Tech Giants are becoming relevant new entrants in the insurance world, not only because of their deep pockets, large user bases and high-end technology, but also thanks to their power in developing ecosystems.
The digital transformation has reshaped completely the customer journey and the boundaries between industries are becoming more blurred. Under this context, Tech Giants (Platform Giants and Industry Giants) take advantage of the digital change to enter the world of insurance, representing a big threat as one of the new entrants.
Tech Giants have power building ecosystems. Over the years, they have established the 3 layers to be a player in the ecosystem: digital & data, multi-industry, and integrated experience. Based on these conditions, Tech Giants achieve self-sustaining ecosystems thanks to their closed-loop of data and services.