Open Insurance and Ecosystem: mission possible!

Alberto Garuccio, Head of Ecosystem and Open Insurance at Reale Mutua Assicurazioni, writes about the impressive new ecosystem that the insurer has developed for its customers in Turin.

Open Insurance and Ecosystem: mission possible!

What is the most common innovation buzzword of 2020? Ecosystem! “What is an ecosystem?” you might ask. Ecosystems, notably in the insurance sector, remain an enigma for incumbents. At Reale Group we have tried to create our own approach by focusing first on the condominium and smart city concept.

Since the beginning of the Covid-19 pandemic, insurers started to face a new set of challenges related to our "new normal" lifestyles, including how to create new value for customers and how to find new touch points. Beyond that, they are exploring ways to unlock technologies to be used in easy and intuitive ways by those who are less confident in digital and virtual customer journeys.

During the lockdown period, we went deeper on this very topic, trying to explore the concept of #openinsurance and related, untapped opportunities. Today, we are excited to announce a partnership with Laserline Digital Signage Srl, the innovative #startup with which we have made our Condominium concept tangible, connecting customers residing in buildings managed by our real estate company with the Reale Group internal ecosystem of services.

We focused on insurance, digital assistance, and healthcare services, enhancing our proximity business and service model by unlocking a phygital experience. Our customers can access our network of agencies and leverage our innovative services, such as our new digital virtual hospital launched at the end of 2020.

After reading these lines many of you are probably asking the question: “Is that enough to define the initiative as a creation of a new #ecosystem?” We asked ourselves the same question! Well, the proper answer in my opinion is definitely no.

For this reason, starting from the technical capabilities provided by Laserwall technologies and the hard work of all our colleagues involved in this initiative, we have decided to integrate two further uncommon and distinctive pillars into our concept:

1) A new way to connect of our buildings / condominiums with the local ecosystem, first of all integrating the access to citizen information and services provided by the Municipality of Turin through our new Android/IOS app and 21-inch touch monitor available in all buildings.

2) The creation and launch of a phygital condominium community, enabled by the new digital services of daily life management of the building and boosted by the #sharingeconomy services provided, such as the ecommerce purchasing group for grocerird and the assets sharing feature between private individuals.

If we were to describe all these elements in a single chart, it would look something like this multilayer graphic:

laserwall21.png (201 KB)


During a period in which we are all trying to understand the ‘new normal’ lifestyle, in particular for the elderly way of living, care, and social protection, this is a starting point in developing our ecosystem strategy, that aims to unlock new opportunities connecting both internal and external stakeholders and creating new value for society, realizing in a concrete way our Group mission headline: #toghethermore.


You can watch our video that demonstrates the ecosystem in action! We are excited to see how our ecosystem develops in the future. But the incredible benefits of the sharing economy are already being realized by our community of customers.



Condominium_Ecosystem from Alberto Garuccio on Vimeo.

Keywords

Health insurance Innovation Open Ecosystem Business strategy/Model

Geography

Italy
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