For example, connected cars have fewer accidents and breakdowns, predictive maintenance reduces business interruptions, and wearables help ensure a healthier lifestyle. Peerless Insurance 800-522-7152 Devising and implementing an ecosystem strategy will require sustained dedication and commitment. Guide One 888-748-4326, The Hanover Insurance Company 800-628-0250 Organizations with adaptability at the core of their design and strategy will be poised to use it to their advantage. Forest Insurance Facilities, Inc 888-892-4381, GE Employers Re 866-413-8978 (For an example from the agriculture industry, see sidebar “John Deere: A pioneer in agriculture ecosystems.”). Chubb Group of Insurance Cos 800-252-4670 (800-CLAIMS-0); Online Claim Reporting Church Mutual Insurance 800-554-2642 Citizens Property Insurance Corp. 866-411-2742 (866-411-CPIC) Cincinnati Insurance Company (call your local agent first and then 877-242-2544) Insurers already have a strong foundation in mobility thanks to their current customer base, distribution power, and stock of personal data from auto insurance policies.5 5.Markus Löffler, Christopher Mokwa, Björn Münstermann, and Johannes Wojciak, “Shifting gears: Insurers adjust for connected-car ecosystems,” May 2016. Although digital leaders have made incursions into different industries based on their ability to own the technology pathway, other focused efforts could offer openings for insurers as they evaluate ecosystems. Second, substantial changes in risk distribution and actuarial models (for example, due to an increasing number of long-tail risks) are further aggravating this trend. Something went wrong. Insurers have strong analytics capabilities compared with their peers in other industries; analytics has been a core component of the traditional insurance business model. 1715 The core of the insurance industry is highly regulated, which gives insurers a competitive advantage due to their regulatory skills and huge capital requirements. Chartis Commercial and Personal customers call 877-399-6442 Markus Löffler, Christopher Mokwa, Björn Münstermann, and Johannes Wojciak, “, Tanguy Catlin, Johannes-Tobias Lorenz, Christopher Morrison, and Holger Wilms, “. 7389 We specialize in a wide selection of marine insurance programs at the lowest rates for NBOA club members, marine store, boat towing and more. The Timbermen Fund (Louisiana Safety Association of Timbermen-SIF) 877-628-6730 Southern Fidelity 866-874-7342 FEMA 800-427-4661 American States Insurance Company 888-557-5010 tab, Engineering, Construction & Building Materials, McKinsey Institute for Black Economic Mobility. Armed Forces Insurance Exchange 800-828-7736 McKinsey research shows that while digital technology propels some companies to become clear market winners, it depletes corporate earnings and overall value for many others. First Trenton 800-468-7341 IDS Life Insurance Company of New York (Ameriprise Financial) 800-541-2251 David Chinn, James Kaplan, and Allen Weinberg, “. Learn about Given John Deere’s emotional connection and proximity to the customer and access to sensor data, it is well positioned to understand user risk and offer protection and assurance to the customer directly. Insurance Placement Facility of Pennsylvania 800-462-4972 American Skyline Insurance Company 888-298-5224 Unleash their potential. ... by the Cayman Islands Monetary Authority and licensed to carry on business within the Cayman Islands under License Number 1446874 under The Insurance Law, 2010. Royal & SunAlliance 800-847-6925, Safeco Insurance 800-332-3226; iPhone App Safeway Insurance Company 800-344-1947 Massachusetts Property Insurance Underwriting Association 800-851-8978 America’s Health Insurance Plans (AHIP) 800-644-1818 Our flagship business publication has been defining and informing the senior-management agenda since 1964. Louisiana Citizens Property Insurance Corporation 800-931-9548 Gmail, Hotmail, MSN, Yahoo….etc.). Catlin Specialty Insurance Per company guidelines, loss runs cannot be emailed to personal email accounts created for business (i.e. America First Insurance 877-263-7890 Over the years several Pilgrims have been directors of this New York-based company, among them Henry Kissinger and Marietta Peabody Tree (vice chair Pilgrims; great-granddaughter of George E. Peabody, the famous Morgan partner). Fidelity National Indemnity Insurance Company 800-725-9472 Yet while cyberrisk has long been among the top ten business risks across industries, cyberinsurance—which can cover data destruction, theft, identity recovery, business interruption, and post-incident public relations, among other things—is far from attaining maturity, primarily due to three factors: Covering cyberrisks could put insurers in a precarious situation in which a traditional approach to risk aggregation might prove inadequate. Flood