McKinsey recently described a platform as a business model that allows multiple participants (producers and consumers) to connect to it, interact with one another, and create and exchange value. The most successful companies in the digital era, including Alibaba, Amazon, and Facebook, were all designed on platform business models. An ecosystem, meanwhile, is an interconnected set of services that allows users to fulfill a variety of needs in one integrated experience. Credit unions are now building ecosystems to concentrate on helping their members manage risk and protect their most important assets; their homes, their cars, their businesses and their lives.
This webinar will examine the latest research from McKinsey, Capgemini, Marsh and PWC on the rapidly emerging changes to insurance distribution in the United States. The collapse of the traditional insurance agency model, the failures of the ‘direct to consumer - single product’ offers, and how credit unions are now able to put their member at the center of all things insurance - and providing previously unimagined value.
We will examine how credit union-owned insurance agencies are emerging as ecosystems;
- adding value as gateways for members to access insurance by reducing friction, and allowing shopping across a comprehensive array of products
- harnessing network effects by leveraging activities across loan origination systems, CRM platforms, online banking services and third party data sources to accelerate the comprehensive insurance shopping and buying experience
- integrating data across all of the member data warehouses embedded inside a CU’s operating environment to coordinate product offers from insurance carriers that reflect the best combinations of coverage, price and applicability.