Ecosystems, i.e., the seamless interlinking of suppliers and their products, are on everyone's lips right now. Companies like Amazon, Google and others have long since adapted their business models accordingly – their platforms provide the basis for interlinking products and services across industries. They also offer outstanding service experiences that are driving higher customer expectations in other industries in terms of availability, information and speed. Insurance companies can and should use this as a starting point to develop their own ecosystems. There are many possibilities. An ecosystem will be successful if the benefit for the customer is greater than the sum of the individual products and services ("1+1=3"). 

The ecosystem wave has also arrived in Europe: In the Horváth Ecosystem Study 2021, 85% of the companies surveyed said they were addressing the issue of ecosystems. However, 60% have not yet progressed beyond the concept phase, and just under half of all respondents have not even achieved 20% of their stated goals. In an increasingly interlinked world, data is the "oil of the 21st century". The sharing concept is gaining ground, and at the same time convenience for the customer is the focus, so enormous opportunities are rising. With strong partners and attractive offerings, new business areas and target groups can be conquered, synergies realized and the image as an insurer changed.  

Companies that manage to combine services that are beneficial to the customer and, above all, easily accessible, with the fulfillment of their own entrepreneurial interests, will prevail. These companies successfully contain the customer in a world of services and products that yields strong additional benefits for both parties. An ecosystem based on a symbiosis between the company and its partners and customers will be successful if the benefit for the customer is greater than the sum of the individual products and services ("1+1=3"). Based on numerous customer discussions and project-related experiences, Horváth has identified eight critical success factors for the establishment and operation of ecosystems.

More than 2,000 insurance customers were surveyed as part of Horváth's Customer Experience Study 2021. Around half were receptive to the idea of utilizing non-insurance-related services (ecosystem offerings). Due to their high relevance for customers' everyday lives, the "Mobility," "Home," and "Health" spheres received the highest approval ratings. However, increased market activity is also evident in the "Wealth" sphere. Within these four areas, insurers have an opportunity to bundle their services with other value-added offerings, attend to the customer on a daily basis, and thus significantly increase the frequency of customer interactions. Insurers need this kind of customer access in order to be perceived as more than merely claims adjusters and to better exploit their sales potential.   

Ecosystems are here to stay. But they do not arise purely by chance; instead, they must be planned. Join us on this exciting journey and join the list of companies that have taken a big step towards achieving their strategic goals by creating ecosystems.