insurance policyholders who don’t know who their insurer or administrator is can contact the National Flood Insurance Program (888-379-9531). A future as a sort of financial utility—ubiquitous but heavily regulated, unglamorous and marginally profitable—is hardly a gratifying outcome for banks.”7 7.S.P., “Why fintech won’t kill banks,” Economist, June 17, 2015, economist.com. And they have shown intent. Interstate Fire & Casualty 800-456-8458, ext. Expert Opinion Admissible. The only information required is your name, the state where you live and your zip code. In 2016, the annual global cost of cybercrime reached $575 billion, with 26 percent of organizations reporting a material loss of at least 10,000 records due to a breach. United Fire Insurance Company 800-343-9131 Omega Insurance Company 800-216-3711 Bristol West Insurance Group 800-BRISTOL (800-274-7865), Capital Preferred 800-734-4749 or 888-388-2742 Republic Group (Republic Fire & Casualty, Republic Underwriters Southern Ins Co, Southern Underwriters Ins) 800-451-0286 American International Group, Inc. (AIG) 877-244-0304 Business-to-business (B2B) ecosystems generally revolve around a certain decision maker—for example, marketing and sales, operations, procurement, or finance professionals. Because of their established analytics capabilities, insurers in new digital ecosystems can provide analytics-as-a-service to other industry players. Fidelity National Insurance Company 800-220-1351 A platform is a business model that allows multiple participants (producers and consumers) to connect to it, interact with one another, and create and exchange value.1 1.Sangeet Paul Choudary, Geoffrey G. Parker, and Marshall W. Van Alstyne, “Pipelines, platforms, and the new rules of strategy,” Harvard Business Review, April 2016, hbr.org. Unigard (QBE) 800-777-0078 “14 years and several hundred transactions, you never expect it to happen to you. First Protective Insurance Company 877-744-5224 A look at today’s connected-car ecosystem illustrates the benefits and risks that lie ahead for auto insurers. American Bankers Insurance Company 800-245-1505 The Hartford 800-243-5860 ONLINE: www.thehartford.com/heretohelp Hartford Steam 800-HSB-LOSS Travelers Business Insurance 800-238-6225 The risks that need to be insured are changing significantly for two primary reasons. Phone:+353 21 237 8008 or +353 21 237 8003 (calls are not toll free. At the same time, executives must understand that while insurance products and related security services will always be at the core of the insurance business, services such as telematics are a way of developing meaningful customer relationships. Seven of the ten largest companies by market capitalization are ecosystem players—Alibaba, Alphabet, Amazon, Apple, Facebook, Microsoft, and Tencent—and that only hints at the power of digital.2 2.“FT 500: The world’s largest companies,” Financial Times, accessed November 13, 2017, markets.ft.com. Florida Family Insurance Company 888-486-4663 or 888-850-4663 QualSure Insurance Corp. 877-563-0150, Regency (Tower Hill) 800-216-3711 Chubb Group of Insurance Cos 800-252-4670 (800-CLAIMS-0); Online Claim Reporting Church Mutual Insurance 800-554-2642 Evolution has taught us that it is not the strongest species that survive, but the ones most responsive to change. Technology: Is technology seen as the fuel for the organization’s strategy? Nationwide 800-421-3535 World Nomads (Canada) Ltd (BC: 0700178; Business No: 001 85379 7942 RC0001) is a licensed agent sponsored by AIG Insurance Company of Canada at 120 Bremner Boulevard, Suite 2200, Toronto, Ontario, M5J 0A8, Canada. Guardian Life Insurance Company of America 866-367-4077; (610-807-7954) Atlantic Preferred Insurance Company 800-673-4952 Companion Property & Casualty 800-649-2948 Allstate Floridian Insurance Company 800-54-STORM (800-547-8676) The fund started by encouraging millennials using Alibaba’s Alipay, an online virtual wallet, to invest the “spare change” that tends to collect in between adding money to the wallet and making payments from the wallet. COUNTRY Financial 1-866-COUNTRY Amazon Protect, which provides extensions to manufacturers’ warranties for items like mobile phones or washing machines bought on Amazon’s website, launched last year in Europe.9 9.