Question posed in the linked (bottom of article) review of Future@Lloyds Blueprint One as to whether Lloyds should recognise it is in the data business first and foremost. Two senior insurance exec's statements in ecosystems strategy raise the same question.

AXA Chief Exec Thomas Burbell clearly sees the big tech giants Amazon, Facebook, Google, Apple etc the competitive threat rather than Lemonade and other "disruptive" insurtechs.Parallels the themes expounded in "The future of insurance is happening without insurance firms" by The Economist. Is that not being in te data business?

"Axa’s strategy for dealing with competition from big-tech companies is to become their partner of choice. “I don’t think [big tech] will always go into the business [directly],” Mr Buberl argues. “The question is who partners with whom? Facebook and Google will probably only have one partner . . . and these partners [will] need to be global because those companies do not want to talk to 163 different insurers.” Robert Armstrong in  FT 4 Oct 2019

360Globalnet 's digital insurance claims platform 360Siteview is proving a basis for such partnerships.

Then read Josep Celaya, the Global Head of Transformation at MAPFRE Group who states 

"One of my first impressions is that people in insurance overestimate the relevance of the product for the end customer. I would say it’s not about the relevance of the product, but the awareness of the customer during the day of the product. The customers tend to forget that we exist, the same way they tend to forget whose credit card they are paying with, and so on and so on.”

MAPFRE sees itself as part of ecosystems rather than leading them which means insurance platforms must have open API architectures to integrate with relevant ecosystem leaders and members. 

Best of breed digital claims platforms that manage and orchestrate the services when a policyholder has the most need of help from her insurer. And that are orchestration and communications hubs.

Insurers need to not just logically automate claims processes but combine this by infusing the emotional delight  claims handlers can provide to customers. And this requires continually running experiments to be able to see "What works where and when, and for whom"

Only 10% to 20% of the web experience improvements attempted by Google and Bing yield positive results. Insurers need to be able to iterate, apply & test and learn in order to optimise customer UX and journeys. 

Source: MIT Sloan Management Review FALL 2019

Yet how many insurers conduct A/B testing continuously as part of their agile and constant improvement mantra?  That requires No-Code platforms which let the business customise, test, refine and continuously experiment. Every day, during the day and even by the hour. 

How many claims ops could respond to a CAT event or situation like the Thomas Cook Travel Company collapse that quickly? It is the test of an agile claims platform.

Bering relevant is one thing but staying relevant is quite another. Whether as a solus claims business or part of ecosystems. Make sure your technology partner can deliver this competitive advantage.

And support your continuing survival, growth and place in whatever business you decide you are in.