A thoughtful, iterative approach can help insurers implement ecosystems.
Strategize
Enable
Generate value
Set bold aspirations, which may require high-stake investment
Align CEO and board on adoption and definition of ecosystem strategy
Secure commitment funding
Find services that solve a customer's problem (value)
Accomplish initial use cases with known partners (feasibility)
Demonstrate clear impact that adds value back to core business
Introduce new customer touchpoints via emerging adjacent services
Outline services that make up a frictionless customer experience
Integrate with (or demonstrate proximity to) core insurance product to promote customer acceptance
Develop clear value-sharing model, and adapt to working with multitude of partners
Ensure autonomy and entrepreneurial culture
Encourange a venture capitalist–like mind-set and fast decision-making skills among management
Design expansion through association into the platform using standardized application programming interfaces (connective tissue of the ecosystem economy)
Require a 360-degree view of data for a seamless experience
Design and create first minimum viable product as a standalone or integrated product (eg, in customer portal)
Technically integrate with core business while gaining insights from customer interaction
Apply existing ecosystem plays and thoroughly examine ideas
Grow further use cases though make-buy-partner approaches
Set ecosystem vision
Explore use cases for customers
Prioritize use cases and partners
Define value proposition
Create organiza-tional foundations
Set up technology requirements
Build organization and minimum viable product
Scale and operate
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Use dynamics of two-sided markets to attract customers (eg, premium models)