Policyholders with questions regarding their coverage for damage caused by a disaster should call the number provided on their policies or contact their insurance agent. Extensive use of digital technologies in everyday life has become the new normal. Louisiana Department of Insurance 800-259-5300 (toll-free inside Louisiana only); 225-342-5423 Industrial Risk Insurers 860-520-7347 (Business claims) tab. American States Insurance Company 888-557-5010 AGCS Marine 800-558-1606 Florida Preferred Property Insurance Company 800-673-4952 COUNTRY Financial 1-866-COUNTRY Insurers have been targeted in all parts of the value chain by insurtech companies as much as by other industry players. General Star National Insurance Company 800-624-5237 Ecosystems typically provide three types of value: For insurers, shifting from an industry to an ecosystem perspective requires a significant change in how they define their role in the economy. I was extremely stressed at the situation, but from the first call to AXA XL claims, which was like calling in the Calvary, to my interaction with the attorney assigned to my case through completion, my experience was as positive and as pleasant as it could possibly be in these circumstances. Clarendon National Insurance Company 800-216-3711 Society’s growing reliance on digital technologies is not only reshaping customer expectations but also redefining boundaries across industries. ... in the UK it is underwritten by XL Catlin Insurance Company UK Limited. Expert Opinion Admissible. Global General Liability Insurance Market Report 2020 by Key Players, Types, Applications, Countries, Market Size, Forecast to 2026 (Based on 2020 COVID-19 … Most of the traditional automotive players seem to be at a disadvantage in the mobility industry and face a pressing need to reimagine their roles. With these innovations, John Deere optimized product usage while quadrupling search-engine traffic to its redesigned website and increasing lead generation for dealers. Progressive, for example, partnered with Zubie, a vehicle-tracking and engine-diagnostic device, to give customers visibility into how their driving habits affect their premiums. Continental Western Insurance Company 800-444-0049, ext. QualSure Insurance Corp. 877-563-0150, Regency (Tower Hill) 800-216-3711 Florida Department of Insurance 800-342-2762 Despite the ongoing and uncertain impacts of the COVID-19 pandemic, AM Best has assigned a stable outlook to the London re/insurance market segment owing to positive rate momentum, greater clarity of policy wordings, and continuous efforts to modernise the market. Granada Insurance Company 800-392-9966 Distribution has been the target of disruption primarily because digital natives have successfully demonstrated that ownership of the customer relationship is a stepping-stone to an ecosystem play. Sentry Casualty Company (see Sentry Insurance) Republic Fire & Casualty (Homeowners, Dwelling Fire, Auto & Commercial) 800-451-0286 Select topics and stay current with our latest insights, Insurance beyond digital: The rise of ecosystems and platforms, How ecosystems could help cyberinsurance prosper. Poe Financial Group 800-673-4952 Acuity 800-242-7666 In this new world, while insurance could be featured as the risk-mitigation service for each of these 12 ecosystems, there’s no reason why insurance companies could not constitute their own subecosystems that cater to individuals and institutions (see sidebar “How ecosystems could help cyberinsurance prosper”). Press enter to select and open the results on a new page. Service Insurance Company 800-780-8423 Drive Insurance from Progressive 800-925-2886, EMC Insurance Companies 888-362-2255 Universal Insurance Company 888-846-7647 Shelter Insurance Group 800-SHELTER (800-743-5837) In addition, Apple, Google’s Waymo, and Tesla are competing to automate cars one function at a time. America First Insurance 877-263-7890 “Ping An becomes the world’s most valuable insurance brand,” Brand Finance, accessed November 14, 2017, brandfinance.com. Currently, insurers act primarily as risk aggregators. Colorado Casualty 888-298-3778 © Copyright 2021, Insurance Information Institute, Inc. Arch Insurance 800-817-3252 National Farmers Union (QBE) 866-638-5677 Please email us at: John Deere: A pioneer in agriculture ecosystems. The rise of ecosystems and platforms: What role can insurers play and how can they get started? Today, millions of users track their health using Vitality and participate in activities to earn loyalty points with Discovery’s extensive network of partners, including British Airways, Emirates, and Europcar. Mercury Insurance Group 800-987-6000 By 2025, as this revolution gains speed, McKinsey expects 12 distinctive and massive ecosystems to emerge around fundamental human and organizational needs (Exhibit 1). 