“Amazon seeks staff in European insurance push,” Reuters, November 10, 2017, reuters.com. Subscribed to {PRACTICE_NAME} email alerts. American Federation Insurance Company 800-527-3907 Universal Insurance Company 888-846-7647 Mississippi Farm Bureau 866-275-7322 Mercury Insurance Group 800-987-6000 Mississippi Windstorm Underwriting Association 800-931-9548 Service Insurance Company 800-780-8423 Executives aiming to kick-start an ecosystem strategy should focus on a couple of areas. As a tractor-manufacturing company founded close to two centuries ago, John Deere is an unlikely contender for the role of digital-ecosystem pioneer. Digital Partners (DP), a global venture established by Munich Re to win the confidence of and subsequently partner with insurance disruptors, is nurturing an ecosystem that supports the development of start-ups, including Trov, an on-demand insurance provider, and Wrisk, an insurtech venture that delivers motor, travel, and home insurance directly through smartphones. The industry has already seen a number of high-profile partnerships between established insurers and tech and analytics start-ups. For instance, Toyota has invested $1 billion in the Toyota Research Institute, which seeks to use artificial intelligence to address issues across the mobility ecosystem. Republic Fire & Casualty (Homeowners, Dwelling Fire, Auto & Commercial) 800-451-0286 It is common to vacation in Airbnb properties, to hail an Uber ride from a cell phone, and to order dinner via GrubHub or Seamless. American Strategic Insurance 866-ASI-LOSS (274-5677) The actual shape and composition of these ecosystems will vary by country and region, both because of the effects of regulations and as a result of more subtle cultural customs and tastes. Southern Underwriters (Commercial) 800-451-0286 2600 Southwest Business Corp. (Lloyd?s Excess Flood) 800-527-0066 ext. 21st Century Insurance 888-244-6163, Unemployment Insurance 866-4-USA-DOL (866-432-0264) 2d 31. National Farmers Union (QBE) 866-638-5677 Foremost Insurance Company 800-527-3907 These small investments add up, helping users to build Yu’eBao, which is Mandarin for “online treasures.” Currently, 99.72 percent of Yu’eBao investors are individuals, who use the Alipay mobile app to deposit savings into Yu’eBao. General Star National Insurance Company 800-624-5237 Florida Department of Insurance 800-342-2762 Industrial Risk Insurers 860-520-7347 (Business claims) A stronger relationship with OEMs and high-tech players could allow insurers to assimilate risk into existing offerings: pay-how-you-drive and pay-as-you-drive modeling, loyalty and gamification, emergency and breakdown services, crash assistance, and theft reporting. They integrate data across a series of services. AAA Insurance (Auto Club Family Insurance Company) 800-222-7623 ext. Insurers tend to think of coverage as their only cyberinsurance product, but they could establish a robust infrastructure by building partnerships with all the stakeholders. 770, Liberty Mutual Insurance 800-2-CLAIMS (800-225-2467); Apps: iPhone or Android Liberty Northwest 800-289-0930 Keep in mind that due to high call volume in the wake of a disaster, it may take some time to get through on some numbers—please be patient. Progressive 800-PROGRESSIVE (776-4737); or 719-432-0264, QBE Agri 800-777-0078 or 425-562-5264 The cookie settings on this website are set to "allow cookies" to give you the best browsing experience possible. Press enter to select and open the results on a new page. New Jersey Insurance Underwriting Association 973-297-5235 Insurers can also use analytics to enhance pricing and risk-accumulation control. Utica National 800-216-1420, Valley Forge Life Insurance (Subsidiary of CNA) 800-437-8854 Southern Insurance Company (Commercial) 800-451-0286 Insurers should embrace a similar mind-set to assemble fruitful alliances. hereLearn more about cookies, Opens in new In this new world, while insurance could be featured as the risk-mitigation service for each of these 12 ecosystems, there’s no reason why insurance companies could not constitute their own subecosystems that cater to individuals and institutions (see sidebar “How ecosystems could help cyberinsurance prosper”). GMAC Insurance (Auto Claims) 800-468-3466 United Property and Casualty Company 800-861-4370 Extensive use of digital technologies in everyday life has become the new normal. Colorado Casualty 888-298-3778 We strive to provide individuals with disabilities equal access to our website. We don’t just provide re/insurance, we reinvent it. Nest partnered with Liberty Mutual to help offset the cost of a Nest Protect smoke detector and offer a monthly discount on homeowner’s insurance in the United States. Horace Mann 800-999-1030 Practical personalized examples and cases will be used to illustrate risk decision making, primarily on a personal basis, but also in selected business decisions. Bituminous 800-475-4477 4 People create and sustain change. “Uber’s mission is to bring transportation—for everyone, everywhere,” “Finding the way, creating possibilities for riders, drivers, and cities,” and “International sites,” Uber, accessed November 15, 2017, uber.com. Sompo Japan 800-444-6870 Highworth Insurance Limited is a registered company in England and Wales number 7980064. Ecosystems typically provide three types of value: For insurers, shifting from an industry to an ecosystem perspective requires a significant change in how they define their role in the economy. This new activity also generates customer traffic for Ping An’s core services and has helped the company become the world’s most valuable insurance brand.1 1.