Let's Get Digital: Digitizing the Insurance Business with Service Platforms

摘要

Incumbents seeking to digitize their businesses need to combine traditional and modern capabilities and technologies. Implementing a service platform is one possible approach to address this issue. This platform facilitates the development and integration of all necessary capabilities and acts as the nucleus for innovative solutions. Capabilities and technologies are not everything, however. Creating customer-centric solutions also requires an open service mindset, which helps to develop a comprehensive understanding of the customers' needs and behaviors. To achieve this understanding, incumbent organizations need to analyze and collect data on their customers. By achieving a comprehensive understanding of customers and adopting a service mindset, companies can react to customers' changing behaviors and thus develop customer-centered solutions.