2600 American International Group, Inc. (AIG) 877-244-0304 We specialize in a wide selection of marine insurance programs at the lowest rates for NBOA club members, marine store, boat towing and more. USAA 800-531-8722; Mobile App; Online Claims USF&G 800-787-2851; 800-631-6478 (homeowners claims); 407-660-9000 (customer service) Georgia Casualty & Surety 800-279-8279 (claim reporting); 866-458-7506 (claim dept.) As more OEMs conceptualize line-fitted telematics devices and ride-sharing providers such as Uber grow ever stronger in network management, it is incumbent on insurers to move from risk aggregation to risk prevention. collaboration with select social media and trusted analytics partners Auto Club Family Insurance Company (ACFIC) 800-222-7623 ext. Avemco Insurance Company 800-874-9124 Registered Office: Highworth Insurance Ltd, 8th Floor Ibex House, 42-47 Minories, London, EC3N 1DY. As ecosystems enable and necessitate a focus on risk prevention, forging partnerships will be a critical priority. Southern Insurance Company (Commercial) 800-451-0286 An ecosystem, meanwhile, is an interconnected set of services that allows users to fulfill a variety of needs in one integrated experience. David Chinn, James Kaplan, and Allen Weinberg, “. Catlin Specialty Insurance Per company guidelines, loss runs cannot be emailed to personal email accounts created for business (i.e. Topics include risk theory, social insurance, life insurance, pensions, medical coverage, workers' compensation, property insurances, and … Many commercial insurance buyers value online interfaces with self-service features and the ability to track the status of interactions in real time instead of having to make inquiries by phone, email, or through their brokers. For example, insurers have made significant inroads using telematics, but profit pools are still under threat due to stiff competition. Given John Deere’s emotional connection and proximity to the customer and access to sensor data, it is well positioned to understand user risk and offer protection and assurance to the customer directly. Hull & Company 800-241-4855, ICAT 866-789-4228 These 12 ecosystems will account for $60 trillion in revenues by 2025, or roughly 30 percent of all global revenues. In an executive survey conducted by McKinsey and the World Economic Forum, 65 percent of respondents agreed with the statement, “The risk of cyberattack is a significant issue that could have major strategic implications over the next five years.”2 2.David Chinn, James Kaplan, and Allen Weinberg, “Risk and responsibility in a hyperconnected world: Implications for enterprises,” World Economic Forum in collaboration with McKinsey & Company, January 2014. Utica National 800-216-1420, Valley Forge Life Insurance (Subsidiary of CNA) 800-437-8854 XL Catlin | Insurance Company | Atlanta, GA | XL Catlin. Omaha Property & Casualty 800-638-2592 (Flood only) Sentry Life Insurance Company (see Sentry Insurance) One healthcare-data company extracts high-fidelity data from the healthcare ecosystem and applies it to patients’ lives to improve human health. General Star Indemnity Company 800-624-5237 Consumer ecosystems currently emerging around the world tend to concentrate on needs such as travel, healthcare, or housing. The Hartford 800-243-5860 ONLINE: www.thehartford.com/heretohelp Hartford Steam 800-HSB-LOSS Customers: How does the organization’s customer ownership, access, and engagement look? Old Dominion Insurance Company 877-425-2467 or 800-606-7992 The most successful companies in the digital era, including Alibaba, Amazon, and Facebook, were all designed on platform business models. Executives aiming to kick-start an ecosystem strategy should focus on a couple of areas. Seven of the ten largest companies by market capitalization are ecosystem players—Alibaba, Alphabet, Amazon, Apple, Facebook, Microsoft, and Tencent—and that only hints at the power of digital.2 2.