Focus on ecosystems
More and more insurance companies and banks are trying to build their own “living” ecosystem - with the aim of strengthening or expanding their market position, for example in the mortgage business, property marketing or insurance solutions. But how is an ecosystem actually defined?
An ecosystem is basically the interaction between different stakeholders in a defined area of a human need – for example mobility, health or living. The increasing trend towards ecosystems can be seen in different areas of life. Depending on their relationship with the end consumer, the various players in an ecosystem can assume three different roles: that of the “orchestrator”, that of the “implementer” or that of the “enabler”.
The orchestrator has direct contact with the end customer and takes over the management of the customer interface via a digital B2C platform. Well-known examples are Amazon or Airbnb. Put simply, these companies are responsible for identifying the needs of customers and matching them with the right products and services from companies. In this context, the latter are the implementers – in the “living” ecosystem, for example, providers of PropTech solutions or insurers and banks themselves with their respective products and services. The companies that act as supporters for the other two groups are enablers . These do not come into direct contact with the end consumer. In fact, most companies in an ecosystem are enablers – such as suppliers of product components or software. They form the backbone of the ecosystem, so to speak.
This interaction is essential in the increasing battle for market share. That is why more and more insurance companies and banks are also participating directly in PropTech companies – among other things, in order to be able to offer their services in a more user-friendly and cost-efficient manner by means of digitizing their own value chain. The extent to which insurers and banks will play the role of orchestrators in the future remains to be seen. What is certain is that you can secure customer interfaces through a functioning ecosystem – because many experts agree: In the future, the focus will be on digital ecosystems.
You can find more impulses on the topic here: https://proptechmarket.net/impulse