Implications of bundled offerings for business development and competitive strategy in digital insurance

Fritzsche, Albrecht; Bohnert, Alexander

doi:10.1057/s41288-021-00244-4

Cited by 11 publications

(4 citation statements)

References 65 publications

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“…Finally, there is a recent trend towards offering bundles of complementary products and services involving actors from different industries. In keeping with this trend, Fritzsche and Bohnert ( 2021 ) argue that insurance providers can leverage their core competence related to risk management and offer a comprehensive service that encompasses different domains.…”

Section: Literature Reviewmentioning

confidence: 99%

“…For instance, insurers can offer mobile apps to file claims immediately, and deploy robo-advisors to support or replace human advisors (De Keyser et al 2019 ; Eling and Lehmann 2018 ; Eling 2021 ). Consistent with the trend toward complimentary bundles of products and services, insurance distribution channels are evolving into ecosystems that not only include vertical channel partners but also a network of mutually dependent institutions from different sectors (Fritzsche and Bohnert 2021 ; Jacobides 2019 ). Insurance providers face an important strategic decision in this matter, as they may disappear in the background and become dependent on others’ offerings or instead increase their reach and presence by taking the lead in the ecosystem (Fritzsche and Bohnert 2021 ).…”

Section: Literature Reviewmentioning

confidence: 99%

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Framework for open insurance strategy: insights from a European study

Standaert

Muylle

2022

Geneva Pap Risk Insur Issues Pract

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While some consider open insurance to be a buzzword with more hype than substance, the underlying trend of open finance stimulates insurers to use digital technology to exchange data with third parties to realise process efficiencies and develop new products and channels. Based on a literature review and 30 interviews with industry experts in Europe, we define open insurance, identify its key drivers, and discuss the dimensions and performance impact of open insurance strategy. The combined insights can help executives develop a better understanding of open insurance and formulate an open insurance strategy that provides performance benefits to them, customers, and third parties.

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Section: Literature Reviewmentioning

confidence: 99%

Section: Literature Reviewmentioning

confidence: 99%

Framework for open insurance strategy: insights from a European study

Standaert

Muylle

2022

Geneva Pap Risk Insur Issues Pract

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“…The insurance industry is undergoing a digital transformation. A digital strategy helps insurers increase their market valuations (Fritzsch et al, 2021), improve their business performance (Bohnert et al, 2019), and enhance their risk management capability (Fritzsche & Bohnert, 2021). The introduction of the Internet sales channel in recent years has led to significant growth in insurance sales.…”

Section: Introductionmentioning

confidence: 99%

How does the insurer's mobile application sales strategy perform?

Chen¹,

Chen²,

Murphy

et al. 2023

J of Risk & Insurance

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While the impact of an Internet‐based sales strategy on sales performance has been well studied, there is little academic research that examines the impact of a mobile application (MA) sales strategy on the sales performance of insurers. Using a unique data set for term life insurance policies from a Chinese life insurer, we study the impact of implementing this strategy on insurance purchases. We find a significant growth in the insurance purchase quantity and somewhat lower growth in premiums received from new policies. This paper determines that this is due to improved channel accessibility and the cost reduction of the MA channel. Although sales of traditional distribution channels are cannibalized in the short term by the MA distribution strategy, this substitution effect does not persist in the long run. In addition, we find that this strategy reduces impulsive purchases.

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“…size, type, place of cultural institutions) to obtain conclusions about the different dimensions identified in this study. Future research will be conducted considering the case vignette method, previously used in qualitative studies (Fritzsche and Bohnert, 2021).…”

mentioning

confidence: 99%

Cultural tourist and user experience with artificial intelligence: a holistic perspective from the Industry 5.0 approach

Orea-Giner

Muñoz-Mazón

Villacé-Molinero

et al. 2022

JTF

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PurposeThe purpose of this paper is to analyse the future of the implementation of artificial intelligence (AI) technologies in services experience provided by cultural institutions (e.g. museums, exhibition halls and cultural centres) from experts’, cultural tourists’ and users’ point of view under the Industry 5.0 approach.Design/methodology/approachThe research was conducted using a qualitative approach, which was based on the analysis of the contents obtained from two roundtable discussions with experts and cultural tourists and users. A thematic analysis using NVivo was done to the data obtained.FindingsFrom a futuristic Industry 5.0 approach, AI is considered to be more than a tool – it as an integral part of the entire experience. AI aids in connecting cultural institutions with users and is beneficial since it allows the institutions to get to know the users better and provide a more integrated and immersive experience. Furthermore, AI is critical in establishing a community and nurturing it daily.Originality/valueThe most important contribution of this research is the theoretical model focused on the user experience and AI application in services experiences of museums and cultural institutions from an Industry 5.0 approach. This model includes the visitors’ and managers’ points of view through the following dimensions: the pre-experience, experience and post-experience. This model is focused on human–AI coworking (HAIC) in museums and cultural institutions.

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Implications of bundled offerings for business development and competitive strategy in digital insurance

Cited by 11 publications

References 65 publications

Framework for open insurance strategy: insights from a European study

Framework for open insurance strategy: insights from a European study

How does the insurer's mobile application sales strategy perform?

Cultural tourist and user experience with artificial intelligence: a holistic perspective from the Industry 5.0 approach

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