“Ping An becomes the world’s most valuable insurance brand,” Brand Finance, accessed November 14, 2017, brandfinance.com. National Flood Insurance Program (NFIP) 800-621-3362 Hull & Company 800-241-4855, ICAT 866-789-4228 This website is operated by Geozoning, Inc DBA HealthSherpa Insurance Agency and is not the Health Insurance Marketplace® website. Customers: How does the organization’s customer ownership, access, and engagement look? The insurer was able to penetrate international markets through the platform by partnering with AIA across all of Asia, Generali across continental Europe, and in several local markets such as with Manulife in Canada, Ping An in China, and Sumitomo in Japan, resulting in 31 percent annual growth in international markets. Tanguy Catlin is a senior partner in McKinsey’s Boston office, Johannes-Tobias Lorenz is a senior partner in the Dusseldorf office, Jahnavi Nandan and Shirish Sharma are analysts in the Gurgaon office, and Andreas Waschto is an associate partner in the Hamburg office. our use of cookies, and Federal Mutual 888-333-4949 Texas Department of Insurance Consumer Help Line 800-252-3439 AXA Re Property and Casualty 800-216-3711, Bankers Insurance Company 800-765-9700 However, this wave of ecosystems does provide a chance for some players to realign priorities and initiatives and leapfrog the competition in the process. The other exception of a broadcasting company that has been represented in the Pilgrims Society is CBS. Sentry Insurance a Mutual Company (Transportation claims) 800-638-8763; (Life claims) 800-533-7827; (Other claims) 800-638-8763 Not all industries and players are equally well suited to pursue this opportunity, and companies that dive in might not be able to capture all of the value at stake. The rise of ecosystems is simultaneously one of the greatest opportunities, biggest threats, and most daunting challenges of digitization. Becoming an ecosystem player requires far more than technology investments alone. Fireman's Fund 888-347-3428 (888-FIREHAT); Mobile App First Floridian 800-252-4633 (800-CLAIM33) (personal); 800-238-6225 (business) Century Surety Insurance Company 800-850-0432 By 2025, as this revolution gains speed, McKinsey expects 12 distinctive and massive ecosystems to emerge around fundamental human and organizational needs (Exhibit 1). As different businesses generate growing volumes of data, risk management will continue to demand increasing amounts of data modeling and advanced analytics. ACE Private Risk Services 800-945-7461 American Security Insurance Company 800-326-2845 For example, in its bid to participate in the health ecosystem, Apple launched the Healthkit open platform, which offers Apple device users the option to share their health and activity data across affiliated applications on their smartphones. Old Dominion Insurance Company 877-425-2467 or 800-606-7992 Instead, insurers must take a 360-degree view of the organization across multiple dimensions to ensure that their investments align with the requirements. Auto-Owners Insurance Group 888-252-4626 Through digital ecosystems, companies are betting big on opportunities that have the potential to realign global markets, thus ushering in an era of “sectors without borders.” The benefits of digital ecosystems won’t be distributed evenly, however. Tower Hill Insurance Companies 800-216-3711 or 800-509-1592 Digital upends old models. First Premium Insurance Group (Lloyd's Mobile Home) 800-432-3072 Insurers could work with OEMs higher up in the value chain to develop products that address the added risks auto manufacturers might bear as the market embraces autonomous vehicles. If insurers were to adopt a broader view of risk prevention through partnerships, they could orchestrate risk management in a cyberrisk ecosystem that includes not only insurers but also cloud providers, cybersecurity specialists, and enterprises with confidential customer data. Poe Financial Group 800-673-4952 The rise of ecosystems involves multiple firms coming together in symbiotic relationships to achieve greater value for themselves than they could capture alone. Southern Family Insurance Company 800-673-4952 South African insurer Discovery has set the gold standard for insurers in the wellness ecosystem with its Vitality platform. Ecosystem players such as Amazon and Google are well positioned to permeate the distribution part of the insurance value chain. Therefore, all players must identify and prioritize the ecosystems in which they can play and win. Pharmacists Mutual Insurance Company 800-247-5930 It is authorised and regulated by the Financial Conduct Authority number 578639. Continental Western Insurance Company 800-444-0049, ext. CNA (First Notice Systems) 877-CNA-ASAP (877-262-2727); (non-toll-free, for those experiencing difficulties accessing the FNS number) 413-858-4137 Today, millions of users track their health using Vitality and participate in activities to earn loyalty points with Discovery’s extensive network of partners, including British Airways, Emirates, and Europcar. 