Uncover the future of insurance with Synpulse's NEOINSURANCE® framework, blending cutting-edge technology and customer-centricity to navigate evolving landscapes and seize new opportunities.
Today’s world is fast-paced. Shifting customer demands, cutting-edge technological development, and the ecosystem imperative are posing game-changing questions regarding the traditional insurance business model.
The crucial economic role of insurance is not in question. Risks will continue to be transformed, managed, and mitigated at every level of our society. In fact, as technological complexity increases and new threats emerge, the demand for insurance will only grow as the protection gaps have risen worldwide in nearly any geography and lines of business. Huge potential revenue streams are ready to be tapped by whichever players apply the right business and operating model fuelled by the latest technology, as we have outlined in some of our recent publications about API Marketplaces.
But traditional insurers are only partially fit to deliver insurance products in the most convenient and direct way. Customers expect the same high-quality digital experience, as they are used to in other industries, such as e-commerce. If customers can’t find that with traditional insurers, they will look elsewhere. To hold onto customers and capture new revenue streams, traditional insurers must adapt and transform.
Any sustainable business model with a chance to succeed must be robust and resilient yet flexible enough to deal with impacts to the system. Note the recent acceleration in generative artificial intelligence (AI) technology as we have outlined in our recent publication about ChatGPT and its ample potential it bears for insurers. It must be able to operate under different roles depending on the value vertical (e.g., mobility, home and living, health, wealth, cyber and security) its relative market position and, above all, it must be relentlessly focused on the customers and their needs.
To bundle these insights and to organise them into a workable system, we have created the Synpulse NEOINSURANCE® framework, which provides a hands-on methods, assets, and deliverables toolbox for our customers to increase their readiness and maturity. NEOINSURANCE® is our future-proven insurance business model. At its backbone are seven core beliefs, comprised of actionable key insights across customer-centricity, technology and organisation.
In this paper, we elaborate these seven core beliefs in detail. It is a further evolution of our initial NEOINSURANCE® whitepaper publication. Now we bring in the ample practical field experience we were able to gain on this topic in the meantime on various successfully delivered client engagements in various lines of business and from strategy to implementation. We incorporated many of those actionable insights into this paper to support our theory with hands-on practice. Further, we branch out to various deep dives of specific elements of our NEOINSURANCE® model that we developed since version 1.0 and represents the latest innovation thought leadership on this evolutionary topic.
The insurers’ periphery is open to disruption. This includes functions traditionally believed integral to any insurer: distribution, administrative services, data efficiency and the like. In these areas, the shift is already happening, and nothing will stop it. Insurers must prepare for this new world. Those who do so with a systematic approach, a clear understanding of the new landscape and a set of concrete goals will gain a significant advantage.
If you, too, would like to prepare for this new world, we are here to guide and support you. We can help you gain advantage with the opportunities of our NEOINSURANCE® model.
