Designing a Digital Insurance Ecosystem

Insurance carriers that invest in open ecosystems and best-in-class components will experience improved customer satisfaction, lower costs, and leapfrog the competition. In 2020, the insurance industry has experienced several years of digital transformation in a few months. The days of monolithic legacy systems, built and maintained in-house for decades, are coming to an end as the market rewards dynamic carriers that leverage APIs, microservices, and web services to build ecosystems that offer the right experience, to the right people, on the right platform. A digital ecosystem describes a loose network of interconnected applications and technologies that act cohesively to meet business objectives. Inspired by ecosystems found in nature, digital ecosystems are characterized by principles of openness, flexibility, and self-organization.