301 N Tubb Street Ste 109 Oakland, FL 34760 Phone: (407) 469-2107 Fax: (888) 446-2009 625 S Gay Street Ste 640 The rise of ecosystems is the natural result of digitization. American Family Insurance 1-800-MY-AMFAM As ecosystems enable and necessitate a focus on risk prevention, forging partnerships will be a critical priority. All Rights Reserved. © Copyright 2021, Insurance Information Institute, Inc. collaboration with select social media and trusted analytics partners Zurich Insurance Company 800-987-3373 or email usz_carecenter@zurichna.com. Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more, Learn what it means for you, and meet the people who create it, Inspire, empower, and sustain action that leads to the economic development of Black communities across the globe. With these innovations, John Deere optimized product usage while quadrupling search-engine traffic to its redesigned website and increasing lead generation for dealers. 5000 Today, digitization has permeated every level of the competitive landscape. Auto Club Family Insurance Company (ACFIC) 800-222-7623 ext. Prior to joining Colony, Cornwell was focused on construction risks as AVP of Underwriting at Ace Westchester and was the lead underwriter for referrals and staff development for the region. In the early years, companies that digitized were at the forefront of the industry. Federated National Insurance Company 800-420-7075 Many commercial insurance buyers value online interfaces with self-service features and the ability to track the status of interactions in real time instead of having to make inquiries by phone, email, or through their brokers. farmers mutual insurance company of ste genevieve county: ste genevieve, mo: 13869: 1232: farmers mutual insurance company of sullivan and adjoining counties: milan, mo: 13871: 1233: farmers mutual insurance company of webster county: marshfield, mo: 00064: 1234: farmers mutual protective association of benton county: lincoln, mo: 13872: 1235 Despite the ongoing and uncertain impacts of the COVID-19 pandemic, AM Best has assigned a stable outlook to the London re/insurance market segment owing to positive rate momentum, greater clarity of policy wordings, and continuous efforts to modernise the market. Chartis’ Private Client Group call 888-760-9195 Citizens Property Insurance Corp. 866-411-2742 (866-411-CPIC) 5000 tab. Please try again later. Ohio Casualty and West American Insurance Company 888-701-8727 One of the primary reasons Yu’eBao was able to become the world’s largest fund, surpassing JPMorgan’s US government money-market fund ($150 billion), was that Alibaba’s millions of users viewed Yu’eBao as a complementary service of a trusted brand. GEICO 800-841-3000; Claims site General Casualty (QBE) 888-737-8256 Westfield Insurance 866-937-2663 Atlantic Mutual Insurance Company (New York Liquidation Bureau) 212-341-6814 Coast National General Agency 800-BRISTOL (800-274-7865) Fidelity & Casualty Insurance Company 800-725-9472 USAA 800-531-8722; Mobile App; Online Claims USF&G 800-787-2851; 800-631-6478 (homeowners claims); 407-660-9000 (customer service) Fidelity National Property and Casualty Insurance Company 800-725-9472 One healthcare-data company extracts high-fidelity data from the healthcare ecosystem and applies it to patients’ lives to improve human health. In 2015, the Economist observed a similar trend with banks and fintech companies: “If fintech doesn’t kill banks, it might instead sap the sector’s profitability. CUNA Mutual 800-637-2676 Florida Pennisula Insurance Company 877-994-8368 Sunshine State Insurance Company 877-329-8795, TAPCO 888-437-0373 Say Insurance 800-225-5729 Rhode Island Joint Reinsurance Association 617-723-3800; (800) 851-8978 Virginia Property Insurance Association 804-591-3700 American General Property Insurance Company of Florida 800-321-2452 Number of times previously qualified as an expert. FM Global 877-639-5677 (877-NEWLOSS) Partnerships: Does the organization have a strong network of partners that will allow it to extend beyond traditional industry boundaries? Drive Insurance from Progressive 800-925-2886, EMC Insurance Companies 888-362-2255 Answering several key questions can help shape the discussion: Strategy: Where does ecosystem strategy rank in the organization’s priorities?
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