Case Study Number 3: The Insurance Industry
The insurance market is a multitrillion dollar industry, which will inevitably be disrupted by new digital players. In addition to the threats presented by new Digital Enablers and new entrants, the insurance industry is undergoing fundamental structural regulatory changes.
While historically innovative, this global insurance group has struggled over the past 10 years to translate its ideas into tangible business opportunities.
Ariadne Capital worked with the board to help them shape and redefine The Future of the Insurance industry through the application of the core principles of Ecosystem Economics. This process allowed this insurance group to reassess their approach to innovation, understand the pace of innovation and evaluate the impact of innovation on its business.
This insurance group’s senior executives in Belgium, Poland, Spain, Japan and Czech Republic were heavily involved in discussions surrounding the company’s global strategy. Ariadne Capital advised the insurance group to focus its attention on wearable technologies and data analytics platform in order to improve the underwriting process for health and life insurance.
Deep market scans were carried out by Ariadne Capital across multiple territories to find the most suited Digital Enablers. Ariadne Capital also evaluated each Digital Enabler’s robustness and business viability. Ariadne Capital essentially accelerated this insurance group’s innovation process at a fraction of the cost and the time. The entire process took less than six months.
This global insurance group exemplifies Ecosystem Economics for the following reasons:
1. This non-tech traditional firm has opened its distribution channel to Digital Enablers creating digital revenues for both parties
2. This insurance group has partnered with digital startups to enhance its value proposition
3. Ariadne Capital applied the core principles of Ecosystem Economics to redefine this insurance group’s business model