Product and Tech

The beating heart that holds it all together: What's behind a platform ecosystem of an InsurTech?

This blog post gets under your skin - literally - because it deals with the core of an innovative insurance company. What exactly does the basis of an InsurTech look like? What exactly is a platform ecosystem and who benefits from it? No questions remain unanswered here. And here we go.
Published 27 Oct 2023
hepster Plattformökosystem

That's what's behind the concept of a platform ecosystem

Basically, a platform ecosystem is nothing other than a digital ecosystem in which the platform is the central element. Digital ecosystems are constructs in which several companies or stakeholders work together. In doing so, they are independent, but all pursue the same goal of gaining mutual advantage. And in the middle: The platform, the heart of the concept, is usually initiated and provided by a single digital "facilitator." Let's talk about the keyword integrality. In an ecosystem, it is important to look at all sides and constantly keep the big picture in mind.

Moreover, a digital ecosystem is not a static construct. The initiator always pursues the goal of further developing or expanding both its provided platform and the stakeholder network. Because standing still often means no longer being able to keep up with the competition.

Examples of digital ecosystems that we all know:

1. Which app do we use the most to order basically everything from? Probably the biggest and best-known e-commerce platform is the one that no one can miss. Without mentioning the name, everyone probably knows which platform we mean. The starting point for the rapid development of the ecosystem is the leasing of its own global server capacities to other companies. And what makes it special: Competitors are not excluded from using it. Today, the range of services offered by the entire ecosystem extends from online shopping to streaming offerings and logistics services.

2. There are also very well-known examples of digital platform ecosystems in Germany. You might have already used this provider when looking for accommodation. At least you have surely heard of it. As always, the digital platform is at the centre. The stakeholders are mostly private individuals who make their living space available for rent and private customers who book this offer. The company behind the digital ecosystem, i.e. the initiator, provides the booking platform or software to the participants.

3. Another example of a German platform ecosystem: an alternative to air or rail for long-distance passenger transport? A small hint: The green-orange buses probably catch everyone's eye in road traffic, even internationally. In this case, the stakeholders in the ecosystem are the bus companies, the drivers, and, of course, the passengers.

The insurance industry is often mistakenly seen as inflexible and lacking in innovation. This cannot be said in a general way, because there are digital platform ecosystems in the insurance sector as well. We will now show you what this can look like:

This is what the platform ecosystem looks like at hepster

hepster Ökosystem

The beating heart: Our platform

1. The insurance product

The core of our ecosystem is, of course, based in part on our products, because nothing works without an attractive insurance product. The insurance product is closely linked to, among others, product development, accounting, real-time document delivery, or even API services. In addition to the insurance services, which should be tailored to the needs of the customer, building a comprehensive ecosystem also includes a broad portfolio of different insurance policies. hepster offers insurance policies in the areas of mobility, electronics, sports equipment, travel, and activity, but also pets and furniture.

2. Claims management

Our claims management team knows the ropes. It forms the second important part of our ecosystem core. Because where there's insurance, there's claims. This team handles everything related to our customers and their claims, including Customer Accounts, Customer Support, Automated Claims Assessment, Partner Portal and even Fraud Prevention.

Stakeholders who benefit from the platform

1. The customer

Our entire platform ecosystem is built around the needs of end customers because they know what they want. Customers are in direct contact with hepster as an insurance service provider in terms of support and settling claims. As far as possible, everything from a single source and as simply as possible is the guiding principle here.

2. The B2B partner

Chemistry is energy: Our B2B partners keep the wheel turning and are enormously important for the widespread distribution of our insurance products. We put our energy into maintaining the satisfaction of our existing partners and at the same time into the constant expansion of our network. Because without a network, there can be no growth in our ecosystem.

3. The risk carrier

As the name suggests, he carries the "load" on his shoulders. And that's a good thing because that's his job. Our risk carriers form the secure foundation for our InsurTech ecosystem, so to speak, and interact more in the background.

4. The repair service provider

Those who fix it in the end. It's quite obvious: A claim usually goes hand in hand with a repair. After all, (almost) every customer wants to use their beloved insured item again.

A platform ecosystem to fall in love with

We have already seen that the focus is on the platform of the so-called initiator. But that is not enough to build a comprehensive ecosystem. The keyword "integrality" hits the nail on the head here. A digital platform ecosystem can only function through cooperation between several players who provide each other with a mutual advantage. This requires the initiator to always keep an eye on the goal and the big picture. In short, there can only be winners.

Do you also want to benefit from our platform ecosystem?

Let's talk and find out together which solution suits you best.

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