where they fit before the appealing opportunities are taken. There is tremendous upside, but not for those who sit on the sidelines.

Making Inroads With Open APIs

Open insurance is about sharing vast and ever-growing volumes of structured data in a digital ecosystem to stimulate the creation of innovative insurance-related propositions for consumers. When customers are made the focal point of new digital business models, new opportunities continuously arise for cross-sectoral partnerships, platforms or collaborative efforts. 

This means that it is crucial for insurance companies to allow third parties (e.g. banks, fintech, aggregators, mobility providers, etc.) to access their data, products and services, and also for them to be present – and relevant – in their customers’ digital ecosystems. Like open banking, open insurance initiatives drive API-enabled access to insurance data, products and services. 

The Open Insurance Monitor presents how the insurance industry is developing towards open APIs

Figure 1: Overview of the Open Insurance Monitor

A rich API portfolio supports the best service provision toward customers and partners within third-party platforms. It is also important for insurers to offer a good developer experience to create the optimal environment for collaborative partnerships and innovation. INNOPAY, a consultancy, has launched the Open Insurance Monitor (OIM) to continuously measure and benchmark this functional scope of APIs and developer experience offered in the insurance landscape (see figure 1). OIM considers organizations around the world that publish insurance APIs via developer portals, including insurers, insurtechs and banks. 

Three key insights from the Open Insurance Monitor

Figure 2: Insights from the INNOPAY Open Insurance Monitor

1. Lack of focus on developer experience

The OIM reveals that insurers’ first efforts are mostly aimed at establishing a rich API portfolio with insurance-related functionality, with minimal focus on the developer experience.

The top left corner of Figure 2 shows several insurers leading the way as innovators of functionality. AXA offers a wide variety of functionality in most components of the insurance value chain and for multiple types of insurance products. These services include quoting and selling insurance, claims management and service-provider support during the execution of services to clients. Cover Genius also offers services in multiple components of the value chain, including services for product origination as well as claims management. Health insurer Humana provides a wide variety of API services such as enrollment in medical care programs, retrieval of medical information and supporting functionality for medical professionals during the execution of services. 

Analysis reveals that insurers are still only in the early stages in terms of creating the developer experience. Although most insurers have taken initial steps in providing API documentation, there is a strong focus on the technical aspect or specifications of APIs. The developer experience could often be further improved by increasing developer usability (e.g. tools, tutorials) and engaging with the community to spur collaboration and innovation.

See also: Designing a Digital Insurance Ecosystem

2. Banks are making inroads, too

Unsurprisingly, the banks included in the OIM offer a more advanced developer experience due to their open banking efforts and investments. Extending their API portfolios with insurance services would further boost their bancassurance models. 

The OIM identified a small group of banks that offer insurance services through APIs. This is the next wave of bancassurance and is an interesting revenue model for open banking. Thanks to their open banking capabilities, the banks included all have a solid basis in terms of API documentation and developer usability. Standard Chartered sets itself apart through features for community development such as regularly posting news articles and organizing hackathons and other types of events. OCBC emerges as a good all-round player in all components of developer experience, while Citi stands out in terms of developer usability by supporting fast onboarding and providing instruction guides for calling APIs, authentication and the sandbox environment. However, the scope of insurance-related functionality at these banks is still limited. If they decide to extend their API portfolios with related services, they will move toward becoming masters in openness, which will boost their bancassurance models.

3. Insurers are lagging behind in openness

Benchmarking against the masters in openness (e.g., National Bank of Greece and Deutsche Bank) reveals that insurers still have a long way to go in terms of openness. In fact, out of all the parties analyzed, only one is currently a master in openness: the U.S.-based insurance company Nationwide, thanks to offering a variety of insurance APIs plus enhancing the developer experience through clear documentation and good developer usability.

Nationwide’s extensive API portfolio currently consists of a variety of services for information retrieval, insurance quoting and issuing policies as well as APIs aimed at policy servicing. Portfolio extension could be achieved by including API services for managing claims and supporting service providers. Besides providing clear technical API documentation, Nationwide sets itself apart from other developer portals by emphasizing the business potential of its APIs through feature display and use cases, as well as offering good developer usability. 

No overall winner

As with open banking, there is currently no overall winner in the open insurance landscape based on the developer portal capability model, as depicted in Figure 3.

Figure 3: Scoring per capability, based on the INNOPAY Developer Portal capability model

See also: 2021: The Great Reset in Insurance

For more details on the monitor and how to get access to digital ecosystems, please visit the website.