“FT 500: The world’s largest companies,” Financial Times, accessed November 13, 2017, markets.ft.com. Catlin US 800-216-0652 One of the primary reasons Yu’eBao was able to become the world’s largest fund, surpassing JPMorgan’s US government money-market fund ($150 billion), was that Alibaba’s millions of users viewed Yu’eBao as a complementary service of a trusted brand. Foremost Insurance Company 800-527-3907 Insurers tend to think of coverage as their only cyberinsurance product, but they could establish a robust infrastructure by building partnerships with all the stakeholders. GEICO 800-841-3000; Claims site General Casualty (QBE) 888-737-8256 The institute articulates its mission as follows: “We are dedicated to making automobiles safer, more affordable, and more accessible to everyone, regardless of age or ability, and to expanding the benefit of mobility technology beyond automobiles, for example to in-home support of older persons and those with special needs.”. Progressive 800-PROGRESSIVE (776-4737); or 719-432-0264, QBE Agri 800-777-0078 or 425-562-5264 Practical resources to help leaders navigate to the next normal: guides, tools, checklists, interviews and more. OneBeacon 877-248-3455 (Commercial Claims only); f: 866-213-2802; email: claims@onebeacon.com, Patriot General Insurance Company (see Sentry Insurance) Call us at (800) 248-3512 for a free boat insurance quote! The rise of ecosystems is the natural result of digitization. To position themselves as true ecosystem players and to fend off moves by other stakeholders, insurers need to build capabilities in a number of areas, including mobile sensors, analytical tools, and customer interfaces. Therefore, all players must identify and prioritize the ecosystems in which they can play and win. Ohio Casualty and West American Insurance Company 888-701-8727 The insurer was able to penetrate international markets through the platform by partnering with AIA across all of Asia, Generali across continental Europe, and in several local markets such as with Manulife in Canada, Ping An in China, and Sumitomo in Japan, resulting in 31 percent annual growth in international markets. American Reliable Insurance Company 800-245-1505 New Jersey Insurance Underwriting Association 973-297-5235 South Carolina Wind & Hail Association 803-744-4319 301 N Tubb Street Ste 109 Oakland, FL 34760 Phone: (407) 469-2107 Fax: (888) 446-2009 625 S Gay Street Ste 640 Last, insurers could draw on their analytics expertise to offer proprietary data and analytics solutions to third parties—for instance, through data marketplaces. Chubb Group of Insurance Cos 800-252-4670 (800-CLAIMS-0); Online Claim Reporting Church Mutual Insurance 800-554-2642 Citizens Property Insurance Corp. 866-411-2742 (866-411-CPIC) Cincinnati Insurance Company (call your local agent first and then 877-242-2544) Since innovation from insurtechs actually aims to contribute to the insurance value chain (except distribution for large players), insurance executives should view potential partnerships with insurtechs as positive. If you would like information about this content we will be happy to work with you. Innovation has caused significant disruption, resulting in the emergence of four natural stakeholders in the ecosystem: original equipment manufacturers (OEMs), high-tech players, insurers, and telecom providers. In 2015, the Economist observed a similar trend with banks and fintech companies: “If fintech doesn’t kill banks, it might instead sap the sector’s profitability. American Security Insurance Company 800-326-2845 They must also understand how ecosystems will shift value pools and change the nature of risk. Interstate Fire & Casualty 800-456-8458, ext. Texas Windstorm Insurance Association 800-788-8247 Pharmacists Mutual Insurance Company 800-247-5930 A number of commercial lines carriers are using digital tools to improve journeys. Companion Property & Casualty 800-649-2948 Federated National Insurance Company 800-420-7075 Although the inclusion of new addressable markets could offset lost revenues, insurers must take a more holistic view of the developments and opportunities available. Insurers can harness consumer adoption of IoT to create opportunities for better and more frequent customer interactions (for example, through wearables) and improve efficiency through sensor-based automation (such as trigger-based claims payments and apps). Ecosystem strategy can facilitate the expansion of insurers into adjacent and completely new areas of business by using complementary services. American Federation Insurance