The pressure on insurers to expand their business models has never been as great as it is today: on the one hand, traditional sales channels are becoming less and less important and instead are permanently shifting toward digital channels. On the other hand, insurers must provide additional services to create a clear added value for their customers so new growth can be generated even in this time of crisis. Platforms on which insurers market their services together with third-party providers, thereby offering attractive services bundles, seem particularly promising here.

Making the investment risk manageable

At the same time, introducing digital business models poses a considerable risk for many companies in the insurance industry given the uncertain economic situation and a lack of experience in a digital context. To help companies successfully gain footing in such a difficult competitive environment and to tap new growth potential despite the crisis, msg advisors has developed a program for introducing platform-based business models: the Platform Growth Program helps companies minimize the investment risk.

Decisive to the success of platform projects is having a systematic approach that compares the strengths of a company’s product and service portfolio with opportunities that might be available in the market within the industry environment and then using the results to derive a custom platform strategy.

It begins with the question of whether companies should operate their own platform or whether they should integrate their products and services into existing third-party platforms. Depending on the target groups and industry focal point, both approaches have benefits and risks, which must be weighed against the other.

Moreover, there are a series of specific success factors that need to be considered when introducing platform-based business models in order to ensure lasting project success:

To help you replicate these aspects within a systematic approach model, msg advisors’ Platform Growth Program accompanies you from strategy development to implementation of the new platform. With access to the bundled service and method competence of the msg group, we are able to assist you in all phases with dedicated consulting options: