Digitalization is changing the way we do business - customers are increasingly empowered, processes are digitalized, business models need to evolve to keep up with new challenges.

Hardly any industry sees the impact of current and future IT hype like digitization, big data, or Internet of Things (IoT). These topics provide opportunities for new business models, new customers, and internal optimization. Threats like new competition and changing customer behavior and expectations can be turned into lucrative opportunities.
For the insurance industry, you can see the impact of all sectors: life, non-life, reinsurance and health insurance.
New customer areas are growing as digitization enables new business models. For example: Grab or AirBnB requires specialized insurance and clarifies questions regarding liability. At the same time, traditional businesses are becoming more transparent and startups building on existing concepts will create entirely new approaches. Digitalization also facilitates recommending new products to customers based on their lifestyles or using big data analytics (wearables, telecommunications, etc.).
Innovative and digital insurance business models include:
- New operating models (white labeling, outsourcing, alternative distribution channels, D2C sales, etc.)
- Insurance analysis in the direction of data (big data, IoT)
- Telecommunication (real-time data and behavior)
- External partnerships (data ecosystems)
Consumers increasingly tend to be self-service and are looking for empowering and instant solutions. From searching for information to purchasing insurance products online, the customer journey is moving closer to the digital space.
Now is the right time to run these hypes for your business and start securing results for the future. Alpaca is happy to help you digitize the insurance industry by:
- Create business and digitalized strategy, and identify new areas for activity
- Develop and implement derivative measures of your strategy and build prototypes
- Accompany your organization's digital transformation
The digital transformation of the entire value chain requires a rethinking of traditional business models of insurers. Future success depends on the ability to do this.