Company 800-527-3907 Simon Behm, Markus Löffler, Christopher Mokwa, Björn Münstermann, and Thomas Schumacher. Century Surety Insurance Company 800-850-0432 Federal Mutual 888-333-4949 Evolution has taught us that it is not the strongest species that survive, but the ones most responsive to change. Devising and implementing an ecosystem strategy will require sustained dedication and commitment. Indiana Insurance 800-279-7221 Fidelity & Casualty Insurance Company 800-725-9472 As individuals relinquish control over their vehicles during driving, insurers could shift coverage from personal lines to commercial lines, hence widening the scope of engagement. Insurance Placement Facility of Pennsylvania 800-462-4972 Coast National General Agency 800-BRISTOL (800-274-7865) How? We use cookies essential for this site to function well. Travelers Business Insurance 800-238-6225 This website is operated by Geozoning, Inc DBA HealthSherpa Insurance Agency and is not the Health Insurance Marketplace® website. Reinvent your business. Airbnb amassed an inventory of one million rooms a staggering 50 years faster than Marriott did, and WeWork has sublet ten million square feet of office space globally since its inception in 2010. Texas Select Lloyds Insurance Company 866-887-7276 People create and sustain change. 2600 Our mission is to help leaders in multiple sectors develop a deeper understanding of the global economy. First Protective Insurance Company 877-744-5224 Nationwide 800-421-3535 We'll email you when new articles are published on this topic. Security National Insurance Company 800-BRISTOL (800-274-7865) As mobility evolves, first movers will have the opportunity to transition from stakeholders to orchestrators in three key areas: customer relationships, network and service management, and analytics. ACE Private Risk Services 800-945-7461 4 Markus Löffler, Christopher Mokwa, Björn Münstermann, and Johannes Wojciak, “, Tanguy Catlin, Johannes-Tobias Lorenz, Christopher Morrison, and Holger Wilms, “. Chartis Commercial and Personal customers call 877-399-6442 Louisiana Farm Bureau 866-275-7322, Main Street America Group 877-282-3844 Southern Fidelity 866-874-7342 Mississippi Farm Bureau 866-275-7322 Imperial Fire & Casualty Insurance Company 800-960-5677 For example, connected cars have fewer accidents and breakdowns, predictive maintenance reduces business interruptions, and wearables help ensure a healthier lifestyle. Highworth Insurance Limited is a registered company in England and Wales number 7980064. CASES. FCCI (first report of injury) 800-226-3224 Ping An, a giant Chinese insurer with more than one million employees and agents, has expanded its reach to offer healthcare consultations, auto sales, real estate listings, and banking services to more than 350 million online customers through a single customer portal called the One Account. Anthony David Weiner (/ ˈ w iː n ər /; born September 4, 1964) is an American former politician and convicted sex offender.He represented New York's 9th congressional district from January 1999 until June 2011, winning seven terms as a Democrat and … Citizens Property Insurance Corp. 866-411-2742 (866-411-CPIC) “Internet security threat report,” Symantec, April 2016, symantec.com; “2016 cost of cyber crime study & the risk of business innovation,” Ponemon Institute, October 2016, ponemon.org. Google shuttered Compare in 2016, but the tool might have become a threat with more time and marketing. As an orchestrator of the agriculture ecosystem, John Deere might consider using its understanding of the industry to help players across the value chain assess, mitigate, and manage risk. Maryland Joint Insurance Association 800-492-5670 Prior to joining Colony, Cornwell was focused on construction risks as AVP of Underwriting at Ace Westchester and was the lead underwriter for referrals and staff development for the region. Although these newcomers are populating every part of the value chain (Exhibit 2), their focus to date has been on the more easily accessible slivers of the industry—mainly distribution, particularly in property and casualty insurance.6 6.Tanguy Catlin, Johannes-Tobias Lorenz, Christopher Morrison, and Holger Wilms, “Facing digital reality,” March 2010. An ongoing drive toward digitization has put the insurance industry on the verge of a paradigm shift. tab, Engineering, Construction & Building Materials, McKinsey Institute for Black Economic Mobility.